L.    Abercrombie Foundation Pledge (FCR 3)

       Mr. Hardymon said that FCR 3 recommends that the Board of Trustees accept a $500,000
pledge from the Abercrombie Foundation of Versailles, Kentucky, to establish the Pin Oak Stud
Endowed Research Fund in the College of Agriculture's Gluck Equine Research Center in the
Department of Veterinary Science.

       He said that the pledge is contingent on the University's receiving matching funds from
the state's Research Challenge Trust Fund (RCTF), which would create a $1,000,000 fund to
enhance innovative research at the Gluck Center. The foundation's pledge will be paid in five
equal annual installments beginning this year. He moved approval of FCR 3. His motion,
seconded by Mr. Welenken, passed. (See FCR 3 at the end of the Minutes.)

      M.    Albert G. and Lorraine N. Clay Endowment for Visiting Scholars (FCR 4)

      Mr. Hardymon said that FCR 4 recommends that the Board of Trustees establish and
endow the Albert G. and Lorraine N. Clay Endowment for Visiting Scholars in the College of
Agriculture's Department of Veterinary Science with $250,000 in earnings from the Albert G.
and Lorraine N. Clay Charitable Annuity Lead Trust.

      He reported that Albert G. and Lorraine N. Clay established a Charitable Annuity Lead
Trust in 1996 to provide support for the Department of Veterinary Science, and this is a Trust
whereby the University receives the income from the Trust. The Clays have been long-time
supporters of the University. Mr. Clay was a member of the UK Board of Trustees for more than
20 years and recently served as chair of the UK Equine Research Foundation Board for 10 years.

      He said that the Clays have specified that five years of income from the trust be endowed
to allow the original directives of the trust to be carried out in perpetuity. The designation of
$250,000 for an endowment is contingent on the University's receiving matching funds from the
state's Research Challenge Trust Fund, which would create a $500,000 endowment. On motion
made by Mr. Hardymon, seconded by Mr. Guthrie and passed, FCR 4 was approved. (See FCR
4 at the end of the Minutes.)

      N.    Ann Scott and Ralph E. Mason Gift (FCR 5)

      Mr. Hardymon said that FCR 5 recommends that the Board of Trustees accept a gift of
$50,000 from Ann Scott and Ralph E. Mason of Maysville, Kentucky, to establish and endow the
Ann Scott and Ralph E. Mason Visiting Scholars Program in Voice Performance in the College
of Fine Arts' School of Music.

      He said that Mrs. Mason is a 1944 graduate of the UK School of Music. After a
successful singing and teaching career, she and her husband returned to their native Maysville
and have been generous supporters of the School of Music. The Visiting Scholars Program will
fund the visit of vocal artists and master teachers for recitals, master classes and other events
related to the School of Music's graduate and research missions. The gift is contingent on
matching funds being received from the state's Research Challenge Trust Fund. He moved