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# Kentucky State University

Board of Regents Meeting

# External Relations and Development Committee

October 24, 2014

Regent Charles Whitehead, Chairperson

Regent LaVaughn Henry

Regent Elgie McFayden

Regent Travis Haskins

Mr. Hinfred McDuffie, Staff

<div style="text-align: center;"><img src="imgs/img_in_image_box_433_3054_2182_3174.jpg" alt="Image" width="68%" /></div>


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# KENTUCKY STATE UNIVERSITY Regular Meeting of the Board of Regents External Relations and Development Committee October 24, 2014 11:30 am - 12:15 pm Board Room – Academic Services Building Frankfort, Kentucky

## MEETING INDEX

Section Page  
D1 Action Item: External Relations and Development Committee Meeting Minutes (July 25, 2014) 4  
D2 Executive Summary Report 7  
D3 Executive Contributions Report 9  
D4 Capital Planning and Construction Report 12  
D5 Communications Report 14  
D6 Endowment Management Report 18  
D7 Supplemental Responses 20  
D8 Appendix 21

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KENTUCKY STATE UNIVERSITY

Regular Meeting of the

Board of Regents

External Relations and Development Committee

October 24, 2014

11:30 am to 12:15 pm

Board Room – Academic Services Building

Frankfort, Kentucky

## AGENDA

I. Call to Order

Regent Charles Whitehead, Chairperson

II. Roll Call

Mr. Hinfred McDuffie, Vice President for External Relations and Development

III. Opening Remarks

Regent Whitehead

IV. Approval of Minutes

Regent Whitehead

V. Executive Summary Report

Mr. McDuffie

VI. Discussion

Mr. McDuffie

VII. Adjournment

<div style="text-align: center;"><img src="imgs/img_in_image_box_427_3065_1418_3167.jpg" alt="Image" width="38%" /></div>


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<div style="text-align: center;">Agenda Item Background</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>To:</td><td style='text-align: center; word-wrap: break-word;'>Board of Regents
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'>Date:
October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>From:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Subject:</td><td style='text-align: center; word-wrap: break-word;'>Committee Meeting Minutes (July 25,
2014)</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Reason for
Consideration:</td><td style='text-align: center; word-wrap: break-word;'>Approval</td><td style='text-align: center; word-wrap: break-word;'>Enclosures: Yes</td></tr></table>

## Background:

The minutes of the External Relations and Development Committee meeting of July 25, 2014, require approval in order to become an official part of the committee's records.

## Recommendation:

That the External Relations and Development Committee approve the minutes of the July 25, 2014, meeting.


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Initiator:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for External Relations and Development</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Board Action Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Effective Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr></table>

<div style="text-align: center;"><img src="imgs/img_in_image_box_378_3063_1367_3166.jpg" alt="Image" width="38%" /></div>


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KENTUCKY STATE UNIVERSITY

Regular Meeting of the

Board of Regents

External Relations and Development Committee

July 25, 2014

8:30 am to 9:15 am

Board Room – Academic Services Building

Frankfort, Kentucky

## MINUTES

Regent Charles Whitehead, Chairperson, called the External Relations and Development Committee meeting of the Kentucky State University Board of Regents to order at 8:30 a.m. on July 25, 2014. Regent Whitehead asked the secretary to call roll:

Travis Haskins

LaVaughn Henry

Elgie McFayden

Not Present

Present

Present

Present

Charles Whitehead

A quorum was declared.

Mr. Bill Wilson, Associate Vice President for Development and Major Gifts, presented the Contributions Report.

## Discussion

Regent Whitehead inquired about the percentage of alumni giving Mr. Wilson responded that 3.2 percent of the Kentucky State University alumni are contributing. The average rate for HBCUs across the nation is 7 percent and the average rate across all universities is 11 percent. Approximately 66 percent of KSU alumni have never made a contribution. The Council for Advancement and Support of Education (CASE) statistics show 40 percent of alumni not contributing as the national average. Regent Henry commented that this is not an anomaly to KSU. Many groups are looking to social media to attract younger constituents. Mr. Wilson gave a brief report regarding the National Alumni Association's Summer Weekend. Mr. McDuffie added that External Relations and Development also participated in a one and a half day retreat in support of the KSU Foundation.

Mr. Harold Hayes, Executive Director for Auxiliary Enterprises, presented the Auxiliary Enterprises report. Mr. Hayes presented information regarding the new vendor for the bookstore.

Regent Whitehead inquired about the number of students purchasing books online. Mr. Hayes reported that KSU has seen a decrease in sales due to more students purchasing books online. He also reported that the new vendor, Follett, matches competitors' lower/discounted prices when presented that information by students. Regent McFayden commented that he would like to see the bookstore move to a paperless process for adopting and ordering books.

Regent Whitehead inquired about revenue generated from the usage of campus facilities. Mr. Hayes responded that the reported revenue is generated from the outside community using the University's facilities. Regent Henry asked why the University did do not market its facilities. Mr. Hayes and Mr. McDuffie both responded that KSU traditionally does not compete with the local community.

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Mr. McDuffie presented the Capital Planning report.

Ms. Felicia Lewis, Assistant Vice President for Communications and Publications presented the communications report. Regent Henry asked about the office's media strategy. Ms. Lewis responded that Communications uses a multi-level approach, including sending press releases, media relations, increased social media coverage and an enhanced website presence.

Mr. James Fereday, Fifth Third Bank Endowment Manager, presented KSU's investment report.


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Submitted by:</td><td style='text-align: center; word-wrap: break-word;'>Approved by:</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'>Regent Charles Whitehead, Chairperson External Relations and Development Committee</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Approved with no corrections</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Approved with corrections</td><td style='text-align: center; word-wrap: break-word;'></td></tr></table>

.

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<div style="text-align: center;">Agenda Item Background</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>To:</td><td style='text-align: center; word-wrap: break-word;'>Board of Regents
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'>Date:
October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>From:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Subject:</td><td style='text-align: center; word-wrap: break-word;'>Executive Summary Report</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Reason for Consideration:</td><td style='text-align: center; word-wrap: break-word;'>Informational Item</td><td style='text-align: center; word-wrap: break-word;'>Enclosures: Yes</td></tr></table>

Background:

N/A

Recommendation:

Informational


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Initiator:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for External Relations and Development</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Board Action Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Effective Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr></table>

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<div style="text-align: center;"><img src="imgs/img_in_image_box_431_3062_1421_3166.jpg" alt="Image" width="38%" /></div>


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KENTUCKY STATE UNIVERSITY

Regular Meeting of the

Board of Regents

External Relations and Development Committee

October 24, 2014

11:30 am to 12:15 pm

Board Room - Academic Services Building

Frankfort, Kentucky

During the period of July 1, 2014, through September 30, 2014, Kentucky State University received contributions in the amount of $89,797 from 236 contributors – alumni, employees, University friends, corporations, foundations and organizations. The total amount received to date for Uniting Generations . . . Securing Futures – A Capital Campaign for Kentucky State University is $5,889,110.

Capital Planning and Construction has six major projects in various stages of completion:

• Alumni Stadium Office Building Roof Replacement – 100 percent complete

Cheaney Legacy Plaza – 95 percent complete

• Pedestrian Bridge over US 60 – 10 percent complete

• Interpretive Center, KSU Downtown Annex – 0 percent complete

• Intersection Realignment, Langford and Douglas Avenue – 10 percent complete

- Utility Relocation for Pedestrian Bridge – 40 percent complete

From July 1 through September 30, 2014, the University was covered in 207 newspaper articles in Kentucky. In addition, the advertising equivalency dollar amount (or cost saving) for newspaper coverage of KSU was $2,944,820. The University also was covered in 149 television news stories reaching a Nielsen audience of 3,463,904 for a total ad equivalency of $40,209 or total publicity value of $120,937. There were 29 messages posted on KSU's electronic message board, 155,440 hits on KSU's website and 26 press releases sent to the media.

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<div style="text-align: center;">Agenda Item Background</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>To:</td><td style='text-align: center; word-wrap: break-word;'>Board of Regents
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'>Date:
October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>From:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Subject:</td><td style='text-align: center; word-wrap: break-word;'>Executive Contributions Report</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Reason for Consideration:</td><td style='text-align: center; word-wrap: break-word;'>Informational Item</td><td style='text-align: center; word-wrap: break-word;'>Enclosures: Yes</td></tr></table>

Background:

N/A

Recommendation:

Informational


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Initiator:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for External Relations and Development</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Board Action Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Effective Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr></table>

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<div style="text-align: center;"><img src="imgs/img_in_image_box_433_3064_1421_3167.jpg" alt="Image" width="38%" /></div>


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<div style="text-align: center;">CONTRIBUTIONS REPORT FY2015 First Quarter</div>


