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<SEC-DOCUMENT>0000950134-05-007224.txt : 20050411
<SEC-HEADER>0000950134-05-007224.hdr.sgml : 20050411
<ACCEPTANCE-DATETIME>20050411171231
ACCESSION NUMBER:		0000950134-05-007224
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050601
FILED AS OF DATE:		20050411
DATE AS OF CHANGE:		20050411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATURAL HEALTH TRENDS CORP
		CENTRAL INDEX KEY:			0000912061
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190]
		IRS NUMBER:				592705336
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26272
		FILM NUMBER:		05744585

	BUSINESS ADDRESS:	
		STREET 1:		12901 HUTTON DRIVE
		STREET 2:		--
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		972-241-4080

	MAIL ADDRESS:	
		STREET 1:		12901 HUTTON DRIVE
		STREET 2:		--
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>d23729pre14a.htm
<DESCRIPTION>PRELIMINARY PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>pre14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="center" style="font-size: 18pt"><B>SCHEDULE 14A</B>



<P align="center" style="font-size: 12pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities Exchange Act of 1934<BR>
(Amendment No. ___)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed by Registrant</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed by a Party other than the Registrant</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Check the appropriate box:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preliminary Proxy Statement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Proxy Statement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Additional Materials</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting Material Pursuant to &#167;240.14a-11(c) or &#167;240.14a-12</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 14pt"><B>NATURAL HEALTH TRENDS CORP.</B>


<DIV align="center" style="font-size: 10pt"><I>(Name of Registrant As Specified in its Charter)</I></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Payment of Filing Fee (Check the appropriate box):</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No fee required.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title of each class of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate number of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11:<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proposed maximum aggregate value of transaction:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total fee paid</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Set forth the amount on which the filing fee is calculated and state how it was
determined.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;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 date of its filing.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1) Amount Previously Paid:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2) Form, Schedule or Registration Statement No.:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3) Filing Party:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4) Date Filed:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.<BR>
12901 HUTTON DRIVE<BR>
DALLAS, TEXAS 75234</B>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON JUNE 1, 2005</B>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000">



<P align="left" style="font-size: 10pt"><I>To the Shareholders of Natural Health Trends Corp.:</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2005 annual meeting of shareholders of Natural Health Trends Corp. (the &#147;Company&#148;) will be
held on June&nbsp;1, 2005 at 12901 Hutton Drive, Dallas, Texas 75234
at 10:00 a.m. local time (Central
Standard Time). At the meeting, the holders of the Company&#146;s outstanding common stock will act on
the following matters:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>Election of five (5)&nbsp;Directors to the Board of Directors of the Company to
serve until the next annual meeting of the Company&#146;s shareholders;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>Ratification of the appointment of BDO Seidman, LLP as the Company&#146;s
independent auditors for the fiscal year ending December&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>Approval of amendments to the Company&#146;s 2002 Stock Option Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Approval of the Company&#146;s reincorporation in Delaware, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>Any other matters that properly come before the meeting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All holders of record of shares of the Company&#146;s common stock (BHIP)&nbsp;at the close of business
on April&nbsp;&#95;&#95;&#95;, 2005 are entitled to vote at the meeting and any postponements or adjournments of
the meeting.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BY ORDER OF THE BOARD OF DIRECTORS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">April &#95;&#95;&#95;, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark D. Woodburn</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>WHETHER OR NOT YOU EXPECT TO BE PRESENT AT THE MEETING, PLEASE SIGN AND DATE THE ENCLOSED FORM OF
PROXY AND MAIL IT PROMPTLY IN THE ENCLOSED ENVELOPE TO OUR TRANSFER AGENT.</B>



<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#101">ABOUT THE MEETING
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#102">STOCK OWNERSHIP
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#103">GOVERNANCE OF THE COMPANY
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#104">REPORT OF THE AUDIT COMMITTEE
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#105">EXECUTIVE COMPENSATION
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#106">COMPARISON OF CUMULATIVE TOTAL RETURN
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#107">ITEM ONE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#108">ELECTION OF DIRECTORS
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#109">ITEM TWO</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#110">APPOINTMENT OF BDO SEIDMAN, LLP AS INDEPENDENT AUDITORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#110">FOR
THE COMPANY FOR FISCAL YEAR ENDING DECEMBER 31, 2005</A>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#111">ITEM THREE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#112">APPROVAL OF AMENDMENTS TO THE 2002 STOCK OPTION PLAN
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#113">ITEM FOUR</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#114">APPROVAL OF THE COMPANY&#146;S REINCORPORATION IN DELAWARE
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#115">OTHER MATTERS
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#116">ADDITIONAL INFORMATION
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#117">HOUSEHOLDING INFORMATION
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#500">Annex A
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#500">Nominating Committee Charter (including Board Candidate Guidelines)</A></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#501">Annex B
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#501">Compensation Committee Charter</A></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#502">Annex C
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#502">2002 Stock Option Plan, Amendment No.&nbsp;1 and Amendment No.&nbsp;2 (proposed)</A></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#503">Annex D
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#503">Agreement and Plan of Merger</A></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#504">Annex E
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#504">Certificate of Incorporation of Natural Health Trends Corp., a Delaware corporation</A></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#505">Annex F
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#505">Bylaws of Natural Health Trends Corp., a Delaware corporation</A></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.<BR>
12901 Hutton Drive, Dallas, Texas 75234</B>



<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement contains information related to the annual meeting of shareholder of
Natural Health Trends Corp. (&#147;the Company&#148;) to be held on
June&nbsp;1, 2005, beginning at 10:00 a.m., at
the Company&#146;s executive offices, 12901 Hutton Drive, Dallas, Texas 75234, and at any postponements
or adjournments thereof. This proxy statement is being mailed to shareholder on or about April
&#95;&#95;&#95;, 2005.

<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>ABOUT THE MEETING</B>



<P align="left" style="font-size: 10pt"><B><I>What is the purpose of the meeting?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the annual meeting, shareholders will act upon the matters outlined in the Notice of Annual
Meeting of Shareholders on the preceding page of this proxy statement, including the election of
Directors, ratification of the appointment of the Company&#146;s independent public accountants,
approval of amendments to the Company&#146;s 2002 Stock Option Plan and approval of the Company&#146;s
reincorporation in Delaware.


<P align="left" style="font-size: 10pt"><B><I>Who is entitled to vote at the meeting?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
shareholders of record at the close of business on April&nbsp;&#95;&#95;&#95;, 2005, the record date for
the meeting, are entitled to receive notice of and to participate in the annual meeting. If you
were a shareholder of record on that date, you will be entitled to vote all of the shares that you
held on that date at the meeting, or any postponements or adjournments of the meeting.


<P align="left" style="font-size: 10pt"><B><I>What are the voting rights of the holders of the Company&#146;s common stock?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each outstanding share of the Company&#146;s common stock will be entitled to one vote on each
matter considered at the meeting.


<P align="left" style="font-size: 10pt"><B><I>Who can attend the meeting?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shareholders as of the record date, or their duly appointed proxies, may attend the
meeting.


<P align="left" style="font-size: 10pt"><B><I>What constitutes a quorum?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence at the meeting, in person or by proxy, of the holders of a majority of the
aggregate voting power of the stock outstanding on the record date will constitute a quorum,
permitting the shareholders to act upon the matters outlined in the Notice of Annual Meeting of
Shareholders. As of the record date, &#95;&#95;&#95;shares of common stock, representing the same
number of votes, were outstanding. Thus, the presence of


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">the holders of common stock representing at least ___________ shares of common stock will be
required to establish a quorum.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies received but marked as abstentions and broker non-votes will be included in the
calculation of the number of votes considered to be present at the meeting.


<P align="left" style="font-size: 10pt"><B><I>How do I vote?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you complete and properly sign the accompanying form of proxy and return it to the Company,
it will be voted as you direct. If you are a registered shareholder and attend the meeting, you
may deliver your completed proxy in person.


<P align="left" style="font-size: 10pt"><B><I>Can I revoke my proxy after I return it?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies given by shareholders of record for use at the annual meeting may be revoked at any
time prior to the exercise of the powers conferred. In addition to revocation in any other manner
permitted by law, shareholders of record giving a proxy may revoke the proxy by an instrument in
writing, executed by the shareholder or his attorney authorized in writing or, if the shareholder
is a corporation, under its corporate seal, by an officer or attorney thereof duly authorized, and
deposited either at the corporate headquarters of the Company at any time up to and including the
last business day preceding the day of the annual meeting, or any adjournment thereof, at which the
proxy is to be used, or with the chairman of the annual meeting on the day of the annual meeting or
adjournment thereof, and upon either of such deposits the proxy is revoked.


<P align="left" style="font-size: 10pt"><B><I>What are the Board&#146;s recommendations?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless you give other instructions on your proxy, the persons named as proxy holders on the
proxy will vote in accordance with the recommendations of the Board. The Board&#146;s recommendation is
set forth together with the description of each item in this proxy statement. In summary, the
Board recommends a vote:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD><I>for </I>election of the nominated slate of Directors (see Item&nbsp;One),</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD><I>for </I>ratification of the appointment of BDO Seidman, LLP as the Company&#146;s independent
auditors for the fiscal year ending December&nbsp;31, 2005 (see Item&nbsp;Two),</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD><I>for </I>approval of amendments to the Company&#146;s 2002 Stock Option Plan (see Item&nbsp;Three), and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD><I>for </I>approval of the Company&#146;s reincorporation in Delaware (see Item&nbsp;Four).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any other matter that properly comes before the meeting, the proxy holders
will vote as recommended by the Board or, if no recommendation is given, in their own discretion.


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt"><B><I>What vote is required to approve each item?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Election of Directors. </B>The affirmative vote of a plurality of the votes cast at the meeting
is required for the election of Directors. A properly executed proxy marked &#147;Withhold Authority&#148;
with respect to the election of all Directors will not be voted with respect to the Directors,
although it will be counted for purposes of determining whether there is a quorum.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Ratification of Independent Auditors and Amendments to 2002 Stock Option Plan. </B>For the
ratification of the appointment of BDO Seidman, LLP as the Company&#146;s independent auditors for the
fiscal year ending December&nbsp;31, 2005 (Item&nbsp;Two) and the approval of the amendments to the 2002
Stock Option Plan (Item&nbsp;Three), the affirmative vote of the holders of a majority of the shares
represented in person or by proxy and entitled to vote on the item at the annual meeting will be
required for approval.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Reincorporation in Delaware</B>. The affirmative vote of the holders of a majority of the
outstanding shares of common stock is required to approve the Company&#146;s reincorporation in Delaware
(Item&nbsp;Four).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A properly executed proxy marked &#147;Abstain&#148; with respect to any of Items Two, Three or Four
will not be voted, although it will be counted for purposes of determining whether there is a
quorum. Accordingly, an abstention will have the effect of a negative vote for such Items.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your shares in &#147;street name&#148; through a broker or other nominee, your broker or
nominee will not be permitted to exercise voting discretion with respect to some of the matters to
be acted upon. Thus, if you do not give your broker or nominee specific instructions, your shares
may not be voted on those matters and will not be counted in determining the number of shares
necessary for approval. Further, with respect to voting on the reincorporation of the Company in
Delaware, if you do not give your broker or nominee specific instructions, your shares may not be
voted and will count as a vote &#147;against&#148; the reincorporation of the Company in Delaware. Shares
represented by &#147;broker non-votes&#148; will, however, be counted in determining whether there is a
quorum.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the matters to be acted on at the annual meeting give rise to any statutory right of a
shareholder to dissent and obtain the appraisal of or payment for such shareholder&#146;s shares.


<P align="left" style="font-size: 10pt"><B><I>What types of expenses will the Company incur?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expense of preparing, printing and mailing this proxy statement and notice, exhibits and
the proxies solicited hereby will be borne by the Company. In addition to the use of the mails,
proxies may be solicited by officers and directors and regular employees of the Company, without
additional remuneration, by personal interviews, telephone, telegraph or facsimile transmission.
The Company may elect to engage a proxy solicitation firm to solicit shareholders to vote or grant
a proxy with respect to the proposals contained in this proxy statement. The Company will also
request brokerage firms, nominees,


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">custodians and fiduciaries to forward proxy materials to the beneficial owners of shares of
common stock held of record and will provide reimbursements for the cost of forwarding the material
in accordance with customary charges.


<DIV align="left">
<A name="102"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>STOCK OWNERSHIP</B>



