NU SKIN ENTERPRISES INC
NSE EXECUTIVE BONUS PLAN
<DOCUMENT>
<TYPE>EX-10.48
<SEQUENCE>7
<FILENAME>ex10-48.htm
<DESCRIPTION>NSE EXECUTIVE BONUS PLAN
<TEXT>
<HTML>
<HEAD>
<TITLE>NSE Executive Incentive Plan</TITLE>
</HEAD>
<BODY>


<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif"><B><BIG>Nu Skin Enterprises</BIG></B></FONT></P>

<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif"><BIG>Executive Incentive Plan</BIG></FONT> </P>

<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif"><BIG>JULY 2001 (updated January 1, 2003)</BIG></FONT> </P>
<BR><BR><BR><BR><BR>
<PAGE>


<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Annual Incentive Plan</FONT> </P>



<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Nu Skin Enterprises, Inc. 2 </B></FONT></P>
<BR><BR>


<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Purpose</B></FONT> </P>


<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>Nu Skin Enterprises, Inc.
(&#147;Nu Skin&#148;)
believes
that sound compensation programs are essential to
the retention, attraction and motivation of personnel. The
purpose of the Plan is to focus employees on excellent, sustained performance that
leads to long-term growth, profitability and
stability.</I></B></FONT></P>

<P ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Objectives</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>The objectives of the Incentive Plan include:</I></B></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149; </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Focusing
employees on the achievement of Nu Skin Enterprise business and strategic objectives;</FONT>
</P></TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149; </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"> <FONT FACE="Arial, Helvetica, Sans-Serif">Enhancing
operational efficiency and teamwork within each division and country and across
divisions and countries; </FONT></P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149; </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"> Increasing
revenue and operating income; and</FONT> </P></TD>
</TR>
</TABLE>
<BR>





<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149; </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Attracting,
retaining and motivating employees by emphasizing &#147;pay for performance&#148; compensation
programs that offer competitive total compensation (base salary + incentives)
opportunities upon achievement of Nu Skin Enterprises&#146; (NSE) financial and
strategic objectives; and Division, Country, Department and Individual objectives. </FONT></P></TD>
</TR>
</TABLE>
<BR>


<BR><BR><BR><BR>
<PAGE>

<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Annual Incentive Plan</FONT> </P>



<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Nu Skin Enterprises, Inc. 3 </B></FONT></P>
<BR><BR>

<P ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Effective Plan Date, Duration and Performance Cycles</B></FONT></P>

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<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>&#149;</B></FONT></TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Effective
Plan Date</B></FONT> </P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">The effective
Plan date is January 1, 2003. The Plan is in effect until further notice and can be
cancelled or changed by notification to plan participants prior to the start of any
performance cycle.</FONT> </P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><B>&#149;</B> </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Performance
Cycles </B></FONT></P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp; </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">The Plan
has two six-month performance cycles. Each cycle is based on the specific results of
each period. The six-month periods are January through June and July through December.
Within each six-month period, the results of each quarter are calculated. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>&raquo;</B></FONT></TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Employees
are eligible to earn 25% of their potential semi-annual incentive award each fiscal quarter.
</FONT></P></TD>
</TR>
</TABLE>
<BR>



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<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="3%"><B>&raquo;</B></TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">50%
of the semi-annual incentive is dependant on the combined results of both quarters.</FONT> </P></TD>
</TR>
</TABLE>
<BR><BR>



<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="70%">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Six-Month Period</B></FONT></TH>
</TR>

<TR VALIGN="BOTTOM">
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
        <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     </TR>

<TR VALIGN="BOTTOM">
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">50%</FONT></TD>
     </TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
        <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     </TR>


<TR VALIGN="BOTTOM">
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">25%</FONT></TD>
        <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">25%</FONT></TD>
     </TR>

<TR VALIGN="BOTTOM">
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
        <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     </TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Quarter</B></FONT></TD>
        <TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Quarter</B></FONT></TD></TR>
</TABLE>



<BR><BR><BR><BR>
<PAGE>


<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Annual Incentive Plan</FONT> </P>



<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Nu Skin Enterprises, Inc. 4 </B></FONT></P>


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<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&raquo;</FONT> </TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">The quarter
and six-month period results are based upon the Company's, Division's or Country's,
departments, and individual performance during the quarters and the six-month period.
and, </FONT></P></TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&raquo;</FONT></TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"> <FONT FACE="Arial, Helvetica, Sans-Serif">The
calculation is based upon the individual&#146;s base salary at the time of the payment.</FONT> </P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>&#149;</B></FONT></TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Constant
Currency Basis </B></FONT></P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="3%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">The
Operating Profit and Revenue targets will be set based on budgets and projections
converted on a constant currency basis and the results for each fiscal quarter will be
converted to constant currency amounts for use in computing performance bonuses.</FONT> </P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="3%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Constant
Currency means using the same currency exchange rate used to translate the financial
results for the corresponding period of the prior year, thus eliminating the impact of
currency fluctuations. These amounts will be computed by the Nu Skin Enterprises&#146; Finance
Department.</FONT> </P></TD>
</TR>
</TABLE>
<BR>