<div style="text-align: center;">July 1, 2014 – September 30, 2014</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Constituency Type</td><td style='text-align: center; word-wrap: break-word;'>Total Dollars Raised July 1, 2013 – September 30, 2013</td><td style='text-align: center; word-wrap: break-word;'>Total Dollars Raised July 1, 2014 – September 30, 2014</td><td style='text-align: center; word-wrap: break-word;'>Total Gifts July 1, 2013 – September 30, 2013</td><td style='text-align: center; word-wrap: break-word;'>Total Gifts July 1, 2014 – September 30, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Alumni</td><td style='text-align: center; word-wrap: break-word;'>$12,812.50</td><td style='text-align: center; word-wrap: break-word;'>$67,743.07</td><td style='text-align: center; word-wrap: break-word;'>156</td><td style='text-align: center; word-wrap: break-word;'>190</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Corporations</td><td style='text-align: center; word-wrap: break-word;'>$7,062.50</td><td style='text-align: center; word-wrap: break-word;'>$8,000.00</td><td style='text-align: center; word-wrap: break-word;'>4</td><td style='text-align: center; word-wrap: break-word;'>5</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Employees</td><td style='text-align: center; word-wrap: break-word;'>$2,527.12</td><td style='text-align: center; word-wrap: break-word;'>$190.00</td><td style='text-align: center; word-wrap: break-word;'>14</td><td style='text-align: center; word-wrap: break-word;'>5</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Foundations</td><td style='text-align: center; word-wrap: break-word;'>$14,903.46</td><td style='text-align: center; word-wrap: break-word;'>$7,456.03</td><td style='text-align: center; word-wrap: break-word;'>7</td><td style='text-align: center; word-wrap: break-word;'>6</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Organizations</td><td style='text-align: center; word-wrap: break-word;'>$3,600.00</td><td style='text-align: center; word-wrap: break-word;'>$2,100.00</td><td style='text-align: center; word-wrap: break-word;'>5</td><td style='text-align: center; word-wrap: break-word;'>6</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>University Friends</td><td style='text-align: center; word-wrap: break-word;'>$3,688.00</td><td style='text-align: center; word-wrap: break-word;'>$4,298.00</td><td style='text-align: center; word-wrap: break-word;'>13</td><td style='text-align: center; word-wrap: break-word;'>24</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>TOTAL</td><td style='text-align: center; word-wrap: break-word;'>$44,593.58</td><td style='text-align: center; word-wrap: break-word;'>$89,797.10</td><td style='text-align: center; word-wrap: break-word;'>199</td><td style='text-align: center; word-wrap: break-word;'>236</td></tr></table>

Students Assisted

from Private Gift

Donations

Number of Awards

339

Total Funds Awarded

$219,305.85

Average Award

$646.92

<div style="text-align: center;"><img src="imgs/img_in_chart_box_230_1879_1496_2689.jpg" alt="Image" width="49%" /></div>*Annual Fund not initiated.

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<div style="text-align: center;">CAPITAL CAMPAIGN GIVING</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Constituency Type</td><td style='text-align: center; word-wrap: break-word;'>Total Dollars Raised</td><td style='text-align: center; word-wrap: break-word;'>Total Gifts</td></tr><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>July 1, 2010 – September 30, 2014</td><td style='text-align: center; word-wrap: break-word;'>July 1, 2010 – September 30, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Alumni</td><td style='text-align: center; word-wrap: break-word;'>$734,174.84</td><td style='text-align: center; word-wrap: break-word;'>1,510</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Corporations</td><td style='text-align: center; word-wrap: break-word;'>$3,010,615.50</td><td style='text-align: center; word-wrap: break-word;'>509</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Employees</td><td style='text-align: center; word-wrap: break-word;'>$164,803.61</td><td style='text-align: center; word-wrap: break-word;'>435</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Foundations</td><td style='text-align: center; word-wrap: break-word;'>$1,002,530.69</td><td style='text-align: center; word-wrap: break-word;'>161</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Organizations</td><td style='text-align: center; word-wrap: break-word;'>$724,673.64</td><td style='text-align: center; word-wrap: break-word;'>441</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>University Friends</td><td style='text-align: center; word-wrap: break-word;'>$252,312.09</td><td style='text-align: center; word-wrap: break-word;'>439</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total</td><td style='text-align: center; word-wrap: break-word;'>$5,889,110.37</td><td style='text-align: center; word-wrap: break-word;'>3,495</td></tr></table>

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<div style="text-align: center;">Agenda Item Background</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>To:</td><td style='text-align: center; word-wrap: break-word;'>Board of Regents
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'>Date:
October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>From:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Subject:</td><td style='text-align: center; word-wrap: break-word;'>Capital Planning and Construction</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Reason for
Consideration:</td><td style='text-align: center; word-wrap: break-word;'>Informational Item</td><td style='text-align: center; word-wrap: break-word;'>Enclosures: Yes</td></tr></table>

Background:

N/A

Recommendation:

Informational


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Initiator:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for External Relations and Development</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Board Action Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Effective Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr></table>

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===== PAGE 13 =====
<div style="text-align: center;">Capital Projects Update</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>ID</td><td style='text-align: center; word-wrap: break-word;'>Project Name</td><td style='text-align: center; word-wrap: break-word;'>Start</td><td style='text-align: center; word-wrap: break-word;'>Finish</td><td style='text-align: center; word-wrap: break-word;'>Percentage of Completion</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>1</td><td style='text-align: center; word-wrap: break-word;'>Alumni StadiumOffice Building Roof Replacement</td><td style='text-align: center; word-wrap: break-word;'>11/1/2013</td><td style='text-align: center; word-wrap: break-word;'>7/31/2014</td><td style='text-align: center; word-wrap: break-word;'>100%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>2</td><td style='text-align: center; word-wrap: break-word;'>Cheaney Legacy Plaza</td><td style='text-align: center; word-wrap: break-word;'>1/11/13</td><td style='text-align: center; word-wrap: break-word;'>10/31/2014</td><td style='text-align: center; word-wrap: break-word;'>95%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>3</td><td style='text-align: center; word-wrap: break-word;'>Pedestrian Bridge over US 60</td><td style='text-align: center; word-wrap: break-word;'>3/26/2014</td><td style='text-align: center; word-wrap: break-word;'>4/13/2015</td><td style='text-align: center; word-wrap: break-word;'>10%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>4</td><td style='text-align: center; word-wrap: break-word;'>Interpretive Center KSU Downtown Annex</td><td style='text-align: center; word-wrap: break-word;'>3/26/2014</td><td style='text-align: center; word-wrap: break-word;'>2/24/2015</td><td style='text-align: center; word-wrap: break-word;'>0%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>5</td><td style='text-align: center; word-wrap: break-word;'>Intersection Realignment Langford and Douglas Ave.</td><td style='text-align: center; word-wrap: break-word;'>3/26/2014</td><td style='text-align: center; word-wrap: break-word;'>4/23/2015</td><td style='text-align: center; word-wrap: break-word;'>10%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>6</td><td style='text-align: center; word-wrap: break-word;'>Utility Relocation for Pedestrian Bridge</td><td style='text-align: center; word-wrap: break-word;'>4/1/2014</td><td style='text-align: center; word-wrap: break-word;'>1/31/2015</td><td style='text-align: center; word-wrap: break-word;'>40%</td></tr></table>

===== PAGE 14 =====
<div style="text-align: center;">Agenda Item Background</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>To:</td><td style='text-align: center; word-wrap: break-word;'>Board of Regents
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'>Date:
October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>From:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Subject:</td><td style='text-align: center; word-wrap: break-word;'>Communications Report</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Reason for
Consideration:</td><td style='text-align: center; word-wrap: break-word;'>Informational Item</td><td style='text-align: center; word-wrap: break-word;'>Enclosures: Yes</td></tr></table>

Background:

N/A

Recommendation:

Informational

<div style="text-align: center;">Informational Item</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Initiator:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for External Relations and Development</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Board Action Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Effective Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr></table>

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===== PAGE 15 =====
# COMMUNICATIONS REPORT July 1, 2014 – September 30, 2014

<div style="text-align: center;">Newspaper Coverage in Kentucky Number of Stories - 207</div>


<div style="text-align: center;"><img src="imgs/img_in_chart_box_289_639_2137_1175.jpg" alt="Image" width="72%" /></div>


Source: Media Gofer

<div style="text-align: center;">Television Coverage in Kentucky</div>


<div style="text-align: center;"><img src="imgs/img_in_chart_box_285_1387_2123_2008.jpg" alt="Image" width="72%" /></div>


Source: Media Library, Inc.

## Quarter To Quarter Coverage

<div style="text-align: center;">Newspaper Coverage in Kentucky</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Quarter</td><td style='text-align: center; word-wrap: break-word;'>Total # Stories</td><td style='text-align: center; word-wrap: break-word;'>Positive</td><td style='text-align: center; word-wrap: break-word;'>Negative</td><td style='text-align: center; word-wrap: break-word;'>Neutral</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>First Quarter Fiscal Year 2014-2015</td><td style='text-align: center; word-wrap: break-word;'>207</td><td style='text-align: center; word-wrap: break-word;'>90%</td><td style='text-align: center; word-wrap: break-word;'>7%</td><td style='text-align: center; word-wrap: break-word;'>3%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Fourth Quarter Fiscal Year 2013-2014</td><td style='text-align: center; word-wrap: break-word;'>203</td><td style='text-align: center; word-wrap: break-word;'>90%</td><td style='text-align: center; word-wrap: break-word;'>3%</td><td style='text-align: center; word-wrap: break-word;'>7%</td></tr></table>

===== PAGE 16 =====
<div style="text-align: center;">Television News Coverage in Kentucky</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Quarter</td><td style='text-align: center; word-wrap: break-word;'>Total # Stories</td><td style='text-align: center; word-wrap: break-word;'>Positive</td><td style='text-align: center; word-wrap: break-word;'>Negative</td><td style='text-align: center; word-wrap: break-word;'>Neutral</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>First Quarter Fiscal Year 2014-2015</td><td style='text-align: center; word-wrap: break-word;'>149</td><td style='text-align: center; word-wrap: break-word;'>55%</td><td style='text-align: center; word-wrap: break-word;'>45%</td><td style='text-align: center; word-wrap: break-word;'>0%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Fourth Quarter Fiscal Year 2013-2014</td><td style='text-align: center; word-wrap: break-word;'>33</td><td style='text-align: center; word-wrap: break-word;'>100%</td><td style='text-align: center; word-wrap: break-word;'>0%</td><td style='text-align: center; word-wrap: break-word;'>0%</td></tr></table>