<P align="left" style="font-size: 10pt"><B><I>Who are the owners of the Company&#146;s stock?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the amount of the Company&#146;s common stock beneficially owned (unless
otherwise indicated) as of March&nbsp;31, 2005 by (i)&nbsp;each shareholder we know is the beneficial owner
of more than 5% of the Company&#146;s common stock, (ii)&nbsp;each Director, (iii)&nbsp;each of the executive
officers named in the Summary Compensation Table set forth under &#147;Executive Compensation&#148; and (iv)
all executive officers and directors as a group. We have relied exclusively upon information
provided to us by our directors and executive officers and documents filed with the Securities and
Exchange Commission by others for purposes of determining the number of shares each person
beneficially owns. Beneficial ownership is determined in accordance with the rules and regulations
of the Securities and Exchange Commission and generally includes those persons who have voting or
investment power with respect to the securities. Except as otherwise indicated, and subject to
applicable community property laws, the persons named in the table have sole voting and investment
power with respect to all shares of the Company&#146;s common stock beneficially owned by them.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Nature of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Beneficial</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>of Beneficial Owner</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Ownership</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Class</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Sir Brian Wolfson</B><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">79,127 <SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mark D. Woodburn</B><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">616,922 <SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.3</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Terry L. LaCore</B><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1,670,890 <SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20.8</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Randall A. Mason</B><SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">118,762 <SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.7</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Robert H. Hesse</B><SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65,768 <SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Chris Sharng</B><SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11,459 <SUP style="font-size: 85%; vertical-align: text-top">(14)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Cavanaugh</B><SUP style="font-size: 85%; vertical-align: text-top">(15)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">453,968<SUP style="font-size: 85%; vertical-align: text-top">(16)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.4</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Goodwood Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">212 King Street West, Ste 201</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Toronto, Canada M5H 1K5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">492,400 <SUP style="font-size: 85%; vertical-align: text-top">(17)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.1</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Directors and Executive Officers
As a Group (10 persons)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2,399,974<SUP style="font-size: 85%; vertical-align: text-top">(4)(6)(8)(10)(12)(14)(16)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.3</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Unless otherwise indicated, the address of each beneficial owner is c/o Natural Health
Trends Corp., 12901 Hutton Drive, Dallas, Texas 75234</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Any securities not outstanding that are subject to options or conversion privileges
exercisable within 60&nbsp;days of March&nbsp;31, 2005 are deemed outstanding for the purpose of
computing the percentage of outstanding securities of the class owned by any person holding
such securities but are not deemed outstanding for the purpose of computing the percentage of
the class owned by any other person in accordance with Item&nbsp;403 of Regulation&nbsp;S-K of the
Securities Act 1933 and Rule&nbsp;13(d)-3 of the Securities Exchange Act, and based upon
&#95;&#95;&#95;shares of common stock outstanding (excluding treasury
shares) as of March&nbsp;31, 2005.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Sir Brian Wolfson is the Chairman of the Board of Directors of the Company.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes (i)&nbsp;60,000 shares issuable upon the exercise of options held by Capital Development
S.A, an entity controlled by Sir Brian Wolfson (&#147;Capital Development&#148;), (ii)&nbsp;1,984 shares of
common stock issuable upon the exercise of warrants held by Capital Development, (iii)&nbsp;4,190
shares of common stock owned by Capital Development, and (iv)&nbsp;12,953 shares of common stock
owned by Schweco Nominee Limited, an entity controlled by Sir Brian Wolfson.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Mr.&nbsp;Woodburn is a director and the President and Secretary of the Company.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes (i)&nbsp;14,938 shares of common stock held by the LaCore and Woodburn Partnership, a
general partnership with respect to which Mr.&nbsp;Woodburn is a general partner, (ii)&nbsp;600,000
shares of common stock issuable upon the exercise of options held by the LaCore and Woodburn
Partnership and (iii)&nbsp;1,984 shares of common stock issuable upon the exercise of warrants held
by the LaCore and Woodburn Partnership.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Mr.&nbsp;LaCore is Chief Executive Office of Lexxus International, Inc. and a director of the
Company.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(8)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes (i)&nbsp;14,938 shares of common stock held by LaCore and Woodburn Partnership, a general
partnership with respect to which Mr.&nbsp;LaCore is a general partner, (ii)&nbsp;600,000 shares
issuable upon the exercise of options held by the LaCore and Woodburn Partnership, (iii)
600,000 shares of common stock issuable upon the exercise of options held by Mr.&nbsp;LaCore, (iv)
1,984 shares of common stock issuable upon the exercise of warrants held by the LaCore and
Woodburn Partnership, (v)&nbsp;1,984 shares of common stock issuable upon the exercise of
warrants held by Mr.&nbsp;LaCore, and (vi) 451,984&nbsp;shares of
common stock held by Mr.&nbsp;LaCore.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(9)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Mr.&nbsp;Mason is a director of the Company.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(10)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes (i)&nbsp;60,000 shares of common stock issuable upon the exercise of options held by Mr.
Mason, (ii)&nbsp;27,399 shares owned by Marden Rehabilitation Associates, Inc., an entity
controlled by Mr.&nbsp;Mason, and (iii)&nbsp;31,363 shares of common stock owned by Magco, Inc, and
entity controlled by Mr.&nbsp;Mason.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(11)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Mr.&nbsp;Hesse is a director of the Company.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(12)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes (i)&nbsp;5,000 shares of common stock issuable upon the exercise of options held by Mr.
Hesse, (ii)&nbsp;1,984 shares of common stock issuable upon the exercise of warrants held by
Mr.&nbsp;Hesse, and (iii)&nbsp;58,784&nbsp;shares of common stock
held by Mr.&nbsp;Hesse.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(13)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Mr.&nbsp;Sharng is the Executive Vice President and Chief Financial Officer of the Company.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(14)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes (i)&nbsp;1,984 shares of common stock, (ii)&nbsp;1984 shares of common stock issuable upon the
exercise of warrants held by Mr.&nbsp;Sharng, (ii)&nbsp;5,825 shares of common stock issuable upon the
exercise of options held by Mr.&nbsp;Sharng and vested as of the record date, and (iii)&nbsp;1,666
shares of common stock issuable upon the exercise of options held by Mr.&nbsp;Sharng vesting within
60&nbsp;days of March&nbsp;31, 2005, specifically, 833 options on April&nbsp;1, 2005 and 833 options on May
1, 2005.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(15)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Mr.&nbsp;Cavanaugh is President of MarketVision.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(16)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes (i)&nbsp;253,580 shares of common stock issuable upon the exercise of options held by Mr.
Cavanaugh, (ii)&nbsp;1,984 shares of common stock issuable upon the exercise of warrants held
by Mr.&nbsp;Cavanaugh, and (iii)&nbsp;198,404&nbsp;shares of common stock
held by Mr.&nbsp;Cavanaugh.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(17)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">According to Schedule&nbsp;13G filed by Goodwood Inc., Cameron MacDonald and Peter Puccetti with
the Securities and Exchange Commission on February&nbsp;14, 2005, Goodwood Inc. does not directly
own any shares of the Company&#146;s common stock. Goodwood Inc. acts as the investment manager of
each of Goodwood Fund, Arrow Goodwood Fund, Goodwood Capital Fund, Goodwood Fund 2.0 and KBSH
Goodwood Fund and is deemed to beneficially own 471,100 shares of the Company&#146;s common stock
held by them, which includes 119,000 shares of common stock issuable upon the exercise of
certain warrants. Mr.&nbsp;MacDonald and Mr.&nbsp;Puccetti control Goodwood Inc. and are thereby deemed
to beneficially own 471,100 shares of common stock. In addition, Mr.&nbsp;MacDonald, as sole owner
of BC 628088 Ltd., beneficially owns 21,300 shares of the Company&#146;s common stock.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>Compliance with Section&nbsp;16(a) of the Securities Exchange Act of 1934</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires the Company&#146;s directors and
executive officers, and persons who own more than ten percent (10%) of a registered class of the
Company&#146;s equity securities, to file with the Securities and Exchange Commission (&#147;SEC&#148;) initial
reports of ownership and reports of changes in ownership of Common Stock and other equity
securities of the Company. Officers, directors and greater than ten percent shareholders are
required by SEC regulation to furnish the Company with copies of all Section 16(a) forms they file.
To the Company&#146;s knowledge, based solely on its review of the copies of such reports furnished to
the Company during the fiscal year


<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">ended December&nbsp;31, 2004, all Section&nbsp;16(a) filing requirements applicable to its officers,
directors and greater than ten percent beneficial owners were satisfied.


<DIV align="left">
<A name="103"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>GOVERNANCE OF THE COMPANY</B>



<P align="left" style="font-size: 10pt"><B><I>Who are the current members of the Board?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Board of Directors on the date of this proxy statement and the committees
of the Board on which they currently serve are identified below.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Audit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Nominating</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sir Brian Wolfson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">69</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">**</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">**</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark D. Woodburn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">34</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terry L. LaCore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">32</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall A. Mason</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">**</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert H. Hesse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">61</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">**</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Chair</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B><I>Who is the Board&#146;s Chairman?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2003, the Board elected Sir Brian Wolfson to serve as Chairman of the Board. The
Chairman of the Board organizes the work of the Board and ensures that the Board has access to
sufficient information to enable the Board to carry out its functions, including monitoring the
Company&#146;s performance and the performance of management. In carrying out this role, the Chairman,
among other things, presides over all meetings of the Board of Directors and shareholders,
including executive sessions of the Board in which management, Directors and other members of
management do not participate, establishes the annual agenda of the Board and agendas of each
meeting in consultation with the President and oversees the distribution of information to
Directors.


<P align="left" style="font-size: 10pt"><B><I>Which Directors are considered independent?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has determined that Sir Brian Wolfson, Randall A. Mason and Robert H.
Hesse are independent directors (as independence is defined in the rules of the NASDAQ Stock
Market). In assessing the independence of the directors, the Board of Directors determines whether
or not any director has a material relationship with us (either directly or indirectly as a
partner, shareholder or officer of an organization that has a relationship with us) that would
interfere with the exercise of independent judgment in carrying out the responsibilities of a
director. The Board of Directors considers all relevant facts and circumstances in making
independence determinations, including the existence


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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">and scope of any commercial, industrial, banking, consulting, legal, accounting, charitable and
familial relationships.



<P align="left" style="font-size: 10pt"><B><I>How often did the Board meet during fiscal 2004?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors met six (6)&nbsp;times during the fiscal year ended December&nbsp;31, 2004 and
each director attended at least seventy-five percent (75%) of these meetings and the meetings of
the committees of the Board on which such director serves.


<P align="left" style="font-size: 10pt"><B><I>What is the role of the Board&#146;s committees?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has standing Audit, Compensation and Nominating Committees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Audit Committee. </B>The functions of the Audit Committee are described below under the heading
&#147;Report of the Audit Committee.&#148; The Board has determined that the members of the Audit Committee
are independent for the purposes of the NASDAQ National Market listing standards and meet the
independence requirements contained in Exchange Act Rule&nbsp;10A-3(b)(1). The Audit Committee does not
have a member that meets the SEC criteria of an &#147;audit committee financial expert&#148;. However, the
Company believes that the Audit Committee members collectively have acquired sophisticated business
experience and accounting knowledge to fulfill the Audit Committee&#146;s responsibilities. The
Company&#146;s Audit Committee has, and continues to have, at least one member who has past employment
experience in finance or accounting, requisite professional certification in accounting, or any
other comparable experience or background which results in the individual&#146;s financial
sophistication, including being or having been a chief executive officer, chief financial officer
or other senior officer with financial oversight responsibilities in accordance with
NASD Marketplace Rule&nbsp;4350.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Compensation Committee. </B>The functions of the Compensation Committee are described below under
the heading &#147;Executive Compensation&#151;Report of the Compensation Committee.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nominating Committee. </B>In July&nbsp;2004, the Board of Directors created a Nominating Committee and
appointed Sir Brian Wolfson, Robert H. Hesse and Randall A. Mason as the initial members of such
committee. The Nominating Committee is comprised of directors who are independent for purposes of
the NASDAQ National Market listing standards. The Nominating Committee considers and makes
recommendations to the Board of Directors with respect to the size and composition of the Board of
Directors and identifies potential candidates to serve as directors. The Nominating Committee
identifies candidates to the Board of Directors by introduction from management, members of the
Board of Directors, employees or other sources and shareholders that satisfy the Company&#146;s policy
regarding shareholder recommended candidates. The Nominating Committee does not evaluate director
candidates recommended by shareholders differently than director candidates recommended by other
sources. A copy of the Nominating Committee Charter is attached as Annex A to this Proxy Statement.
The Nominating Committee did not meet during 2004.


<P align="center" style="font-size: 10pt">10
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders wishing to submit recommendations for the 2006 annual meeting should write to the
General Counsel c/o Natural Health Trends Corp., 12901 Hutton Drive, Dallas, Texas 75234. Any such
shareholder must meet and evidence the minimum eligibility requirements specified in Exchange Act
Rule&nbsp;14a-8 and submit, within the same timeframe for submitting a shareholder proposal required by
Rule&nbsp;14a-8: (i)&nbsp;evidence in accordance with Rule&nbsp;14a-8 of compliance with the shareholder
eligibility requirements, (ii)&nbsp;the written consent of the candidate(s) for nomination as a
director, (iii)&nbsp;a resume or other written statement of the qualifications of the candidate(s) for
nomination as a director, and (iv)&nbsp;all information regarding the candidate(s) and the submitting
shareholder that would be required to be disclosed in a proxy statement filed with the SEC if the
candidate(s) were nominated for election to the Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering Board of Directors candidates, the Nominating Committee takes into
consideration the Company&#146;s Board Candidate Guidelines (included as Exhibit&nbsp;I to Annex A to this
Proxy Statement), the Company&#146;s policy regarding shareholder recommended director candidates, as
set forth above, and all other factors that they deem appropriate, including, but not limited to,
the individual&#146;s character, education, experience, knowledge and skills.


<P align="left" style="font-size: 10pt"><B><I>How are Directors compensated?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, the Company paid as director compensation approximately $42,000 to Mr.&nbsp;Mason, $51,000
to Capital Development S.A. (on behalf of Sir Brian Wolfson) and $9,900 to Mr.&nbsp;Hesse. Each
director was also reimbursed for reasonable expenses incurred in connection with attending Board
and committee meetings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;2002, the Company issued options to purchase 60,000 shares of common stock to each of
Sir Brian Wolfson and Randall A. Mason. The options are exercisable at $1.50 per share until July
24, 2007. In April&nbsp;2003, the Company issued options to purchase 5,000 shares of common stock to
Robert H. Hesse. The options are exercisable at $1.80 per share until April&nbsp;9, 2006.


<P align="left" style="font-size: 10pt"><B><I>How do shareholders communicate with the Board?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders or other interested parties wishing to communicate with the Board of Directors,
the independent directors as a group, or any individual director may do so in writing by sending an
e-mail to the attention of Sir Brian Wolfson, Chairman of the Board, at
<U>sirbrian@lexxusinternational.com</U>. Accounting controls and other financial matters will be
referred to our Audit Committee chairperson. Other matters will be referred to the Board of
Directors, the independent directors, or individual directors as appropriate. Shareholders may
also have an opportunity to communicate with board members at the annual meeting, as the Company
has a policy encouraging board member attendance at such meetings. Two of the four members of the
Board of Directors attended the Company&#146;s 2003 Annual Meeting of Shareholders.


<P align="center" style="font-size: 10pt">11
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt"><B><I>Does the Company have a Code of Ethics?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company adopted a Code of Business Conduct and a Code of Ethics for Senior Financial
Officers (collectively, the &#147;Codes&#148;) that apply to our employees, officers (including our principal
executive officer and principal financial officers) and directors. The Codes are intended to
establish standards necessary to deter wrongdoing and to promote compliance with applicable
governmental laws, rules and regulations and honest and ethical conduct. The Codes cover all areas
of professional conduct, including conflicts of interest, fair dealing, financial reporting and
disclosure, protection of Company assets and confidentiality. Employees have an obligation to
promptly report any known or suspected violation of the Codes without fear of retaliation. Waiver
of any provision of the Codes for executive officers and directors may only be granted by the Board
of Directors or one of its committees and any such waiver or modification of the Codes relating to
such individuals will be disclosed by the Company.


