Columnist Billy Reed Joins Official Kentucky Derby Web Site As Guest Writer

LOUISVILLE, Ky. (Feb. 25, 2002) - Preeminent Kentucky Derby expert and national sports writer William F. "Billy" Reed, whose career in the newspaper and magazine business spans four decades, has joined the writing staff of www.kentuckyderby.com. Well-known for his coverage of horse racing and the Thoroughbred industry as a whole, Reed will pen columns on the Derby experience exclusively for the Churchill Downs Web site during buildup to the 2002 "Run for the Roses."

"It is an honor to welcome Billy as a guest columnist for kentuckyderby.com," said Karl F. Schmitt Jr., senior vice president of communications for Churchill Downs Incorporated ("CDI"). "Billy's appreciation of the Derby, coupled with his writing talent and love for racing, will make his installments a popular and engaging feature."

Reed, who has only missed covering the Kentucky Derby twice since 1966, is a native of Kentucky and a former sports writer for the Commonwealth's two largest daily newspapers, the Courier-Journal in Louisville and the Lexington Herald-Leader. Reed has also worked as a national columnist for Sports Illustrated, focusing on horse racing and college basketball coverage. In addition to his work for CDI, Reed writes for the Louisville Sports Report. Reed's first column, available at www.kentuckyderby.com, focuses on the 2002 EDS Kentucky Derby Fantasy Challenge online game and details the real-life fantasy of owning a Derby contender. Reed offers an analysis of his dream stable and relates his unique Derby perspective as part of a syndicate that owns Sky Terrace, a talented 3-year-old colt.

"The Kentucky Derby and Churchill Downs have been a very important part of my life, and I am grateful for the opportunity to write for the Derby Web site," said Reed. "I hope my work is as informative as a D. Wayne Lukas interview and as entertaining as Bob Baffert's traveling road show."

Kentuckyderby.com is the online home of the Kentucky Derby, featuring charts and race records from past runnings, an expansive section on Derby traditions, expert handicapper analysis of current contenders and extensive photo galleries. The Web site also features The Derby Store, which allows race fans to purchase a variety of officially licensed Kentucky Derby 128 merchandise online.

Churchill Downs Incorporated, headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. The Company's racetracks in California, Florida, Illinois, Indiana and Kentucky host 112 graded-stakes events and many of North America's most prestigious races, including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and Arlington Million. CDI also owns off-track betting facilities and has interests in various television production, telecommunications and racing services companies that support CDI's network of simulcasting and racing operations. 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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