<div style="text-align: center;">Marketing STRATEGIC / MARKET IMPACT</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Advertising / Marketing Mode</td><td style='text-align: center; word-wrap: break-word;'>MARKET</td><td style='text-align: center; word-wrap: break-word;'>TIME PERIOD</td><td style='text-align: center; word-wrap: break-word;'>MARKET IMPACT</td><td style='text-align: center; word-wrap: break-word;'>Last Refreshed</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Billboards (3)</td><td style='text-align: center; word-wrap: break-word;'>Frankfort – various locations in city</td><td style='text-align: center; word-wrap: break-word;'>Annual</td><td style='text-align: center; word-wrap: break-word;'>12,834,332 Impressions</td><td style='text-align: center; word-wrap: break-word;'>Fall 2012</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Billboard (1)</td><td style='text-align: center; word-wrap: break-word;'>I-64 near Frankfort Exit 58</td><td style='text-align: center; word-wrap: break-word;'>Annual</td><td style='text-align: center; word-wrap: break-word;'>12,096,000 Impressions</td><td style='text-align: center; word-wrap: break-word;'>Fall 2012</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Airport Displays</td><td style='text-align: center; word-wrap: break-word;'>Louisville International Airport</td><td style='text-align: center; word-wrap: break-word;'>Annual</td><td style='text-align: center; word-wrap: break-word;'>3.4 million Passengers</td><td style='text-align: center; word-wrap: break-word;'>Fall 2012</td></tr><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>Blue Grass Airport (Lexington)</td><td style='text-align: center; word-wrap: break-word;'>Annual</td><td style='text-align: center; word-wrap: break-word;'>414,721 Passengers</td><td style='text-align: center; word-wrap: break-word;'>Fall 2012</td></tr></table>*Reach means the percentage of population who saw the commercial.

## Publications

(Artwork and printed materials)

Development/Alumni Printed Materials – Materials produced for two campaigns/events – 6

- Printed materials produced for University events – 39

Communication pieces

President's Letter to Campus Community (including Campus Gem) – 6

Good News Newsletter – 2

○ Hoofbeats - 1

Program/Departmental Newsletters & Brochures – 11

Marketing and advertisement pieces produced – 20

===== PAGE 17 =====
- Designs for general University operations – 7

- Business cards produced – 36

# ELECTRONIC COMMUNICATIONS

Electronic message board postings – 29 messages

Press Releases – 26

Facebook – 159 posts

Twitter – 251 tweets

Instagram – 47 posts

YouTube - 7 videos

Website:

Number of Hits: 155,440

Top 10 Locations Engaged in Kentucky Region: Frankfort, Lexington, Louisville, Bowling Green, Shelbyville, Lawrenceburg, Georgetown, Richmond, Nicholasville and Glasgow.

Top 10 Locations Engaged in the U.S.: Kentucky, Tennessee, Georgia, Ohio, Illinois, Indiana, Michigan, Texas, California and Florida.

27 Homepage News Posts

National and International Media Coverage of President Burse regarding Pay/Pay It Forward: 115 news stories

===== PAGE 18 =====
<div style="text-align: center;">Agenda Item Background</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>To:</td><td style='text-align: center; word-wrap: break-word;'>Board of Regents
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'>Date:
October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>From:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for
External Relations and Development</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Subject:</td><td style='text-align: center; word-wrap: break-word;'>Endowment Management Report</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Reason for
Consideration:</td><td style='text-align: center; word-wrap: break-word;'>Informational Item</td><td style='text-align: center; word-wrap: break-word;'>Enclosures: Yes</td></tr></table>

Background:

See Appendix

Recommendation:

Informational


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Initiator:</td><td style='text-align: center; word-wrap: break-word;'>Mr. Hinfred McDuffie, Vice President for External Relations and Development</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Board Action Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Effective Date:</td><td style='text-align: center; word-wrap: break-word;'>October 24, 2014</td></tr></table>

===== PAGE 19 =====
# KENTUCKY STATE UNIVERSITY DIVISION OF ADMINISTRATION, EXTERNAL RELATIONS AND DEVELOPMENT OFFICE OF THE VICE PRESIDENT

1. Capital Campaign Report showing actual dollars received, dollars pledged and in-kind donations to campaign


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Cash Received</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>4,325,269.96</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Pledge Balance</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>1,552,212.23</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>In-Kind Donations</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>11,628.18</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>5,889,110.37</td></tr></table>

2. Report on actual net revenue from President's Gala 2010 - 2014


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>2010</td><td style='text-align: center; word-wrap: break-word;'>2011</td><td style='text-align: center; word-wrap: break-word;'>2012</td><td style='text-align: center; word-wrap: break-word;'>2013</td><td style='text-align: center; word-wrap: break-word;'>2014</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Revenue\n(Ticket Sales, Donations and Sponsorships)</td><td style='text-align: center; word-wrap: break-word;'>$ 70,754.00</td><td style='text-align: center; word-wrap: break-word;'>$ 80,020.00</td><td style='text-align: center; word-wrap: break-word;'>$ 42,416.00</td><td style='text-align: center; word-wrap: break-word;'>$ 44,225.00</td><td style='text-align: center; word-wrap: break-word;'>$ 37,860.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Expenses</td><td style='text-align: center; word-wrap: break-word;'>$ 46,922.66</td><td style='text-align: center; word-wrap: break-word;'>$ 39,641.99</td><td style='text-align: center; word-wrap: break-word;'>$ 52,733.22</td><td style='text-align: center; word-wrap: break-word;'>$ 63,963.16</td><td style='text-align: center; word-wrap: break-word;'>$ 60,598.53</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Net</td><td style='text-align: center; word-wrap: break-word;'>$ 23,831.34</td><td style='text-align: center; word-wrap: break-word;'>$ 40,378.01</td><td style='text-align: center; word-wrap: break-word;'>$ (10,317.22)</td><td style='text-align: center; word-wrap: break-word;'>$ (19,738.16)</td><td style='text-align: center; word-wrap: break-word;'>$ (22,738.53)</td></tr></table>

3. Strategies with measurable activities and outcomes related to completing campaign


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Capital Campaign Goal</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>12,500,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Dollars Raised to Date</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>5,889,110.37</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Dollars To Be Raised</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>6,610,889.63</td></tr></table>

OBJECTIVES


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>FY 2015</td><td style='text-align: center; word-wrap: break-word;'>FY 2016</td><td style='text-align: center; word-wrap: break-word;'>FY 2017</td><td style='text-align: center; word-wrap: break-word;'>FY 2018</td><td style='text-align: center; word-wrap: break-word;'>TOTAL</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>$ 1,000,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 1,300,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 2,000,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 3,000,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 7,300,000.00</td></tr></table>

<div style="text-align: center;">STRATEGY</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>FY 2015</td><td style='text-align: center; word-wrap: break-word;'>FY 2016</td><td style='text-align: center; word-wrap: break-word;'>FY 2017</td><td style='text-align: center; word-wrap: break-word;'>FY 2018</td><td style='text-align: center; word-wrap: break-word;'>TOTAL</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Faculty and Staff</td><td style='text-align: center; word-wrap: break-word;'>$ 60,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 60,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 60,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 60,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 240,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Board of Regents</td><td style='text-align: center; word-wrap: break-word;'>$ 50,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 50,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 50,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 50,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 200,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Cheaney Legacy Plaza Bricks</td><td style='text-align: center; word-wrap: break-word;'>$ 200,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 200,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 200,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 200,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 800,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Direct Mail Solicitations</td><td style='text-align: center; word-wrap: break-word;'>$ 100,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 100,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 100,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 100,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 400,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Frankfort / Franklin County</td><td style='text-align: center; word-wrap: break-word;'>$ 60,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 60,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 60,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 60,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 240,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Foundations / Corporations</td><td style='text-align: center; word-wrap: break-word;'>$ 800,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 800,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 800,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 800,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 3,200,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Major Gifts</td><td style='text-align: center; word-wrap: break-word;'>$ 20,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 20,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 20,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 20,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 80,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Major Prospects</td><td style='text-align: center; word-wrap: break-word;'>-</td><td style='text-align: center; word-wrap: break-word;'>-</td><td style='text-align: center; word-wrap: break-word;'>$ 1,000,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 2,000,000.00</td><td style='text-align: center; word-wrap: break-word;'>$ 3,000,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Alumni Goal for Capital Campaign</td><td style='text-align: center; word-wrap: break-word;'>$ 31,250.00</td><td style='text-align: center; word-wrap: break-word;'>$ 31,250.00</td><td style='text-align: center; word-wrap: break-word;'>$ 31,250.00</td><td style='text-align: center; word-wrap: break-word;'>$ 31,250.00</td><td style='text-align: center; word-wrap: break-word;'>$ 125,000.00</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total</td><td style='text-align: center; word-wrap: break-word;'>$ 1,321,250.00</td><td style='text-align: center; word-wrap: break-word;'>$ 1,321,250.00</td><td style='text-align: center; word-wrap: break-word;'>$ 2,321,250.00</td><td style='text-align: center; word-wrap: break-word;'>$ 3,321,250.00</td><td style='text-align: center; word-wrap: break-word;'>$ 8,285,000.00</td></tr></table>

