Investor Presentaiton

Capital Management Capital management philosophy based on creating long-term shareholder value Maintain broad and expedient access to the capital markets ■ Ideal target is 3.0x-4.0x bank covenant net leverage - willing to go higher for a strategic investment Engage in open and active dialogue with rating agencies and institutional investors Investments focused on creating long-term shareholder value ■ Invest in organic investments to expand offerings in high growth areas with returns above cost of capital ■ Pursue strategic acquisitions ■ Dividends are considered annually by the Board of Directors based on the health of the Company Opportunistic share repurchases dependent upon free cash flow generation, leverage levels, and other investment opportunities to grow the business 49 CHURCHILL DOWNS INCORPORATED

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