Churchill Downs Inc — Director's Dealing 2012

May 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CHURCHILL DOWNS INC (CHDN)
CIK: 0000020212
Period of Report: 2012-05-22

Reporting Person: Evans Robert L (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-22	Common Stock	M	2705.0000	$36.1600	Acquired	237664.0000	Direct
2012-05-22	Common Stock	S	17.0000	$60.0400	Disposed	237647.0000	Direct
2012-05-22	Common Stock	S	100.0000	$60.0500	Disposed	237547.0000	Direct
2012-05-22	Common Stock	S	2588.0000	$60.0000	Disposed	234959.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-22	Employee Stock Option (right to buy)	$36.1600	M	2705.0000	Disposed	2012-08-14	Common Stock (2705.0000)	Direct

Footnotes

F1: The option vests quarterly over three (3) years beginning on September 30, 2006.