### 4. Goals for Alumni Affairs

<div style="text-align: center;"><img src="imgs/img_in_image_box_667_2830_717_2878.jpg" alt="Image" width="1%" /></div>


Increase alumni donors


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>FY 2015</td><td style='text-align: center; word-wrap: break-word;'>FY 2016</td><td style='text-align: center; word-wrap: break-word;'>FY 2017</td><td style='text-align: center; word-wrap: break-word;'>FY 2018</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>+2% over base</td><td style='text-align: center; word-wrap: break-word;'>+2% over base</td><td style='text-align: center; word-wrap: break-word;'>+2% over base</td><td style='text-align: center; word-wrap: break-word;'>+2% over base</td></tr></table>

<div style="text-align: center;"><img src="imgs/img_in_image_box_667_2994_717_3042.jpg" alt="Image" width="1%" /></div>


Establish a formal Student Alumni Association on campus by June 30, 2015

[19]

===== PAGE 20 =====
# Supplemental Response

## Progress to Date Downtown Annex Building (KSU Interpretive Center)

The Downtown Annex building has a new roof. All Windows are new. Exterior stone has been tuck pointed. The interior first floor has been painted. First floor has new carpet and terrace has been cleaned. The boiler has been put in operation with some heat units working. The elevator works. Basement area has been cleaned after the flood.

Land Grant has worked with the firm Solidlight out of Louisville to develop a plan for the Kentucky River Interpretive Center to be housed on the main floor of the KSU Downtown Annex.

- A charrette was held by the firm to assess the overall concept and objectives of the University in planning for the KY River Interpretive Center. Written input was gathered as well as several follow up meetings with an internal committee.

Based on this input, Solidlight developed a Phase I plan/design. This copy was reviewed and approved by the KSU internal committee. A hard copy is available for review.

The firm was then contracted to develop a Phase II design, cost estimate, and timeline. That plan is also available. The timeline was developed and circulated. The approximate cost as designed was $1.2 million. That is display only and does not include needed building improvements and modifications.

- Later meetings between KSU and Capital Construction of the State (DECCA) came to the conclusion that the project would have to be bid out as a turnkey job. That was in June 2014.

Land Grant has submitted all requested documents by NIFA. The University is currently waiting for the Facility Grant funds to be released by NIFA and to start the internal (partial) renovation of the building and construction of the Kentucky River Exhibit.

## Rosenwald Center for Families and Children

Rosenwald currently has 32 children enrolled. The Center cannot enroll more students until more staff is hired. A recommendation has been made for two teachers and two teacher assistants. The Center is waiting for the individuals to be offered the job and hired. This should help get families off of the waiting list and get the Center closer to the operating capacity of 90 students. Some of the positive attributes of the Center include the following:

• Governor’s Office of Early Childhood Visit

• Current 3 STAR accreditation and future NAEYC accreditation

• Very high ERS (environmental rating scores) for classrooms

Candidate for the early Head Start collaboration grant

===== PAGE 21 =====
APPENDIX

===== PAGE 22 =====
<div style="text-align: center;"><img src="imgs/img_in_image_box_271_235_3061_2250.jpg" alt="Image" width="84%" /></div>


## Kentucky State University Endowment

Investment Update

As of August 31, 2014

Fifth Third Bank -

Investment Review



===== PAGE 23 =====
Asset Allocation & Policy

As of August 31, 2014


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Asset Class</td><td colspan="2">Market Value</td><td style='text-align: center; word-wrap: break-word;'>Strategic Target</td><td style='text-align: center; word-wrap: break-word;'>Current Position</td><td style='text-align: center; word-wrap: break-word;'>Policy Ranges</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Equity</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>7,602,227</td><td style='text-align: center; word-wrap: break-word;'>45%</td><td style='text-align: center; word-wrap: break-word;'>50%</td><td style='text-align: center; word-wrap: break-word;'>35-55%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Fixed Income</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>3,948,051</td><td style='text-align: center; word-wrap: break-word;'>35%</td><td style='text-align: center; word-wrap: break-word;'>26%</td><td style='text-align: center; word-wrap: break-word;'>25-45%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Real Estate</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>730,255</td><td style='text-align: center; word-wrap: break-word;'>5%</td><td style='text-align: center; word-wrap: break-word;'>5%</td><td style='text-align: center; word-wrap: break-word;'>0-10%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Alternatives</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>2,296,021</td><td style='text-align: center; word-wrap: break-word;'>10%</td><td style='text-align: center; word-wrap: break-word;'>15%</td><td style='text-align: center; word-wrap: break-word;'>0-20%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Cash</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>651,706</td><td style='text-align: center; word-wrap: break-word;'>5%</td><td style='text-align: center; word-wrap: break-word;'>4%</td><td style='text-align: center; word-wrap: break-word;'>0-25%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>15,228,260</td><td style='text-align: center; word-wrap: break-word;'>100%</td><td style='text-align: center; word-wrap: break-word;'>100%</td><td style='text-align: center; word-wrap: break-word;'></td></tr></table>

===== PAGE 24 =====
## Overall Performance As of August 31, 2014


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td rowspan="2"></td><td style='text-align: center; word-wrap: break-word;'>Fiscal</td><td style='text-align: center; word-wrap: break-word;'>YTD</td><td colspan="4">Annualized</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>YTD</td><td style='text-align: center; word-wrap: break-word;'>2014</td><td style='text-align: center; word-wrap: break-word;'>1 Yr</td><td style='text-align: center; word-wrap: break-word;'>3 Yrs</td><td style='text-align: center; word-wrap: break-word;'>5 Yrs</td><td style='text-align: center; word-wrap: break-word;'>10 yrs</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Equity</td><td style='text-align: center; word-wrap: break-word;'>1.77</td><td style='text-align: center; word-wrap: break-word;'>7.21</td><td style='text-align: center; word-wrap: break-word;'>21.86</td><td style='text-align: center; word-wrap: break-word;'>18.08</td><td style='text-align: center; word-wrap: break-word;'>15.25</td><td style='text-align: center; word-wrap: break-word;'>8.79</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>MSCI World Index</td><td style='text-align: center; word-wrap: break-word;'>0.57</td><td style='text-align: center; word-wrap: break-word;'>6.79</td><td style='text-align: center; word-wrap: break-word;'>21.10</td><td style='text-align: center; word-wrap: break-word;'>15.48</td><td style='text-align: center; word-wrap: break-word;'>12.35</td><td style='text-align: center; word-wrap: break-word;'>7.62</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Fixed</td><td style='text-align: center; word-wrap: break-word;'>0.28</td><td style='text-align: center; word-wrap: break-word;'>3.78</td><td style='text-align: center; word-wrap: break-word;'>5.47</td><td style='text-align: center; word-wrap: break-word;'>3.44</td><td style='text-align: center; word-wrap: break-word;'>4.92</td><td style='text-align: center; word-wrap: break-word;'>3.97</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Barclays Aggregate</td><td style='text-align: center; word-wrap: break-word;'>0.85</td><td style='text-align: center; word-wrap: break-word;'>4.81</td><td style='text-align: center; word-wrap: break-word;'>5.66</td><td style='text-align: center; word-wrap: break-word;'>2.97</td><td style='text-align: center; word-wrap: break-word;'>4.48</td><td style='text-align: center; word-wrap: break-word;'>4.72</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Barclays Int. Gov/Credit</td><td style='text-align: center; word-wrap: break-word;'>0.48</td><td style='text-align: center; word-wrap: break-word;'>2.74</td><td style='text-align: center; word-wrap: break-word;'>3.55</td><td style='text-align: center; word-wrap: break-word;'>2.15</td><td style='text-align: center; word-wrap: break-word;'>3.70</td><td style='text-align: center; word-wrap: break-word;'>4.12</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Real Estate</td><td style='text-align: center; word-wrap: break-word;'>2.83</td><td style='text-align: center; word-wrap: break-word;'>18.76</td><td style='text-align: center; word-wrap: break-word;'>21.52</td><td style='text-align: center; word-wrap: break-word;'>12.42</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>na</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>S&amp;P 500 US REIT</td><td style='text-align: center; word-wrap: break-word;'>2.86</td><td style='text-align: center; word-wrap: break-word;'>20.30</td><td style='text-align: center; word-wrap: break-word;'>22.65</td><td style='text-align: center; word-wrap: break-word;'>13.26</td><td style='text-align: center; word-wrap: break-word;'>17.53</td><td style='text-align: center; word-wrap: break-word;'>7.57</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Alternatives</td><td style='text-align: center; word-wrap: break-word;'>0.92</td><td style='text-align: center; word-wrap: break-word;'>3.82</td><td style='text-align: center; word-wrap: break-word;'>8.80</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>na</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>CPI</td><td style='text-align: center; word-wrap: break-word;'>-0.21</td><td style='text-align: center; word-wrap: break-word;'>2.06</td><td style='text-align: center; word-wrap: break-word;'>1.70</td><td style='text-align: center; word-wrap: break-word;'>1.64</td><td style='text-align: center; word-wrap: break-word;'>1.96</td><td style='text-align: center; word-wrap: break-word;'>2.30</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>HFRX Absolute Return</td><td style='text-align: center; word-wrap: break-word;'>0.16</td><td style='text-align: center; word-wrap: break-word;'>1.99</td><td style='text-align: center; word-wrap: break-word;'>3.96</td><td style='text-align: center; word-wrap: break-word;'>1.88</td><td style='text-align: center; word-wrap: break-word;'>0.51</td><td style='text-align: center; word-wrap: break-word;'>0.09</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>ML 91 Day</td><td style='text-align: center; word-wrap: break-word;'>0.00</td><td style='text-align: center; word-wrap: break-word;'>0.03</td><td style='text-align: center; word-wrap: break-word;'>0.05</td><td style='text-align: center; word-wrap: break-word;'>0.07</td><td style='text-align: center; word-wrap: break-word;'>0.10</td><td style='text-align: center; word-wrap: break-word;'>1.61</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total Account Net</td><td style='text-align: center; word-wrap: break-word;'>1.16</td><td style='text-align: center; word-wrap: break-word;'>5.41</td><td style='text-align: center; word-wrap: break-word;'>13.78</td><td style='text-align: center; word-wrap: break-word;'>11.01</td><td style='text-align: center; word-wrap: break-word;'>10.13</td><td style='text-align: center; word-wrap: break-word;'>6.50</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total Account Gross</td><td style='text-align: center; word-wrap: break-word;'>1.23</td><td style='text-align: center; word-wrap: break-word;'>5.72</td><td style='text-align: center; word-wrap: break-word;'>14.30</td><td style='text-align: center; word-wrap: break-word;'>11.52</td><td style='text-align: center; word-wrap: break-word;'>10.65</td><td style='text-align: center; word-wrap: break-word;'>6.98</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Blended Benchmark*</td><td style='text-align: center; word-wrap: break-word;'>0.71</td><td style='text-align: center; word-wrap: break-word;'>6.16</td><td style='text-align: center; word-wrap: break-word;'>12.86</td><td style='text-align: center; word-wrap: break-word;'>9.18</td><td style='text-align: center; word-wrap: break-word;'>8.70</td><td style='text-align: center; word-wrap: break-word;'>6.46</td></tr></table>*45% MSCI World Index, 35% Barlcays Aggregate, 10% CPI, 5% S&P 500 US REIT, 5% BoAML 91

