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<SEC-DOCUMENT>0001145443-07-001083.txt : 20070420
<SEC-HEADER>0001145443-07-001083.hdr.sgml : 20070420
<ACCEPTANCE-DATETIME>20070420163329
ACCESSION NUMBER:		0001145443-07-001083
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070619
FILED AS OF DATE:		20070420
DATE AS OF CHANGE:		20070420
EFFECTIVENESS DATE:		20070420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAIAM INC
		CENTRAL INDEX KEY:			0001089872
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
		IRS NUMBER:				841113527
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27517
		FILM NUMBER:		07779333

	BUSINESS ADDRESS:	
		STREET 1:		360 INTERLOCKEN BLVD
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
		BUSINESS PHONE:		3032223600

	MAIL ADDRESS:	
		STREET 1:		360 INTERLOCKEN BLVD
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d21195.htm
<TEXT>
<HTML>

<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<BR>

<HR WIDTH="100%" SIZE="4" noshade style="margin-top: -5px">
<HR WIDTH="100%" SIZE="1" noshade style="margin-top: -10px">


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=3><B>Washington, D.C. 20549</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=5><B>SCHEDULE 14A</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=3>Proxy Statement
  Pursuant to Section 14(a) of<BR>
  the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;)</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=2>Filed by the
  Registrant&nbsp;&nbsp;<FONT FACE=WINGDINGS>x</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=2>Filed by a
  Party other than the Registrant&nbsp;&nbsp;<FONT   FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=2>Check the
  appropriate box:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Preliminary
  Proxy Statement</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE="2"><B>Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B> </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>x</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Definitive
  Proxy Statement</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Definitive
  Additional Materials</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Soliciting
  Material Pursuant to &#167;240.14a-12</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=6>Gaiam,
  Inc.</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>(Name of Registrant as Specified In Its Charter)</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>




<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>



<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>(Name of Person(s) Filing Proxy Statement, if other than the
  Registrant)</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=2>Payment of
  Filing Fee (Check the appropriate box):</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>x</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>No fee
  required.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Fee computed
  on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Title of
  each class of securities to which transaction applies:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Aggregate
  number of securities to which transaction applies:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2> </FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Per unit
  price or other underlying value of transaction computed pursuant to Exchange
  Act Rule 0-11 (set forth the amount on which the filing fee is calculated and
  state how it was determined):</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>(4)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Proposed
  maximum aggregate value of transaction:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>(5)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Total fee
  paid:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Fee paid
  previously with preliminary materials.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2>Check box if
  any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
  identify the filing for which the offsetting fee was paid previously.
  Identify the previous filing by registration statement number, or the Form or
  Schedule and the date of its filing.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Amount
  Previously Paid:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Form,
  Schedule or Registration Statement No.:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Filing
  Party:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(4)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Date Filed:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH=31>
</TD>
<TD WIDTH=651>
</TD>
</TR>
</table>
<BR>
<HR WIDTH="100%" SIZE="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" SIZE="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><IMG SRC="d21195001.jpg" ALT="(GAIAM LOGO)"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Gaiam,&nbsp;Inc.<BR>
360 Interlocken Boulevard<BR>
Broomfield, Colorado 80021</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON TUESDAY, JUNE 19, 2007</B></FONT></P>

<P><FONT SIZE=2>To our
shareholders: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2007 annual meeting of shareholders of Gaiam,&nbsp;Inc., a Colorado
corporation, will be held on Tuesday, June 19, 2007, at 4:30&nbsp;p.m. at the
Omni Interlocken Resort, 500 Interlocken Boulevard, Broomfield, Colorado 80021,
for the following purposes: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>1.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>to elect
  directors of Gaiam to serve until the next annual meeting of shareholders or
  until their successors are duly elected and qualified; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>2.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>to transact
  such other business as may properly come before the annual meeting, or any
  adjournment(s) or postponement(s) thereof. </FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2>Gaiam&#146;s board
of directors has fixed the close of business on Friday, April 20, 2007, as the
record date for determining the shareholders entitled to notice of, and to vote
at, the annual meeting. A complete list of shareholders entitled to vote at the
annual meeting will be available for inspection by any shareholder of Gaiam prior
to the annual meeting, upon written request showing a proper purpose, during
normal business&nbsp;hours at Gaiam&#146;s Broomfield, Colorado office. Only
shareholders of record on the April 20, 2007 record date are entitled to notice
of, and to vote at, the annual meeting and any adjournments or postponements
thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of a proxy statement, a proxy card and Gaiam&#146;s Annual Report for the year
ended December 31, 2006 accompany this notice.
These materials will first be sent to shareholders on or before May 23,
2007. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
are cordially invited to attend the annual meeting in person. To assure you are
represented at the annual meeting, please complete and sign the enclosed proxy
card and return it promptly. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>By Order of
  the Board of Directors,</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>

</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT SIZE=2><IMG SRC="johnjackson.jpg" HEIGHT="75" WIDTH="266"></FONT></P><P><FONT SIZE=2>John
  Jackson, Secretary</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Broomfield,
  Colorado</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>April 20,
  2007</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YOUR
VOTE IS IMPORTANT. WE URGE YOU TO DATE, SIGN AND PROMPTLY RETURN YOUR PROXY SO
THAT YOUR SHARES MAY&nbsp;BE VOTED IN ACCORDANCE WITH YOUR WISHES.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><IMG SRC="d21195001.jpg" ALT="(GAIAM LOGO)"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Gaiam,&nbsp;Inc.<BR>
360 Interlocken Boulevard<BR>
Broomfield, Colorado 80021</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PROXY
STATEMENT</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ANNUAL
MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON JUNE 19, 2007</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy statement and the accompanying proxy card are being furnished to the
shareholders of Gaiam,&nbsp;Inc. in connection with the solicitation of proxies
by and on behalf of the Board of Directors of Gaiam for use at its 2007 annual
meeting of shareholders to be held on Tuesday, June 19, 2007, starting at
4:30&nbsp;p.m. at the Omni Interlocken Resort, 500 Interlocken Boulevard,
Broomfield, Colorado 80021, and at any adjournment(s) or postponement(s)
thereof. This proxy statement and the accompanying proxy card will be mailed to
shareholders on or before May 23, 2007. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PURPOSE
OF ANNUAL MEETING</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual meeting, shareholders will be asked: (i)&nbsp;to elect directors of
Gaiam to serve until the next annual meeting of shareholders or until their
successors are duly elected and qualified and (ii) to transact such other
business as may properly be brought before the annual meeting. Our Board
recommends a vote &#147;FOR&#148; the election of the nominees for directors of Gaiam
listed below. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>QUORUM
AND VOTING RIGHTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
presence, in person or by proxy, of the holders of a majority of the
outstanding votes eligible to be cast by our Class&nbsp;A and Class&nbsp;B
Common Stock is necessary to constitute a quorum at the annual meeting. Only
shareholders of record at the close of business on the record date, Friday,
April 20, 2007, will be entitled to notice of, and to vote at, the annual
meeting. As of April 10, 2007, there were 19,252,456 shares of Class&nbsp;A
Common Stock, par value $.0001, and 5,400,000 shares of Class&nbsp;B Common
Stock, par value $.0001, outstanding and entitled to vote. Holders of
Class&nbsp;A Common Stock as of the record date are entitled to one vote for
each share held and holders of Class&nbsp;B Common Stock as of the record date
are entitled to ten votes for each share held. The holders of the Class&nbsp;A
and Class&nbsp;B Common Stock will vote together. Cumulative voting is not
permitted for any purpose. Once a quorum is present, the affirmative vote of a
majority of the votes eligible to be cast on any subject matter shall be the
act of the shareholders, other than with respect to the election of directors
as described below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Jirka
Rysavy, our Chairman and Chief Executive Officer, holds all 5,400,000
outstanding shares of Class&nbsp;B Common Stock and 1,118,682 shares of
Class&nbsp;A Common Stock. These shares are sufficient to constitute a quorum
and to elect all Gaiam directors and Mr.&nbsp;Rysavy has indicated that he
plans to be present at the meeting and vote in favor of the directors nominated
by our Board.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
shares of Common Stock represented by properly executed proxies will, unless
the proxies have previously been revoked, be voted in accordance with the
instructions indicated in the proxies. Abstentions and broker non-votes will
have no effect on the result of the vote, although they will count towards the
presence of a quorum. Any shareholder executing a proxy has the power to revoke
the proxy at any time prior to its exercise. A proxy may be revoked prior to
exercise by (a)&nbsp;filing with Gaiam a written revocation of the proxy,
(b)&nbsp;appearing at the annual meeting and voting in person, or (c)&nbsp;submitting
to Gaiam a duly executed proxy bearing a later date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cost of preparing, printing, assembling and mailing this proxy statement and
other material furnished to shareholders in connection with the solicitation of
proxies will be borne by Gaiam. In addition, officers, directors and other
employees of Gaiam may solicit proxies by written communication, telephone or
telegraph. These persons will receive no special compensation for any
solicitation activities. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT
IS THE INTENTION OF THE AGENTS DESIGNATED IN THE ENCLOSED PROXY CARD TO VOTE
&#147;FOR&#148; THE ELECTION OF ALL NOMINEES FOR DIRECTOR IDENTIFIED BELOW (UNLESS
AUTHORITY IS WITHHELD BY THE SHAREHOLDER GRANTING THE PROXY). IF ANY NOMINEE
BECOMES UNAVAILABLE TO SERVE FOR ANY REASON, THE PROXY WILL BE VOTED FOR A
SUBSTITUTE NOMINEE OR NOMINEES TO BE SELECTED BY GAIAM&#146;S BOARD, UNLESS THE
SHAREHOLDER WITHHOLDS AUTHORITY TO VOTE FOR THE ELECTION OF DIRECTORS. JIRKA
RYSAVY, WHO HOLDS 1,118,682 OF THE OUTSTANDING SHARES OF CLASS A COMMON STOCK
AND 100% OF THE OUTSTANDING SHARES OF CLASS B COMMON STOCK, HAS INFORMED GAIAM
THAT HE INTENDS TO VOTE HIS SHARES IN FAVOR OF THE NOMINEES SET FORTH IN THIS
PROXY STATEMENT.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PROPOSAL&#151;ELECTION
OF DIRECTORS</B></FONT></P>