<P align="left" style="font-size: 10pt"><B><I>Certain Relationships and Related Transactions&#151;What related party transactions involved Directors,
officers, or 5% or greater stockholders?</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>S&#038;B Business Services. </B>In August&nbsp;2001, the Company entered into a written lease agreement and
an oral management agreement with S&#038;B Business Services, an affiliate of Brad LaCore, the brother
of Terry LaCore, and Sherry LaCore, Brad LaCore&#146;s wife. Under the terms of the two agreements, S&#038;B
Business Services provides warehouse facilities and certain equipment, manages and ships inventory,
provides independent distributor support services and disburses payments to independent
distributors. In exchange for these services the Company pays $18,000 a year for leasing a
warehouse, $3,600 a year for the lease of warehouse equipment and $120,000 for the management
services provided, plus an annual approximately $12,000 for business related expenses. During 2003
and 2004, the Company paid approximately $160,000 each year to S&#038;B Business Services.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>William Woodburn. </B>In September&nbsp;2001, the Company entered into an oral consulting agreement
with William Woodburn, the father of Mark Woodburn, President of the Company and a director,
pursuant to which William Woodburn provided the Company with management advice and other advisory
assistance. In exchange for such services, the Company starting June&nbsp;8, 2001 paid to Ohio Valley
Welding, Inc., an affiliate of Mr.&nbsp;Woodburn $6,250 on a bi-weekly basis. For each of the years
2003 and 2004, the Company paid $168,750 and approximately $118,750 respectively to Ohio Valley
Welding, Inc. The consulting agreement between the Company and Mr.&nbsp;Woodburn was terminated as of
September&nbsp;30, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MarketVision. </B>As of March&nbsp;31, 2004, the Company entered into an Agreement and Plan of Merger
with MarketVision Communications Corporation, a Minnesota corporation. (&#147;MarketVision&#148;), and
MVMergerCo, Inc. a Delaware corporation and wholly owned subsidiary of the Company (&#147;MergerCo&#148;),
pursuant to which MarketVision was merged with and into MergerCo (the &#147;Merger&#148;). In exchange for
all of the outstanding capital stock of MarketVision, the Company issued 690,000 shares of the
Company&#146;s common stock (the &#147;Issued Shares&#148;),
promissory notes in the aggregate principal amount


<P align="center" style="font-size: 10pt">12
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">of approximately
$3.2&nbsp;million (the &#147;Notes&#148;) and a cash payment of
$1,336,875, less pre-acquisition net payables due MarketVision of
approximately $646,000, for a total purchase
price of approximately $17.6&nbsp;million, including acquisition
costs of approximately $153,000. There were a total of three Notes issued by the Company, two
of which were 6&nbsp;month notes bearing interest at 4% per annum, and one of which is a 21-month note
bearing interest at 4.5% per annum. MarketVision has been the exclusive developer and service
provider of the direct selling software used by Lexxus&#146;s business worldwide since mid-2001. Each
of the 6-month notes was repaid in full in October&nbsp;2004. The Company paid the former owners of
MarketVision&#151;Mr.&nbsp;Terry L. LaCore, a member of the Board of Directors and the Chief Executive
Officer of Lexxus International, Inc. Mr.&nbsp;John Cavanaugh, President of MarketVision Communications
Corp. and Mr.&nbsp;Jason Landry, Vice President&#151;Development of MarketVision Communications
Corp.&#151;principal and interest payments in 2004 as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terry L. LaCore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">538,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">551,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Cavanaugh</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,631,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,667,083</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jason Landry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">362,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">410,766</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a compensation agreement based upon the number of new distributors enrolled
by the Company, MarketVision charged the Company approximately $1.9&nbsp;million and $1.5&nbsp;million for
services provided during the years ended December&nbsp;31, 2003 and 2002, respectively. As of December
31, 2003, the Company owed MarketVision approximately $1.1&nbsp;million in accounts payable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management believes that the MarketVision transaction was in the best interests of the Company
because (i)&nbsp;the success of the Company&#146;s business is dependent upon the direct selling software and
services provided to the Company by MarketVision and (ii)&nbsp;the Company anticipates enrolling a
significant number of new distributors in the future, which would be very expensive under the
former compensation agreement between the Company and MarketVision. Since the former owners of
MarketVision include Terry L. LaCore, a member of the Company&#146;s Board of Directors and the Chief
Executive Officer of Lexxus International, Inc., a wholly owned subsidiary of the Company
(&#147;Lexxus&#148;), the Board of Directors hired Bernstein, Conklin &#038; Balcombe, an independent appraisal
firm, to assess the fairness of the transaction with MarketVision from a financial point of view.
As of March&nbsp;31, 2004, Bernstein, Conklin &#038; Balcombe delivered its opinion to the Company&#146;s Board of
Directors that the MarketVision transaction is fair to the Company from a financial point of view.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Company entered into a Stockholders Agreement with the former shareholders of
MarketVision. Such agreement contains customary terms and conditions, including restrictions on
transfer of the Issued Shares, rights of first refusal and indemnification. Further, the
Stockholders Agreement contains a one time put right for the benefit of the former shareholders of
MarketVision (other than Mr.&nbsp;LaCore) that requires the Company, during the six month period
following the earlier of (i)&nbsp;the first anniversary of the closing date, or (ii)&nbsp;the date on which
the Issued Shares are registered with the Securities and Exchange Commission (the &#147;SEC&#148;) for resale
to the public, to repurchase all or part of the Issued Shares still owned by the such shareholders
for $4.00 per share less any


<P align="center" style="font-size: 10pt">13
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<P align="left" style="font-size: 10pt">amount previously received by such shareholders from the sale of the Issued Shares. The agreement
also provided the former shareholders of MarketVision with piggyback registration rights in the
event the Company files a registration statement with the Securities and Exchange Commission
covering the resale of Company securities, other than on Forms S-4 or S-8, stock option grants for
the former shareholders (other than Mr.&nbsp;LaCore).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MergerCo entered into employment agreements (the &#147;Employment Agreements&#148;) with each of John
Cavanaugh and Jason Landry, the former owners (along with Mr.&nbsp;LaCore) of MarketVision, pursuant to
which they have agreed to serve as President and Vice President -Development of MergerCo,
respectively, following the Merger. The Employment Agreements provide Mr.&nbsp;Cavanaugh and Mr.&nbsp;Landry
with annual salaries of $193,000 and $130,000, respectively, as well as options to purchase 253,580
and 56,420&nbsp;shares of the Company&#146;s common stock, respectively, at an exercise price of $18.11 per
share which represented market value at the time. The Employment Agreements contain customary terms
including confidentiality and non-competition provisions. Lexxus has executed a Guaranty of the
obligations of MergerCo under the Employment Agreements. Immediately following the Merger, MergerCo
changed its name to MarketVision Communications Corp.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and MergerCo have also entered into a license agreement with MarketVision
Consulting Group, LLC, an entity owned by the former shareholders of MarketVision (other than Mr.
LaCore), pursuant to which MarketVision Consulting will have the right to use, develop, modify,
market, distribute and sublicense the MarketVision software to third parties in the event that the
Company defaults on its payment obligations under the Notes or the Employment Agreements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Private Placement. </B>In October&nbsp;2004, the Company entered into a securities purchase agreement
(and subscription agreements with respect to certain Canadian investors) (collectively, the
&#147;Purchase Agreements&#148;) and a registration rights agreement (the &#147;Registration Rights Agreement&#148;)
with certain institutional and accredited investors as well as certain officers and directors of
the Company (the &#147;Buyers&#148;). Pursuant to the Purchase Agreements, the Company agreed to sell, and
the Buyers agreed to purchase, a total of 1,369,704 units of the Company&#146;s securities (&#147;Units&#148;) at
a price of $12.595 per Unit. Each Unit consists of one share of Common Stock, and one common stock
purchase warrant exercisable for one share of Common Stock at any time through October&nbsp;6, 2009 at
an exercise price of $12.47 per share (the &#147;Warrants&#148;). Pursuant to the Registration Rights
Agreement, the Company has agreed to register the shares included in the Units and the shares
issuable upon exercise of the Warrants for resale under the Act. The Registration Rights Agreement
provides for the payment of certain liquidated damages in the event that delays are experienced in
the Securities and Exchange Commission&#146;s declaring that registration statement effective. The
Registration Rights Agreement also provides indemnification and contribution remedies to the Buyers
in connection with the resale of shares pursuant to such registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of (i)&nbsp;Sir Brian Wolfson, Chairman of the Board of the Company, (ii)&nbsp;Mark D. Woodburn,
President and a director of the Company, (iii)&nbsp;Terry L. LaCore, CEO of Lexxus


<P align="center" style="font-size: 10pt">14
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<P align="left" style="font-size: 10pt">International, Inc. and a director of the Company, (iv)&nbsp;Chris Sharng, Executive Vice President and
Chief Financial Officer of the Company, (v)&nbsp;John Cavanaugh, President of MarketVision
Communications Corp., and (vi)&nbsp;Robert H. Hesse, a director of the Company, invested approximately
$25,000 and purchased 1,984 Units upon the same terms and conditions as the other Buyers in the
private placement. In addition, certain funds with respect to which Goodwood Inc. acts as an
investment manager invested a total of $1,498,805 and purchased 119,000 Units. See &#147;Security
Ownership of Certain Beneficial Owners and Management&#148;.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other. </B>The Company&#146;s former Controller is married to Mark Woodburn, the Company&#146;s President,
and her employment with the Company ended in August&nbsp;2004. The Company paid her $100,000 during
each of 2003 and 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Executive Compensation&#151;Employment Agreements&#148; and &#147;Executive Compensation&#151;Option
Agreements&#148; below for other related party transactions.

<DIV align="left">
<A name="104"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>REPORT OF THE AUDIT COMMITTEE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following Report of the Audit Committee does not constitute soliciting material and shall
not be deemed filed or incorporated by reference into any other Company filing under the Securities
Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent
the Company specifically incorporates this Report of the Audit Committee by reference therein.</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2004, the Audit Committee of the Board of Directors consisted of directors Randall A. Mason
(Chairman) and Sir Brian Wolfson and, commencing in July&nbsp;2004 Robert H. Hesse. These directors are
independent for purposes of the NASDAQ National Market listing standards and meet the independence
requirements contained in Exchange Act Rule&nbsp;10A-3(b)(1).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is primarily responsible for reviewing the services performed by the
Company&#146;s independent public accountants, evaluating the Company&#146;s accounting policies and its
system of internal controls, and reviewing significant finance transactions. During 2004, the Audit
Committee met five (5)&nbsp;times, and during 2005, the Audit Committee will meet at least quarterly.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is responsible for reviewing and helping to ensure the integrity of the
Company&#146;s financial statements. Among other matters, the Audit Committee, with management and
independent auditors, reviews the adequacy of the Company&#146;s internal accounting controls that could
significantly affect the Company&#146;s financial statements. The Audit Committee is also directly and
solely responsible for the appointment, retention, compensation, oversight and termination of the
Company&#146;s independent accountants. In addition, the Audit Committee will also function as the
Company&#146;s Qualified Legal Compliance Committee (the &#147;QLCC&#148;). The purpose of a QLCC is to receive,
retain and investigate reports made directly, or otherwise made known, of evidence of material
violations of any United States federal or state law, including any breach of fiduciary duty by the
Company, its officers, directors, employees or agents, and if the QLCC believes appropriate, to
recommend courses of action to the Company.


<P align="center" style="font-size: 10pt">15
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee meets with management periodically to consider the adequacy of the
Company&#146;s internal controls and the objectivity of its financial reporting. The Audit Committee
discusses these matters with the Company&#146;s independent public accountants and with appropriate
Company financial personnel. Meetings are held with the independent public accountants who have
unrestricted access to the Audit Committee. In addition, the Audit Committee reviews the Company&#146;s
financing plans and reports recommendations to the full Board of Directors for approval and to
authorize action. The Board has adopted a written charter setting out the audit related functions
the Audit Committee is to perform.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management has primary responsibility for the Company&#146;s financial statements and the overall
reporting process, including the Company&#146;s system of internal controls. The independent public
accountants audit the annual financial statements prepared by management, express an opinion as to
whether those financial statements present fairly the financial position, results of operations and
cash flows of the Company in conformity with accounting principles generally accepted in the United
States of America and discuss with the Audit Committee any issues they believe should be raised
with the Audit Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee reviewed the Company&#146;s audited financial statements for the fiscal year
ended December&nbsp;31, 2004 and met with both management and BDO Seidman, LLP, the Company&#146;s
independent public accountants, to discuss such audited financial statements. Management and the
Company&#146;s independent public accountants have represented to the Audit Committee that the financial
statements were prepared in accordance with accounting principles generally accepted in the United
States of America. The Audit Committee has received from and discussed with BDO Seidman, LLP the
written disclosure and the letter regarding the independence of BDO Seidman, LLP as required by
Independence Standards Board Standard No.&nbsp;1. The Audit Committee also discussed with BDO Seidman,
LLP any matters required to be discussed by Statement on Auditing Standards No.&nbsp;61. Based on these
reviews and discussions, the Audit Committee recommended to the Board that the Company&#146;s audited
financial statements be included in the Company&#146;s Annual Report on Form 10-K for the fiscal year
ended December&nbsp;31, 2004.


<P align="left" style="font-size: 10pt">Members of the Audit Committee



<P align="left" style="font-size: 10pt"><I>Sir Brian Wolfson<BR>
Randall A. Mason<BR>
Robert H. Hesse</I>


<P align="center" style="font-size: 10pt">16
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<DIV align="left">
<A name="105"></A>
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<P align="center" style="font-size: 10pt"><B>EXECUTIVE COMPENSATION</B>



<P align="left" style="font-size: 10pt"><B>Report of the Compensation Committee on Executive Compensation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following Report of the Compensation Committee does not constitute soliciting material and
shall not be deemed filed or incorporated by reference into any other Company filing under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to
the extent the Company specifically incorporates this Report of the Compensation Committee by
reference therein.</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee of the Board of Directors for the year ended December&nbsp;31, 2004
consisted of directors Sir Brian Wolfson (Chairman) and Messrs.&nbsp;Randall A. Mason and Robert H.
Hesse. The Compensation Committee is comprised of directors who are independent for purposes of the
NASDAQ National Market listing standards. The Compensation Committee is primarily responsible for
approving salaries, bonuses and other compensation for the Company&#146;s President and executive
officers, reviewing management recommendations relating to new incentive compensation plans and
changes to existing incentive compensation plans, and administering the Company&#146;s stock plans,
including granting options and setting the terms thereof pursuant to such plans (all subject to
approval by the Board of Directors). A copy of the Compensation Committee Charter is attached to
this Proxy Statement as Annex B. During 2004, the Compensation Committee met two (2)&nbsp;times.


<P align="center" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS">The Compensation Committee&#146;s Executive Compensation Philosophy</FONT>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee&#146;s goal is to develop executive compensation policies and practices
that are consistent with and linked to the Company&#146;s long term goal of maximizing shareholder
value. The program is designed to facilitate the long-term success and growth of the Company
through the attraction, motivation, and retention of outstanding executives.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The objectives of the Company&#146;s executive compensation programs are to: (i)&nbsp;attract and retain
the highest quality executives, (ii)&nbsp;inspire and motivate executive officers to increase Company
performance, (iii)&nbsp;align executive officers&#146; financial interest with those of the Company&#146;s
long-term investors, and (iv)&nbsp;reward executive officers for exceptional individual contributions to
the achievement of the Company&#146;s objectives.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive compensation consists of three components: base salary, annual incentive bonuses and
long-term incentive awards (stock options). Each compensation component is offered to executives in
varying combinations, structured in each case, to meet varying business objectives and to provide a
level of total compensation comparable to similarly situated public companies.


<P align="left" style="font-size: 10pt">Members of the Compensation Committee



<P align="left" style="font-size: 10pt"><I>Sir Brian Wolfson<BR>
Randall A. Mason<BR>
Robert H. Hesse</I>


<P align="center" style="font-size: 10pt">17
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<P align="left" style="font-size: 10pt"><B>Compensation Committee Interlocks and Insider Participation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2004, the following directors served on the Compensation Committee: Sir Brian Wolfson
(Chairman) and Randall A. Mason. During the fiscal year 2004, no interlocking relationship existed
between the Company&#146;s Board of Directors or Compensation Committee and the board of directors or
compensation committee of any other company.


