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<TITLE> Churchill Downs Inc. Registration Statement
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        SECURITIES AND EXCHANGE COMMISSION<br></font><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WASHINGTON, D.C. 20549
<BR><BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORM S-8<BR>REGISTRATION STATEMENT<BR>
        Under<BR>THE SECURITIES ACT OF 1933
<BR><BR></font><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=3>
        CHURCHILL DOWNS INCORPORATED</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Exact name of registrant as specified in its charter)<BR><BR></Font></TD>
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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Kentucky</Font></TD>
         <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                61-0156015</Font></TD>
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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (State or other jurisdiction of<BR>incorporation or organization)</Font></TD>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (I.R.S. Employer<BR>Identification Number)<BR><BR></Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                700 Central Avenue<BR>Louisville, Kentucky 40208</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Address of Principal Executive Offices, including Zip Code)<BR><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<BR><BR></Font></TD>
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<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=3>
                Churchill Downs Incorporated 2004 Restricted Stock Plan</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Full title of the plan)<BR><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Thomas H. Meeker</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                President and Chief Executive Officer</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Churchill Downs Incorporated</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                700 Central Avenue</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Louisville, Kentucky 40208</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Name and address of agent for service)<BR><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR><BR></Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (502) 636-4400</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Telephone number, including area code, of agent for service)<BR><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR><BR></Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=3>
                CALCULATION OF REGISTRATION FEE</Font></TD>
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        <TD WIDTH="32%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
        <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
        <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B></B></Font></TD>
        <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Proposed</B></Font></TD>
        <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B></B></Font></TD>

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        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
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                </Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Proposed</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>maximum</B></Font></TD>
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                <B></B></Font></TD>

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        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
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                </Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>maximum</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>aggregate</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Amount of</B></Font></TD>

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        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Title of Securities</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Amount to be</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>offering price</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>offering</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>registration</B></Font></TD>

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        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>to be registered</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>registered</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>per share(1)</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>price(1)</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>fee</B></Font></TD>
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        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                 </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
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<TR VALIGN=bottom>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Common Stock, no par value </Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                195,000 shares</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $39.66</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $7,733,700</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $979.86</Font><HR width=100% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=bottom>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Preferred Share Purchase Rights(2)</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                None </Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                None</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                None</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                None</Font><HR width=100% SIZE=1 NOSHADE></TD>
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        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (1)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                 Estimated solely for the purpose of calculating the  registration  fee  pursuant to Rule 457(h)(1), based upon the  average of the high and low prices of the Common  Stock as
                 reported on The Nasdaq Stock Market on June 17, 2004.</Font></TD>
</TR>
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        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (2)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                 Any value attributable to the Preferred Share Purchase Rights is reflected in the value of the Common Stock.  Because no
separate consideration is paid for the Preferred Share Purchase Rights, the registration fee for such securities is
included in the fee for the Common Stock.</Font></TD>
</TR>
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               1</FONT></TD>
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<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></H1>

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<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

