Investor Presentaiton

Acquisition of Exacta Systems Acquisition of Exacta Systems CDI acquired Exacta Systems on August 22, 2023 for $250 million ■ Business overview - Provider of technology to support historical horse racing ("HRM") operations: • CDI HRM operations in Virginia, Kentucky, and New Hampshire • Third-party HRM clients in Kentucky, Wyoming, and New Hampshire - Integrated a diverse set of leading HRM gaming manufacturers into its HRM platform, including: AGS, IGT, Light & Wonder, Everi, Konami, and Incredible Technologies ■ Transaction benefits to CDI - - - Vertical integration of Exacta HRM operations with CDI HRM operations in Virginia provides significant and immediate cost saving synergies - Ability to drive diversification of game content available on the Exacta HRM system and at our Virginia HRM properties will improve top-line performance in both the TwinSpires and Live and Historical segments Enables CDI to drive HRM product innovation and capture portion of third-party B2B state expansion economics For tax purposes, the acquisition will be treated as an asset purchase allowing CDI to realize incremental tax benefits, which will provide additional cash flow and synergy benefits ■ Financial overview of transaction <~6.5x acquisition multiple prior to synergies Economics of the deal will flow through two segments of CDI's P&L: . • • TwinSpires segment will operate Exacta and continue to service third-party clients in Kentucky, Wyoming, New Hampshire, and new states as well as the intercompany properties in Virginia, Kentucky, and New Hampshire Live and Historical segment will reflect the technology cost savings and incremental top-line performance benefit from diversification of games for Virginia and other HRM properties Intercompany revenues and expenses will be eliminated on a consolidated basis 39 CHURCHILL DOWNS INCORPORATED

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