<P><FONT SIZE=2><B>Nominees for Election
as Directors </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board proposes that Jirka Rysavy, Lynn Powers, James Argyropoulos, Barnet M.
Feinblum, Barbara Mowry, Ted Nark and Paul H. Ray be elected as directors of
Gaiam, to hold office until the next annual meeting of shareholders or until
their successors are duly elected and qualified. Unless contrary instructions
are given, the proxies will be voted for these nominees. Each nominee has
agreed to serve if elected, and management has no reason to believe that any of
the nominees will be unavailable for service. If for any unforeseen reason any
nominee should decline or be unable to serve, the proxies will be voted to fill
any vacancy so arising in accordance with the discretionary authority of the
persons named in the proxy, unless contrary instructions are given. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
names of the nominees, their ages as of December 31, 2006, the&nbsp;years in
which they began serving as directors if applicable, and their positions are
set forth below. Each of the nominees is currently serving as a director of
Gaiam.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JIRKA
RYSAVY&#151;age 52&#151;Founder, Chairman and Chief Executive Officer of Gaiam. He has
been Chairman since Gaiam&#146;s inception and became our full-time Chief Executive
Officer in December&nbsp;1998. In 1986, Mr.&nbsp;Rysavy founded Corporate
Express,&nbsp;Inc., which, under his leadership, grew to become a Fortune 500
company supplying office and computer products and services. He was its
Chairman and Chief Executive Officer until September&nbsp;1998. Mr.&nbsp;Rysavy
also founded and served as Chairman and Chief Executive Officer of Crystal Market,
a health foods market, which was sold in 1987 to become the first Wild Oats
Markets store.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LYNN
POWERS&#151;age 57&#151;President, Director and Chief Executive Officer of North American
operations of Gaiam. Ms. Powers has been President and a Director since
February&nbsp;1996. From February 1996 until September 2001, she was Chief
Operating Officer, when she was promoted to Chief Executive Officer of North
American operations. From 1992 to 1996, she was Chief Executive Officer of La
Scelta, an importer of natural fiber clothing products. Before that, Ms. Powers
was Senior Vice President Marketing/Strategic Development and Vice President
Merchandising of Miller&#146;s Outpost, a specialty retailer.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAMES
ARGYROPOULOS&#151;age 63&#151;Director since May&nbsp;2002. Mr. Argyropoulos has been
primarily engaged as a private investor over the last fifteen years.
Mr.&nbsp;Argyropoulos founded The Walking Company, a lifestyle specialty
retailer, and served as its Chairman from 1992 until 2004. Previously
Mr.&nbsp;Argyropoulos served as Chairman and Chief Executive Officer of The
Cherokee Group Inc., a shoe manufacturing and apparel business he founded in
1972. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BARNET
M. FEINBLUM&#151;age 59&#151;Director since October&nbsp;1999. Mr.&nbsp;Feinblum is the
President and Chief Executive Officer of Organic Vintners, a marketer of
organic wines. Mr.&nbsp;Feinblum was the President, Chief Executive Officer and
Director of Horizon Organic Dairy from May 1995 to January 2000. From July 1993
through March 1995, Mr.&nbsp;Feinblum was the President of Natural Venture
Partners, a private investment company. From August 1976 until August 1993,
Mr.&nbsp;Feinblum held various positions at Celestial Seasonings,&nbsp;Inc.,
including President, Chief Executive Officer, and Chairman of the Board.
Mr.&nbsp;Feinblum is also a director of Seventh Generation,&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BARBARA
MOWRY&#151;age 59&#151;Director since October&nbsp;1999. Since 2003, Ms.&nbsp;Mowry has
been Chief Executive Officer of Silver Creek Systems, a provider of enterprise
data usability software. From 1997 until February 2001, Ms.&nbsp;Mowry was the
President and Chief Executive Officer of Requisite Technology, a
business-to-business e-commerce company specializing in the creation and
management of electronic content and catalogs. Prior to joining Requisite
Technology, Ms.&nbsp;Mowry was an officer of Telecommunications,&nbsp;Inc.
(cable television) from 1995 to 1997; and UAL, Inc. (airline) from 1983 to
1990. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TED
NARK&#151;age 48&#151;Director since June 2005. Since July 2006, Mr. Nark has served as a
partner at Leonard Green and Partners, a private equity investment firm based
in Los Angeles, California. Mr. Nark served as Chief Executive Officer of White
Cap Construction Supply, a distributor of specialty hardware, tools and
materials to construction contractors, from April 2002 through January 2006. From
1998 until 2002, Mr. Nark was the Chief Executive Officer and Manager Director
of Corporate Express Australia, a publicly traded business to business office
product distribution company in Australia. From 1992 until 1998, Mr. Nark
worked for Corporate Express, Inc., as Northwest Division President from 1992
to 1995, and then as Group President from 1995 to 1998. Mr. Nark also serves on
the Board of Directors of FTD Group, Inc. and Leslie&#146;s Poolmart, Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAUL
H. RAY&#151;age 67&#151;Director since October&nbsp;1999. Since 2000, Mr.&nbsp;Ray has
been the Chief Executive Officer of Integral Partnerships LLC, a consulting
firm specializing in Cultural Creative topics. From 1986 until 2000, he was
Executive Vice President of American LIVES,&nbsp;Inc., a market research and
opinion-polling firm. Prior to joining American LIVES, Mr.&nbsp;Ray was Chief
of Policy Research on Energy Conservation at the Department of Energy, Mines
and Resources of the Government of Canada from 1981 to 1983. From 1973 to 1981,
Mr.&nbsp;Ray was Associate Professor of Urban Planning at the University of
Michigan. He is the author of &#147;The Integral Culture Survey,&#148; which first
identified the Cultural Creatives subculture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
director serves for a one-year term.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
will be elected by a plurality of the votes cast. If no instructions are
indicated on a proxy card, the shares will be voted &#147;FOR&#148; the election of these
nominees for director. Because director nominees must receive a plurality of
the votes cast at the annual meeting, a vote withheld from a particular nominee
or from all nominees will not affect the election of that nominee.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>THE
BOARD OF DIRECTORS RECOMMENDS A VOTE FOR<BR>
THE NOMINEES OF THE BOARD</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DIRECTOR
INDEPENDENCE, COMMITTEES AND MEETINGS OF THE BOARD OF DIRECTORS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Gaiam Board of Directors currently consists of seven members and meets
regularly during the year. The Board of Directors has determined that each of
Messrs. Argyropoulos, Feinblum, Nark and Ray and Ms. Mowry are independent as
defined by the listing standards of the NASDAQ Stock Market.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2006, our Board held four meetings. Each director who served as director
attended over 75% of the aggregated number of meetings of our Board and of the
Committees of our Board on which the director served during 2006. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the directors attended the 2006 annual meeting. Gaiam&#146;s policy on
attendance by directors at the annual meeting encourages our directors to
attend the annual meeting unless they have a scheduling conflict.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors generally has four regularly scheduled meetings during the
year. We have five independent directors. Executive sessions (without
management) are generally adjacent to a regularly scheduled Board meeting. Our
Board has standing audit and compensation committees. We have adopted written
charters for both committees, which can be found at: www.gaiam.com/corporate/.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit
Committee</I></B><I>.</I>
During 2006, the Audit Committee consisted of Messrs.&nbsp;Feinblum and
Argyropoulos and Ms.&nbsp;Mowry, and each member of the committee is
independent within the meaning of rules of NASDAQ Stock Market. During 2006,
Barnet Feinblum served as chairperson of the Audit Committee and was an &#147;audit
committee financial expert,&#148; as defined by the SEC rules adopted pursuant to
the Sarbanes-Oxley Act of 2002. The Audit Committee is responsible for the
appointment, compensation and oversight of Gaiam&#146;s auditor and for approval of
any non-audit services provided by the auditor. The Audit Committee also
oversees (a)&nbsp;management&#146;s maintenance of the reliability and integrity of
our accounting policies and financial reporting and disclosure practices;
(b)&nbsp;management&#146;s establishment and maintenance of processes to assure that
an adequate system of internal control is functioning; and
(c)&nbsp;management&#146;s establishment and maintenance of processes to assure our
compliance with all laws, regulations and company policies relating to
financial reporting. The Audit Committee held three in-person meetings and two
telephonic meetings during 2006. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
Committee</I></B><I>.</I>
The Compensation Committee consisted of Messrs.&nbsp;Ray and Nark and
Ms.&nbsp;Mowry during 2006. During 2006, Barbara Mowry served as chairperson of
the Compensation Committee. The Compensation Committee establishes compensation
amounts and policies applicable to our executive officers, establishes
salaries, bonuses and other compensation plans and matters for our executive
officers and administers Gaiam&#146;s stock option plans and employee stock purchase
plan. The Compensation Committee held two in-person meetings and one telephonic
meeting during 2006. </FONT></P>