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<A NAME=A003></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporation of Documents
by Reference. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents, which have been filed by Churchill Downs Incorporated (the
&#147;Registrant&#148;) with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), are
incorporated in this registration statement by reference and made a part hereof: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Registrant&#146;s annual report on Form 10-K for the fiscal year ended
          December 31, 2003, as amended by Form 10-K/A filed on May 11, 2004. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant uses revenues and EBITDA (defined as earnings before interest, taxes,
depreciation and amortization) as key performance measures of results of operations for
purposes of evaluating performance internally. Furthermore, management of the Registrant
believes that the use of these measures enables management and investors to evaluate and
compare, from period to period, the Registrant&#146;s operating performance in a
meaningful and consistent manner. Because the Registrant uses EBITDA as a key performance
measure of financial performance, the Registrant is required by accounting principles
generally accepted in the United States of America to provide the information in footnotes
to its consolidated financial statements concerning EBITDA. However, these measures should
not be considered as an alternative to, or more meaningful than, net income (as determined
in accordance with accounting principles generally accepted in the United States of
America) as a measure of operating results or cash flows (as determined in accordance with
accounting principles generally accepted in the United States of America) or as a measure
of the Registrant&#146;s liquidity. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Registrant&#146;s quarterly report on Form 10-Q for the quarter ended March
          31, 2004. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The description of the Registrant&#146;s common stock, no par value (the
          &#147;Common Stock&#148;), which is contained in the Registrant&#146;s Current
          Report on Form 8-K filed December 14, 1998, pursuant to Section 13 of the
          Securities Exchange Act of 1934, and any amendment or report filed for the
          purpose of updating such description. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The description of the Registrant&#146;s Preferred Share Purchase Rights
          contained in the Registrant&#146;s Registration Statement on Form 8-A filed
          March 20, 1998, pursuant to Section 12(g) of the 1934 Act, as amended on Form
          8-A/A filed June 30, 2000 and as amended on Form 8-A/A filed September 14, 2000. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act after the effective date of this registration statement and prior to the
filing of a post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference in this registration statement and to be a part hereof
from the date of filing of such documents. Any statement contained in a document
incorporated by reference herein shall </FONT></P>

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               2</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> be deemed to be modified or superseded for purposes
of this registration statement to the extent that a statement contained herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this registration
statement. </FONT></P>

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<A NAME=A004></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of
Securities. </FONT></H1>

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<A NAME=A005></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</FONT></P>

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<A NAME=A006></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests of
Named Experts and Counsel. </FONT></H1>

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<A NAME=A007></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</FONT></P>

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<A NAME=A008></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
271B.8-510 of the Kentucky Revised Statutes empowers a Kentucky corporation to indemnify
an individual (including his estate or personal representative) who was, is or is
threatened to be made a party to a threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, and whether formal
or informal, because he is or was a director against liability incurred in the proceeding
if: (i) he conducted himself in good faith; (ii) he reasonably believed, in the case of
conduct in his official capacity with the corporation, that his conduct was in its best
interests and, in all other cases, that his conduct was at least not opposed to its best
interests; and (iii) in the case of any criminal proceeding, he had no reasonable cause to
believe his conduct was unlawful. Indemnification may be made against the obligation to
pay a judgment, settlement, penalty, fine or reasonable expenses (including counsel fees)
incurred with respect to a proceeding, except that if the proceeding was by or in the
right of the corporation, indemnification may be made only against reasonable expenses.
Pursuant to Section 271B.8-530, a corporation may pay for or reimburse the reasonable
expenses incurred by a director in advance of final disposition of the proceeding if (i)
the director affirms to the corporation in writing his good faith belief that he has met
the standard of conduct required for indemnification; (ii) the director undertakes the
personal obligation to repay such advance upon an ultimate determination that he failed to
meet such standard of conduct; and (iii) the corporation determines that the facts then
known to those making the determination would not preclude indemnification. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporation may not indemnify a director under KRS 271B.8-510 in connection with a
proceeding by or in the right of the corporation in which the director was adjudged liable
to the corporation or in connection with any other proceeding charging improper personal
benefit to him, whether or not involving action in his official capacity, in which he was
adjudged liable on the basis that personal benefit was improperly received by him. Unless
limited by the articles of incorporation, a director who has been wholly successful, on
the merits or otherwise, in the defense of any proceeding to which he was a party because
he is or was a director of the corporation is entitled to indemnification against
reasonable expenses incurred by him in connection with the proceeding. Unless limited by
its articles of incorporation, a Kentucky corporation may indemnify and advance expenses
to an officer, employee or agent of the corporation to the same extent that it may
indemnify and advance expenses to directors. </FONT></P>