<P align="left" style="font-size: 10pt"><B>Executive Officers of the Company</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain information concerning executive officers of the Company is set forth below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Position(s) with the Company</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark D. Woodburn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Secretary and Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chris Sharng
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Terry L. LaCore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer of Lexxus International and Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Keith C. Zagar
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Operating Officer and General Counsel</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Cavanaugh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">43</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of MarketVision</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard Johnson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Lexxus Japan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Timothy S. Davidson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Accounting Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mark D. Woodburn. </B>Mr.&nbsp;Woodburn has been a director of the Company since August&nbsp;2000, the
Chief Financial Officer and Secretary of the Company since April&nbsp;1999, and the Company&#146;s President
since September&nbsp;2000. In August&nbsp;2004, Mr.&nbsp;Woodburn resigned as Chief Financial Officer of the
Company. From October&nbsp;1992 until February&nbsp;1999, Mr.&nbsp;Woodburn served as a director and the
Secretary of Kaire International, Inc. Mr.&nbsp;Woodburn has also served as the Chief Financial Officer
of Lexxus International, Inc., a wholly-owned subsidiary of the Company, since March&nbsp;2001.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Chris Sharng. </B>Mr.&nbsp;Sharng has been the Executive Vice President and Chief Financial Officer of
the Company since August&nbsp;2004. From March, 2004 through July&nbsp;2004, Mr.&nbsp;Sharng was the Chief
Financial Officer of NorthPole Limited, a privately held Hong Kong-based manufacturer and
distributor of outdoor recreational equipment. From October&nbsp;2000 through February&nbsp;2004, Mr.&nbsp;Sharng
was the Senior Vice President and Chief Financial Officer of Ultrak Inc., which changed its name to
American Building Control Inc. in 2002, a Texas-based, publicly traded company listed on NASDAQ
that designed and manufactured security systems and products. From March&nbsp;1989 through July&nbsp;2000,
Mr.&nbsp;Sharng worked at Mattel, Inc., most recently as the Vice President of International Finance.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Terry
L. LaCore. </B>Mr.&nbsp;LaCore has been the Chief Executive Officer of Lexxus since March&nbsp;2001
and a director of the Company since March&nbsp;2003. From March&nbsp;1999


<P align="center" style="font-size: 10pt">18
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<P align="left" style="font-size: 10pt">until February&nbsp;2001, Mr.&nbsp;LaCore was President of Kaire Nutraceuticals, Inc. From September
1997 until March&nbsp;1999, Mr.&nbsp;LaCore was President of Visionquest International Inc., a network
marketing company that subsequently changed its name to Netvision International, Inc. From March
1997 until September&nbsp;1997, Mr.&nbsp;LaCore was an independent distributor with Visionquest
International, Inc.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Keith C. Zagar. </B>Mr.&nbsp;Zagar has been the Chief Operating Officer and General Counsel for the
Company since February&nbsp;2005. Mr.&nbsp;Zagar joined the Company in November&nbsp;2004 as Senior Legal Counsel.
From February&nbsp;2001 to December&nbsp;2004, Mr.&nbsp;Zagar was co-founder and President of Guild Electrical &#038;
Telecom Services, a commercial electrical contractor and provider of specialized services, support,
and equipment installations for telecommunications companies. Prior to 2001, Mr.&nbsp;Zagar was engaged
in the private practice of law since 1981.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>John Cavanaugh</B>. Mr.&nbsp;Cavanaugh has been the Chief Executive Officer of MarketVision since its
founding in 2000 and its President after its acquisition by the Company in March&nbsp;2004. From 1997
until 2000, Mr.&nbsp;Cavanaugh was the founder and CEO of WebWizard LLC, an internet application design
company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Richard S. Johnson. </B>Mr.&nbsp;Johnson is the President of Lexxus Japan and in charge of operations
in Japan since November&nbsp;2004. From 2000 through 2004 Mr.&nbsp;Johnson managed RSJ Strategic Advisory, a
consulting firm he founded. From 1990 to 1999 Mr.&nbsp;Johnson was Senior Vice President of Amway
Corporation with responsibility for the company&#146;s businesses in Japan and Korea. In Japan, Mr.
Johnson was Representative Director and President of Amway Japan Limited. Prior to that Mr.&nbsp;Johnson
led Asia-based businesses for Tupperware, R.J. Reynolds and PepsiCo.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Timothy S. Davidson</B>. Mr.&nbsp;Davidson has been the Company&#146;s Chief Accounting Officer since
September&nbsp;2004. From March&nbsp;2001 to
September&nbsp;2004, Mr.&nbsp;Davidson was Corporate Controller for telecommunications company Celion
Networks, Inc., located in Richardson, Texas. From February&nbsp;2000 to February&nbsp;2001, Mr.&nbsp;Davidson was Manager of Financial
Reporting for Dallas-based telecommunications company IP Communications, Inc. From December&nbsp;1994 through January&nbsp;2000, Mr.
Davidson was employed by Arthur Andersen, LLP, most recently as an Audit Manager.


<P align="left" style="font-size: 10pt"><B>Summary Compensation Table</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the annual and long-term compensation of the President and
executive officers earning in excess of $100,000 in the fiscal year ended December&nbsp;31, 2004 (the
&#147;Named Executive Officers&#148;):


<P align="center" style="font-size: 10pt">19
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>LONG-TERM</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>ANNUAL COMPENSATION</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>COMPENSATION AWARDS</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities Underlying</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Salary($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Options(#)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark D. Woodburn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2004</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">18,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">4,000</TD>
    <TD nowrap valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2003</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">15,979</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2002</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">18,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">570,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terry L. LaCore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2004</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">150,207</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">24,000</TD>
    <TD nowrap valign="top">(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Executive
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2003</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">144,231</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">24,000</TD>
    <TD nowrap valign="top">(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Officer of Lexxus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2002</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">24,000</TD>
    <TD nowrap valign="top">(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">570,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chris Sharng</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2004</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">92,885</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34,124</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executive Vice
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2003</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">President and Chief
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2002</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Cavanaugh</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2004</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">147,843</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">253,580</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">President of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2003</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MarketVision
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2002</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comm. Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Approximate amount pertaining to personal travel expenses paid by the Company</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Approximate amount pertaining to a housing allowance for a house maintained for Mr.
LaCore&#146;s use in Dallas, Texas ($14,000) and personal travel expenses paid by the Company
($10,000)</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Pertains to a housing allowance for a house maintained for Mr.&nbsp;LaCore&#146;s use in Dallas,
Texas</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>Option Grants in Last Fiscal Year</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding options granted to each Named Executive
Officer during 2004 and the values of such options held by such individuals at fiscal year end:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Potential Realizable Value</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>At Assumed Annual Rates</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Granted to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Of Stock Appreciation for</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Date of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Employees in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Option Term (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Grant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Granted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fiscal Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>$/Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>5%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>10%</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Cavanaugh</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3/31/04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">253,580</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">73.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3/31/11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,607,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,214,634</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chris Sharng</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/24/04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">34,124</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/23/14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">194,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">389,014</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">The amounts under these columns reflect calculations at assumed 5% and 10% appreciation rates
and, therefore, are not intended to forecast future appreciation, if any, of the respective
underlying common stock. The potential realizable value to the optionees was computed as the
difference between the appreciated value, at the expiration dates of the stock options, of the
applicable underlying common stock obtainable upon exercise of such stock options over the
aggregate exercise price of such stock options.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">20
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">The options are 100% vested and were granted to Mr.&nbsp;Cavanaugh in connection with the
Company&#146;s MarketVision acquisition. See &#147;Governance of the Company&#151;Certain Relationships and
Related Transactions&#151;What related party transactions involved Directors?&#148; for a description of
the MarketVision transaction.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Of the total 34,124 options granted Mr.&nbsp;Sharng, 4,992 options vested January&nbsp;31, 2005, 833
vested on March&nbsp;1, 2005, and an additional 833 will vest each month thereafter up to the total
grant of 34,124 options.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>Aggregate Option Exercises in Last Fiscal Year and Fiscal Year-End Option Values</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information concerning the exercise of stock options during the
year ended December&nbsp;31, 2004 by the Named Executive Officers and the number and aggregate value of
unexercised in-the-money options for stock options at December&nbsp;31, 2004. The actual amount, if any,
realized on exercise of stock options will depend on the amount by which the market price of the
Company&#146;s common stock on the date of exercise exceeds the exercise price. The actual value
realized on the exercise of unexercised in-the-money stock options (whether exercisable or
unexercisable) may be higher or lower than the values reflected in this table.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Value of Unexercised in the</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Acquired on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Underlying Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Money Options at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercise(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Realized ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Options at FY-End (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>FY-End ($) (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark D. Woodburn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,117,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terry L. LaCore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,200,000</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,234,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chris Sharng</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John
Cavanaugh</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Based upon a closing price on December&nbsp;31, 2004 of $11.20 per share as reported by OTC
Bulletin Board.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 600,000 options held by the LaCore and Woodburn Partnership, a general partnership
owned by Messrs.&nbsp;LaCore and Woodburn.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>Equity Compensation Plan Information</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information as of December&nbsp;31, 2004 with respect to the Company&#146;s
common stock that may be issued under its existing equity compensation plans. The table shows the
number of securities to be issued under compensation plans that have been approved by shareholders
and those that have not been so approved. The footnotes and other information following the table
are intended to provide additional detail on the compensation plans.


<P align="center" style="font-size: 10pt">21
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(b)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(c)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(a)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted-average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number&nbsp;of&nbsp;securities remaining</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number&nbsp;of&nbsp;securities to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>exercise price of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>available for future issuance under</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>be&nbsp;issued&nbsp;upon exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>equity compensation plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>outstanding&nbsp;options,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>options, warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(excluding securities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Plan category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>warrants and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>reflected&nbsp;in&nbsp;column&nbsp;(a))</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation plans
or arrangements approved
by security holders(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">880,876</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation plans
or arrangements not
approved by security
holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,331,419</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,675,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">880,876</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">A total of 1,225,000 shares of common stock are reserved under our 2002 Stock Plan approved
by shareholders in May&nbsp;2003. The proposed Amendment No.&nbsp;2 to the 2002 Stock Plan would,
among other things, increase the number of available option shares to 1,550,000. (See Item
Three)</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes (i)&nbsp;options exercisable for 570,000 shares of common stock
issued to the LaCore and Woodburn Partnership, (ii)&nbsp;options
exercisable for 570,000 shares of common stock issued to Mr.&nbsp;LaCore,
(iii)&nbsp;options exercisable for 30,000 shares of common stock issued to
Benchmark Consulting Group (which was subsequently assigned to the
LaCore and Woodburn Partnership) (also see &#147;Option Agreements&#148;
below), (iv)&nbsp;options exercisable for 30,000 shares of common stock
issued to Mr.&nbsp;LaCore on January&nbsp;18, 2001, (v)&nbsp;options exercisable for 125,000
shares of common stock issued to certain members of the Company&#146;s
board of directors, (vi)&nbsp;warrants exercisable for 1,419 shares of
common stock issued to Series&nbsp;J Warrant holders on March&nbsp;3, 2000
exercisable at $141.00 per share through March&nbsp;31, 2005, and (vii)
options exercisable for 5,000 shares of common stock issued to an
unrelated party on April&nbsp;9, 2003 exercisable at $1.80 per share
through April&nbsp;9, 2006.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>2002 Stock Option Plan</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the principal features of the 2002 Stock Plan (the &#147;2002 Stock
Plan&#148;). The summary is qualified in its entirety by reference to the complete text of the 2002
Stock Plan, together with Amendment No.&nbsp;1 thereto adopted in 2003 and proposed Amendment No.&nbsp;2, are
attached hereto as Annex C.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares of common stock with respect to which awards may be presently
granted pursuant to the 2002 Stock Plan, as amended, is 1,225,000 shares. In Item&nbsp;Three, we are
proposing to increase the maximum number of shares to 1,550,000. As of December&nbsp;31, 2004, there
were 344,124 options issued under the 2002 Stock Plan at exercise prices ranging from $11.40 to
$18.11. Shares issuable under the 2002 Stock Plan may be either treasury shares or authorized but
un-issued shares. The number of shares available for issuance would be subject to adjustment to
prevent dilution in the event of stock splits, stock dividends or other changes in the
capitalization of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with Rule&nbsp;16b-3 of the Securities Exchange Act of 1934, the 2002 Stock
Plan shall be administered by the Board of Directors of the Company or, in the event the Board
shall appoint and/or authorize a committee, such as the Compensation Committee, of two or more
members of the Board to administer the 2002 Stock Plan, by such committee (the &#147;Plan
Administrator&#148;). Except for the terms and conditions explicitly set forth in the 2002 Stock Plan,
and subject to applicable provisions of the Internal


<P align="center" style="font-size: 10pt">22
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<P align="left" style="font-size: 10pt">Revenue Code of 1986, as amended (the &#147;Code&#148;), the Plan Administrator shall have the
authority, in its discretion, to determine all matters relating to the options to be granted under
the Plan, including, without limitation, selection of whether an option would be an incentive stock
option or a nonqualified stock option, selection of the individuals to be granted options, the
number of shares to be subject to each option, the timing of grants and all other terms and
conditions of the options.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options granted under the 2002 Stock Plan may be incentive stock options within the meaning
of Section&nbsp;422 of the Code (&#147;Incentive Options&#148;) or stock options which are not incentive stock
options (so called &#147;non-statutory stock options&#148; or &#147;Non-Incentive Options&#148;)(Incentive Options and
Non-Incentive Options are collectively hereinafter referred to as &#147;Options&#148;). Each Option may be
exercised in whole or in part; provided, that only whole shares may be issued pursuant to the
exercise of any Option. Subject to any other terms and conditions herein, the Plan Administrator
may provide that an Option may not be exercised in whole or in part for a stated period or periods
of time during which such Option is outstanding; provided, that the Plan Administrator may rescind,
modify, or waive any such limitation (including by the acceleration of the vesting schedule upon a
change in control of the Company) at any time and from time to time after the grant date thereof.
During an optionee&#146;s lifetime, any Incentive Options granted under the Plan are personal to such
optionee and are exercisable solely by such optionee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Item&nbsp;Three, we are proposing that the exercise prices for all Non-Incentive Options be
required to be equal to or exceed the fair market value of the underlying shares on the date of
grant. Also in Item&nbsp;Three, the exercise prices for Non-Incentive Options will be prohibited at any
time from being reduced to below the fair market value of the stock on date of grant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan Administrator can determine at the time the Option is granted in the case of
Incentive Options, or at any time before exercise in the case of Non-Incentive Options, that
additional forms of payment would be permitted. To the extent permitted by the Plan Administrator
and applicable laws and regulations (including, without limitation, federal tax and securities laws
and regulations and state corporate law), an Option exercise price may also be paid as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;in shares of common stock held for the lesser of (A)&nbsp;six months or (B)&nbsp;the requisite
period necessary to avoid a charge to the Company&#146;s earnings for financial reporting purposes and
valued at fair market value on the exercise date, or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;to the extent the option is exercised for vested shares, through a special sale and
remittance procedure pursuant to which the Option holder shall concurrently provide irrevocable
instructions (A)&nbsp;to a Company-designated brokerage firm to effect the immediate sale of the
purchased shares and remit to the Company, out of the sale proceeds available on the settlement
date, sufficient funds to cover the aggregate exercise price payable for the purchased shares plus
all applicable Federal, state and local income and employment taxes required to be withheld by the
Company by reason of such exercise and (B)&nbsp;to the Company to deliver the certificates for the
purchased shares directly to such brokerage firm in order to complete the sale.


