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       E.    President's Report to the Trustees (PR 1)

       President Wethington reviewed the following items in his report:

       1.    The College of Business and Economics has received recognition
             in Business Week magazine for being one of the best buys in the
             up and coming graduate level business education programs in the
             nation.

       2.    The University welcomed 243 new UK Fellows at its annual
             Fellows Dinner November 6.

       3.    Marcus T. McEllistrem, Professor of Physics and Astronomy, has
             received the Distinguished College/University Scientist Award
             from the Kentucky Academy of Science.

       4.    A Bert T. Combs Scholars program has been established in the
             College of Law. The $1 million endowment program was announced
             publicly on December 3. More than $625,000 in donations and
             pledges have already been contributed or pledged.

       5.    Dr. Boyd Haley, Researcher and Professor of Medicinal Chemistry
             in the College of Pharmacy, recently presented his findings of
             a technique that may lead to a test to detect Alzheimer's
             disease in living patients. His findings were presented at the
             1992 annual meeting of the Society for Neuroscience, and he is
             getting good recognition across the nation for the outcome of
             this research. Dr. Haley's work has also been accepted for
             publication in the "Proceedings of the National Academy of
             Sciences."

       6.    The extensive papers of noted historian Thomas D. Clark have
             been donated to the UK Library.

       President Wethington asked the members of the Board to review the
other items in the report at their leisure.

       Governor Breathitt expressed appreciation to Mr. Sturgill, Mrs.
Weinberg and others who participated in the announcement of the Bert T.
Combs Scholars program.

       F.    Student Activities Presentation

       President Wethington asked Mr. November, President of Student
Government Association, and Lea Ann Davenport, Vice President of Student
Government Association, to brief the Board on student life at the University.

       Mr. November thanked President Wethington and Governor Breathitt for
giving them the opportunity to address the Board on student issues. He said
that there are a number of students who work extremely hard for the
betterment of the University and it means a great deal that their efforts
are recognized.