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               3</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification provided by or granted pursuant to Section 271B.8-510 is not exclusive of
any rights to which those seeking indemnification may otherwise be entitled. Section
271B.8-570 empowers a Kentucky corporation to purchase and maintain insurance on behalf of
its directors, officers, employees or agents of the corporation, whether or not the
corporation would have the power under Sections 271B.8-510 or 271B.8-520 to indemnify them
against such liability. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
XI of the Registrant&#146;s Amended and Restated Articles of Incorporation, as amended,
limits the liability of directors of the Registrant pursuant to the Kentucky Business
Corporation Act. Under this article, directors generally are personally liable to the
Registrant or its shareholders for monetary damages only in transactions involving
conflicts of interest or improper personal benefit for a director, intentional misconduct,
violations of law, or unlawful distributions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Bylaws of the Registrant require the Registrant to indemnify, and
permit the advancement of expenses to, each director, officer, employee or agent of the
Registrant, and his executors, administrators or heirs, who was or is made, or is
threatened to be made a defendant or respondent to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative
(&#147;Proceeding&#148;), by reason of the fact that he is or was a director, officer,
employee or agent of the Registrant, for the costs of such Proceeding to the fullest
extent expressly permitted or required by the statutes of the Commonwealth of Kentucky and
all other applicable law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Bylaws of the Registrant further provide for indemnification and
advancement of expenses to the aforementioned persons by action of the Board of Directors
in such amounts, on such terms and conditions, and based upon such standards of conduct as
the Board of Directors may deem to be in the best interests of the Registrant. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Registrant maintains directors&#146; and officers&#146; liability insurance
covering certain liabilities which may be incurred by the directors and officers of the
Registrant in connection with the performance of their duties. </FONT></P>

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<A NAME=A009></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption from
Registration Claimed. </FONT></H1>

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<A NAME=A010></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</FONT></P>

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<A NAME=A011></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are filed as part of this registration statement: </FONT></P>


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     <TH><FONT SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER"><FONT SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER"><FONT SIZE="2"></FONT></TH>
     <TH ALIGN="LEFT"><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>Exhibit<BR><u>Number</u></b></FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><u><BR>Description of Exhibits</u></b><BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Articles of Incorporation of the Registrant as amended through July 18, 2003<BR>
(incorporated herein by reference to Exhibit 3(b) to the Registrant's Quarterly<BR>
Report on Form 10-Q for the fiscal quarter ended June 30, 2003) (Commission File<BR>
No. 0-1469)<BR><BR></FONT></TD></TR>
</TABLE>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               4</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TABLE CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.2</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amended and Restated Bylaws of the Registrant
 (incorporated herein by reference to Exhibit 3(b) to the Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 2003) (Commission File No. 0-1469)<BR><BR></FONT></TD></TR>


<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.3</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Specimen Stock Certificate (incorporated herein by reference to Exhibit 4(d) to the Registrant's Registration Statement on Form S-8, File No. 33-85012)<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.4</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Rights Agreement dated as of March 19, 1998, between the Registrant and Fifth Third
Bank as Rights Agent (incorporated herein by reference to Exhibit 4.1 to the
Registrant's Current Report on Form 8-K filed on March 20, 1998, Exhibit 4.1 to the
Registrant's Registration Statement on Form 8-A/A filed June 30, 2000 and Exhibit
4.1 to the Registrant's Registration Statement on Form 8-A/A filed September 14,
2000) (Commission File No. 0-1469)<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.5</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Churchill Downs Incorporated 2004 Restricted Stock Plan<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Opinion and consent of Stites &amp; Harbison, PLLC<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consent of Stites &amp; Harbison, PLLC (included in Exhibit 5.1)<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.2</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consent of PricewaterhouseCoopers LLP<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Power of attorney (included on signature page)<BR><BR></FONT></TD></TR>
</TABLE>

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<A NAME=A012></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings. </FONT></H1>