<P align="center" style="font-size: 10pt">23
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be in compliance with the Sarbanes-Oxley Act of 2002, we are proposing in Item&nbsp;Three to
eliminate a payment method by which participants can deliver a promissory note to the Company in
exercising their exercisable options.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon a merger or consolidation in which securities possessing more than 50% of the total
combined voting power of the Company&#146;s outstanding securities are transferred to a person different
from the person holding those securities immediately prior to such transaction, the sale, transfer
or other disposition of all or substantially all of the Company&#146;s assets in complete liquidation or
dissolution of the Company the sale, transfer or other disposition of all or substantially all of
the Company&#146;s assets to an unrelated entity, or a change in the identity of more than three (3)
directors over a two-year period (each, a &#147;Corporate Transaction&#148;), any award carrying a right to
exercise that was not previously exercisable shall become fully exercisable; the restrictions,
deferral limitations and forfeiture conditions applicable to any other award granted shall lapse;
and any performance conditions imposed with respect to awards shall be deemed to be fully achieved.
In Item&nbsp;Three, we are proposing to reduce the number of stock options that become exercisable upon
a Corporate Transaction to a level that prevents any such change from triggering a 20% excise tax
on a portion of the value of their option shares, in regulations known as the &#147;golden parachute
rules&#148;.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Options granted under the 2002 Stock Plan may not be transferred, pledged,
mortgaged, hypothecated or otherwise encumbered other than by will or under the laws of descent and
distribution, except that the Plan Administrator may permit transfers of awards for estate planning
purposes if, and to the extent, such transfers do not cause a participant who is then subject to
Section&nbsp;16 of the Securities Exchange Act of 1934 to lose the benefit of the exemption under Rule
16b-3 for such transactions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional rules apply under the Code to the grant of Incentive Options. For instance, an
Incentive Option must be exercised within 10&nbsp;years after the date of grant, unless granted to an
individual owning more than 10% of the Company&#146;s stock, in which case the exercise period may not
exceed five (5)&nbsp;years. Similarly, an Incentive Option must be granted at an exercise price that
equals or exceeds 100% of the fair market value of the underlying stock at the time of grant, a
threshold that is increased to 110% of such fair market value in the case of a grant to an
individual owning more than 10% of the Company&#146;s stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For federal income tax purposes, the grant to an optionee of a Non-Incentive Option generally
would not constitute a taxable event to the optionee or to the Company. Upon exercise of a
Non-Incentive Option (or, in certain cases, a later tax recognition date), the optionee would
recognize compensation income taxable as ordinary income, measured by the excess of the fair market
value of the common stock purchased on the exercise date (or later tax recognition date) over the
amount paid by the optionee for such common stock, and would be subject to federal income tax
withholding. Upon recognition of income by the optionee, the Company may claim a deduction for the
amount of such compensation. The optionee would have a tax basis in the common stock purchased
equal to the amount paid plus the amount of ordinary income recognized upon exercise of the
Non-Incentive Option.




<P align="center" style="font-size: 10pt">24
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<P align="left" style="font-size: 10pt">Upon the subsequent sale of the common stock received upon exercise of the Non-Incentive
Option, an optionee would recognize capital gain or loss equal to the difference between the amount
realized on such sale and his tax basis in the common stock, which may be a long-term capital gain
or loss if the optionee holds the common stock for more than one year from the exercise date.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For federal income tax purposes, in general, neither the grant nor the exercise of an
Incentive Option would constitute a taxable event to the optionee or to the Company, assuming the
Incentive Option qualifies as an &#147;incentive stock option&#148; under Code &#167;422. If an optionee does not
dispose of the common stock acquired upon exercise of an Incentive Option during the statutory
holding period, any gain or loss upon subsequent sale of the common stock would be a long-term
capital gain or loss, assuming the shares represent a capital asset in the optionee&#146;s hands. The
statutory holding period is the later of two years from the date the Incentive Option is granted or
one year from the date the common stock is transferred to the optionee pursuant to the exercise of
the Incentive Option. If the statutory holding period requirements are satisfied, the Company may
not claim any federal income tax deduction upon either the exercise of the Incentive Option or the
subsequent sale of the common stock received upon exercise thereof. If the statutory holding
period requirement is not satisfied, the optionee would recognize compensation income taxable as
ordinary income on the date the common stock is sold (or later tax recognition date) in an amount
equal to the lesser of (i)&nbsp;the fair market value of the common stock on that date less the amount
paid by the optionee for such common stock, or (ii)&nbsp;the amount realized on the disposition of the
common stock less the amount paid by the optionee for such common stock; the Company may then claim
a deduction for the amount of such compensation income.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The federal income tax consequences summarized hereinabove are based upon current law and are
subject to change.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may amend, alter, suspend, discontinue or terminate the 2002 Stock Plan at any time,
except that any such action shall be subject to shareholder approval at the annual meeting
following such Board action if such shareholder approval is required by federal or state law or
regulation or the rules of any exchange or automated quotation system on which the common stock may
then be listed or quoted, or if the Board of Directors otherwise determines to submit such action
for shareholder approval. In addition, no amendment, alteration, suspension, discontinuation or
termination to the 2002 Stock Plan may materially impair the rights of any participant with respect
to any vested Option granted before amendment without such participant&#146;s consent. Unless terminated
earlier by the Board, the 2002 Stock Plan shall terminate upon the earliest to occur of (i)
November&nbsp;17, 2012, or (ii)&nbsp;the date on which all shares of common stock available for issuance
under the 2002 Stock Plan shall have been issued as vested shares. Upon such 2002 Stock Plan
termination, all Options and unvested stock issuances outstanding under the 2002 Stock Plan shall
continue to have full force and effect in accordance with the provisions of the agreements.


<P align="center" style="font-size: 10pt">25
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;Three presented to the shareholders for consideration pertains to proposed amendments to
the 2002 Stock Plan. See &#147;Item&nbsp;Three&#151;Amendments to 2002 Stock Option Plan&#148;


<P align="left" style="font-size: 10pt"><B>Employment Agreements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2004, the Company entered into an employment agreement with Chris Sharng pursuant to
which Mr.&nbsp;Sharng agreed to serve as the Company&#146;s Executive Vice President and Chief Financial
Officer. The term of Mr.&nbsp;Sharng&#146;s employment commenced on August&nbsp;1, 2004 and ends on December&nbsp;31,
2007. The Company agreed to pay Mr.&nbsp;Sharng an annual base salary of $230,000, for the first year
of the term and a base salary of $250,000 thereafter. Pursuant to the agreement, Mr.&nbsp;Sharng
received options under the Company&#146;s 2002 Stock Plan to purchase 34,124 shares of Common Stock at
an exercise price equal to $11.40 per share, the closing market price on the date of grant. These
options vest beginning with 4,992 options vesting on January&nbsp;31, 2005, and 832 options vesting
monthly thereafter. In addition, Mr.&nbsp;Sharng is entitled to receive a performance bonus based upon
the performance of his duties and the Company&#146;s financial performance as determined by the
Company&#146;s Compensation Committee or Board of Directors. However, for the years ending December&nbsp;31,
2004 and 2005, Mr.&nbsp;Sharng is entitled to receive a bonus of not less than $50,000. An amount of
$50,000 for the year ending December&nbsp;31, 2004 was paid in February&nbsp;2005. The employment agreement
contains other customary terms and conditions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;7, 2004, the Company entered into employment agreements with Oscar de la Mora and
Jose Villarreal Patino respectively as the General Manager and the Adjunct General Manager for
Lexxus Mexico. Each of the two is paid an annual base salary of $200,000 during the five-year term
of the agreements, and they are also eligible for a performance based restricted share grant based
on Lexxus Mexico reaching specific targets of revenue and earnings before interest, tax,
depreciation and amortization per year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of November&nbsp;1, 2004, the Company and Lexxus Japan entered into an employment agreement with
Richard Johnson pursuant to which Mr.&nbsp;Johnson agreed to serve as the Company&#146;s President &#151; Japan
and as the Representative Director of Lexxus Japan. The term of Mr.&nbsp;Johnson&#146;s employment with the
Company commenced on November&nbsp;1, 2004 and ends on December&nbsp;31, 2006. The Company agreed to pay Mr.
Johnson an annual base salary of $480,000 as well as a performance bonus in accordance with the
Company&#146;s bonus program as approved by the Compensation Committee of the Board of the Directors.
Pursuant to the agreement, Mr.&nbsp;Johnson is entitled to be reimbursed for reasonable business
expenses as well as expenses related to relocating to, and living in, Japan. In addition, the
Company has agreed to pay for travel expenses, certain living allowances, local transportation,
certain form of tax equalization and certain club membership fees on behalf of Mr.&nbsp;Johnson. The
employment agreement with Mr.&nbsp;Johnson contains other customary terms and conditions.


<P align="center" style="font-size: 10pt">26
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<P align="left" style="font-size: 10pt">See &#147;Governance of the Company&#151;Certain Relationships and Related Transactions&#151;What related party
transactions involved Directors?&#148; for a description of the employment agreements with John
Cavanaugh and Jason Landry.



<P align="left" style="font-size: 10pt"><B>Option Agreements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2001, the Company entered into a consulting contract with Benchmark Consulting
Group, an affiliate of Mark Woodburn, the Company&#146;s President and former Chief Financial Officer,
and Terry L. LaCore, the Chief Executive Officer of Lexxus International, both directors of the
Company, pursuant to which Benchmark agreed to advise the Company in connection with the
acquisition of, startup of, and/or merger with other companies introduced to, the Company by
Benchmark, and any divesture of, the Company&#146;s assets, subsidiaries, or the sale of, the Company
itself. The Company issued to Benchmark options to purchase an aggregate of 30,000 shares of
Common Stock at an exercise price of $1.10 per share. The options vested upon issuance and expire
on January&nbsp;18, 2011. In September&nbsp;2002, such options were assigned to the LaCore and Woodburn
Partnership, a general partnership owned by Terry L. LaCore and Mark Woodburn.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;2002, the Company issued options to purchase 60,000 shares of common stock to each of
Sir Brian Wolfson and Mr.&nbsp;Randall A. Mason as compensation for serving as directors of the Company.
The options are exercisable at $1.50 per share until July&nbsp;24, 2007. In April&nbsp;2003, the Company
issued options to purchase 5,000 shares of common stock to Robert H. Hesse as compensation for
serving as a director of the Company. The options granted Mr.&nbsp;Hesse are exercisable at $1.80 per
share until April&nbsp;9, 2006.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of October&nbsp;14, 2002, in exchange for Mr.&nbsp;LaCore&#146;s execution of the amendment to the LaCore
Option and as compensation for Mr.&nbsp;LaCore&#146;s exemplary performance of his duties as Chief Executive
Officer of Lexxus, the Company granted to Mr.&nbsp;LaCore options exercisable for 570,000 shares of
common stock at an exercise price of $1.00 per share for a period of ten (10)&nbsp;years (the &#147;New
LaCore Option&#148;). In November&nbsp;2002, the New LaCore Option was amended to require the option holder
to obtain Company approval before such holder could use the cashless exercise feature.
Subsequently, the Company has accounted for the options as fixed options.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of October&nbsp;14, 2002, in exchange for the LaCore and Woodburn Partnership&#146;s execution of the
amendment to the Benchmark Option and as compensation for Mr.&nbsp;Woodburn&#146;s exemplary performance of
his duties as President of the Company, the Company issued to the Partnership options exercisable
for 570,000 shares of common stock at an exercise price of $1.00 per share for a period of ten (10)
years (the &#147;Partnership Option&#148;). In November&nbsp;2002, the Partnership Option was amended to require
the option holder to obtain Company approval before such holder could use the cashless exercise
feature.


<P align="center" style="font-size: 10pt">27
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<DIV align="left">
<A name="106"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>COMPARISON OF CUMULATIVE TOTAL RETURN</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the performance of the Company&#146;s common stock with the
performance of the NASDAQ Stock Market (U.S. and Foreign)(&#147;the NASDAQ Index&#148;) and a peer group
index over the five-year period extending through the fiscal year ending December&nbsp;31, 2004. The
graph assumes that $100 was invested on December&nbsp;31, 1999 in the Company&#146;s common stock, the NASDAQ
Index and the peer group index and that all dividends, as applicable, were reinvested.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The peer group index is a self-determined group of companies and consists of companies engaged
in the direct selling business that were selected by the Company. These peer group companies are:
AMS Health Sciences Inc., Mannatech Inc., Natures Sunshine Products Inc., Nu Skin Enterprises Inc.,
Reliv International Inc., and USANA Health Sciences Inc.


<P align="center" style="font-size: 10pt"><IMG src="d23729d2372900.gif" alt="(LINE GRAPH)">




<P align="center" style="font-size: 10pt">28
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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left">
<A name="107"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>ITEM ONE</B>


<DIV align="left">
<A name="108"></A>
</DIV>

<P align="center" style="font-size: 10pt"><U><B>ELECTION OF DIRECTORS</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the By-Laws of the Company (the &#147;By-Laws&#148;), the number of directors may be fixed from
time to time by action of the shareholders or of the directors, with all directors elected by the
shareholders each year at the annual shareholder&#146;s meeting. The Company&#146;s board presently consists
of five (5)&nbsp;directors whose term expires at the annual meeting. Officers are elected annually by
and serve at the discretion of the Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee of the Board has nominated and are recommending the election of each
of five (5)&nbsp;nominees set forth below to serve as a director until the next annual meeting of the
Company&#146;s shareholders or until his successor is duly elected and qualified. The names and
biographical summaries of the five (5)&nbsp;persons who have been nominated by the Nominating Committee
of the Board to stand for election at the annual meeting have been provided below for your
information. The Board of Directors has proposed that these persons be elected at the annual
meeting to serve until the next annual meeting of shareholders. Proxies will be voted for the
election of the five (5)&nbsp;nominees listed below as directors of the Company unless otherwise
specified on the form provided. A plurality of the votes cast by holders of Common Stock present
in person or represented by proxy at the annual meeting will be necessary to elect the directors
listed below. If, for any reason, any of the nominees shall be unable or unwilling to serve, the
proxies will be voted for a substitute nominee who will be designated by the Board of Directors at
the annual meeting. Shareholders may withhold authority from voting for one or more nominees by
marking the appropriate boxes on the enclosed proxy card. Withheld votes shall be counted
separately and shall be used for purposes of calculating whether a quorum is present at the
meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the proposed nominees are re-elected as the members of the Board of Directors
(this Item&nbsp;One) and the proposal to reincorporate the Company from the State of Florida to the
State of Delaware is approved (see Item&nbsp;Three) and implemented, then such directors will continue
as directors of the surviving Delaware company.


