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CHURCHILL NOTES

CDI news release

Contact: Karl Schmitt, (502) 636-4594
karls@kyderby.com

CHURCHILL DOWNS INCORPORATED BOARD OF DIRECTORS NAMES NEW CHAIRMAN

Kentucky Horse Breeder Carl F. Pollard Accepts Historic Position

LOUISVILLE, Ky. (July 24, 2001) - The board of directors for Churchill Downs Incorporated ("CDI") (Nasdaq: CHDN) announced today that it has elected Carl F. Pollard to be chairman of the Company. Pollard has served on CDI's board since 1985 and is the owner and operator of Hermitage Farm in Oldham County, Ky.

He succeeds William S. Farish, who resigned as chairman to accept a presidential appointment as U.S. ambassador to Great Britain and Northern Ireland.

A Kentucky native, Pollard was instrumental in the development of Humana Inc., a Louisville-based healthcare company. He held various senior positions with the company, including president and chief operating officer from 1991 to 1993, and was chairman and chief executive officer of the hospital division, which was spun off into a new company called Galen Health Care Inc. in 1993 and merged later that year with Columbia Healthcare Corporation. Pollard served as chairman of Columbia until 1994 and bought Hermitage Farm in 1995.

Thomas H. Meeker, CDI's president and chief executive officer, said, "We are very pleased that Mr. Pollard accepted the position as chairman of CDI. He has served on our board since 1985, and through his involvement in the industry as an owner and breeder as well as his extensive business experience, he has established himself as an important guiding force for our Company. Our board and our management team look forward to working with him in this new role."

"It is an honor to serve as chairman of this outstanding board," said Pollard. "Churchill Downs Incorporated is one of the world's leading horse racing companies and continues to be a catalyst for positive change within the industry. Horse racing is a very important part of my life, and I look forward to serving CDI and its shareholders in this new capacity."

Carl F. Pollard
Chairman, Churchill Downs Incorporated

Miles away from the busy city streets surrounding Churchill Downs are the verdant pastures of Hermitage Farm. Although very different settings, the two shared a leader in Warner L. Jones Jr., who purchased the farm in 1935 and served as chairman of Churchill Downs Incorporated ("CDI") from 1984 to 1992. This connection was renewed when Carl F. Pollard, who had purchased Hermitage Farm in 1995, was elected chairman of CDI in July 2001.

Pollard joined CDI's board in 1985 and quickly established himself as a guiding force for the racing Company at a time when it was expanding beyond its historic flagship racetrack and becoming one of the world's leading horse racing companies.

Pollard's passion for Thoroughbreds, combined with his extensive business experience, has made him a natural leader for CDI as the Company enters the new millennium.

A Kentucky native, Pollard began his career as a partner for the accounting firm of Yeager, Ford & Warren in Louisville, which is now owned by Pricewaterhouse Coopers. In 1968, he joined a small, but growing, nursing home business and was instrumental in its development into Humana Inc., now a Louisville-based Fortune 500 healthcare company. He held various senior positions within the company, including president and chief operating officer from 1991 to 1993, and was chairman and chief executive officer of the hospital division, which was spun off into a new company called Galen Health Care Inc. in 1993 and merged later that year with Columbia Healthcare Corporation. Pollard served as chairman of Columbia until 1994.

After Jones died in 1994, Pollard bought the 700-acre Hermitage Farm. Under his direction, the Oldham County, Ky., farm has produced numerous stakes winners. Pollard's personal stable includes Caressing, who won the 2000 Eclipse Award for 2-year-old fillies after capturing the Breeders' Cup Juvenile Fillies at Churchill Downs that year.

Pollard is a member of The Jockey Club and currently serves on the boards of the Kentucky Derby Museum, National City Bank - Kentucky, Breeders' Cup Limited, Thoroughbred Owners and Breeders Association Inc., and the University of Kentucky Development Council. He is a graduate of the University of Kentucky and was named to the Hall of Distinguished Alumni in 1995.

Churchill Downs Incorporated - headquartered in Louisville, Ky. - is one of the world's leading horse racing companies. Its flagship operation, Churchill Downs, is home of the Kentucky Derby and will host the race's 128th running on May 4, 2002. The Company owns additional racetracks in Kentucky, Illinois, California and Florida and has interests in a pari-mutuel operation in Indiana as well as various racing services companies. CDI trades on the Nasdaq National Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.

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