<P><FONT SIZE=2><B>Compensation
Committee Interlocks and Insider Participation </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
fiscal 2006, Gaiam&#146;s Compensation Committee has been comprised of Barbara Mowry
(Chairperson), Ted Nark and Paul Ray. None of these persons has at any time
been an officer or employee of Gaiam. None of Gaiam&#146;s executive officers serves
or in the past fiscal year has served, as a member of the board of directors or
compensation committee of any entity that has one or more of its executive
officers serving on Gaiam&#146;s Board or the Compensation Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not have a nominating committee, and nominations for directors are made by
our full Board. Gaiam is exempt from NASDAQ Stock Market rules with respect to
nominating committees because Gaiam may be deemed a controlled company on the
basis of Mr. Rysavy&#146;s control of more than 50% of Gaiam&#146;s voting power, and in
light of Mr. Rysavy&#146;s control, our Board does not believe a nominating committee
would serve a purpose. Our bylaws set forth certain procedures that are
required to be followed by shareholders in nominating persons for election to
our Board. Generally, written notice of a proposed nomination must be received
by Gaiam&#146;s Corporate Secretary not later than the 45th day nor earlier than the
70th day prior to the anniversary of the mailing of the preceding year&#146;s proxy
materials. The Board considers a variety of factors when it selects candidates
for election to the Board, including business experience, skills and expertise
that are complimentary to those already represented on the Board, familiarity
and identification with Gaiam&#146;s mission, values and market segments, and other
relevant factors. The Board will consider qualified director candidates
recommended by shareholders. Because Gaiam is a controlled company under the
NASDAQ Stock Market rules, the Board has not adopted a formal policy regarding
the consideration of director candidates recommended by shareholders; however,
the Board would not evaluate shareholder nominees differently from Board
nominees. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DIRECTOR
COMPENSATION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
who are not employees of Gaiam or its affiliates, except for David Golden who
as a representative of Revolution waived his fee, are paid a fee of
$3,000 for each meeting of our Board that they attend, and a fee of $1,000 for
each telephonic meeting attended. In addition, non-employee directors are paid
a fee of $500 for attendance at each committee meeting and $250 for each
telephonic committee meeting attended. Non-employee chairpersons of each
standing committee receive an annual fee of $2,000. All directors elected to
receive their 2006 compensation in Gaiam Class A common stock, except Mr. Ray,
who elected to receive cash compensation.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Director Compensation
Table</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table provides compensation information for the one year period ended
December 31, 2006 for each non-employee member of our Board of Directors.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="66%">
<TR style="font-size:1px">
<TD WIDTH=159 VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH=86 VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH=78 VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH=86 VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH=68 VALIGN=BOTTOM>
<P>&nbsp;</P>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="81%">
<TR style="font-size:1px">
<TD WIDTH="37%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><B>Name</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Fees Earned
  or<BR>
  Paid in Cash<BR>
  (1)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Stock
  Awards<BR>
  (1)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Option
  Awards<BR>
  (2)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>James
  Argyropoulos</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$17,625</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$17,625</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Barnet M.
  Feinblum</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$16,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$16,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Barbara
  Mowry</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$18,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$18,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Ted Nark</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$11,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$26,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Paul H. Ray</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$14,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$14,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Under the Non-Employee
  Director Compensation Plan, directors are entitled to receive $3,000 per
  in-person meeting, $1,000 per telephonic meeting, $500 per committee meeting,
  $250 per telephonic committee meeting, and $2,000 annually per committee for
  chairing. Directors may elect to receive stock in lieu of receiving cash.
  Amounts in the <I>Stock Awards</I> column represent the compensation expense for
  (and the grant date fair value of) the shares issued. Amounts in these
  columns include fees earned during 2006, some of which were not paid until
  2007. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>The amounts in the <I>Options
  Awards </I>column&nbsp;reflect the dollar amount recognized for
  financial statement reporting purposes for the fiscal year ended
  December&nbsp;31, 2006, in accordance with FASB Statement No. 123 (revised
  2004), <I>Share-Based
  Payment (&#147;</I>FAS 123R&#148;), rather than an amount paid to or realized by
  Mr. Nark. Mr. Nark&#146;s option award was issued pursuant to Gaiam&#146;s 1999
  Long-Term Incentive Plan in 2005 upon his joining the Board of Directors.
  Assumptions used in the calculation of this amount for the fiscal year ended
  December&nbsp;31, 2006 are included in footnote 10 to Gaiam&#146;s audited
  financial statements for the fiscal year ended December&nbsp;31, 2006,
  included in Gaiam&#146;s Annual Report on Form 10-K filed with the Securities and
  Exchange Commission on March 14, 2007. At fiscal year end, Mr. Argyropoulos
  and Mr. Nark each had 10,000 options awards outstanding and exercisable with
  grant date fair values calculated in accordance with FAS 123R of $75,700 and
  $24,400, respectively.</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2><B>EXECUTIVE
OFFICERS OF GAIAM</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
executive officers of Gaiam, Inc., their positions and their respective ages at
December 31, 2006 were as follows: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="70%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1><B>Name</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1><B>Age</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1><B>Position</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Jirka Rysavy</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>52</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Chairman of
  the Board and Chief Executive Officer</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Lynn Powers</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>57</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>President,
  Director, and CEO of North American Operations </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Vilia
  Valentine</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>46</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Chief
  Financial Officer and Treasurer</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>John Jackson</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>49</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Secretary
  and Vice President of Corporate Development</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
officers are elected annually by Gaiam&#146;s Board of Directors. Mr. Rysavy and Ms.
Powers have been employed by Gaiam for more than the past five years.
Biographical information about Mr. Rysavy and Ms. Powers is included herein
under the heading &#147;Election of Directors &#150; Nominees for Election as Directors&#148;.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.
Valentine has been Gaiam&#146;s Chief Financial Officer since April 2006 and was
appointed Treasurer in March 2007. She joins Gaiam from Verio Inc. where as the
acting CFO she managed all financial matters for domestic and international
operations. Verio, a worldwide internet service provider, was purchased for
$6.5 billion by NTT Communications Corporations (Japan), the world&#146;s largest
telecommunication company, in 2000. Prior to joining Verio, she was
Vice-President and Controller for Corporate Express, Inc., a $4 billion
corporate supplier, founded and run by Gaiam&#146;s CEO Jirka Rysavy. Ms. Valentine
was as a member of the management team that grew the company from $30 million
to $3 billion in less than five years. Corporate express was purchased by
Buhrmann NV (Dutch) for $2.3 billion in 1999.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John
Jackson has served as Gaiam&#146;s Vice President of Corporate Development since
June 2006 and was appointed Secretary in March 2007. Prior to joining Gaiam,
Mr. Jackson served as the Chief Executive Officer for Alliance Management, LLC,
a firm that he founded in 1999 that provided strategic alliance advisory
services to domestic and international middle market business concerns.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2><B>BENEFICIAL OWNERSHIP OF SHARES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information with respect to the beneficial
ownership of our common stock as of April&nbsp;10, 2007, except as noted, for
(i)&nbsp;each person (or group of affiliated persons) who, insofar as Gaiam has
been able to ascertain, beneficially owned more than 5% of the outstanding
shares of Class&nbsp;A or Class&nbsp;B Common Stock of Gaiam, (ii)&nbsp;each
director and nominee for director, (iii)&nbsp;each executive officer named in
the table above, and (iv)&nbsp;all current directors and executive officers as
a group. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="7%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="9%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="23%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="9%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=TOP>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1><B>Title&nbsp;of<BR>
  Class&nbsp;of<BR>
  Common<BR>
  Stock</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Name&nbsp;and&nbsp;Address&nbsp;of&nbsp;Beneficial&nbsp;Owner</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Amount&nbsp;and<BR>
  Nature&nbsp;of<BR>
  Beneficial<BR>
  Ownership(2)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Percent&nbsp;of<BR>
  Class</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid black 1px" colspan=3>&nbsp;