<P align="left" style="font-size: 10pt"><B>Biographical Summaries of Nominees for the Board of Directors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sir Brian Wolfson. </B>Sir Brian was elected Chairman of the Board in May&nbsp;2003 and previously
served as Chairman of the Board from 1998 to 2000. Sir Brian served as Chairman of the Board of
Wembley PLC from 1986 to 1995. He was a Director of Fruit of the Loom, Inc. from 1992 until 2002,
while serving as the Chairman of the Board from 2000 until 2002. Currently, Sir Brian is a
Director of Kepner-Tregoe, Inc. and Scientific Games Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mark D. Woodburn. </B>Mr.&nbsp;Woodburn has been a director of the Company since August&nbsp;2000, the
Chief Financial Officer and Secretary of the Company since April&nbsp;1999, and the Company&#146;s President
since September&nbsp;2000. In August&nbsp;2004, Mr.&nbsp;Woodburn resigned as Chief Financial Officer of the
Company. From October&nbsp;1992 until February


<P align="center" style="font-size: 10pt">29
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">1999, Mr.&nbsp;Woodburn served as a director and the Secretary of Kaire International, Inc. Mr.
Woodburn has also served as the Chief Financial Officer of Lexxus International, Inc., a
wholly-owned subsidiary of the Company, since March&nbsp;2001.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Terry
L. LaCore. </B>Mr.&nbsp;LaCore has been the Chief Executive Officer of Lexxus since March&nbsp;2001
and a director of the Company since March&nbsp;2003. From March&nbsp;1999 until February&nbsp;2001, Mr.&nbsp;LaCore
was President of Kaire Nutraceuticals, Inc. From September&nbsp;1997 until March&nbsp;1999, Mr.&nbsp;LaCore was
President of Visionquest International Inc., a network marketing company that subsequently changed
its name to Netvision International, Inc. From March&nbsp;1997 until September&nbsp;1997, Mr.&nbsp;LaCore was an
independent distributor with Visionquest International, Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Randall A. Mason. </B>Mr.&nbsp;Mason has been a director of the Company since May&nbsp;2003 and Chief
Executive Officer of Marden Rehabilitation Associates, Inc. since 1989. Marden Rehabilitation
Associates, Inc. is a private, closely held regional ancillary healthcare services provider in the
states of Ohio, W. Virginia, and Pennsylvania.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Robert H. Hesse. </B>Mr.&nbsp;Hesse has been a director of the Company since July&nbsp;2004 and the
President of the Dorchester Group, Inc., an investment banking firm, since 1992. From 1984 to
1992, Mr.&nbsp;Hesse was the President of Swartwood Hesse, Inc., a registered broker-dealer. Mr.&nbsp;Hesse
is also a director of Shortpath, Inc., an application service provider to owners and managers of
real estate, since 2001, and Two Way TV, Inc., an interactive television technology company, since
1996.


<P align="left" style="font-size: 10pt"><B>The Board recommends that shareholders vote &#147;FOR&#148; each of the persons nominated by the Board.
Unless otherwise instructed or unless authority to vote is withheld, the enclosed proxy will be
voted FOR the election of the above listed nominees and AGAINST any other nominees.</B>



<P>
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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left">
<A name="109"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>ITEM TWO</B>


<DIV align="left">
<A name="110"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>APPOINTMENT OF BDO SEIDMAN, LLP AS INDEPENDENT AUDITORS</B><U> </U><BR>
<U><B>FOR THE COMPANY FOR FISCAL YEAR ENDING DECEMBER 31, 2005</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has appointed BDO Seidman, LLP as the Company&#146;s independent auditors for
the fiscal year ending December&nbsp;31, 2005. BDO Seidman, LLP also served as the Company&#146;s
independent auditors for the previous fiscal year. Representatives of BDO Seidman, LLP are
expected to be present at the annual meeting to respond to questions and to make a statement should
they so desire.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The affirmative vote of a majority of the shares of Common Stock represented at the meeting
and entitled to vote is required for the ratification of the appointment of BDO Seidman, LLP as the
Company&#146;s independent auditors. The Audit Committee is directly responsible for the appointment
and retention of the Company&#146;s independent auditors. Although ratification by shareholders is not
required by the Company&#146;s organizational documents or applicable law, the Audit Committee has
determined that requesting ratification by shareholders of its appointment of BDO Seidman, LLP as
the Company&#146;s independent auditors is a matter of good corporate practice. If the Company&#146;s
shareholders do not ratify the selection, the Audit Committee will reconsider whether or not to
retain BDO Seidman, LLP, but may still determine to retain them. Even if the selection is
ratified, the Audit Committee, in its discretion, may change the appointment at any time during the
year if it determines that such a change would be in the best interest of the Company and its
shareholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;17, 2003, the Audit Committee and the Board of Directors of the Company approved
the dismissal of Sherb &#038; Co., LLP (&#147;Sherb&#148;) as the Company&#146;s independent auditors of the Company&#146;s
financial statements for the year ended December&nbsp;31, 2003. The Company restated its financial
statements for each of the quarterly and annual periods during the fiscal years ended December&nbsp;31,
2001 and 2002, as well as the first three quarterly periods of 2003 (collectively, the
&#147;Restatements&#148;), and Sherb assisted the Company with respect to the Restatements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the two most recent fiscal years and any subsequent interim period preceding Sherb&#146;s
dismissal, there were no disagreement(s) with Sherb on any matter of accounting principles or
practice, financial statement disclosure or auditing scope or procedure, which disagreement(s), if
not resolved to the satisfaction of Sherb, would have caused it to make reference to the subject
matter of the disagreement(s) in connection with its report.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, no &#147;reportable events&#148; (as defined in 304 (a) (1) (v)&nbsp;of Regulation&nbsp;S-K) were
reported during the Company&#146;s two most recent fiscal years and any subsequent interim period
preceding Sherb&#146;s dismissal.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Audit Committee and Board of Directors approved the engagement of BDO Seidman,
LLP (&#147;BDO&#148;) as its new independent auditors as of December&nbsp;17, 2003. Except as set forth below, the
Company did not consult with BDO regarding (i)&nbsp;the application of accounting principles to a
specified transaction, either completed or


<P align="center" style="font-size: 10pt">31
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">proposed, (ii)&nbsp;the type of audit opinion that might be rendered by BDO on the Company&#146;s
financial statements, or (iii)&nbsp;any other matter that was the subject of a disagreement between the
Company and its auditor (as defined in Item&nbsp;304(a)(1)(iv) of Regulation&nbsp;S-K and its related
instructions) or a reportable event (as described in Item&nbsp;304(a) (1)(v) of Regulation&nbsp;S-K).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;6, 2003, the Company, through the Audit Committee, engaged BDO to (i)&nbsp;review the
Company&#146;s tax returns and related work papers for the years ending December&nbsp;31, 1997, 1998, 1999
and 2000, each of which were prepared by Sherb, (ii)&nbsp;prepare the 2001 and 2002 tax returns, and
(iii)&nbsp;consult with management on the income tax provision recorded for the third quarter ended
September&nbsp;30, 2003. In addition, on November&nbsp;12, 2003, the Company&#146;s Audit Committee engaged BDO to
perform certain procedures with respect to (i)&nbsp;the Company&#146;s revenue recognition policy related to
annual fees charged to distributors, (ii)&nbsp;the recognition of the gain resulting from the sale of
Kaire Nutraceuticals, Inc. (&#147;Kaire&#148;), a wholly-owned subsidiary in 2001, and (iii)&nbsp;the Company&#146;s
policy for estimating and recording the allowance for sales returns.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO has consulted with the Company on each of the above referenced matters. As a result of
such consultation and from its own reevaluation of its financial statements, the Company determined
that it inadvertently applied the incorrect accounting treatment with respect to the following
items (the &#147;Restatement Items&#148;):


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>revenue recognition with respect to administrative enrollment fees;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>revenue cut-off between 2002 and 2003;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>accounts receivable reconciliation to supporting documents;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)&nbsp;&nbsp;</TD>
    <TD>reserves established for product returns and refunds;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)&nbsp;&nbsp;</TD>
    <TD>the gain recorded in connection with the sale of a subsidiary in 2001;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)&nbsp;&nbsp;</TD>
    <TD>income tax provisions; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vii)&nbsp;&nbsp;</TD>
    <TD>stock option based compensation.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequently, the Company has amended and restated its financial statements for each quarter
in 2001, 2002 and 2003 as well as for the years ended December&nbsp;31, 2001 and 2002.


<P align="left" style="font-size: 10pt"><B>Audit and Other Professional Fees</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with the Audit Committee&#146;s responsibility for engaging our independent auditors,
subsequent to December&nbsp;17, 2003, all audit and permitted non-audit services require pre-approval by
the Audit Committee. Subsequent to December&nbsp;17, 2003, all services performed by the auditors were
pre-approved. During 2003 and 2004, the Audit Committee approved all services performed by the
auditors. Aggregate fees for which we have been billed for services rendered by Sherb and BDO are presented as follows:

<P align="center" style="font-size: 10pt">32
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Sherb</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">BDO</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Year Ended December 31,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-related<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">586</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Audit fees consist of services that would
normally be provided in connection with statutory and regulatory filings or engagements, including services that generally only the independent accountant can reasonably provide.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</sup></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Audit-related fees relate to assurance and
associated services that traditionally are performed by the independent accountant, including: attest services that are not
required by statute or regulation; accounting consultation and audits in connection with mergers, acquisitions and divestitures;
employee benefit plan audits; and consultation concerning financial accounting and reporting standards.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</sup></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Tax fees relate to services performed for tax compliances, planning, and advice.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt"><B>The Board recommends that shareholders vote &#147;FOR&#148; the ratification of the appointment of BDO
Seidman, LLP as independent public auditors for the Company for the fiscal year ended
December&nbsp;31, 2005. Unless marked to the contrary, proxies received from shareholders will be voted
in favor of the ratification of the appointment of BDO Seidman, LLP as independent public
auditors for the Company for the fiscal year ended December&nbsp;31, 2005.</B>



<P>
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<P>




<P align="center" style="font-size: 10pt">33
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left">
<A name="111"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>ITEM THREE</B>


<DIV align="left">
<A name="112"></A>
</DIV>

<P align="center" style="font-size: 10pt"><U><B>APPROVAL OF AMENDMENTS TO THE 2002 STOCK OPTION PLAN</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of the principal features of the 2002 Stock Plan (the &#147;2002 Stock Plan&#148;) are set
forth in this proxy statement. See &#147;Executive Compensation&#151;2002 Stock Option Plan.&#148; A copy of the
2002 Stock Plan, Amendment No.&nbsp;1 adopted in 2003, and the proposed Amendment No.&nbsp;2 are attached as
Annex C to this proxy statement. The proposed amendments to the 2002 Stock Plan are as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Require that all non-statutory stock options be granted at an exercise price
that equals or exceeds the fair market value of the underlying shares on the
date of the grant,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Exclude the 2002 Stock Plan from classification as an ERISA plan,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Eliminate the ability of an option participant to pay the exercise price with
the delivery of a promissory note or otherwise with the proceeds of a Company
loan,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Reduce the number of stock options exercisable upon a change in control of
the Company, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Increase the maximum number of shares of the Company&#146;s common stock available
for issuance under the 2002 Stock Plan from 1,225,000 shares to 1,550,000
shares.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>American Jobs Creation Act of 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;22, 2004, President Bush signed the <I>American Jobs Creation Act of 2004 </I>(&#147;the Act&#148;),
representing the first major corporate tax legislation since 1986. In addition to its tax relief
provisions, the Act, among other things, contains important new restrictions on deferred
compensation. It enacts new requirements for &#147;nonqualified deferred compensation&#148; plans, including
new reporting requirements, restrictions on the timing and form of elections to defer income, the
timing of distributions, and certain other technical requirements. If these requirements are not
met, the participant is subject to an accelerated tax liability, enhanced underpayment interest,
and an additional 20% tax. &#147;Nonqualified deferred compensation&#148; plans are broadly defined to
include any plan providing for the deferral of compensation other than a qualified employer plan
and any bona fide vacation leave, sick leave, compensatory time, disability pay, or death benefit
plan. General stock option arrangements in which the exercise price is at least equal to the fair
market value of the underlying stock on the date of the grant are not considered to be nonqualified
deferred compensation plans. But, if the stock option arrangement includes a deferral feature
other than the feature that the option holder may exercise the option in the future, the stock
option plan will fall under the new rule. Incentive stock options and employee stock purchase
plans are not subject to the new rules, however, any discounted stock options or stock appreciation
rights are subject to the new rules.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To avoid the adverse tax consequences imposed on participants if the 2002 Stock Plan were a
&#147;nonqualified deferred compensation&#148; plan under the Act, the proposed amendments require that all
non-statutory stock options be granted at an exercise price


<P align="center" style="font-size: 10pt">34
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<P align="left" style="font-size: 10pt">that equals or exceeds the fair market value of the underlying shares on the date of the grant
and excluding the 2002 Stock Plan from classification as an ERISA plan.



<P align="left" style="font-size: 10pt"><B>Company Loans</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;402 of the <I>Sarbanes Oxley Act of 2002 </I>prohibits personal loans to directors or
executive officers of the Company. The proposed amendments to the 2002 Stock Plan eliminate the
ability of an option holder to pay the exercise price with the delivery of a promissory note or
otherwise with the proceeds of a Company loan.


<P align="left" style="font-size: 10pt"><B>&#147;Golden Parachute&#148; Rules</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Internal Revenue Service rules, certain stock option plan participants could be liable
for a 20% excise tax on a portion of the value of their option shares upon a change in control of
the Company. To address this concern, the proposed amendments to the 2002 Stock Plan reduces the
number of stock options that become exercisable upon a change in control of the Company to a level
that prevents any such change in control from triggering application of the excise tax.


<P align="left" style="font-size: 10pt"><B>Maximum Number of Option Shares</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares of common stock with respect to which awards may be presently
granted pursuant to the 2002 Stock Plan is 1,225,000 shares. As of December&nbsp;31, 2004, there were
344,124 options issued under the 2002 Stock Plan at exercise prices ranging from $11.40 to $18.11
and 1,330,000 additional options outstanding under all individual option grants made prior to the
2002 Stock Plan at a weighted average exercise price of $1.06. Equity dilution from all options
outstanding or available including those under the 2002 Stock Plan (prior to amendment), represent
approximately 24% of fully diluted common shares outstanding as of December&nbsp;31, 2004. The proposed
amendments to the 2002 Stock Plan would increase that percentage to 26%, when the number of
available shares that may be issued under the 2002 Stock Plan is increased to 1,550,000 shares. The
Board believes this number represents a reasonable amount of potential equity dilution and provides
a powerful incentive for employees to increase the value of the Company for all shareholders. The
additional 325,000 shares under the 2002 Stock Plan would represent approximately 2% of the fully
diluted common shares outstanding as of December&nbsp;31, 2004.