===== PAGE 25 =====
<div style="text-align: center;"><img src="imgs/img_in_image_box_273_234_3062_2254.jpg" alt="Image" width="84%" /></div>


July 25, 2014

Kentucky State University

Endowment

As of June 30, 2014

Fifth Third Bank -

Investment Review



===== PAGE 26 =====
## Investment Management & Charitable Services

<div style="text-align: center;"><img src="imgs/img_in_image_box_1332_601_2005_814.jpg" alt="Image" width="20%" /></div>


## FIFTH THIRD BANK


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Your Advocates</td><td style='text-align: center; word-wrap: break-word;'>Strength &amp; Stability</td><td style='text-align: center; word-wrap: break-word;'>Experienced Professional Money Managers</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>• LouAnn AtlasKY Director, Charitable Client Services &amp; Vice President• Guthrie CulbertsonRegional Director of Institutional Portfolio Management &amp; Senior Vice President• James FeredaySenior Portfolio Manager &amp; Vice President• Clinton LongInstitutional Sales &amp; Vice President• John ShaskyLead Commercial Relationship Manager &amp; Vice PresidentThere are no guarantees that any investment strategy described in this publication will result in a profit. Investment results cannot be predicted or forecasted and will vary depending on market conditions.</td><td style='text-align: center; word-wrap: break-word;'>• Founded in 1858.• $111 billion in assets.• $274 billion in assets under care.• 7th strongest bank in the world.Bloomberg Markets magazine, May 10, 2011</td><td style='text-align: center; word-wrap: break-word;'>• More than $26 billion in assets under management.• Over 100 years of fiduciary and investment experience.• A team of more than 100 analysts, strategists and portfolio managers.• Clients in all 50 states.• Relationships with corporations, public entities, non-profits and individuals.</td></tr></table>

===== PAGE 27 =====
Asset Allocation & Policy


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Asset Class</td><td colspan="2">Market Value</td><td style='text-align: center; word-wrap: break-word;'>Strategic Target</td><td style='text-align: center; word-wrap: break-word;'>Current Position</td><td style='text-align: center; word-wrap: break-word;'>Policy Ranges</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Equity</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>7,515,221</td><td style='text-align: center; word-wrap: break-word;'>45%</td><td style='text-align: center; word-wrap: break-word;'>50%</td><td style='text-align: center; word-wrap: break-word;'>35-55%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Fixed Income</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>3,981,098</td><td style='text-align: center; word-wrap: break-word;'>35%</td><td style='text-align: center; word-wrap: break-word;'>26%</td><td style='text-align: center; word-wrap: break-word;'>25-45%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Real Estate</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>707,441</td><td style='text-align: center; word-wrap: break-word;'>5%</td><td style='text-align: center; word-wrap: break-word;'>5%</td><td style='text-align: center; word-wrap: break-word;'>0-10%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Alternatives</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>2,273,439</td><td style='text-align: center; word-wrap: break-word;'>10%</td><td style='text-align: center; word-wrap: break-word;'>15%</td><td style='text-align: center; word-wrap: break-word;'>0-20%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Cash</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>580,240</td><td style='text-align: center; word-wrap: break-word;'>5%</td><td style='text-align: center; word-wrap: break-word;'>4%</td><td style='text-align: center; word-wrap: break-word;'>0-25%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total</td><td style='text-align: center; word-wrap: break-word;'>$</td><td style='text-align: center; word-wrap: break-word;'>15,057,440</td><td style='text-align: center; word-wrap: break-word;'>100%</td><td style='text-align: center; word-wrap: break-word;'>100%</td><td style='text-align: center; word-wrap: break-word;'></td></tr></table>

