Investor Presentaiton

Consistent Double-Digit Adjusted EBITDA Growth 22% Annual Adj. EBITDA Growth from 2021 to 2022 $ in millions $627 $113 $31 Sports & Casino Exit(1) 2021 Live & Historical $ in millions $163 TwinSpires $10 Gaming $(17) Arlington All Other Case for Investing 34% Quarterly Adj. EBITDA Growth from 3Q'22 to 3Q'23 $46 $3 $11 ($5) 3Q'22 Live & Historical TwinSpires Gaming All Other 9 | CDI exited the direct online Sports and Casino business in IQ'22 $764 2022 $218 3Q'23 CHURCHILL DOWNS INCORPORATED

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