<BR><BR><BR><BR>
<PAGE>


<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Annual Incentive Plan</FONT> </P>



<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Nu Skin Enterprises, Inc. 5 </B></FONT></P>


<P ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Incentives and Participants</B></FONT></P>

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<TR VALIGN="TOP">
     <TD WIDTH="3%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>Incentive
Plan Participants have target award opportunities designed to reward superiorNSE,
Division, Country, Department and Individual performance and maintain
externallycompetitive total cash compensation commensurate with NSE&#146;s performance: </I></B></FONT></P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT></TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Participants&#146; incentive
awards will be based upon the areas of the Company in which they contribute and, </FONT> </P></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT></TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"> <FONT FACE="Arial, Helvetica, Sans-Serif">Participants
are assigned a target incentive award opportunity expressed as a percentage of their
base salary. The following chart summarizes the percentages used to calculate the bonus
for each executive group.</FONT> </P></TD>
</TR>
</TABLE>
<BR>





<P ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><BIG>Incentives</BIG></B></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif">Position</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif">Total<BR> Target<BR>Incentive</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif">NSE<BR> Profit<BR>Portion</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif">NSE<BR> Revenue<BR>Portion</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif">Division/<BR>Region<BR>Revenue<BR></FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="43%" ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Chairman &amp;  CEO</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">60</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">60</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">40</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">0</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR>
     <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Senior Vice Presidents</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">60</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">60</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">40</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR>
     <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">President, Executive Committee</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">60</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">60</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">40</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Executive Vice Presidents</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">CFO, CIO, CAO, CLO</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">50</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">60</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">40</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR>
     <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Division Presidents, Regional VPs, Country General Managers</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">50</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">60</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">10</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">30</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR>
     <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Vice Presidents</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">30-40</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">60</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">40</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR>
     <TD COLSPAN="10"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
</TABLE>
<BR><BR><BR><BR>
<PAGE>

<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Annual Incentive Plan</FONT> </P>



<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Nu Skin Enterprises, Inc. 6 </B></FONT></P>





<P ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Critical Success Factors (&#147;CSF&#146;s&#148;)</B></FONT></P>

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<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT></TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"> The
Company will use operating profit and revenue as Critical Success Factors
(&quot;CSF's&quot;).</FONT> </P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT> </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"> <FONT FACE="Arial, Helvetica, Sans-Serif">The
incentive bonus will be weighted 60% to operating profit and 40% to revenue. </FONT> </P></TD>
</TR>
</TABLE>
<BR>





<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT> </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"> For
corporate employees, NSE Revenue is the CSF. For USA employees, USA revenue is the CSF.
For divisional employees, the relevant divisional global revenue is the CSF.</FONT> </P></TD>
</TR>
</TABLE>
<BR>







<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="50%">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif">Work Area</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif">Corporate <BR> Revenue</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif">Region/Country/<BR> Division Revenue</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN="2"><FONT FACE="Arial, Helvetica, Sans-Serif">Corporate <BR>Operating Profit</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">USA</FONT></TD><TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">|X|</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="29%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">|X|</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>

<TR>
     <TD COLSPAN="8"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Region</FONT></TD><TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">|X|</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="29%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">|X|</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>

<TR>
     <TD COLSPAN="8"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Division</FONT></TD><TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">|X|</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="29%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">|X|</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>

<TR>
     <TD COLSPAN="8"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Corporate</FONT></TD><TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">|X|&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
     <TD WIDTH="29%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">|X|</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="8"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
</TABLE>
<BR><BR><BR><BR>
<PAGE>



<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Annual Incentive Plan</FONT> </P>



<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Nu Skin Enterprises, Inc. 7 </B></FONT></P>



<P ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Performance Thresholds</B></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT></TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>Threshold</I></B><FONT FACE="Arial, Helvetica, Sans-Serif"> levels
represent the minimum acceptable performance levels required for incentive pay-out in
each category. </FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="6%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><I><B>The
Operating Profit threshold is 90%</B></I></FONT></P></TD>
</TR>
</TABLE>
<BR>






<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="6%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>The
Revenue threshold is 90%</I></B></FONT> </P></TD>
</TR>
</TABLE>
<BR>