===== PAGE 28 =====
## Overall Performance


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>Fiscal</td><td style='text-align: center; word-wrap: break-word;'>YTD</td><td colspan="4">Annualized</td></tr><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>QTR</td><td style='text-align: center; word-wrap: break-word;'>YTD</td><td style='text-align: center; word-wrap: break-word;'>2014</td><td style='text-align: center; word-wrap: break-word;'>1 Yr</td><td style='text-align: center; word-wrap: break-word;'>3 Yrs</td><td style='text-align: center; word-wrap: break-word;'>5 Yrs</td><td style='text-align: center; word-wrap: break-word;'>10 yrs</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Equity</td><td style='text-align: center; word-wrap: break-word;'>4.82</td><td style='text-align: center; word-wrap: break-word;'>21.15</td><td style='text-align: center; word-wrap: break-word;'>5.35</td><td style='text-align: center; word-wrap: break-word;'>21.15</td><td style='text-align: center; word-wrap: break-word;'>14.44</td><td style='text-align: center; word-wrap: break-word;'>17.23</td><td style='text-align: center; word-wrap: break-word;'>8.02</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>MSCI World Index</td><td style='text-align: center; word-wrap: break-word;'>4.85</td><td style='text-align: center; word-wrap: break-word;'>24.05</td><td style='text-align: center; word-wrap: break-word;'>6.18</td><td style='text-align: center; word-wrap: break-word;'>24.05</td><td style='text-align: center; word-wrap: break-word;'>11.81</td><td style='text-align: center; word-wrap: break-word;'>14.99</td><td style='text-align: center; word-wrap: break-word;'>7.25</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>S&amp;P 500</td><td style='text-align: center; word-wrap: break-word;'>5.23</td><td style='text-align: center; word-wrap: break-word;'>24.61</td><td style='text-align: center; word-wrap: break-word;'>7.13</td><td style='text-align: center; word-wrap: break-word;'>24.61</td><td style='text-align: center; word-wrap: break-word;'>16.58</td><td style='text-align: center; word-wrap: break-word;'>18.83</td><td style='text-align: center; word-wrap: break-word;'>7.78</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Fixed</td><td style='text-align: center; word-wrap: break-word;'>1.98</td><td style='text-align: center; word-wrap: break-word;'>4.87</td><td style='text-align: center; word-wrap: break-word;'>3.48</td><td style='text-align: center; word-wrap: break-word;'>4.87</td><td style='text-align: center; word-wrap: break-word;'>4.53</td><td style='text-align: center; word-wrap: break-word;'>5.34</td><td style='text-align: center; word-wrap: break-word;'>4.12</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Barclays Aggregate</td><td style='text-align: center; word-wrap: break-word;'>2.04</td><td style='text-align: center; word-wrap: break-word;'>4.37</td><td style='text-align: center; word-wrap: break-word;'>3.93</td><td style='text-align: center; word-wrap: break-word;'>4.37</td><td style='text-align: center; word-wrap: break-word;'>3.66</td><td style='text-align: center; word-wrap: break-word;'>4.85</td><td style='text-align: center; word-wrap: break-word;'>4.69</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Barclays Gov/Credit</td><td style='text-align: center; word-wrap: break-word;'>1.92</td><td style='text-align: center; word-wrap: break-word;'>4.28</td><td style='text-align: center; word-wrap: break-word;'>3.94</td><td style='text-align: center; word-wrap: break-word;'>4.28</td><td style='text-align: center; word-wrap: break-word;'>4.08</td><td style='text-align: center; word-wrap: break-word;'>5.09</td><td style='text-align: center; word-wrap: break-word;'>4.73</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Real Estate</td><td style='text-align: center; word-wrap: break-word;'>5.86</td><td style='text-align: center; word-wrap: break-word;'>10.78</td><td style='text-align: center; word-wrap: break-word;'>15.48</td><td style='text-align: center; word-wrap: break-word;'>10.78</td><td style='text-align: center; word-wrap: break-word;'>8.22</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>na</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>S&amp;P 500 US REIT</td><td style='text-align: center; word-wrap: break-word;'>6.69</td><td style='text-align: center; word-wrap: break-word;'>11.84</td><td style='text-align: center; word-wrap: break-word;'>16.96</td><td style='text-align: center; word-wrap: break-word;'>11.84</td><td style='text-align: center; word-wrap: break-word;'>10.56</td><td style='text-align: center; word-wrap: break-word;'>22.37</td><td style='text-align: center; word-wrap: break-word;'>8.13</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Alternatives</td><td style='text-align: center; word-wrap: break-word;'>2.22</td><td style='text-align: center; word-wrap: break-word;'>8.17</td><td style='text-align: center; word-wrap: break-word;'>2.87</td><td style='text-align: center; word-wrap: break-word;'>8.17</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>na</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>CPI</td><td style='text-align: center; word-wrap: break-word;'>0.68</td><td style='text-align: center; word-wrap: break-word;'>1.88</td><td style='text-align: center; word-wrap: break-word;'>2.08</td><td style='text-align: center; word-wrap: break-word;'>1.88</td><td style='text-align: center; word-wrap: break-word;'>1.77</td><td style='text-align: center; word-wrap: break-word;'>1.98</td><td style='text-align: center; word-wrap: break-word;'>2.36</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>HFRX Absolute Return</td><td style='text-align: center; word-wrap: break-word;'>0.50</td><td style='text-align: center; word-wrap: break-word;'>3.68</td><td style='text-align: center; word-wrap: break-word;'>1.82</td><td style='text-align: center; word-wrap: break-word;'>3.68</td><td style='text-align: center; word-wrap: break-word;'>1.31</td><td style='text-align: center; word-wrap: break-word;'>0.25</td><td style='text-align: center; word-wrap: break-word;'>1.21</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>ML 91 Day</td><td style='text-align: center; word-wrap: break-word;'>0.01</td><td style='text-align: center; word-wrap: break-word;'>0.05</td><td style='text-align: center; word-wrap: break-word;'>0.02</td><td style='text-align: center; word-wrap: break-word;'>0.05</td><td style='text-align: center; word-wrap: break-word;'>0.07</td><td style='text-align: center; word-wrap: break-word;'>0.11</td><td style='text-align: center; word-wrap: break-word;'>1.63</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total Account Net</td><td style='text-align: center; word-wrap: break-word;'>3.46</td><td style='text-align: center; word-wrap: break-word;'>12.68</td><td style='text-align: center; word-wrap: break-word;'>4.20</td><td style='text-align: center; word-wrap: break-word;'>12.68</td><td style='text-align: center; word-wrap: break-word;'>9.21</td><td style='text-align: center; word-wrap: break-word;'>11.38</td><td style='text-align: center; word-wrap: break-word;'>6.13</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total Account Gross</td><td style='text-align: center; word-wrap: break-word;'>3.58</td><td style='text-align: center; word-wrap: break-word;'>13.20</td><td style='text-align: center; word-wrap: break-word;'>4.44</td><td style='text-align: center; word-wrap: break-word;'>13.20</td><td style='text-align: center; word-wrap: break-word;'>9.72</td><td style='text-align: center; word-wrap: break-word;'>11.90</td><td style='text-align: center; word-wrap: break-word;'>6.61</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Blended Benchmark*</td><td style='text-align: center; word-wrap: break-word;'>3.38</td><td style='text-align: center; word-wrap: break-word;'>13.15</td><td style='text-align: center; word-wrap: break-word;'>5.39</td><td style='text-align: center; word-wrap: break-word;'>13.15</td><td style='text-align: center; word-wrap: break-word;'>7.79</td><td style='text-align: center; word-wrap: break-word;'>10.22</td><td style='text-align: center; word-wrap: break-word;'>6.41</td></tr></table>*45% MSCI World Index, 35% Barlcays Aggregate, 10% CPI, 5% S&P 500 US REIT, 5% BoAML 91

===== PAGE 29 =====
## Historical Performance – Calendar Year


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>2002</td><td style='text-align: center; word-wrap: break-word;'>2003</td><td style='text-align: center; word-wrap: break-word;'>2004</td><td style='text-align: center; word-wrap: break-word;'>2005</td><td style='text-align: center; word-wrap: break-word;'>2006</td><td style='text-align: center; word-wrap: break-word;'>2007</td><td style='text-align: center; word-wrap: break-word;'>2008</td><td style='text-align: center; word-wrap: break-word;'>2009</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Market Value</td><td style='text-align: center; word-wrap: break-word;'>$ 1,681,609</td><td style='text-align: center; word-wrap: break-word;'>$ 4,334,149</td><td style='text-align: center; word-wrap: break-word;'>$ 5,830,780</td><td style='text-align: center; word-wrap: break-word;'>$ 7,327,733</td><td style='text-align: center; word-wrap: break-word;'>$ 9,266,316</td><td style='text-align: center; word-wrap: break-word;'>$ 10,401,183</td><td style='text-align: center; word-wrap: break-word;'>$ 7,899,661</td><td style='text-align: center; word-wrap: break-word;'>$ 9,134,237</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total Account</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>14.72%</td><td style='text-align: center; word-wrap: break-word;'>6.42%</td><td style='text-align: center; word-wrap: break-word;'>5.41%</td><td style='text-align: center; word-wrap: break-word;'>10.93%</td><td style='text-align: center; word-wrap: break-word;'>9.63%</td><td style='text-align: center; word-wrap: break-word;'>-16.80%</td><td style='text-align: center; word-wrap: break-word;'>16.15%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Equities</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>26.17%</td><td style='text-align: center; word-wrap: break-word;'>9.46%</td><td style='text-align: center; word-wrap: break-word;'>8.23%</td><td style='text-align: center; word-wrap: break-word;'>14.96%</td><td style='text-align: center; word-wrap: break-word;'>12.27%</td><td style='text-align: center; word-wrap: break-word;'>-30.09%</td><td style='text-align: center; word-wrap: break-word;'>25.29%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Fixed Income</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>2.44%</td><td style='text-align: center; word-wrap: break-word;'>1.84%</td><td style='text-align: center; word-wrap: break-word;'>1.55%</td><td style='text-align: center; word-wrap: break-word;'>4.22%</td><td style='text-align: center; word-wrap: break-word;'>6.01%</td><td style='text-align: center; word-wrap: break-word;'>-0.37%</td><td style='text-align: center; word-wrap: break-word;'>4.73%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Composite Index</td><td style='text-align: center; word-wrap: break-word;'>na</td><td style='text-align: center; word-wrap: break-word;'>18.42%</td><td style='text-align: center; word-wrap: break-word;'>7.93%</td><td style='text-align: center; word-wrap: break-word;'>3.87%</td><td style='text-align: center; word-wrap: break-word;'>10.78%</td><td style='text-align: center; word-wrap: break-word;'>6.11%</td><td style='text-align: center; word-wrap: break-word;'>-19.25%</td><td style='text-align: center; word-wrap: break-word;'>17.03%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>2010</td><td style='text-align: center; word-wrap: break-word;'>2011</td><td style='text-align: center; word-wrap: break-word;'>2012</td><td style='text-align: center; word-wrap: break-word;'>2013</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Market Value</td><td style='text-align: center; word-wrap: break-word;'>$ 10,048,851</td><td style='text-align: center; word-wrap: break-word;'>$ 10,414,782</td><td style='text-align: center; word-wrap: break-word;'>$ 11,579,457</td><td style='text-align: center; word-wrap: break-word;'>$ 14,476,075</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Total Account</td><td style='text-align: center; word-wrap: break-word;'>10.84%</td><td style='text-align: center; word-wrap: break-word;'>4.11%</td><td style='text-align: center; word-wrap: break-word;'>11.70%</td><td style='text-align: center; word-wrap: break-word;'>14.23%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Equities</td><td style='text-align: center; word-wrap: break-word;'>13.64%</td><td style='text-align: center; word-wrap: break-word;'>2.23%</td><td style='text-align: center; word-wrap: break-word;'>16.92%</td><td style='text-align: center; word-wrap: break-word;'>27.47%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Fixed Income</td><td style='text-align: center; word-wrap: break-word;'>6.76%</td><td style='text-align: center; word-wrap: break-word;'>8.41%</td><td style='text-align: center; word-wrap: break-word;'>6.16%</td><td style='text-align: center; word-wrap: break-word;'>-1.46%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Composite Index</td><td style='text-align: center; word-wrap: break-word;'>11.18%</td><td style='text-align: center; word-wrap: break-word;'>4.46%</td><td style='text-align: center; word-wrap: break-word;'>9.99%</td><td style='text-align: center; word-wrap: break-word;'>11.11%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr></table>

New Composite Index 45% MSCI World, 35% BC Aggregate, 10% CPI, 5% US REIT's, 5% ML 91 Day Tres. (updated January, 2012)

