Investor Presentaiton

Business Overview Churchill Downs Incorporated ("CDI") Overview We have a unique and diverse collection of entertainment assets that generate high margins with significant Adjusted EBITDA and Free Cash Flow Churchill Downs Racetrack ("CDRT") Hosts the longest continuously held annual sporting event in the U.S., the Kentucky Derby KENTUCKY DERBY Historical Racing Machines ("HRMS") Kentucky Six gaming entertainment venues with ~4,600 HRMS and one HRM expansion project underway Virginia Seven HRM properties with 2,760 HRMS and one HRM expansion project underway New Hampshire Chasers Poker Room in Salem with significant HRM and table game expansion opportunity TwinSpires One of the largest and most profitable U.S. online wagering platforms for horse racing Expanding pari-mutuel content and technology services to B2C sports betting platforms Exacta provides HRM technology to third parties and reduces internal HRM costs in Virginia & Kentucky twinspires Casino Gaming Eleven casinos' with ~14,000 slot machines and video lottery terminals and 300 table games in ten states Building a new casino in Terre Haute, Indiana Includes Miami Valley Gaming, 50% owned Ohio joint venture, and Rivers Casino Des Plaines, 61% owned Illinois joint venture 5 CHURCHILL DOWNS INCORPORATED

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