Churchill Downs Inc (CHDN) Stock: PAR Capital Management Lowers Stake Below 5%

Page 6 of 7 – SEC Filing

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(i) Sole power to vote or to direct the vote:

813,165

(ii) Shared power to vote or to direct the vote:

(iii) Sole power to dispose or to direct the disposition of :

813,165

Item 5. Ownership of 5 Percent or Less of a
Class.:

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following: x

Item 6. Ownership of
More than 5 Percent on Behalf of Another Person:

Not applicable

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control
Person:

Not applicable

Item 8. Identification and
Classification of Members of the Group

Not applicable

Item 9. Notice of Dissolution of Group:

Not
applicable

Item 10. Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.