Old Composite Index: 58% S&P 500, 37% Barclays Gov/Credit, 5% ML 91 Day Treasury

===== PAGE 30 =====
## Endowment Comparison – Fiscal Year


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>FY 2008 Returns</td><td style='text-align: center; word-wrap: break-word;'>FY 2009 Returns</td><td style='text-align: center; word-wrap: break-word;'>FY 2010 Returns</td><td style='text-align: center; word-wrap: break-word;'>FY 2011 Returns</td><td style='text-align: center; word-wrap: break-word;'>FY 2012 Returns</td><td style='text-align: center; word-wrap: break-word;'>FY 2013 Returns</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>KSU Endowment</td><td style='text-align: center; word-wrap: break-word;'>-2.21%</td><td style='text-align: center; word-wrap: break-word;'>-10.00%</td><td style='text-align: center; word-wrap: break-word;'>10.48%</td><td style='text-align: center; word-wrap: break-word;'>20.27%</td><td style='text-align: center; word-wrap: break-word;'>4.96%</td><td style='text-align: center; word-wrap: break-word;'>10.31%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Benchmark</td><td style='text-align: center; word-wrap: break-word;'>-4.75%</td><td style='text-align: center; word-wrap: break-word;'>-13.21%</td><td style='text-align: center; word-wrap: break-word;'>11.95%</td><td style='text-align: center; word-wrap: break-word;'>19.17%</td><td style='text-align: center; word-wrap: break-word;'>1.13%</td><td style='text-align: center; word-wrap: break-word;'>8.72%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>NACUBO Ave. Return*</td><td style='text-align: center; word-wrap: break-word;'>-4.10%</td><td style='text-align: center; word-wrap: break-word;'>-16.80%</td><td style='text-align: center; word-wrap: break-word;'>11.60%</td><td style='text-align: center; word-wrap: break-word;'>17.60%</td><td style='text-align: center; word-wrap: break-word;'>0.30%</td><td style='text-align: center; word-wrap: break-word;'>11.70%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>S&amp;P 500</td><td style='text-align: center; word-wrap: break-word;'>-13.10%</td><td style='text-align: center; word-wrap: break-word;'>-26.20%</td><td style='text-align: center; word-wrap: break-word;'>14.40%</td><td style='text-align: center; word-wrap: break-word;'>30.69%</td><td style='text-align: center; word-wrap: break-word;'>5.45%</td><td style='text-align: center; word-wrap: break-word;'>20.60%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Russell 3000</td><td style='text-align: center; word-wrap: break-word;'>-12.70%</td><td style='text-align: center; word-wrap: break-word;'>-26.60%</td><td style='text-align: center; word-wrap: break-word;'>15.70%</td><td style='text-align: center; word-wrap: break-word;'>32.37%</td><td style='text-align: center; word-wrap: break-word;'>3.80%</td><td style='text-align: center; word-wrap: break-word;'>21.70%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>MSCI World ex-US</td><td style='text-align: center; word-wrap: break-word;'>-6.60%</td><td style='text-align: center; word-wrap: break-word;'>-31.60%</td><td style='text-align: center; word-wrap: break-word;'>7.50%</td><td style='text-align: center; word-wrap: break-word;'>30.92%</td><td style='text-align: center; word-wrap: break-word;'>-14.10%</td><td style='text-align: center; word-wrap: break-word;'>17.10%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Barclays Aggregate</td><td style='text-align: center; word-wrap: break-word;'>7.10%</td><td style='text-align: center; word-wrap: break-word;'>6.10%</td><td style='text-align: center; word-wrap: break-word;'>9.50%</td><td style='text-align: center; word-wrap: break-word;'>3.90%</td><td style='text-align: center; word-wrap: break-word;'>7.50%</td><td style='text-align: center; word-wrap: break-word;'>-0.70%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>CPI-U</td><td style='text-align: center; word-wrap: break-word;'>5.00%</td><td style='text-align: center; word-wrap: break-word;'>1.40%</td><td style='text-align: center; word-wrap: break-word;'>1.00%</td><td style='text-align: center; word-wrap: break-word;'>2.00%</td><td style='text-align: center; word-wrap: break-word;'>2.90%</td><td style='text-align: center; word-wrap: break-word;'>1.70%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>NACUBO Ave. Spending*</td><td style='text-align: center; word-wrap: break-word;'>4.10%</td><td style='text-align: center; word-wrap: break-word;'>3.90%</td><td style='text-align: center; word-wrap: break-word;'>3.50%</td><td style='text-align: center; word-wrap: break-word;'>3.70%</td><td style='text-align: center; word-wrap: break-word;'>3.70%</td><td style='text-align: center; word-wrap: break-word;'>4.10%</td></tr><tr><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'>Equity</td><td style='text-align: center; word-wrap: break-word;'>Fixed</td><td style='text-align: center; word-wrap: break-word;'>Cash</td><td style='text-align: center; word-wrap: break-word;'>Alternatives</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>KSU Endowment (06-30-09)</td><td style='text-align: center; word-wrap: break-word;'>57%</td><td style='text-align: center; word-wrap: break-word;'>37%</td><td style='text-align: center; word-wrap: break-word;'>6%</td><td style='text-align: center; word-wrap: break-word;'>0%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>2009 NACUBO Study*</td><td style='text-align: center; word-wrap: break-word;'>51%</td><td style='text-align: center; word-wrap: break-word;'>27%</td><td style='text-align: center; word-wrap: break-word;'>9%</td><td style='text-align: center; word-wrap: break-word;'>13%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>KSU Endowment (06-30-10)</td><td style='text-align: center; word-wrap: break-word;'>60%</td><td style='text-align: center; word-wrap: break-word;'>33%</td><td style='text-align: center; word-wrap: break-word;'>7%</td><td style='text-align: center; word-wrap: break-word;'>0%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>2010 NACUBO Study*</td><td style='text-align: center; word-wrap: break-word;'>53%</td><td style='text-align: center; word-wrap: break-word;'>27%</td><td style='text-align: center; word-wrap: break-word;'>8%</td><td style='text-align: center; word-wrap: break-word;'>12%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>KSU Endowment (06-30-11)</td><td style='text-align: center; word-wrap: break-word;'>63%</td><td style='text-align: center; word-wrap: break-word;'>31%</td><td style='text-align: center; word-wrap: break-word;'>6%</td><td style='text-align: center; word-wrap: break-word;'>0%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>2011 NACUBO Study*</td><td style='text-align: center; word-wrap: break-word;'>55%</td><td style='text-align: center; word-wrap: break-word;'>25%</td><td style='text-align: center; word-wrap: break-word;'>10%</td><td style='text-align: center; word-wrap: break-word;'>10%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>KSU Endowment (06-30-12)</td><td style='text-align: center; word-wrap: break-word;'>64%</td><td style='text-align: center; word-wrap: break-word;'>27%</td><td style='text-align: center; word-wrap: break-word;'>5%</td><td style='text-align: center; word-wrap: break-word;'>4%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>2012 NACUBO Study*</td><td style='text-align: center; word-wrap: break-word;'>53%</td><td style='text-align: center; word-wrap: break-word;'>29%</td><td style='text-align: center; word-wrap: break-word;'>7%</td><td style='text-align: center; word-wrap: break-word;'>11%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Equity includes 3% REITS</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>KSU Endowment (06-30-13)</td><td style='text-align: center; word-wrap: break-word;'>56%</td><td style='text-align: center; word-wrap: break-word;'>31%</td><td style='text-align: center; word-wrap: break-word;'>5%</td><td style='text-align: center; word-wrap: break-word;'>9%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>2013 NACUBO Study*</td><td style='text-align: center; word-wrap: break-word;'>57%</td><td style='text-align: center; word-wrap: break-word;'>26%</td><td style='text-align: center; word-wrap: break-word;'>6%</td><td style='text-align: center; word-wrap: break-word;'>11%</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Equity includes 5% REITS</td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td><td style='text-align: center; word-wrap: break-word;'></td></tr></table>

*NACUBO study referenced is for Endowments of $25 Million or Less

Data collected from the National Association of College & University Business Officers (NACUBO) website.

