Investor Presentaiton

Management Team Bill Carstanjen Chief Executive Officer Appendix ■ Chief Executive Officer since Aug. 2014; Director since 2015 ■ President and COO, Mar. 2011-Aug. 2014; COO, Jan. 2009 - Mar. 2011 ■ EVP, General Counsel & Chief Development Officer, July 2005 - Dec. 2008 Former Executive of GE ◉ Began career as attorney with Cravath, Swaine, & Moore LLP in NYC ■ Columbia Law School Bill Mudd President and Chief Operating Officer ■ Chief Operating Officer since Oct. 2015 President and Chief Financial Officer, Aug. 2014 - Oct. 2015 ■ Chief Financial Officer from Oct. 2007 to Aug. 2014 ■ 15-year multi-industry, multi-business background with GE ■ Former Captain in the U.S. Army Reserves B.A. in Mathematics from Bellarmine University; MBA Marcia Dall Executive Vice President and Chief Financial Officer ■ Chief Financial Officer since Oct. 2015 ■ Public company Chief Financial Officer for Erie Insurance Group / Erie Indemnity (Nasdaq: ERIE), Mar. 2009 to Oct. 2015 ■ 20+ year tenure with GE / GE Capital in finance / operational / executive roles - B.S. in Accounting – Indiana University; MBA – Kellogg School of Management at Northwestern University; CPA 62 CHURCHILL DOWNS INCORPORATED

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