  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Class&nbsp;A</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Jirka Rysavy</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>(1)(3)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>6,518,682</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>26.44</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>Prentice
  Capital Management, LP</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(4)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>4,282,658</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>22.24</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Columbia
  Wagner Asset Management, L.P.</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>(5)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>1,350,000</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>7.01</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>Mazama
  Capital Management, Inc.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(6)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>1,224,000</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>6.36</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Goodwood
  Inc.</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>(7)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>1,044,213</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>5.42</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>Arbor
  Capital Management LLC</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(8)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>1,035,300</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>5.38</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Lynn Powers</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>(9)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>431,000</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>2.20</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>James
  Argyropoulos</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(9)(10)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>321,890</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>1.67</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Barnet
  Feinblum</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>(11)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>34,748</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>*</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>Barbara
  Mowry</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align=right><FONT SIZE=2>23,723</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>*</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Ted Nark</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>(9)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>11,103</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>*</FONT></P>
 </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>Paul Ray</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align=right><FONT SIZE=2>6,121</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>*</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Vilia
  Valentine</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>(9)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>2,400</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>*</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>John Jackson</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(9)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>2,000</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>*</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>All
  directors and officers as a group (9 persons)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>(3)(9)(10)(11)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>7,351,667</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>29.40</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Class&nbsp;B</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>Jirka Rysavy</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>5,400,000</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>100.0</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>All
  directors and officers as a group (9 persons)</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>5,400,000</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>100.0</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>%</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="20%" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2>* Indicates
  less than one percent ownership </FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(1)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>The address
  of Mr. Rysavy is 360 Interlocken Blvd., Broomfield, Colorado, 80021. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(2)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>This table
  is based upon information supplied by officers, directors and principal
  shareholders on Schedule 13Ds and 13Gs and Forms 3, 4 and 5 filed with the
  Securities and Exchange Commission. All beneficial ownership is direct,
  except as otherwise noted. Share amounts and percent of class include stock
  options exercisable within 60&nbsp;days of April&nbsp;10, 2007. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(3)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Includes
  5,400,000 shares of Class&nbsp;A Common Stock obtainable upon conversion of
  Class&nbsp;B Common Stock. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(4)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>According to
  a report on Schedule 13D filed with the Securities and Exchange Commission on
  April 2, 2007. Includes 4,270,953 shares managed by Prentice Capital
  Management, LP, 8,705 shares directly owned by Michael Zimmerman, and an
  additional 3,000 shares over which Mr. Zimmerman has beneficial ownership..
  The address for Prentice Capital Management, LP and Mr. Zimmerman is 623
  Fifth Avenue, 32nd Floor, New York, New York 10022. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(5)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>According to
  a report on Schedule 13G filed with the Securities and Exchange Commission on
  January 10, 2007. The address for Columbia Wanger Asset Management, L.P. is
  227 West Monroe Street, Suite 3000, Chicago, IL 60606. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2> (6)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>According to
  a report on Schedule 13G filed with the Securities and Exchange Commission on
  February 8, 2007. The address for Mazama Capital Management, Inc. is One
  Southwest Columbia Street, Suite 1500, Portland, OR 97258. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(7)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>According to
  a report on Schedule 13G filed with the Securities and Exchange Commission on
  April 16, 2007. Includes shares held by Goodwood Fund, Arrow Goodwood Fund,
  Goodwood Capital Fund, The Goodwood Fund 2.0 Ltd. And MSS Equity Hedge 15, as
  to which Goodwood Inc. serves as investment manager. The stock of Goodwood
  Inc. is owned by 1354037 Ontario Inc., which is controlled by Peter H.
  Puccetti and J. Camerson MacDonald. The address for Goodwood Inc. is 212 King
  Street West, Suite 201, Toronto, Canada M5H 1K5.</FONT></P>
  </TD>
 </TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(8)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>According to
  a report on Schedule 13F filed with the Securities and Exchange Commission on
  February 15, 2007. The address for Arbor Capital Management LLC is One
  Financial Plaza, 120 South Sixth Street, Suite 1000, Minneapolis, MN 55402.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(9)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Includes the
  following shares issuable upon the exercise of stock options which can be
  exercised within sixty days of April&nbsp;10, 2007: Ms.&nbsp;Powers, 332,000;
  Mr.&nbsp;Argyropoulos, 10,000; Mr. Nark, 10,000; Ms.&nbsp;Valentine, 2,400;
  and Mr. Jackson, 2,000.</FONT></P>
  </TD>
 </TR>
<TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(10)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Includes
  303,333 shares of Class&nbsp;A Common Stock held by Argyropoulos Investors.</FONT></P>
  </TD>
 </TR>
<TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(11)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Includes
  4,000 shares of Class&nbsp;A Common Stock held by Mr.&nbsp;Feinblum&#146;s wife,
  as to which Mr.&nbsp;Feinblum disclaims beneficial ownership.</FONT></P>
  </TD>
 </TR>
</table>

<P ALIGN=CENTER><FONT  SIZE=2><B>EXECUTIVE COMPENSATION</B></FONT></P>

<P><FONT SIZE=2><B>Compensation Discussion and Analysis</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Overview of Our Compensation Program and Philosophy </B></FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaiam&#146;s
compensation program is intended to meet three principal objectives:
(1)&nbsp;attract, reward and retain qualified, energetic officers and other key
employees; (2)&nbsp;motivate these individuals to achieve short-term and
long-term corporate goals that enhance stockholder value; and (3)&nbsp;support
Gaiam&#146;s corporate values by promoting internal equity and external
competitiveness.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B><I>Our corporate
  values: personal development, health and wellness, and social and
  environmental responsibility. </I></B></FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaiam&#146;s
executive compensation program is overseen and administered by the Compensation
Committee (the &#147;Committee&#148;) of Gaiam&#146;s Board of Directors, which is comprised
entirely of independent directors as determined in accordance with various
NASDAQ, Securities and Exchange Commission and Internal Revenue Code rules. The
Committee operates under a written charter adopted by our Board and is
empowered to review and approve the annual compensation and for Gaiam&#146;s
executive officers: Mr. Rysavy, Ms. Powers, Ms. Valentine, and Ms. Mathews. A
copy of the charter is available on Gaiam&#146;s Internet site at:
www.gaiam.com/corporate/.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
three principal objectives guide the Committee in assessing Gaiam&#146;s executive
and other compensation programs, including the proper allocation between
long-term compensation, current cash compensation, and short-term bonus
compensation. Other considerations include Gaiam&#146;s business objectives, its
fiduciary and corporate responsibilities (including internal considerations of fairness
and affordability), competitive practices and trends, and regulatory
requirements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining the particular elements of compensation that will be used to
implement Gaiam&#146;s overall compensation objectives, the Committee takes into consideration
a number of factors related to Gaiam&#146;s performance, such as our earnings per
share, profitability, revenue growth, and business-unit-specific operational
and financial performance, as well as the competitive environment for Gaiam&#146;s
business. Stock price performance has not been a factor in determining annual
compensation because the price of Gaiam&#146;s common stock is subject to a variety
of factors outside of our control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
time to time, the Committee meets with Gaiam&#146;s Chairman and Chief Executive
Officer, Jirka&nbsp;Rysavy, our President, Lynn Powers, and/or other executives
to obtain recommendations with respect to Company compensation programs,
practices and packages for executives, other employees and directors.
Management makes recommendations to the Committee on the base salary, bonus
targets and equity compensation for the executive team and other employees. The
Committee considers, but is not bound by and does not always accept,
management&#146;s recommendations with respect to executive compensation. The
Committee also intends to seek input from its independent compensation
consultant prior to making any final determinations on material aspects of our
compensation programs, practices and packages. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Rysavy
attends some of the Committee&#146;s meetings, but the Committee also holds
executive sessions not attended by any members of management or non-independent
directors. The Committee discusses Mr.&nbsp;Rysavy&#146;s and Ms. Powers&#146;
compensation packages with each of them, but makes decisions with respect to
their compensation without them present. The Committee has the ultimate
authority to make decisions with respect to the compensation of our named
executive officers, but may, if it chooses, delegate any of its
responsibilities to subcommittees. The Committee has delegated to the
Administrative Committee of the Board, comprised of Mr. Rysavy and Ms. Powers,
the authority to grant long-term incentive awards to employees at or below the
level of business segment vice president under guidelines set by the Committee.
The Committee also has authorized the Administrative Committee to make salary
adjustments and short-term incentive (bonus) decisions for all employees other
than certain officers under guidelines approved by the Committee. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Elements of Our Compensation Program </B></FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee believes that compensation paid to executive officers and other
members of our senior management should be closely aligned with the Gaiam&#146;s
performance on both a short-term and a long-term basis, and that such
compensation should assist us in attracting and retaining talented persons who
are committed to our mission and critical to our long-term success. To that
end, the Committee believes that the compensation packages for executive
officers should consist of three principal components (each discussed in more
detail below):</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>1.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>annual base
  salary;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>annual
  incentive bonus, the amount of which is dependent on Gaiam&#146;s and the
  individual&#146;s performance during the prior fiscal year; and </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>3.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>long-term
  incentive compensation, currently delivered in the form of stock options that
  are awarded periodically based on Gaiam&#146;s performance and other factors
  described below, and that are designed to align executive officers&#146; economic
  interests with those of shareholders by rewarding outstanding performance and
  providing long-term incentives. </FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaiam
has selected these elements because each is considered useful and/or necessary
to meet one or more of the principal objectives of our compensation policy. For
instance, base salary and bonus target percentages are set with the goal of
attracting employees and adequately compensating and rewarding them on a
day-to-day basis for the time spent and the services they perform, while our
equity programs are geared toward providing an incentive and reward for the
achievement of long-term business objectives and retaining key talent. Gaiam
believes that these elements of compensation, when combined, are effective, and
will continue to be effective, in achieving the objectives of our compensation
program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee reviews Gaiam&#146;s compensation program on an annual basis. In setting
compensation levels for a particular executive, the Committee takes into
consideration the proposed compensation package as a whole and each element
individually, as well as the executive&#146;s past and expected future contributions
to our business. With the exception of Mr.&nbsp;Rysavy&#146;s and Ms. Powers&#146;
employment agreements, Gaiam does not have any employment or severance
agreements with its executive officers.</FONT></P>