===== PAGE 31 =====

<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Manager Performance as of 3/31/2014</td><td colspan="2">(Manager Level Benchmarks)</td><td colspan="4">*Annualized Returns</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Class/Category</td><td style='text-align: center; word-wrap: break-word;'>Manager</td><td style='text-align: center; word-wrap: break-word;'>Type</td><td style='text-align: center; word-wrap: break-word;'>1 Year</td><td style='text-align: center; word-wrap: break-word;'>3 Year*</td><td style='text-align: center; word-wrap: break-word;'>5 Year*</td><td style='text-align: center; word-wrap: break-word;'>10 Year*</td></tr><tr><td colspan="7">Equity</td></tr><tr><td rowspan="2">Large Cap Domestic</td><td style='text-align: center; word-wrap: break-word;'>Dana Large Cap Equity</td><td style='text-align: center; word-wrap: break-word;'>SMA</td><td style='text-align: center; word-wrap: break-word;'>24.25</td><td style='text-align: center; word-wrap: break-word;'>15.61</td><td style='text-align: center; word-wrap: break-word;'>21.56</td><td style='text-align: center; word-wrap: break-word;'>8.88</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>S&amp;P 500 TR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>21.86</td><td style='text-align: center; word-wrap: break-word;'>14.66</td><td style='text-align: center; word-wrap: break-word;'>21.16</td><td style='text-align: center; word-wrap: break-word;'>7.42</td></tr><tr><td rowspan="2">Small &amp; Mid Cap Domestic</td><td style='text-align: center; word-wrap: break-word;'>The London Co. Small Cap</td><td style='text-align: center; word-wrap: break-word;'>SMA</td><td style='text-align: center; word-wrap: break-word;'>16.42</td><td style='text-align: center; word-wrap: break-word;'>18.16</td><td style='text-align: center; word-wrap: break-word;'>26.36</td><td style='text-align: center; word-wrap: break-word;'>14.98</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Russell 2000 TR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>24.90</td><td style='text-align: center; word-wrap: break-word;'>13.18</td><td style='text-align: center; word-wrap: break-word;'>24.31</td><td style='text-align: center; word-wrap: break-word;'>8.53</td></tr><tr><td rowspan="5">Developed International</td><td style='text-align: center; word-wrap: break-word;'>Harding Loevner Intl Eq ADR</td><td style='text-align: center; word-wrap: break-word;'>SMA</td><td style='text-align: center; word-wrap: break-word;'>11.23</td><td style='text-align: center; word-wrap: break-word;'>5.71</td><td style='text-align: center; word-wrap: break-word;'>16.82</td><td style='text-align: center; word-wrap: break-word;'>9.27</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>MSCI ACWI Ex USA Growth NR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>10.84</td><td style='text-align: center; word-wrap: break-word;'>4.27</td><td style='text-align: center; word-wrap: break-word;'>15.22</td><td style='text-align: center; word-wrap: break-word;'>6.93</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Artisan International Investor</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>15.92</td><td style='text-align: center; word-wrap: break-word;'>11.37</td><td style='text-align: center; word-wrap: break-word;'>18.61</td><td style='text-align: center; word-wrap: break-word;'>8.09</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>American Funds EuroPacific Gr F2</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>17.90</td><td style='text-align: center; word-wrap: break-word;'>6.65</td><td style='text-align: center; word-wrap: break-word;'>15.84</td><td style='text-align: center; word-wrap: break-word;'>8.45</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>MSCI ACWI Ex USA NR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>12.31</td><td style='text-align: center; word-wrap: break-word;'>4.15</td><td style='text-align: center; word-wrap: break-word;'>15.52</td><td style='text-align: center; word-wrap: break-word;'>7.12</td></tr><tr><td rowspan="2">Emerging Markets</td><td style='text-align: center; word-wrap: break-word;'>Oppenheimer Developing Markets Y</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>6.61</td><td style='text-align: center; word-wrap: break-word;'>2.32</td><td style='text-align: center; word-wrap: break-word;'>19.90</td><td style='text-align: center; word-wrap: break-word;'>14.69</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>MSCI EM NR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>-1.43</td><td style='text-align: center; word-wrap: break-word;'>-2.86</td><td style='text-align: center; word-wrap: break-word;'>14.48</td><td style='text-align: center; word-wrap: break-word;'>10.11</td></tr><tr><td colspan="7">Fixed Income</td></tr><tr><td rowspan="2">Domestic Fixed Income</td><td style='text-align: center; word-wrap: break-word;'>Segall Bryant &amp; Hamill Core Fixed Income</td><td style='text-align: center; word-wrap: break-word;'>SMA</td><td style='text-align: center; word-wrap: break-word;'>-0.05</td><td style='text-align: center; word-wrap: break-word;'>4.02</td><td style='text-align: center; word-wrap: break-word;'>5.19</td><td style='text-align: center; word-wrap: break-word;'>5.23</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Barclays US Gov/Corp Intermediate TR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>-0.14</td><td style='text-align: center; word-wrap: break-word;'>3.13</td><td style='text-align: center; word-wrap: break-word;'>4.18</td><td style='text-align: center; word-wrap: break-word;'>3.91</td></tr><tr><td rowspan="5">International Fixed Income</td><td style='text-align: center; word-wrap: break-word;'>Templeton International Bond Adv</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>0.42</td><td style='text-align: center; word-wrap: break-word;'>3.60</td><td style='text-align: center; word-wrap: break-word;'>9.11</td><td style='text-align: center; word-wrap: break-word;'>-</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Oppenheimer International Bond Y</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>-2.53</td><td style='text-align: center; word-wrap: break-word;'>2.30</td><td style='text-align: center; word-wrap: break-word;'>6.76</td><td style='text-align: center; word-wrap: break-word;'>6.48</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Barclays Gbl Agg Ex USD TR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>3.24</td><td style='text-align: center; word-wrap: break-word;'>2.06</td><td style='text-align: center; word-wrap: break-word;'>5.25</td><td style='text-align: center; word-wrap: break-word;'>4.48</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>TCW Emerging Markets Income I</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>-2.74</td><td style='text-align: center; word-wrap: break-word;'>5.93</td><td style='text-align: center; word-wrap: break-word;'>15.12</td><td style='text-align: center; word-wrap: break-word;'>9.74</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>JPM EMBI Global Diversified TR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>0.56</td><td style='text-align: center; word-wrap: break-word;'>7.10</td><td style='text-align: center; word-wrap: break-word;'>11.70</td><td style='text-align: center; word-wrap: break-word;'>8.19</td></tr><tr><td rowspan="4">High-Yield</td><td style='text-align: center; word-wrap: break-word;'>Eaton Vance Floating Rate I</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>3.32</td><td style='text-align: center; word-wrap: break-word;'>4.54</td><td style='text-align: center; word-wrap: break-word;'>11.41</td><td style='text-align: center; word-wrap: break-word;'>4.33</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>S&amp;P/LSTA Leveraged Loan TR</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>4.35</td><td style='text-align: center; word-wrap: break-word;'>5.01</td><td style='text-align: center; word-wrap: break-word;'>12.52</td><td style='text-align: center; word-wrap: break-word;'>5.23</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>T. Rowe Price High-Yield</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>8.21</td><td style='text-align: center; word-wrap: break-word;'>8.73</td><td style='text-align: center; word-wrap: break-word;'>16.79</td><td style='text-align: center; word-wrap: break-word;'>8.12</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Barclays US HY Interm TR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>7.49</td><td style='text-align: center; word-wrap: break-word;'>8.77</td><td style='text-align: center; word-wrap: break-word;'>17.57</td><td style='text-align: center; word-wrap: break-word;'>8.40</td></tr></table>

===== PAGE 32 =====

<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Manager Performance as of 3/31/2014</td><td colspan="2">(Manager Level Benchmarks)</td><td colspan="4">*Annualized Returns</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Class/Category</td><td style='text-align: center; word-wrap: break-word;'>Manager</td><td style='text-align: center; word-wrap: break-word;'>Type</td><td style='text-align: center; word-wrap: break-word;'>1 Year</td><td style='text-align: center; word-wrap: break-word;'>3 Year*</td><td style='text-align: center; word-wrap: break-word;'>5 Year*</td><td style='text-align: center; word-wrap: break-word;'>10 Year*</td></tr><tr><td colspan="7">Real Estate Investments</td></tr><tr><td rowspan="2">Real Estate -Indirect</td><td style='text-align: center; word-wrap: break-word;'>Uniplan REIT Portfolio</td><td style='text-align: center; word-wrap: break-word;'>SMA</td><td style='text-align: center; word-wrap: break-word;'>1.50</td><td style='text-align: center; word-wrap: break-word;'>10.71</td><td style='text-align: center; word-wrap: break-word;'>25.15</td><td style='text-align: center; word-wrap: break-word;'>10.84</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>S&amp;P United States REIT TR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>4.15</td><td style='text-align: center; word-wrap: break-word;'>10.64</td><td style='text-align: center; word-wrap: break-word;'>28.73</td><td style='text-align: center; word-wrap: break-word;'>8.16</td></tr><tr><td colspan="7">Alternative Strategies</td></tr><tr><td rowspan="2">Core Diversifier</td><td style='text-align: center; word-wrap: break-word;'>5/3 Alternatives SMA</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>2.39</td><td style='text-align: center; word-wrap: break-word;'>2.24</td><td style='text-align: center; word-wrap: break-word;'>3.82</td><td style='text-align: center; word-wrap: break-word;'>0.95</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>HFRX Global Hedged Fund Index</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>4.63</td><td style='text-align: center; word-wrap: break-word;'>0.46</td><td style='text-align: center; word-wrap: break-word;'>3.82</td><td style='text-align: center; word-wrap: break-word;'>0.95</td></tr><tr><td colspan="7">Cash and Equivalents</td></tr><tr><td rowspan="2">Cash and Equivalents</td><td style='text-align: center; word-wrap: break-word;'>Federated Prime Cash Obligs Instl</td><td style='text-align: center; word-wrap: break-word;'>Fund</td><td style='text-align: center; word-wrap: break-word;'>0.04</td><td style='text-align: center; word-wrap: break-word;'>0.11</td><td style='text-align: center; word-wrap: break-word;'>0.18</td><td style='text-align: center; word-wrap: break-word;'>1.85</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>BofAML US Treasury Bills 0-3 Mon TR USD</td><td style='text-align: center; word-wrap: break-word;'>B</td><td style='text-align: center; word-wrap: break-word;'>0.04</td><td style='text-align: center; word-wrap: break-word;'>0.05</td><td style='text-align: center; word-wrap: break-word;'>0.09</td><td style='text-align: center; word-wrap: break-word;'>1.57</td></tr></table>

Notes: ___

Data source: Morningstar and Fifth Third calculations

Results are gross of advisory fees and net of mutual fund expenses

Type-SMA=Separately Managed Account, Fund=Mutual Fund/ETF/ETN/LP, B=Benchmark

Value assigned for unavailable item: 5/3 Alternatives SMA 5 Year* = 3.82 Source: Manager Index Value assigned for unavailable item: 5/3 Alternatives SMA 10 Year* = .95 Source: Manager Index