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<A NAME=A013></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement: </FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To include any prospectus required by Section 10(a)(3) of the Securities Act of
               1933, as amended (the &#147;Act&#148;); </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To reflect in the prospectus any facts or events arising after the effective
               date of the registration statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represent a fundamental change
               in the information set forth in the registration statement; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To include any material information with respect to the plan of distribution not
               previously disclosed in the registration statement or any material change to
               such information in the registration statement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               5</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>provided, however, that the
undertakings set forth in paragraphs (a) and (b) above do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the Exchange
Act that are incorporated by reference in this registration statement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          That, for the purpose of determining any liability under the Act, each such
          post-effective amendment shall be deemed to be a new registration statement
          relating to the securities offered herein, and the offering of such securities
          at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          That, for purposes of determining any liability under the Act, each filing of
          the Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d)
          of the Exchange Act that is incorporated by reference in this registration
          statement shall be deemed to be a new registration statement relating to the
          securities offered herein, and the offering of such securities at that time
          shall be deemed to be the initial bona fide offering thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Act may be permitted to directors,
officers and controlling persons of the Registrant, the Registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of
the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the
Act and will be governed by the final adjudication of such issue. </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               6</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<A NAME=A014></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Louisville, Commonwealth of
Kentucky, on the 17 day of June, 2004. </FONT></P>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                By:/s/ Thomas H. Meeker</FONT><HR width=80% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Thomas H. Meeker<BR>President and Chief Executive Officer</FONT></TD>
</TR>
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</TABLE>
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<A NAME=A015></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWERS OF ATTORNEY </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Thomas H. Meeker and Rebecca C. Reed, and each of them, as his or her true and
lawful attorney-in-fact and agent, with full power of substitution, for him or her and in
his or her name, place and stead, in any and all capacities, to sign any and all
amendments and post-effective amendments to this Registration Statement, and to file the
same with all exhibits thereto, granting unto said attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and necessary to be
done, as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do
or cause to be done by virtue thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated. </FONT></P>

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<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Signature</u></b></FONT></TD>
        <TD WIDTH="10%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2></FONT></TD>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Title</u></b></FONT></TD>
        <TD WIDTH="10%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2></FONT></TD>
        <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><u>Date</u></b><BR><BR></FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Carl F. Pollard</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2></FONT></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Chairman of the Board (Director)</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2></FONT></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Carl F. Pollard</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Thomas H. Meeker</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                President and Chief Executive Officer<BR>and Director (Principal Executive Officer)</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Thomas H. Meeker</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Michael E. Miller</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Executive Vice President and Chief<BR>Financial Officer (Principal Financial<BR>and Accounting Officer)</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Michael E. Miller</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Charles W. Bidwill, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Charles W. Bidwill, Jr.</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

</TR>
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</TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               7</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Signature</u></b></FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Title</u></b></FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><u>Date</u></b><BR><BR></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Leonard S. Coleman, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Leonard S. Coleman, Jr.</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Craig J. Duchossois</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Craig J. Duchossois</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Richard L. Duchossois</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Richard L. Duchossois</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Robert L. Fealy</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Robert L. Fealy</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/J. David Grissom</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                J. David Grissom</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Seth W. Hancock</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Seth W. Hancock</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Daniel P. Harrington</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Daniel P. Harrington</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/G. Watts Humphrey, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                G. Watts Humphrey, Jr.</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Susan Elizabeth Packard</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Susan Elizabeth Packard</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Dennis D. Swanson</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Darrell R. Wells</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Darrell R. Wells</FONT></TD>
        <TD> </TD>
        <TD> </TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               8</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0"><!-- Table ##############-->

