Investor Presentaiton

Case for Investing Case for Investing The Kentucky Derby ■ Iconic and irreplaceable asset ■Consistent high margin growth and significant free cash flow over the long-term - Organic growth from unique and evolving guest experiences and expanded offerings - Long-term sustainable growth from capital investments in marquee asset Growing international engagement through Japan and European Roads to the Derby Diverse Organic Growth Expansion of HRM properties in Kentucky, Virginia, New Hampshire, Louisiana and other states ■ One of the most profitable, industry-leading online wagering platforms for horse racing driven by access to best-in-class racing content and linkage to the Kentucky Derby ■ Diverse portfolio of wholly-owned regional gaming properties and strategic equity investments ■ ☐ Significant Capacity for Growth Strong free cash flow generation with disciplined maintenance capital spending Ability to pursue strategic reinvestment in organic growth, M&A, dividends, and share repurchases to maximize shareholder returns ■ Conservative balance sheet with financial flexibility and significant access to capital With a Proven Management Team and Organizational Depth for Execution ■ Proven record of disciplined capital allocation and earnings growth ■ Successful track record of integrating new businesses and execution of organic growth projects ■ Diverse backgrounds with multi-industry, technology, and international experience 7 CHURCHILL DOWNS INCORPORATED

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