<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="6%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>The
Department Goals threshold is 80%</I></B></FONT> </P></TD>
</TR>
</TABLE>
<BR>





<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="6%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>The
Individual Goals threshold is 80%</I></B></FONT> </P></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>If the Operating Profit threshold is not met, no Revenue incentive
will be paid. If Department objectives or Individual objectives
are below the threshold level at the end of the Plan performance cycle,
no incentive will be paid.</I></B></FONT> </P>

<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Targets </B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>Target levels are established by NSE&#146;s Executive Committee
and essentially represent achievement of 100% of budgeted revenue
and operating profit, adjusted for currency fluctuations.</I></B><FONT FACE="Arial, Helvetica, Sans-Serif"> </FONT></FONT></P>

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<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT></TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Outstanding
levels represent performance levels that exceed the target objectives.</FONT> </P></TD>
</TR>
</TABLE>
<BR>






<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT> </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">At
the Outstanding performance level, target cash incentives will be increased linearly.</FONT> </P></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149; </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">At
achievement of 90% of the CSFs and achievement of &#147;Pass&#148; for Department and
Individual Goals, one-half of
the cash incentive will be paid out. The pay-out amount is increased linearly up to full
payment at 100% achievement of CSFs.  </FONT></TD>
</TR>
</TABLE>
<BR>
<BR><BR><BR>
<PAGE>




<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Annual Incentive Plan</FONT> </P>



<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Nu Skin Enterprises, Inc. 8 </B></FONT></P>




<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>Department Targets</I></B></FONT></P>

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<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT></TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Departments
set objectives that align with CSFs and the priorities of NSE and the division/country
they support. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT> </TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">A
Department must achieve 80% of its respective Goals to earn a &#147;pass&#148; (P) to be
eligible for any payment under the incentive plan; </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif">&#149;</FONT></TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"> <FONT FACE="Arial, Helvetica, Sans-Serif">A
Department is defined as a cost- center or group of cost- centers as determined by the
employee's vice president;</FONT> </TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149;</TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">The
approved budget must account for 25% of Department Goals. If a Department exceeds their
approved budget by 5% or more, the employees in the Department are not eligible for the
incentive unless such overruns are approved in advance by the NSE Executive Committee. </FONT> </TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B><I>Individual Targets</I></B></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149;</TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">Target
incentive award levels are determined by the Individual&#146;s level of job
responsibility, reflecting that job&#146;s ability to impact NSE&#146;s financial
performance, as well as competitive total compensation practices (base salary plus
incentives) for comparable jobs within organizations similar in size and scope. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149; </TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">Individual
performance objectives for each participant are established prior to the start of the
performance period. Some Individual objectives may stretch for the entire fiscal year.
Performance levels for Individual objectives are negotiated with each manager.  </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149; </TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">The
cost center of the participant determines which CSFs relate to the participant&#146;s
incentive payout;</FONT> </TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149; </TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">A
participant must achieve at least 80% of Individual Goals to earn a &#147;pass&#148; (P)
to be eligible for any payment under the incentive plan; and</FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149;</TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif"> A
participant's job performance must be at least at &quot;competent&quot; level.</FONT> </TD>
</TR>
</TABLE>
<BR><BR><BR><BR>
<PAGE>


<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">Annual Incentive Plan</FONT> </P>



<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Nu Skin Enterprises, Inc. 9 </B></FONT></P>






<P ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif"><B>Incentive Award Pay-Out Guidelines and Eligibility</B></FONT></P>

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<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149; </TD>
     <TD WIDTH="97%"> <FONT FACE="Arial, Helvetica, Sans-Serif">Incentive
awards, if earned, will be distributed to Plan participants at the end of each
performance cycle;</FONT>
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149;  </TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif"> All
participants must be on the payroll at the time of the payment;</FONT> </TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149;  </TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">Participants
must be actively employed (not on a leave-of-absence) a minimum of six weeks to
participate in the plan. The award amount will be prorated based on the number of days
actively employed during the bonus period;</FONT></TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149;</TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">Participants
will receive their awards, when earned, by separate check;</FONT> </TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149;  </TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">Award
payments shall be subject to any State and/or Federal tax withholdings; and </FONT></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149;  </TD>
     <TD WIDTH="97%"><FONT FACE="Arial, Helvetica, Sans-Serif">Award
payments will be made within 45 days of the close of each quarter or 6 month period.</FONT> </TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="3%">&#149;  </TD>
     <TD WIDTH="97%"><P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif">The
actual incentive pay-out may be smaller or larger, depending on overall NSE, Country and
Division performance results.</FONT> </P></TD>
</TR>
</TABLE>
<BR>





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