<TR VALIGN=TOP>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                INDEX TO EXHIBITS</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD WIDTH="5%">&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Exhibit</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               &nbsp;</FONT></TD>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        </TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                <U>Number</U></FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Description of Exhibits</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.1</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Articles of Incorporation of the Registrant as amended through July 18, 2003
(incorporated herein by reference to Exhibit 3(b) to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2003) (Commission File
No. 0-1469)<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.2</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amended and Restated Bylaws of the Registrant (incorporated herein by reference to
Exhibit 3(b) to the Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 2003) (Commission File No. 0-1469)<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.3</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specimen Stock Certificate (incorporated herein by reference to Exhibit 4(d) to the
Registrant's Registration Statement on Form S-8, File No. 33-85012)<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.4</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rights Agreement dated as of March 19, 1998, between the Registrant and Fifth Third
Bank as Rights Agent (incorporated herein by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on March 20, 1998, Exhibit 4.1 to the
Registrant's Registration Statement on Form 8-A/A filed June 30, 2000 and Exhibit 4.1 to the Registrant's Registration Statement on Form 8-A/A filed September 14,
2000) (Commission File No. 0-1469)<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.5</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs Incorporated 2004 Restricted Stock Plan<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                5.1</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion and consent of Stites &amp; Harbison, PLLC<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                23.1</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Stites &amp; Harbison, PLLC (included in Exhibit 5.1)<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                23.2</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of PricewaterhouseCoopers LLP<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                24.1</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power of attorney (included on signature page)<BR><BR></FONT></TD>
</TR>
</table>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
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{"company-data": {"conformed-name": "CHURCHILL DOWNS INC", "cik": "0000020212", "assigned-sic": "7948", "irs-number": "610156015", "state-of-incorporation": "KY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-116734", "film-number": "04875136"}, "business-address": {"street1": "700 CENTRAL AVE", "city": "LOUISVILLE", "state": "KY", "zip": "40208", "phone": "5026364400"}, "mail-address": {"street1": "700 CENTRAL AVENUE", "street2": "700 CENTRAL AVENUE", "city": "LOUIVILLE", "state": "KY", "zip": "40208"}}
Churchill Downs Inc. Registration Statement
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
CHURCHILL DOWNS INCORPORATED
(Exact name of registrant as specified in its charter)
Kentucky
61-0156015
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
700 Central Avenue
Louisville, Kentucky 40208
(Address of Principal Executive Offices, including Zip Code)
Churchill Downs Incorporated 2004 Restricted Stock Plan
(Full title of the plan)
Thomas H. Meeker
President and Chief Executive Officer
Churchill Downs Incorporated
700 Central Avenue
Louisville, Kentucky 40208
(Name and address of agent for service)
(502) 636-4400
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
maximum
maximum
aggregate
Amount of
Title of Securities
Amount to be
offering price
offering
registration
to be registered
registered
per share(1)
price(1)
fee
Common Stock, no par value
195,000 shares
$39.66
$7,733,700
$979.86
Preferred Share Purchase Rights(2)
None
None
None
None
(1)
Estimated solely for the purpose of calculating the  registration  fee  pursuant to Rule 457(h)(1), based upon the  average of the high and low prices of the Common  Stock as
                 reported on The Nasdaq Stock Market on June 17, 2004.
(2)
Any value attributable to the Preferred Share Purchase Rights is reflected in the value of the Common Stock.  Because no
separate consideration is paid for the Preferred Share Purchase Rights, the registration fee for such securities is
included in the fee for the Common Stock.
1
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
Item 3.      Incorporation of Documents
by Reference.
The
following documents, which have been filed by Churchill Downs Incorporated (the