<P align="left" style="font-size: 10pt"><B>The Board recommends that shareholders vote &#147;FOR&#148; the approval of the amendments to the 2002 Stock
Plan. Unless marked to the contrary, proxies received from shareholders will be voted in favor of
the approval of the amendments to the 2002 Stock Plan.</B>



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<DIV align="left">
<A name="113"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>ITEM FOUR</B>


<DIV align="left">
<A name="114"></A>
</DIV>

<P align="center" style="font-size: 10pt"><U><B>APPROVAL OF THE COMPANY&#146;S REINCORPORATION IN DELAWARE</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company proposes to reincorporate from the State of Florida to the State of Delaware. The
reincorporation will be effected pursuant to an Agreement and Plan of Merger (the &#147;Merger
Agreement&#148;) by and between the Company and Natural Health Trends Corp., a Delaware corporation and
the Company&#146;s wholly owned subsidiary (&#147;NHTC&#150;Delaware&#148;). The Company&#146;s directors and the director
of NHTC-Delaware unanimously approved the Merger Agreement, and subsequently the Company, as the
sole stockholder of NTHC-Delaware, adopted the Merger Agreement. The Merger Agreement is included
as Annex D to this proxy statement.


<P align="left" style="font-size: 10pt"><B>Principal Reasons for the Reincorporation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For many years, Delaware has followed a policy of encouraging incorporation in Delaware and,
in furtherance of that policy, has been the leader in adopting, construing, and implementing
comprehensive, flexible corporate laws that are responsive to the legal and business needs of the
corporations organized under the General Corporation Law of the State of Delaware (the &#147;DGCL&#148;).
Delaware has established progressive principles of corporate governance that the Company could draw
upon when making business and legal decisions. The direct benefit that Delaware law provides to
corporations indirectly benefits the shareholders, since they are the owners of the corporations,
and because Delaware law is responsive to the needs of shareholders, Delaware law also directly
benefits shareholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many corporations choose to incorporate in Delaware or choose to reincorporate in Delaware, as
the Company now proposes to do, in order to take advantage of Delaware&#146;s flexible and responsive
corporate laws. The Company believes that the Company itself and its shareholders would benefit
from the flexible corporate and legal environment provided by Delaware law, which it feels is a
more appropriate environment in which to operate than currently exists in Florida. The Company&#146;s
board of directors considered the following benefits available to Delaware corporations in deciding
to propose the reincorporation:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the DGCL, which is generally acknowledged to be the most advanced and flexible
corporate statute in the country;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the responsiveness and efficiency of the Division of Corporations of the Secretary
of State of Delaware, which uses modern computer technology;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the Delaware General Assembly, which each year considers and adopts statutory
amendments that the Corporation Law Section of the Delaware State Bar Association
proposes in an effort to ensure that the DGCL continues to be responsive to the
changing needs of businesses;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the Delaware Court of Chancery and the Delaware Supreme Court, which regularly
handle complex corporate issues and are highly regarded; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the well-established body of case law construing Delaware law, which has developed
over the last century and which provides businesses with a greater degree of
predictability than most, if not all, other jurisdictions.</TD>
</TR>

</TABLE>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company believes that, as a Delaware corporation, NHTC-Delaware would be better able to
attract and retain qualified directors and officers than it would be able to as a Florida
corporation, in part, because Delaware law is more predictable with respect to the issue of
liability of directors and officers than is Florida law. The increasing frequency of claims
against directors and officers litigated has greatly expanded the risks to directors and officers
of exercising their respective duties. The time and money required to respond to and litigate such
claims can be substantial. Although both Florida law and Delaware law permit a corporation to
include a provision in its charter that under certain circumstances reduces or limits the monetary
liability of directors for breaches of their fiduciary duty of care, the predictability of Delaware
law, as stated above, affords officers and directors a greater degree of comfort as to their risk
of liability than that afforded under Florida law. Reincorporation from Florida to Delaware may
make it easier to attract future candidates willing to serve on the Company&#146;s board of directors,
as many of these candidates already will be familiar with Delaware corporate law, including
provisions relating to director indemnification, from their past business experience.


<P align="left" style="font-size: 10pt"><B>No Change in Business, Management, Jobs or Physical Location</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the reincorporation will change the Company&#146;s legal domicile, it will not result in any
change in headquarters, business, jobs, management or location of any of the Company&#146;s offices or
facilities, number of employees, assets, liabilities or net worth, other than as a result of the
costs incident to the reincorporation, which the Company believes are immaterial. The Company&#146;s
management, including all directors and officers, will remain the same following the
reincorporation. The Company&#146;s executive officers and directors will not be entering into any new
employment agreements or other comparable arrangements in connection with the reincorporation.


<P align="left" style="font-size: 10pt"><B>NHTC-Delaware</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NHTC-Delaware, the Company&#146;s wholly owned subsidiary, was incorporated in Delaware on March&nbsp;21, 2005, under the name &#147;Natural Health Trends Corp.&#148; exclusively for the purpose of merging
with the Company to effect the reincorporation. The address and phone number of NHTC-Delaware&#146;s
principal office are the same as the Company&#146;s current address and phone number. Before the
reincorporation, NHTC-Delaware will have no material assets or liabilities and will not have
carried on any business. Upon completion of the reincorporation, the rights of the shareholders of
NHTC-Delaware will be governed by the DGCL and the certificate of incorporation (the &#147;Delaware
Certificate&#148;) and the bylaws (the &#147;Delaware Bylaws&#148;) of NHTC-Delaware.


<P align="left" style="font-size: 10pt"><B>Some Implications of the Reincorporation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement provides that the Company will merge with and into NHTC-Delaware, with
NHTC-Delaware being the surviving corporation. Under the Merger Agreement, NHTC-Delaware will
assume all of the Company&#146;s assets and liabilities, including obligations under the Company&#146;s
outstanding indebtedness and contracts, and the Company will cease to exist as a corporate entity.
The Company&#146;s existing board of


<P align="center" style="font-size: 10pt">37
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<P align="left" style="font-size: 10pt">directors and officers will become the board of directors and officers of NHTC-Delaware. The
Company&#146;s subsidiaries will become subsidiaries of NHTC-Delaware.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the effective time of the reincorporation, each outstanding share of the Company&#146;s common
stock, $0.001 par value, automatically will be converted into one share of common stock of
NHTC-Delaware, $0.001 par value. Shareholders will not have to exchange their existing stock
certificates for stock certificates of NHTC-Delaware. Upon request, NHTC-Delaware will issue new
certificates to anyone who holds the Company&#146;s stock certificates, provided that such holder has
surrendered the certificates representing the Company&#146;s shares in accordance with the Merger
Agreement. Any request for new certificates will be subject to normal requirements including
proper endorsement, signature guarantee, if required, and payment of any applicable taxes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders whose shares of common stock were freely tradable before the reincorporation will
own shares of NHTC-Delaware that are freely tradable after the reincorporation. Similarly, any
shareholders holding securities with transfer restrictions before the reincorporation will hold
shares of NHTC-Delaware that have the same transfer restrictions after the reincorporation. For
purposes of computing the holding period under Rule&nbsp;144 of the Securities Act of 1933, as amended,
shares issued pursuant to the reincorporation will be deemed to have been acquired on the date the
holder thereof originally acquired the Company&#146;s shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the reincorporation, NHTC-Delaware will continue to be a publicly held corporation, with
its common stock listed for trading on the NASDAQ National Market under the symbol &#147;BHIP.&#148;
NHTC-Delaware will also file with the Securities and Exchange Commission and provide to its
shareholders the same information that it has previously filed and provided.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company and NHTC-Delaware effect the reincorporation, all of the Company&#146;s employee
benefit plans, including stock option and other equity-based plans, would be continued by the
surviving corporation, and each stock option and other equity-based award issued and outstanding
pursuant to these plans would be converted automatically into a stock option or other equity-based
award with respect to the same number of shares of common stock of the surviving corporation, upon
the same terms and subject to the same conditions as set forth in the applicable plan under which
the award was granted and in the agreement reflecting the award.


<P align="left" style="font-size: 10pt"><B>Anti-Takeover Implications</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware, like many other states, permits a corporation to include in its certificate of
incorporation or bylaws or to otherwise adopt measures designed to reduce a corporation&#146;s
vulnerability to unsolicited takeover attempts. The Delaware Certificate and the Delaware Bylaws
include a number of such measures. See &#147;&#151;Comparison of Shareholder Rights Before and After the
Reincorporation&#148; below. The Company&#146;s board of directors, however, is not proposing the
reincorporation to prevent a change in control and is not aware of any present attempt by any
person to acquire control of the Company or to obtain representation on the Company&#146;s board of
directors. The Company&#146;s board of directors




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<P align="left" style="font-size: 10pt">has no independent plans to implement any defensive strategies to enhance the ability of the
board of directors to negotiate with an unsolicited bidder.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to implementing defensive measures, Delaware law is preferable to Florida law
because of the substantial judicial precedent on the legal principles applicable to defensive
measures. As either a Florida corporation or a Delaware corporation, the Company could implement
some of the same defensive measures. As a Delaware corporation, however, the Company would benefit
from the predictability of Delaware law on these matters.


<P align="left" style="font-size: 10pt"><B>Vote Required For the Reincorporation Proposal</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement was unanimously approved by the Company&#146;s board of directors and the
director of NHTC-Delaware and later was adopted by the Company, as the sole stockholder of
NHTC-Delaware. Approval of the reincorporation proposal, which constitutes approval of the Merger
Agreement, requires the affirmative vote of the holders of a majority of the outstanding shares of
the Company&#146;s common stock. A vote in favor of the reincorporation proposal is a vote to approve
the Merger Agreement. A vote in favor of the reincorporation proposal is also effectively a vote
in favor of the Delaware Certificate and the Delaware Bylaws. If the Company&#146;s shareholders
approve the reincorporation, the Delaware Certificate and the Delaware Bylaws in effect immediately
before the effective date of the reincorporation would become the certificate of incorporation and
bylaws of the surviving corporation. The Delaware Certificate and the Delaware Bylaws are attached
to this proxy statement as Annexes E and F, respectively, and the description herein is qualified
in its entirety by reference to these documents and to the text therein.


<P align="left" style="font-size: 10pt"><B>Comparison of Shareholder Rights Before and After the Reincorporation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are some differences between the Company&#146;s current Articles of Incorporation (the
&#147;Florida Articles&#148;) and Bylaws (the &#147;Florida Bylaws&#148;) and the corresponding organizational
documents for NHTC-Delaware some of which are discussed in the chart below. There are also
material differences between the Florida Business Corporation Act, or &#147;FBCA,&#148; and the DGCL which
are summarized in the chart below. This chart does not address each difference between Florida law
and Delaware law, but focuses on those differences which the Company believes are most relevant to
the existing shareholders. This chart is not intended as an exhaustive list of all differences,
and is qualified in its entirety by reference to Florida and Delaware law.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center"><B>FLORIDA</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DELAWARE</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="4" valign="top" align="center"><B>Standards of Conduct for Directors</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Under the FBCA, directors also have a fiduciary
relationship to their corporation and its
shareholders and, as such, are required to
discharge their duties as a director in good faith
with the care an ordinarily prudent person in a
like position would exercise
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DGCL, the standards of conduct for
directors have developed through written opinions
of the Delaware courts. Generally, directors of
Delaware corporations are subject to a duty of
loyalty and a duty of care. The duty of loyalty
has been said to require directors to</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</DIV>

<P align="center" style="font-size: 10pt">39
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">under similar
circumstances and in a manner they reasonably
believe to be in the best interests of the
corporation. In discharging his or her duties, a
director may consider such factors as the director
deems relevant, including the long-term prospects
and interests of the corporation and its
shareholders, and the social, economic, legal, or
other effects of any action on the employees,
suppliers, customers of the corporation or its
subsidiaries, the communities and society in which
the corporation or its subsidiaries operate, and
the economy of the state and the nation.
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">refrain from
self-dealing and the duty of care requires
directors managing the corporate affairs to use
that amount of care which ordinarily careful and
prudent persons would use in similar
circumstances. In general, gross negligence has
been established as the test for breach of the
standard for the duty of care in the process of
decision-making by directors of Delaware
corporations. When directors act consistently
with their duties of loyalty and care, their
decisions generally are presumed to be valid under
the business judgment rule.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="4" valign="top" align="center"><B>Removal of Directors</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Florida Bylaws provide that directors may be
removed with or without cause by majority vote of
the shareholders at a special meeting, and for
cause by the board of directors at a special
meeting.
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Delaware Certificate and the Delaware Bylaws
provide that directors can be removed only for
cause and by a vote of two-thirds of the shares
then entitled to vote at an election of directors.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="4" valign="top" align="center"><B>Authorized Capital Stock</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Florida Articles authorize the Company to
issue 500,000,000 shares of common stock and
1,500,000 shares of preferred stock, $0.001 par
value per share.
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Delaware Certificate authorizes NHTC-Delaware
to issue 50,000,000 shares of common stock, $0.001
par value per share and 5,000,000 shares of
preferred stock, $0.001 par value per share.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="4" valign="top" align="center"><B>Sequestration of Shares</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The FBCA has no comparable provision.
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DGCL provides that the shares of any person in
a Delaware corporation may be attached or
&#147;sequestered&#148; for debts or other demands. Such
provision could be used to assert jurisdiction
against a non-resident holder of NHTC-Delaware&#146;s
shares, thereby compelling the non-resident holder
to appear in an action brought in a Delaware
court.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="4" valign="top" align="center"><B>Dividends and other Distributions</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Under the FBCA, the Company may make a distribution,
unless after giving effect to the distribution:</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="3">The DGCL permits a
corporation to
declare and pay dividends out of
surplus or, if there
is no surplus, out
of net profits for the fiscal year in
which the dividend
is declared and/or
for the preceding
fiscal year as long
as the amount of
capital of the
corporation
following the
declaration and
payment of the
dividend is not less
than the aggregate
amount of the
capital represented
by the issued and
outstanding stock of
all classes
</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">&#149;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Company would not be able to
pay its debts as they come due in the
usual course of business; or
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">&#149;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Company&#146;s assets would be
less than the sum of its total
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR valign="bottom" style="font-size: 1px">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">40
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">liabilities.<BR><BR>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="2">having a
preference upon the
distribution of
assets. In addition,
the DGCL generally
provides that a
corporation may
redeem or repurchase
its shares only if
the capital of the
corporation is not
impaired and such
redemption or
repurchase would not
impair the capital
of the corporation.
</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Under the FBCA, a corporation&#146;s redemption of its own
common stock is deemed a distribution.</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="8" valign="top" align="center"><B>Meetings of Shareholders</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">As permitted under the FBCA and the Florida Articles,
a special meeting of shareholders may be called by
the board of directors, officers or by the holders of
at least 10 % of the shares entitled to vote at the
meeting.</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">As permitted under the DGCL, the Delaware Certificate provides that a special meeting may be called only by the Chairman of the Board
or Chief
Executive Officer or
a majority of the
board of directors.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="8" valign="top" align="center"><B>Limitation of Liability</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The FBCA generally provides that a director of a
corporation is not personally liable for monetary
damages to the corporation or other person unless the
director breached or failed to perform his duties as
a director, and such breach or failure:</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The DGCL permits a
corporation to
include in its
certificate of
incorporation a
provision
eliminating or limiting the
personal liability
of a director to the
corporation or its
stockholders for monetary damages for beach of
fiduciary duty as a director, except that such provision may not
limit the liability of a director for:</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">constitutes a violation of criminal law,
unless the director had reasonable cause to
believe his conduct was lawful or had no
reasonable cause to believe his conduct was
unlawful;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>&#149;<BR>
<BR>