<P><FONT SIZE=2><B>Summary Compensation Table</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table includes information concerning compensation for the one year
period ended December 31, 2006 in reference to our four most highly compensated
executive officers of the Company.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
<TR style="font-size:1px">
<TD WIDTH="31%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><B>Name and
  Principal Position</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Year</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Salary (3)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Bonus (3)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Option<BR>
  Awards<BR>
  (4)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>All Other<BR>
  Compensation<BR>
  (5) (6) (7)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Jirka Rysavy (8)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>296,712</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$296,712</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2><I>Chairman and Chief Executive Officer</I></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Vilia Valentine (1)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>145,753</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$60,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$52,818</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$8,396</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$266,967</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2><I>Chief Financial Officer</I></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Lynn Powers (8)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>296,712</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>128,313</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$991,346</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$1,516,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2><I>President, Director, and CEO of</I></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#FFF3CE">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2><I>North American Operations</I></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Janet Mathews (2)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2006</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>177,798</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$23,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$293,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$494,743</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2><I>Chief Administrative Officer</I></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Ms. Valentine was hired as
  the Chief Financial Officer on April 10, 2006.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Ms. Mathews was the Chief
  Financial Officer until April 10, 2006, at which time she became the Chief
  Administrative Officer. Ms. Mathew left Gaiam on November 13, 2006.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>The <I>Salary</I> and <I>Bonus</I>
  columns represent amounts earned during 2006 and because of the timing of
  bonuses do not represent amounts paid during 2006. The current annual salary
  rate for each named executive officer is $300,000 for Mr. Rysavy and Ms.
  Powers and $200,000 for Ms. Valentine. Bonuses are given at the discretion of
  the Compensation Committee of the Gaiam Board of Directors. The bonuses were
  paid in April 2007.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(4)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>The amounts in the <I>Option
  Awards</I> column reflect the dollar amount recognized for financial
  statement reporting purposes for the fiscal year ended December 31, 2006, in
  accordance with FAS 123R, rather than an amount paid to or realized by the
  named executive officer. These option awards were issued pursuant to Gaiam&#146;s
  1999 Long-Term Incentive Plan and thus include amounts from awards granted in
  and prior to 2006. Assumptions used in the calculation of this amount for the
  fiscal year ended December 31, 2006 are included in footnote 10 to Gaiam&#146;s
  audited financial statements for the fiscal year ended December 31, 2006,
  included in Gaiam&#146;s Annual Report on Form 10-K filed with the Securities and
  Exchange Commission on March 14, 2007. Further information is included in the
  <I>2006
  Grants of Plan-Based Awards </I>and <I>Outstanding Equity Awards At Fiscal
  Year-End</I> tables.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(5)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>The amounts in the <I>All Other
  Compensation </I>column include $962,500 for Ms. Powers and $288,750
  for Ms. Mathews, representing the value realized (net of the exercise price)
  upon exercise of options conveyed to them by Mr. Rysavy in a transaction
  approved by Gaiam&#146;s Compensation Committee. The options were issued pursuant
  to Gaiam&#146;s 1999 Long-Term Incentive Plan, were fully vested at the time of
  transfer and had an exercise price of $4.375 per share. Shares received upon
  exercise of the options were restricted shares issued in reliance on the
  exemption from registration contained in Section 4(2) of the Securities Act
  as a transaction by an issuer not involving any public offering and were sold
  at a price of $14.00 per share.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(6)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>The amount in the <I>All Other
  Compensation </I>column for Ms. Mathews also includes $4,300 which
  represents the financial reporting effect of the decision by Gaiam&#146;s
  Compensation Committee of the Board of Directors to allow the vesting and
  exercise period to continue for 14,400 unvested options held by Ms. Mathews
  upon her departure from Gaiam. Ms. Mathews will continue to provide services
  to Gaiam on an as-needed consulting basis for 18 months. The fair value of
  these options on the date of modification, December 13, 2006, calculated in
  accordance with FAS 123R, was $114,531. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(7)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><I>All Other Compensation </I>includes the following accrued paid time off
  amounts as of December 31, 2006 that would be payable upon termination from
  Gaiam: Ms. Powers - $28,846 and Ms. Valentine - $8,396.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(8)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Mr. Rysavy and Ms. Powers
  have employment agreements with Gaiam which expire in August 2009 that may
  under certain circumstances entitle them to salary continuation upon
  termination during the remainder of the contract term.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Base Salary.</U> </I>Base salaries for
executive officers are reviewed on an annual basis and at the time of promotion
or other change in responsibilities. Starting salary levels and increases in
salary are based on subjective evaluation of such factors as the level of
responsibility, individual performance, market value of the officer&#146;s skill
set, and internal salary relativity (meaning relative salary differences at
Gaiam for different job levels). </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual
Incentive Bonus</U>. </I>Incentive
bonuses are generally granted based on a percentage of each executive officer&#146;s
base salary. For fiscal 2006, the bonus targets for participating officers
ranged from 30% to 50% of base salary, depending on position. After the end of
the fiscal year, the Committee determined the extent to which the performance
goals were achieved, and approved the amount of the bonus to be paid to each
participant. The total bonus award is determined according to the level of
achievement of both the objective performance and individual performance goals.
Below a minimum threshold level of performance, no awards may be granted
pursuant to the objective performance goal.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Long-Term Incentive Compensation.</U> </I>In
fiscal 2006, long-term performance-based compensation of executive officers and
other employees took the form of stock option awards granted pursuant to
Gaiam&#146;s 1999 Long-Term Incentive Plan (as restated as of June 22, 2006 (the
&#147;LTI Plan&#148;). Awards under the LTI Plan have been broad-based, with over 18% of
our full-time employees at all levels holding stock option awards as of
December 31, 2006. The Committee continues to believe in the importance of
equity ownership for all executive officers and a broader-based segment of our
work force, for purposes of economic incentive, key employee retention and
alignment with shareholders. The Committee believes the LTI Plan provides Gaiam
with valuable flexibility to achieve a balance between continuing its
successful practice of providing equity-based compensation for employees at all
levels, and creating and maintaining long-term shareholder value.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
option grants are typically made when a new executive officer is hired, and in
determining the size of stock option grants, the Committee bases its
determinations on such subjective considerations as Gaiam&#146;s and the
individual&#146;s position within management, experience, market value of the
executive&#146;s skill set, and historical grant amounts to similarly positioned
executives at Gaiam. All stock options granted by Gaiam during fiscal 2006 were
granted with an exercise price equal to the closing price of the Common Stock
on the date of grant and, accordingly, will have value only if the market price
of the Common Stock increases after that date. The stock options granted pursuant
to the LTI Plan vest at 2% per month during the 11<SUP>th</SUP> through 60<SUP>th</SUP>
month after grant. </FONT></P>

<P><FONT SIZE=2><B>Grants of Plan-Based Awards Table</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information with respect to the options
granted during or for the year ended December 31, 2006 to any of our executive
officers listed in the Summary Compensation Table above.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="66%">
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="16%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><B>Name</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Grant<BR>
  Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>All Other<BR>
  Option Awards:<BR>
  Number of<BR>
  Securities<BR>
  Underlying<BR>
  Options<BR>
  (1)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Exercise or<BR>
  Base Price<BR>
  of Option<BR>
  Awards<BR>
  (1)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Grant Date<BR>
  Fair<BR>
  Value of Stock<BR>
  and Option<BR>
  Awards (1)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Vilia Valentine</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>4/10/06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$16.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$287,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>9/14/06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$11.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$209,094</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>These options were granted
  to Ms. Valentine in conjunction with her employment offer. The options were
  granted pursuant to Gaiam&#146;s 1999 Long-Term Incentive Plan and approved by the
  Compensation Committee of the Board of Directors. The exercise price per
  share of these options was equal to the closing price of the underlying stock
  on the date of the grant. The grant date fair value of these options was
  determined in accordance with FAS 123R using the Black-Scholes option pricing
  model. For further information, see footnote 10 to Gaiam&#146;s audited financial
  statements for the fiscal year ended December 31, 2006, included in Gaiam&#146;s
  Annual Report on Form 10-K filed with the Securities and Exchange Commission
  on March 14, 2007. </FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2><B>Outstanding Equity Awards at Fiscal Year-End
Table</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table includes certain information with respect to the value of
unexercised options previously awarded to active executive officers named above
in the Summary Compensation Table as of December 31, 2006.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<BR>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR style="font-size:1px">
  <TD WIDTH="14%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="14%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="14%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="10" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Option Awards</B></FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  COLSPAN="10" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>

<TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
</tr>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Number of<BR>
  Securities<BR>
  Underlying<BR>
  Unexercised<BR>
  Options<BR>
  (#)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Number of<BR>
  Securities<BR>
  Underlying<BR>
  Unexercised<BR>
  Options<BR>
  (#)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" ROWSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Option<BR>
  Exercise<BR>
  Price<BR>
  </B><FONT SIZE=1><B>(1)</B></FONT></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  ROWSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Option<BR>
  Expiration<BR>
  Date</B><FONT SIZE=1> <B>(1)</B></FONT></FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;




  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1><B>Name</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Exercisable<BR>
  (1)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Unexercisable<BR>
  (1)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>

 <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;




  </TD>
  <TD > <P ALIGN=CENTER>&nbsp;</P>
   </TD>
 <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
   </TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
   </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Vilia Valentine</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>$16.00</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>4/10/13</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>$11.89</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>9/14/13</FONT></P>
  </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=2>Lynn Powers</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>90,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>$15.25</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>12/06/07</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>110,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>$10.16</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>5/23/08</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP BGCOLOR="#FFF3CE">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>108,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>92,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>$&nbsp;&nbsp;5.30</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#FFF3CE">
  <P ALIGN=RIGHT><FONT SIZE=2>11/20/10</FONT></P>
  </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(1)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>This table reflects the
  status of option awards granted pursuant to Gaiam&#146;s 1999 Long-Term Incentive
  Plan as of December 31, 2006. Gaiam&#146;s options normally vest and become
  exercisable at 2% per month over the 50 months beginning in the eleventh
  month after date of grant. The exercise price of the options is normally
  equal to Gaiam&#146;s closing stock market price on the date of grant and the
  options expire seven years from date of grant. For further information, see
  footnote 10 to Gaiam&#146;s audited financial statements for the fiscal year ended
  December&nbsp;31, 2006, included in Gaiam&#146;s Annual Report on Form 10-K filed
  with the Securities and Exchange Commission on March 14, 2007. </FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2><B>Option Exercises and Stock Vested Table</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table includes certain information with respect to the options
exercised by the executive officers named above in the Summary Compensation
Table during the year ended December 31, 2006.</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="81%">
 <TR style="font-size:1px">
  <TD WIDTH="23%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="33%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="14%" VALIGN="BOTTOM">
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Option Awards</B><FONT SIZE=1>&nbsp;</FONT></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1><B>Name</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Number&nbsp;of&nbsp;Shares<BR>
  Acquired&nbsp;on&nbsp;Exercise<BR>
  (1)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Value&nbsp;Realized<BR>
  on Exercise<BR>
  (1)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2>Lynn Powers</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>160,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>$1,900,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2>Janet Mathews</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>55,600</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>$483,209</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="94%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(1)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>All exercises of option
  awards during 2006 were cashless, meaning that the options were exercised and
  the shares issued upon exercise were immediately sold. The amount listed in
  the <I>Value
  Realized on Exercise</I> column is the sale price less the exercise
  price of the option times the number of shares issued and immediately sold.
  The options exercised in 2006 were scheduled to either expire or forfeit
  during 2006.</FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Generally
Available Benefit Programs.</U> </I>Gaiam maintains a
tax-qualified 401(k) Plan, which provides for broad-based employee
participation. Executive officers are eligible to participate in the 401(k)
Plan on the same basis as other employees. In fiscal 2006, Gaiam did not make
matching contributions to the 401(k) Plan, but we started making matching
contributions on April 1, 2007. As of that time, under the 401(k) Plan, all
Gaiam employees are eligible to receive matching contributions from Gaiam, and
this matching contribution will be equal to $0.50 for each dollar contributed
by an employee up to a maximum annual matching benefit of $1,500 per person.
The matching contribution is calculated and paid on a payroll-by-payroll basis
subject to applicable Federal limits. Gaiam does not provide defined benefit
pension plans or defined contribution retirement plans to its executives or
other employees other than: (a)&nbsp;the 401(k) Plan. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
fiscal 2006, Gaiam&#146;s executive officers were eligible to receive the same
health care coverage that is generally available to other Gaiam employees.
Gaiam also offers a number of other benefits to the named executive officers
pursuant to benefit programs that provide for broad-based employee
participation. These benefits programs include the medical, dental and vision
insurance, long-term and short-term disability insurance, life and accidental
death and dismemberment insurance, health and dependent care flexible spending
accounts, business travel insurance, wellness programs (including chiropractic,
massage therapy, acupuncture, and fitness classes), relocation/expatriate programs
and services, educational assistance, and certain other benefits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
401(k) Plan and other generally available benefit programs allow Gaiam to
remain competitive for employee talent, and the Committee believes that the
availability of the benefit programs generally enhances employee productivity
and loyalty to Gaiam. The main objectives of Gaiam&#146;s benefits programs are to
give our employees access to quality healthcare, financial protection from
unforeseen events, assistance in achieving retirement financial goals, and
enhanced health and productivity, in full compliance with applicable legal
requirements. These generally available benefits typically do not specifically
factor into decisions regarding an individual executive officer&#146;s total
compensation or LTI Plan award package. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change-in-Control
and Severance Arrangements</U></I><I>. </I>Gaiam
has no change of control or severance arrangements with its executive officers
or other employees. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Option Grant Timing Practices </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
fiscal 2006, the Committee and the Board consistently applied the following
guidelines for stock option grant timing practices. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>1.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>New Employees: stock
  option grants to new hires are effective on the first day of the new
  employee&#146;s employment with Gaiam or upon approval by the Committee, and the
  exercise price for the options is set at the closing price of our common
  stock on that date. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Existing Employees: stock
  option grants to existing employees are effective on the date that the Committee
  approves the grant, and the exercise price for the options is set at the
  closing price of our common stock on that date. </FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
of Chief Executive Officer </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
fiscal 2006, Mr.&nbsp;Rysavy received a weighted-average annual salary of
$296,712. Mr. Rysavy serves as Gaiam&#146;s Chairman of the Board of Directors and
the Chief Executive Officer, and he is our largest shareholder. At Mr. Rysavy&#146;s
request, he was not awarded an incentive bonus or any stock options under our
LTI Plan. The Committee and the Board of Directors strongly believes that Mr.
Rysavy&#146;s salary and overall compensation level are modest given the importance
of Mr. Rysavy to Gaiam&#146;s future, his previous experience and business
accomplishments and the market value of his skill set as a chief executive. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employment
Contracts and Consulting Arrangement for Departing Executive </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaiam
does not have employment agreements with any executive officers besides Mr.
Rysavy and Ms. Powers, and we do not have change of control agreements with any
of its executive officers. However, Gaiam&#146;s directors, officers, and managers
are required to sign a confidentiality agreement and, upon receiving a stock
option grant, a two-year non-compete agreement commencing with the date they
leave Gaiam. Janet&nbsp;Mathews departed from Gaiam after 13 years of service
to our company, and the Committee determined that it was in Gaiam&#146;s best
interests to enter into a consulting arrangement with Ms. Mathews whereby she
agreed to assist with an orderly transition of her responsibilities to our
executive officers and provide consulting services to Gaiam for 18 months
following her departure. In exchange for these services, the Committee approved
the continuation of the existing vesting schedule for the then-unvested stock
options held by Ms. Mathews (representing 14,400 shares of Gaiam common stock)
previously granted to Ms. Mathews pursuant to the LTI Plan so that these
options would continue to vest, and would not expire, during the 18 month consulting
period.</FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
and Tax Considerations </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
designing its compensation programs, Gaiam takes into consideration the
accounting and tax effect that each element will or may have on Gaiam and the
executive officers and other employees as a group. Gaiam aims to keep the
expense related to its compensation programs as a whole within certain
affordability levels. When determining how to apportion between differing
elements of compensation, the goal is to meet Gaiam&#146;s objectives while
maintaining relative cost neutrality. For instance, if we increase benefits
under one program resulting in higher compensation expense, we may seek to
decrease costs under another program in order to avoid a compensation expense
that is above the level then deemed affordable under existing circumstances.
Gaiam recognizes a charge to earnings for accounting purposes equally from the
grant date until the end of the vesting period.&nbsp;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have structured our compensation program to comply with Internal Revenue Code
Sections 162(m) and 409A. Under Section 162(m) of the Internal Revenue Code, a
limitation was placed on tax deductions of any publicly-held corporation for
individual compensation to certain executives of such corporation exceeding
$1,000,000 in any taxable year, unless the compensation is performance-based.
If an executive is entitled to nonqualified deferred compensation benefits that
are subject to Section 409A, and such benefits do not comply with Section 409A,
then the benefits are taxable in the first year they are not subject to a
substantial risk of forfeiture. In such case, the Service Provider is subject
to regular federal income tax, interest and an additional federal income tax of
20% of the benefit includible in income. Gaiam has no individuals with
non-performance based compensation paid in excess of the Internal Revenue Code
Section 162(m) tax deduction limit.</FONT></P>