"Registrant") with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), are
incorporated in this registration statement by reference and made a part hereof:
1.       
          The Registrant's annual report on Form 10-K for the fiscal year ended
          December 31, 2003, as amended by Form 10-K/A filed on May 11, 2004.
The
Registrant uses revenues and EBITDA (defined as earnings before interest, taxes,
depreciation and amortization) as key performance measures of results of operations for
purposes of evaluating performance internally. Furthermore, management of the Registrant
believes that the use of these measures enables management and investors to evaluate and
compare, from period to period, the Registrant's operating performance in a
meaningful and consistent manner. Because the Registrant uses EBITDA as a key performance
measure of financial performance, the Registrant is required by accounting principles
generally accepted in the United States of America to provide the information in footnotes
to its consolidated financial statements concerning EBITDA. However, these measures should
not be considered as an alternative to, or more meaningful than, net income (as determined
in accordance with accounting principles generally accepted in the United States of
America) as a measure of operating results or cash flows (as determined in accordance with
accounting principles generally accepted in the United States of America) or as a measure
of the Registrant's liquidity.
2.       
          The Registrant's quarterly report on Form 10-Q for the quarter ended March
          31, 2004.
3.       
          The description of the Registrant's common stock, no par value (the
          "Common Stock"), which is contained in the Registrant's Current
          Report on Form 8-K filed December 14, 1998, pursuant to Section 13 of the
          Securities Exchange Act of 1934, and any amendment or report filed for the
          purpose of updating such description.
4.       
          The description of the Registrant's Preferred Share Purchase Rights
          contained in the Registrant's Registration Statement on Form 8-A filed
          March 20, 1998, pursuant to Section 12(g) of the 1934 Act, as amended on Form
          8-A/A filed June 30, 2000 and as amended on Form 8-A/A filed September 14, 2000.
All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act after the effective date of this registration statement and prior to the
filing of a post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference in this registration statement and to be a part hereof
from the date of filing of such documents. Any statement contained in a document
incorporated by reference herein shall
2
be deemed to be modified or superseded for purposes
of this registration statement to the extent that a statement contained herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this registration
statement.
Item 4.      Description of
Securities.
Not
applicable.
Item 5.      Interests of
Named Experts and Counsel.
Not
applicable.
Item 6.      Indemnification
of Directors and Officers.
Section
271B.8-510 of the Kentucky Revised Statutes empowers a Kentucky corporation to indemnify
an individual (including his estate or personal representative) who was, is or is
threatened to be made a party to a threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, and whether formal
or informal, because he is or was a director against liability incurred in the proceeding
if: (i) he conducted himself in good faith; (ii) he reasonably believed, in the case of
conduct in his official capacity with the corporation, that his conduct was in its best
interests and, in all other cases, that his conduct was at least not opposed to its best
interests; and (iii) in the case of any criminal proceeding, he had no reasonable cause to
believe his conduct was unlawful. Indemnification may be made against the obligation to
pay a judgment, settlement, penalty, fine or reasonable expenses (including counsel fees)
incurred with respect to a proceeding, except that if the proceeding was by or in the
right of the corporation, indemnification may be made only against reasonable expenses.
Pursuant to Section 271B.8-530, a corporation may pay for or reimburse the reasonable
expenses incurred by a director in advance of final disposition of the proceeding if (i)
the director affirms to the corporation in writing his good faith belief that he has met
the standard of conduct required for indemnification; (ii) the director undertakes the
personal obligation to repay such advance upon an ultimate determination that he failed to
meet such standard of conduct; and (iii) the corporation determines that the facts then
known to those making the determination would not preclude indemnification.
A
corporation may not indemnify a director under KRS 271B.8-510 in connection with a
proceeding by or in the right of the corporation in which the director was adjudged liable
to the corporation or in connection with any other proceeding charging improper personal
benefit to him, whether or not involving action in his official capacity, in which he was
adjudged liable on the basis that personal benefit was improperly received by him. Unless
limited by the articles of incorporation, a director who has been wholly successful, on
the merits or otherwise, in the defense of any proceeding to which he was a party because
he is or was a director of the corporation is entitled to indemnification against
reasonable expenses incurred by him in connection with the proceeding. Unless limited by
its articles of incorporation, a Kentucky corporation may indemnify and advance expenses
to an officer, employee or agent of the corporation to the same extent that it may
indemnify and advance expenses to directors.
3
The
indemnification provided by or granted pursuant to Section 271B.8-510 is not exclusive of
any rights to which those seeking indemnification may otherwise be entitled. Section
271B.8-570 empowers a Kentucky corporation to purchase and maintain insurance on behalf of
its directors, officers, employees or agents of the corporation, whether or not the
corporation would have the power under Sections 271B.8-510 or 271B.8-520 to indemnify them
against such liability.
Article
XI of the Registrant's Amended and Restated Articles of Incorporation, as amended,
limits the liability of directors of the Registrant pursuant to the Kentucky Business
Corporation Act. Under this article, directors generally are personally liable to the
Registrant or its shareholders for monetary damages only in transactions involving
conflicts of interest or improper personal benefit for a director, intentional misconduct,
violations of law, or unlawful distributions.
The
Amended and Restated Bylaws of the Registrant require the Registrant to indemnify, and
permit the advancement of expenses to, each director, officer, employee or agent of the
Registrant, and his executors, administrators or heirs, who was or is made, or is
threatened to be made a defendant or respondent to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative
("Proceeding"), by reason of the fact that he is or was a director, officer,
employee or agent of the Registrant, for the costs of such Proceeding to the fullest
extent expressly permitted or required by the statutes of the Commonwealth of Kentucky and
all other applicable law.
The
Amended and Restated Bylaws of the Registrant further provide for indemnification and
advancement of expenses to the aforementioned persons by action of the Board of Directors
in such amounts, on such terms and conditions, and based upon such standards of conduct as
the Board of Directors may deem to be in the best interests of the Registrant.
In
addition, the Registrant maintains directors' and officers' liability insurance
covering certain liabilities which may be incurred by the directors and officers of the
Registrant in connection with the performance of their duties.
Item 7.      Exemption from
Registration Claimed.
Not
applicable.
Item 8.      Exhibits.
The
following exhibits are filed as part of this registration statement:
Exhibit
Number
Description of Exhibits
4.1
-
Articles of Incorporation of the Registrant as amended through July 18, 2003
(incorporated herein by reference to Exhibit 3(b) to the Registrant's Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2003) (Commission File
No. 0-1469)
4
4.2
-
Amended and Restated Bylaws of the Registrant
 (incorporated herein by reference to Exhibit 3(b) to the Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 2003) (Commission File No. 0-1469)
4.3
-
Specimen Stock Certificate (incorporated herein by reference to Exhibit 4(d) to the Registrant's Registration Statement on Form S-8, File No. 33-85012)
4.4
-
Rights Agreement dated as of March 19, 1998, between the Registrant and Fifth Third
Bank as Rights Agent (incorporated herein by reference to Exhibit 4.1 to the
Registrant's Current Report on Form 8-K filed on March 20, 1998, Exhibit 4.1 to the
Registrant's Registration Statement on Form 8-A/A filed June 30, 2000 and Exhibit
4.1 to the Registrant's Registration Statement on Form 8-A/A filed September 14,
2000) (Commission File No. 0-1469)
4.5
-
Churchill Downs Incorporated 2004 Restricted Stock Plan
5.1
-
Opinion and consent of Stites & Harbison, PLLC
23.1
-
Consent of Stites & Harbison, PLLC (included in Exhibit 5.1)
23.2
-
Consent of PricewaterhouseCoopers LLP
24.1
-
Power of attorney (included on signature page)
Item 9.      Undertakings.
The
undersigned Registrant hereby undertakes:
(1)       
          To file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement:
(a)       
               To include any prospectus required by Section 10(a)(3) of the Securities Act of
               1933, as amended (the "Act");
(b)       
               To reflect in the prospectus any facts or events arising after the effective
               date of the registration statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represent a fundamental change
               in the information set forth in the registration statement; and
(c)       