<P><FONT SIZE=2><B>Compensation Committee Report </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information contained in this report shall not be deemed to be &#147;soliciting
material&#148; or &#147;filed&#148; with the Securities and Exchange Commission or subject to
Regulation 14A or 14C or the liabilities of Section&nbsp;18 of the Exchange
Act, except to the extent that Gaiam specifically requests that the information
be treated as &#147;soliciting material&#148; or specifically incorporates it by
reference into a document filed under the Securities Act of 1933, as Amended
(the &#147;Securities Act&#148;) or the Exchange Act. </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee has reviewed and discussed with management the Compensation
Discussion and Analysis for fiscal 2006. Based on the review and discussions,
the Committee recommended to the Board, and the Board has approved, that the
Compensation Discussion and Analysis be included in Gaiam&#146;s proxy statement for
its 2007 Annual Meeting of Stockholders. This report is submitted by the
Committee. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="53%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="47%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>Compensation Committee</B></FONT></P>
</TD>
</TR>




<TR>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
</TR>
</TD><TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Barbara Mowery, Chairperson </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Ted Nark</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Paul Ray </FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2><B>AUDIT
COMMITTEE REPORT</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee, on behalf of the Board of Directors, oversees management&#146;s
conduct of internal control processes and procedures for financial reporting
designed to ensure the integrity and accuracy of our financial statements and
to ensure that we are able to timely record, process and report information
required for public disclosure. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaiam&#146;s
management is responsible for establishing and maintaining adequate internal
financial controls, for the preparation of Gaiam&#146;s consolidated financial
statements and for the public reporting process. The firm of Ehrhardt Keefe
Steiner &amp; Hottman P.C. (&#147;EKS&amp;H&#148;), as Gaiam&#146;s independent registered
public accounting firm for 2006, was responsible for performing an independent
audit of Gaiam&#146;s consolidated financial statements in accordance with auditing
standards of the Public Company Accounting Oversight Board (United States) and
for issuing a report thereon expressing its opinion as to whether Gaiam&#146;s
consolidated financial statements present fairly, in all material respects, the
financial position, results of operations and cash flows of Gaiam in conformity
with accounting principles generally accepted in the United States. EKS&amp;H
was also responsible for performing an audit and expressing an opinion on
management&#146;s assessment of the effectiveness of Gaiam&#146;s internal control over
financial reporting, along with expressing its own opinion on the effectiveness
of Gaiam&#146;s internal control over financial reporting.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this context, the Audit Committee reviewed and discussed Gaiam&#146;s audited
consolidated financial statements for the year ended December 31, 2006 with
management and representatives of EKS&amp;H, management&#146;s assessment of the
effectiveness of Gaiam&#146;s internal control over financial reporting and
EKS&amp;H&#146;s evaluation of Gaiam&#146;s internal control over financial reporting.
EKS&amp;H concluded, in its Report of Independent Registered Public Accounting
Firm dated March 14, 2007, that &#147;in our opinion, Gaiam, Inc. and subsidiaries
maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2006 based on the COSO Criteria.&#148; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee also discussed with EKS&amp;H the matters required by Statement
on Auditing Standards No. 61, &#147;Communication with Audit Committees.&#148; The Audit
Committee reviewed with EKS&amp;H, who was responsible for expressing an
opinion on the conformity of our audited financial statements with accounting
principles generally accepted in the United States, their judgment as to the
quality, not just the acceptability, of our accounting principles, the
reasonableness of significant judgments and the clarity of disclosures in our
financial statements. Also, the Audit Committee discussed the results of the
annual audit and such other matters required to be communicated with the Audit
Committee under professional auditing standards.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
discharging its oversight responsibility over the audit process, the Audit
Committee obtained from our independent auditors statements describing all
relationships between our independent auditors and us that might bear on our
auditors&#146; independence consistent with Independence Standards Board Standard
No. 1, &#147;Independence Discussions with Audit Committees,&#148; and discussed with the
auditors any relationships that may impact their objectivity and independence.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee recommended to our Board that our audited financial statements
for the year ended December 31, 2006 be included in our Annual Report on Form
10-K for 2006 for filing with the Securities and Exchange Commission, in
reliance upon (1) the Audit Committee&#146;s reviews and discussions with management
and EKS&amp;H; (2) management&#146;s assessment of the effectiveness of Gaiam&#146;s
internal control over financial reporting; (3) the receipt of an opinion from
EKS&amp;H, dated March 14, 2007, stating Gaiam&#146;s 2006 consolidated financial
statements present fairly in all material respects, the consolidated financial
position of Gaiam and its consolidated subsidiaries at December 31, 2006 and
the consolidated results of operations and cash flows for the year ended
December 31, 2006 in conformity with accounting principles generally accepted
in the United States, and (4) the receipt of EKS&amp;H&#146;s opinion on the
effectiveness of Gaiam&#146;s internal control over financial reporting dated March
14, 2007.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 width=95%>
<TR style="font-size:1px">
<TD WIDTH="47%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="52%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>Audit Committee</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Barnet Feinblum,
  Chairperson</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>James Argyropoulos</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Barbara Mowry</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
report of the Audit Committee shall not be deemed to be &#147;soliciting material&#148;
or to be &#147;filed&#148; with the Securities and Exchange Commission or subject to
Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act,
except to the extent that Gaiam specifically requests that this information be
treated as &#147;soliciting material&#148; or specifically incorporates this information
by reference into a document filed under the Securities Act or the Exchange
Act. </FONT></P>

<P><FONT SIZE=2><B>Disclosure
of Independent Accountant Fees</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents fees for professional services rendered by EKS&amp;H
and E&amp;Y, respectively, for the years ended December 31, 2006 and 2005:</FONT></P>

<TABLE   BORDER=0 CELLSPACING=0 CELLPADDING=0 width=95%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2><B>EKS&amp;H</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE   BORDER=0 CELLSPACING=0 CELLPADDING=0 width=75% style=margin-left:5%>
<TR style="font-size:1px">
<TD WIDTH="35%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="41%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM COLSPAN=2>
<P><FONT SIZE=1><B>Audit&nbsp;and&nbsp;Non-Audit&nbsp;Fees&nbsp;(in&nbsp;$000&#146;s)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px" COLSPAN=2>&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>


<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Audit fees
  (1)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$458</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$206</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=2>Audit
  related fees (2)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Tax fees (3)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=2>All other
  fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$536</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$212</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE   BORDER=0 CELLSPACING=0 CELLPADDING=0 width=95% style=margin-left:5%>
<TR style="font-size:1px">
<TD WIDTH="8%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="91%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>E&amp;Y</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE   BORDER=0 CELLSPACING=0 CELLPADDING=0 width=75% style=margin-left:5%>
<TR style="font-size:1px">
<TD WIDTH="35%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="41%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM COLSPAN=2>
<P><FONT SIZE=1><B>Audit&nbsp;and&nbsp;Non-Audit&nbsp;Fees&nbsp;(in&nbsp;$000&#146;s)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px" COLSPAN=2>&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Audit fees
  (1)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=2>Audit
  related fees (2)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Tax fees (3)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=2>All other
  fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=2></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P ALIGN=RIGHT><FONT SIZE=2>$13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#FFF3CE">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Audit
  fees are fees that we paid for the audit of our annual financial statements
  included in our Form 10-K and review of financial statements included in our
  Form 10-Qs; for the audit of our internal control over financial reporting;
  for the attestation of management&#146;s report on the effectiveness of internal
  control over financial reporting; for services in connection with the filing
  of Gaiam&#146;s Form S-3; and for services that are normally provided by the
  auditor in connection with statutory and regulatory filings or engagements;
  and all costs and expenses in connection with the above.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Audit
  related fees consisted of accounting consultations and audits in connection
  with acquisitions and proposed transactions.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Tax fees represent
  fees charged for services for tax advice, tax compliance and domestic and
  international tax planning.</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the policies of our Audit Committee and legal requirements, all
services to be provided by our independent registered public accounting firm
are pre-approved by the Audit Committee. Pre-approved services include audit
services, audit-related services, tax services and other services. In some
cases, pre-approval is provided by the full Audit Committee for up to a year,
and such services relate to a particular defined task or scope of work and are
subject to a specific budget. In other cases, the chairman of the Audit
Committee has the delegated authority from the Audit Committee to pre-approve
additional services, and such action is then communicated to the full Audit
Committee at the next Audit Committee meeting. To avoid certain potential
conflicts of interest, the law prohibits a publicly traded company from
obtaining certain non-audit services from its auditing firm. If we need such
services, we obtain them from other service providers.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EKS&amp;H
is currently engaged to provide auditing services through the first quarter of
2007.  The Audit Committee is in
negotiations with EKS&amp;H to be our independent registered public accounting
firm again for the remainder of 2007.
Representatives of EKS&amp;H are expected to be present at the annual
meeting.  We expect EKS&amp;H to be
available to respond to appropriate questions.
</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
related party transaction is reviewed by disinterested members of management
and, if material, by disinterested members of the Board or a committee thereof
to ensure that the transaction reflects terms that are at least as favorable
for Gaiam as the Company would expect in a similar transaction negotiated at
arm&#146;s length by unrelated parties.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacquelyn
Abraham, the daughter of Gaiam&#146;s Director, President and CEO of North American
Operations, Lynn Powers,&nbsp;is Gaiam&#146;s Director of Human Resources and for
2006 earned an annual salary $95,000 and realized $25,850 from the exercise of
options.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jim
Argyropoulos and Barney Feinblum, Gaiam Board Members, had collectively owned
approximately 2.5% of the outstanding shares of Conscious Media, Inc. (&#147;CMI&#148;),
a company in which Gaiam increased its ownership interest in during the year
ended December 31, 2006 from approximately 51.3% to effectively 100% by issuing
Gaiam stock and paying cash in exchange for CMI shares.  As a result of the Gaiam&#146;s additional
acquisition of CMI shares, Mr. Argyropoulos and Mr. Feinblum collectively
received 85,526 shares of Gaiam Class A Common Stock in exchange for their CMI
shares.   </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SECTION 16(a)&nbsp;BENEFICIAL OWNERSHIP
REPORTING COMPLIANCE</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a)&nbsp;of
the Exchange Act requires Gaiam&#146;s directors, officers (including a person
performing a principal policy-making function) and persons who own more than
10% of a registered class of Gaiam&#146;s equity securities to file with the
Securities and Exchange Commission initial reports of ownership and reports of
changes in ownership of Class&nbsp;A Common Stock and other equity securities
of Gaiam. Directors, officers and 10% holders are required by Securities and
Exchange Commission regulations to furnish Gaiam with copies of all of the
Section&nbsp;16(a)&nbsp;reports they file. Based solely upon a review of the
copies of the forms furnished to Gaiam and the representations made by the
reporting persons to Gaiam, Gaiam believes that during 2006 its directors,
officers and 10% holders complied with all the filing requirements under
Section&nbsp;16(a) of the Exchange Act, except that our directors were late in
making filings with respect to stock they received in lieu of cash for services
as directors for the first quarter (Mr. Nark) and the third quarter (Messrs.
Argyropoulos, Feinblum and Nark and Ms. Mowry). </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SHAREHOLDER PROPOSALS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
may submit proposals on matters appropriate for shareholder action at Gaiam&#146;s
annual meetings consistent with regulations adopted by the Securities and
Exchange Commission. For shareholder proposals to be considered for inclusion
in Gaiam&#146;s proxy statement and form of proxy relating to the 2008 annual
meeting of shareholders, they must be received by Gaiam not later than January
31, 2008, unless the date of the 2008 meeting of shareholders is changed by
more than 30&nbsp;days from May 22, 2008. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, under the terms of Gaiam&#146;s Bylaws, unless the date of the 2008
meeting of shareholders is changed by more than 30&nbsp;days from May 22, 2008,
shareholders who intend to present an item of business or nomination at the
2008 annual meeting of shareholders (other than a proposal submitted for
inclusion in Gaiam&#146;s proxy material(s)) must provide notice in writing of such
business or nomination to Gaiam no earlier than March 13, 2008 and no later
than April 7, 2008. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
written notice must contain specified information, including, among other
things, information as would be required to be included in a proxy statement
under Securities and Exchange Commission rules, as set forth more fully in our
Bylaws. All proposals or other notices should be addressed to Gaiam at 360
Interlocken Boulevard, Broomfield, Colorado 80021, Attention: Secretary. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DELIVERY OF MATERIALS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
and Exchange Commission rules permit a single set of annual reports and proxy
statements to be sent to any household at which two or more shareholders reside
if they appear to be members of the same family. Each shareholder continues to
receive a separate proxy card. This procedure, referred to as householding,
reduces the volume of duplicate information shareholders receive and reduces
mailing and printing expenses. A number of brokerage firms have instituted
householding. In accordance with a notice that is being sent to certain
beneficial shareholders (who share a single address) only one annual report and
proxy statement will be sent to that address unless any shareholder at that
address gave contrary instructions. We will promptly deliver a copy of such
materials to any stockholder requesting the same. However, if any such
beneficial shareholder residing at such an address wishes to receive a separate
annual report or proxy statement in the future, please contact Computershare
Trust Company (Gaiam&#146;s transfer agent &amp; registrar) in writing by mailing to
Computershare Trust Company, Attention: Householding, 350 Indiana Street, Suite
800, Golden, CO 80401, or by faxing your request to: 303-262-0700. You can also
contact Gaiam by calling 303-222-3600. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>COMMUNICATION WITH THE BOARD</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
may communicate with the Board of Directors, including the non-management
directors, by sending a letter to the Gaiam Board of Directors, c/o Corporate
Secretary, Gaiam, Inc., 360 Interlocken Boulevard, Broomfield, CO 80021.  The Corporate Secretary has the authority to
disregard any inappropriate communications or to take other appropriate actions
with respect to any such inappropriate communications.  If deemed an appropriate communication, the
Corporate Secretary will submit your correspondence to the Chairman of the
Board or to any specific director to whom the correspondence is directed. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>OTHER MATTERS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
does not intend to present, and has no information as of the date of
preparation of this proxy statement that others will present, any business at
the annual meeting, other than business pertaining to matters set forth in the
notice of annual meeting and this proxy statement. However, if other matters requiring
the vote of the shareholders properly come before the annual meeting, it is the
intention of the persons named in the enclosed proxy to vote the proxies held
by them in accordance with their best judgment on such matters. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>YOUR VOTE IS IMPORTANT</B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WE
URGE YOU TO DATE, SIGN AND PROMPTLY RETURN YOUR PROXY SO THAT YOUR SHARES
MAY&nbsp;BE VOTED IN ACCORDANCE WITH YOUR WISHES AND THE PRESENCE OF A QUORUM
MAY BE ASSURED.</B></FONT></P>

<P><FONT SIZE=2><B>GAIAM,&nbsp;INC.<BR></B>Proxy for Annual Meeting of Shareholders<BR>
June 19, 2007 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>THIS PROXY IS SOLICITED ON BEHALF OF THE
BOARD OF DIRECTORS OF GAIAM,&nbsp;INC. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Jirka Rysavy and Lynn Powers as Proxies, each with
the power to appoint his or her substitute, and hereby authorizes them to
represent and to vote, as designated below, all the shares of Class&nbsp;A
Common Stock of Gaiam,&nbsp;Inc. held of record by the undersigned on
April&nbsp;20, 2007, at the 2007 annual meeting of shareholders of
Gaiam,&nbsp;Inc. and any adjournment or postponement thereof, as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned has received the Notice of Meeting, the proxy statement relating to
the annual meeting of shareholders to be held June&nbsp;19, 2007, and Gaiam&#146;s
Annual Report for its year ended December&nbsp;31, 2006, and hereby ratifies
and confirms all that the Proxies shall lawfully do or cause to be done by
virtue hereof and hereby revokes all proxies heretofore given to vote such
shares. </FONT></P>

<P><FONT SIZE=2>THIS PROXY,
WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED HEREIN BY THE UNDERSIGNED
SHAREHOLDER. <B>IF NO DIRECTION IS INDICATED,
THIS PROXY WILL BE VOTED FOR THE ELECTION OF THE DIRECTORS INDICATED</B>.
</FONT></P>

<P><FONT SIZE=2>PLEASE SIGN
AND RETURN PROMPTLY. </FONT></P>

<P><FONT SIZE=2><B>PROPOSAL  - ELECTION OF DIRECTORS </B></FONT></P>

<P><FONT SIZE=2>The Board of
Directors recommends a vote FOR the listed nominees. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>01&#151;Jirka
  Rysavy</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>02&#151;Lynn
  Powers</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>03&#151;James
  Argyropoulos</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>04&#151;Barnet M.
  Feinblum</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>05&#151;Barbara
  Mowry</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>06&#151;Ted Nark</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>07&#151;Paul H.
  Ray </FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>q</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>FOR all
  nominees</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>q</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>WITHHOLD
  AUTHORITY to vote for all nominees </FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>q</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>FOR ALL
  EXCEPT: to withhold authority to vote for any individual nominee, write the
  number(s) of the nominee(s) in the space provided to the right: ___________ </FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2>In their
discretion, the Proxies are authorized to vote upon such other matters as
may&nbsp;properly come before the meeting. Management is not presently aware of
any such matters to be presented for action. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="19%" VALIGN="TOP">
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="TOP">
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" COLSPAN="3" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="22%" COLSPAN="0" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="1" VALIGN="TOP" STYLE="border-bottom:solid black 1px" WIDTH="106">&nbsp;

<P>&nbsp;</P>
</TD>
<TD VALIGN="BOTTOM" ALIGN="RIGHT" WIDTH="56">
<P><FONT SIZE=2>Dated:&nbsp;&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="1" VALIGN=bottom>
<P><FONT SIZE=2>, 2007</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Signature 1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Signature 2</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2>Please sign
exactly as your name or names appear on this proxy. When shares are held by
joint tenants, both should sign. When signing as executor, administrator,
attorney, trustee or guardian, please give full title as such, and where more
than one executor, etc., is named, a majority must sign. If a corporation,
please sign full corporate name by president or other authorized officer. If a
partnership, please sign full partnership name by an authorized person.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>q</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Mark this
  box with an X if you have made changes to your name or address details.</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=2>19</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