               To include any material information with respect to the plan of distribution not
               previously disclosed in the registration statement or any material change to
               such information in the registration statement;
5
provided, however, that the
undertakings set forth in paragraphs (a) and (b) above do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the Exchange
Act that are incorporated by reference in this registration statement.
(2)       
          That, for the purpose of determining any liability under the Act, each such
          post-effective amendment shall be deemed to be a new registration statement
          relating to the securities offered herein, and the offering of such securities
          at that time shall be deemed to be the initial bona fide offering thereof.
(3)       
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering.
(4)       
          That, for purposes of determining any liability under the Act, each filing of
          the Registrant's annual report pursuant to Section 13(a) or Section 15(d)
          of the Exchange Act that is incorporated by reference in this registration
          statement shall be deemed to be a new registration statement relating to the
          securities offered herein, and the offering of such securities at that time
          shall be deemed to be the initial bona fide offering thereof.
Insofar
as indemnification for liabilities arising under the Act may be permitted to directors,
officers and controlling persons of the Registrant, the Registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of
the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the
Act and will be governed by the final adjudication of such issue.
6
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Louisville, Commonwealth of
Kentucky, on the 17 day of June, 2004.
CHURCHILL DOWNS INCORPORATED
By:/s/ Thomas H. Meeker
Thomas H. Meeker
President and Chief Executive Officer
POWERS OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Thomas H. Meeker and Rebecca C. Reed, and each of them, as his or her true and
lawful attorney-in-fact and agent, with full power of substitution, for him or her and in
his or her name, place and stead, in any and all capacities, to sign any and all
amendments and post-effective amendments to this Registration Statement, and to file the
same with all exhibits thereto, granting unto said attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and necessary to be
done, as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do
or cause to be done by virtue thereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/Carl F. Pollard
Chairman of the Board (Director)
June 17, 2004
Carl F. Pollard
/s/Thomas H. Meeker
President and Chief Executive Officer
and Director (Principal Executive Officer)
June 17, 2004
Thomas H. Meeker
/s/Michael E. Miller
Executive Vice President and Chief
Financial Officer (Principal Financial
and Accounting Officer)
June 17, 2004
Michael E. Miller
/s/Charles W. Bidwill, Jr.
Director
June 17, 2004
Charles W. Bidwill, Jr.
7
Signature
Title
Date
/s/Leonard S. Coleman, Jr.
Director
June 17, 2004
Leonard S. Coleman, Jr.
/s/Craig J. Duchossois
Director
June 17, 2004
Craig J. Duchossois
/s/Richard L. Duchossois
Director
June 17, 2004
Richard L. Duchossois
/s/Robert L. Fealy
Director
June 17, 2004
Robert L. Fealy
/s/J. David Grissom
Director
June 17, 2004
J. David Grissom
/s/Seth W. Hancock
Director
June 17, 2004
Seth W. Hancock
/s/Daniel P. Harrington
Director
June 17, 2004
Daniel P. Harrington
/s/G. Watts Humphrey, Jr.
Director
June 17, 2004
G. Watts Humphrey, Jr.
/s/Susan Elizabeth Packard
Director
June 17, 2004
Susan Elizabeth Packard
Director
June 17, 2004
Dennis D. Swanson
/s/Darrell R. Wells
Director
June 17, 2004
Darrell R. Wells
8
INDEX TO EXHIBITS
Exhibit
Number
Description of Exhibits
4.1
-
Articles of Incorporation of the Registrant as amended through July 18, 2003
(incorporated herein by reference to Exhibit 3(b) to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2003) (Commission File
No. 0-1469)
4.2
-
Amended and Restated Bylaws of the Registrant (incorporated herein by reference to
Exhibit 3(b) to the Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 2003) (Commission File No. 0-1469)
4.3
-
Specimen Stock Certificate (incorporated herein by reference to Exhibit 4(d) to the
Registrant's Registration Statement on Form S-8, File No. 33-85012)
4.4
-
Rights Agreement dated as of March 19, 1998, between the Registrant and Fifth Third
Bank as Rights Agent (incorporated herein by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on March 20, 1998, Exhibit 4.1 to the
Registrant's Registration Statement on Form 8-A/A filed June 30, 2000 and Exhibit 4.1 to the Registrant's Registration Statement on Form 8-A/A filed September 14,
2000) (Commission File No. 0-1469)
4.5
-
Churchill Downs Incorporated 2004 Restricted Stock Plan
5.1
-
Opinion and consent of Stites & Harbison, PLLC
23.1
-
Consent of Stites & Harbison, PLLC (included in Exhibit 5.1)
23.2
-
Consent of PricewaterhouseCoopers LLP
24.1
-
Power of attorney (included on signature page)
9