&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
any breach
of the director&#146;s
duty of loyalty to
the corporation or
its stockholders;<BR>
acts or
omissions not in
good faith or which
involve </TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">constitutes a transaction from which the
director derived an improper personal benefit;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">intentional
misconduct or a
knowing violation of
law;<BR>
liability
under the DGCL for
unlawful payment of
dividends </TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">results in an unlawful distribution;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">or stock
purchases or
redemptions, or</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in the case of a derivative action or an
action by a shareholder, constitutes conscious
disregard for the best interests of the
corporation or willful misconduct; or</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">any
transaction from
which the director
derived an improper
personal benefit.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#149;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in the case of a proceeding other than a
derivative action or an action by a shareholder,
constitutes recklessness or an act or omission
which was committed in bad faith or with
malicious purpose or in a manner exhibiting
wanton and willful disregard of human rights,
safety or property.
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="3" valign="top" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Delaware Certificate contains
a provision limiting the liability of its
directors in this manner.<BR>
<BR>

The Company&#146;s board of directors
believes that by limiting a
directors&#146; liability as permitted under
the DGCL, NHTC-Delaware will
be able to attract and retain qualified
directors. The Delaware Certificate
limits the liability of NHTC-Delaware&#146;s
directors to the fullest extent
permitted by the DGCL. NHTC-Delaware&#146;s
directors will not be liable for
monetary damages for acts or omissions
occurring on or after the effective
date of the reincorporation,
even if they should fail, through
negligence or gross negligence, to
satisfy their duty of care (which
requires directors to exercise informed</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">41
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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<!-- End Table Head -->
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<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">business judgment in discharging their
duties). The Delaware Certificate
would not limit or eliminate any
liability of directors for acts
or omissions occurring prior to
the effective date of the reincorporation.
The DGCL does not permit elimination
or limitation of the liability of
directors for breaches of their
duty of loyalty, acts or omissions
not in good faith or involving
intentional misconduct or a
knowing violation of law, paying a
dividend or effecting a stock
repurchase or redemption which is
illegal under the DGCL, or
transactions from which a director
derived an improper personal benefit.
Further, the Delaware Certificate
would not affect the availability of
equitable remedies, such as an action to
enjoin or rescind a transaction
involving a breach of a director&#146;s duty
of care. In addition, the Delaware Certificate would not affect a
director&#146;s liability to third parties or
under the federal securities laws.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The Company&#146;s board of directors
recognizes that the Delaware Certificate
may have the effect of reducing the
likelihood of derivative litigation against
directors, and may discourage or deter
shareholders from instituting
litigation against directors for breach
of their duty of care, even though
such an action might benefit
NHTC-Delaware and its shareholders.
However, the Company&#146;s board of
directors believes this concern is
outweighed by the benefit to NHTC-Delaware of retaining highly
qualified directors. The Company&#146;s board of directors
believes that the Delaware Certificate
may have a favorable impact over the long
term on the availability, cost,
amount, and scope of coverage of
directors&#146; liability
insurance, although there can be no
assurance of such an effect.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">While the Delaware Certificate may be
viewed as limiting the rights of
shareholders in some respects, and the
broad scope of the indemnification
provisions could result in increased
expense to NHTC-Delaware, the
Company&#146;s board of directors believes,
however, that these provisions will help
balance the legal obligations of, and
protections for, directors, and will
contribute to the quality and
stability of NHTC-Delaware&#146;s
corporate governance. The
Company&#146;s board of directors has
concluded that the benefit to
shareholders of improved corporate
governance outweighs any possible adverse</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">42
</DIV>



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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">effects on shareholders.<BR><BR>
<B>The members of the board of
directors may be deemed to
have a personal interest in
effecting the
reincorporation, because, as
directors of NHTC-Delaware,
they may personally benefit
from the limitations on
liability contained in the
Delaware Certificate.</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="6" valign="top" align="center"><B>Indemnification</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The Florida Articles and the Florida Bylaws
require the Company to indemnify any and all
persons whom it shall have the power to indemnify
under the FBCA to the fullest extent permitted by
the FBCA.<BR><BR>
The FBCA requires a corporation to indemnify any
director, officer, employee or agent of the
corporation if such person has been successful on
the merits or otherwise in defense of any
proceeding, or in defense of any claim, issue or
matter in the proceeding, for expenses actually
and reasonably incurred by such person in
connection with the proceeding or the person&#146;s
defense of the claim, issue or matter.<BR><BR>
Expenses incurred by an officer or director in
defending a civil or criminal proceeding may be
paid by the corporation in advance of the final
disposition of the proceeding upon receipt of an
undertaking by or on behalf of such director or
officer to repay such amount if he or she is
ultimately found not to be entitled to
indemnification. Expenses incurred by other
employees and agents may be paid in advance upon
such terms or conditions that the board of
directors deems appropriate.<BR><BR>
The indemnification and advancement of expenses
provided under the FBCA are not exclusive, and a
corporation may enter into an agreement to provide
for indemnification; however, no indemnification
or advancement of expenses may be made to any
person if a judgment or other final adjudication
establishes that the person&#146;s actions, or
omissions to act, were material to the cause of
adjudicated action and constitute:
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="3">The Delaware Certificate and
the Delaware Bylaws, as
discussed below, reflect the
broad scope of
indemnification under the
DGCL.<BR><BR>
The Delaware Certificate
provides for indemnification
of any and all of the
current or former directors
and officers of
NHTC-Delaware, or any person
who is or was a director or
officer of another
corporation, partnership,
joint venture, trust or
other enterprise to the
fullest extent permitted by
the DGCL.<BR><BR>
The Delaware Bylaws provide
that the current or former
directors or officers of
NHTC-Delaware or any person
who was or is serving at the
request of NHTC-Delaware as
an officer or director of
another entity who is made
or threatened to be made a
party to a proceeding by
virtue of his or her
position shall be
indemnified if the person
acted in good faith and in a
manner that he reasonably
believed to be in or not
opposed to the best interests of the
corporation, and in a
criminal proceeding if he
had no reasonable cause to
believe his conduct was
unlawful. Any current or
former employee or agent of
NHTC-Delaware or any person
who was or is an employee or
agent of another entity may
be indemnified under the
same circumstances.<BR><BR>
The Delaware Bylaws also
provide that current or
former directors or officers
of NHTC-Delaware or any
person who was or is serving
at the request of
NHTC-Delaware as an officer
or director of another
entity who is made or
threatened to be made a
party to a proceeding by or
in the right of
NHTC-Delaware shall be
indemnified if he or she
acted in good faith and in a
manner he or she reasonably
believed to be in or not
opposed to the best
interests of NHTC-Delaware,
except no indemnification
shall be made if such person
is adjudged liable unless
the court determines in such case that such person should be</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#149;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">a violation of criminal law, unless
the
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">43
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 0px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000" width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR><BR><BR>&#149;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">person
had reasonable cause to believe his or her
conduct was lawful or had no reasonable cause
to believe his or her conduct was unlawful;
<BR>
a transaction from which the person derived an
improper personal benefit;<BR>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">indemnified. Any
current or former employee or agent or any person who was
or is serving at the request of NHTC-Delaware as an
employee or agent of another entity may be indemnified
under the same circumstances.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#149;<BR>
<br>&#149;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in the case of a director, an unlawful
distribution to shareholders; or<BR>
willful misconduct or a conscious disregard
for the best interests of the corporation in a
proceeding by or in the right of the
corporation or a shareholder.<BR>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>The broad scope of indemnification available under Delaware
law will permit NHTC-Delaware to offer its directors and
officers greater protection against the costs and risks
attendant to litigation of claims against officers and
directors. The board of directors believes that such</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><br>
Under Florida law, unless the corporation&#146;s articles of
incorporation provide otherwise, notwithstanding the
failure of a corporation to provide indemnification,
and despite any contrary determination of the board or
of the shareholders in the specific case, a director,
officer, employee, or agent of the corporation who is
or was a party to a proceeding may apply for
indemnification or advancement of expenses, or both, to
the court conducting the proceeding, to the circuit
court, or to another court of competent jurisdiction.
On receipt of an application, the court, after giving
any notice that it considers necessary, may order
indemnification and advancement of expenses, including
expenses incurred in seeking court-ordered
indemnification or advancement of expenses, if it
determines that:
<br><BR></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">protection is reasonable and desirable in order to enhance NHTC-Delaware&#146;s ability to attract and retain qualified directors as well as to encourage directors to continue to make good faith decisions on behalf of NHTC-Delaware with regard to the best interests of NHTC-Delaware and its shareholders.<BR>
<br>Insofar as the Delaware Certificate provides
indemnification to directors or officers for liabilities
arising under the Securities Act of 1933, it is the
position of the Securities and Exchange Commission that
such indemnification would be against public policy as
expressed in such statute and, therefore, unenforceable.
<br></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#149;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the indemnitee is entitled to mandatory
indemnification, in which case the court shall
also order the corporation to pay the director
reasonable expenses incurred in obtaining
court-ordered indemnification or advancement of
expenses;
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The board of directors recognizes that NHTC-Delaware may,
in the future, be obligated to incur substantial expense as
a result of the indemnification rights conferred under the
Delaware Certificate and the Delaware Bylaws, which are
intended to be as broad as possible under applicable law.<br></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#149;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the indemnitee is entitled to further
indemnification or advancement of expenses, or
both, by virtue of the corporation&#146;s exercise of
its power; or
</TD>


    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><br>The members of the board of directors may be deemed to have a
personal interest in the </B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#149;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the indemnitee is fairly and reasonably
entitled to indemnification or advancement of
expenses, or both, in view of all the relevant</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>effectuation of the
reincorporation, because, as directors of NHTC-Delaware,
they may personally benefit from the indemnification provisions of the Delaware Certificate and Delaware Bylaws.</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>


<P align="center" style="font-size: 10pt">44
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 0px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000" width="0%">&nbsp;</TD><!-- VRule -->
    <TD width="0%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">circumstances, regardless of whether such person met the required standard of conduct.</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD style="border-top: 1px solid #000000; border-bottom: 1px solid #000000" colspan="10" align="center"><B>Amendment to Articles of Incorporation</B></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" align="left">The FBCA generally requires approval by a majority of
directors and by holders of a majority of the shares
entitled to vote on any amendment to a Florida
corporation&#146;s articles of incorporation. In addition,
the amendment must be approved by a majority of the
votes entitled to be cast on the amendment by any class
or series of shares with respect to which the amendment
would create dissenters&#146; rights. The board of directors
must recommend the amendment to the shareholders,
unless the board of directors determines that because
of conflict of interest or other special circumstances
it should make no recommendation and the shareholders
with the amendment.<BR></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The DGCL provides that the certificate of incorporation of
a Delaware corporation may be amended upon adoption by the
board of directors of a resolution setting forth the
proposed amendment and declaring its advisability, followed
by the affirmative vote of a majority of the outstanding
shares entitled to vote. It also provides that a
certificate of incorporation may provide for a greater or
lesser vote than would otherwise be required by the DGCL.
The Delaware Certificate requires the vote of not less than
two-thirds of the voting power of all securities entitled
to vote generally for the election of directors to amend
certain sections of the Delaware Certificate.<BR></TD>
</TR>
<TR valign="bottom">
    <TD style="border-top: 1px solid #000000; border-bottom: 1px solid #000000" colspan="8" align="center"><B>Amendment of Bylaws</B><BR></TD>
</TR>
<TR valign="top">
    <TD colspan="3" align="left">The Florida Articles provide that either the
shareholders or the board of directors may amend the
bylaws; provided that any amendment thereto as adopted
by the shareholders may not be amended or repealed by
the board of directors.<BR></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">As permitted under the DGCL, the Delaware Certificate and
the Delaware Bylaws provide that the Delaware Bylaws may be
altered, amended, or repealed by the board of directors,
subject to the right of the stockholders to adopt, amend or
repeal these bylaws. The Delaware Certificate and the
Delaware Bylaws further provide that these Bylaws shall not
be amended or repealed by the stockholders with the
affirmative vote of the holders of at lease two-thirds
(2/3) of the voting power of all shares entitled to vote
generally in the election of directors voting together as a
single class.<BR></TD>
</TR>
<TR valign="bottom">
    <TD style="border-top: 1px solid #000000; border-bottom: 1px solid #000000" colspan="8" align="center"><B>Interested Director Transactions</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">The FBCA provides that a contract or other transaction
between a Florida corporation and any of its directors
or any entity in which one of its directors or officers
holds a position of office or a financial interest will
not be void because of such relationship or interest or because that</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Under the DGCL, specified contracts or transactions in
which one or more of a corporation&#146;s directors has an
interest are not void or voidable solely because of such
interest if such contract or transaction:<BR></TD>
</TR>
<TR valign="top">
    <TD colspan="3" align="left">director was present at the meeting of
directors which authorized that transaction if:</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&#149;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> is ratified in good faith by the corporation&#146;s
stockholders or a majority of disinterested  members
of the board (even though less than a quorum) and
the material facts of the contract or transaction
are disclosed or known or</TD>
</TR>


<TR valign="top">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&#149;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> the fact of the relationship or interest is disclosed or known to the
board and the transaction is authorized by a </TD>

    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&#149;</DIV></TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">was fair to the corporation at the time it was</TD>
</TR>







<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>


<P align="center" style="font-size: 10pt">45
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">sufficient number of votes when the
vote of the interested director is
excluded;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="3" valign="top" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;approved.
</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" rowspan="2">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="2">the fact of the relationship or
interest is disclosed or known to the
shareholders entitled to vote and they
authorize the contract or transaction;
or</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" rowspan="4">Accordingly, it is possible that certain
transactions that the board of directors
currently might not be able to approve
itself, because of the number of interested directors, could be approved by a majority
of the
disinterested directors of
NHTC-Delaware, although less
than a majority of a quorum. The board of directors is not aware of any
plans to propose any transaction that could
not be approved by it under Florida law but
could be approved under Delaware law.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>

    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the contract or transaction is fair
and reasonable to the corporation.</TD>

    <TD style="border-right: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>


    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><BR>The Company elected not to be governed by Section
607.0901 of the FBCA, concerning affiliated
transactions.</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="8" valign="top" align="center"><B>Business Combination Statutes</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="left" valign="top">Section&nbsp;607.0901 of the FBCA,
informally known as the &#147;fair price
statute,&#148; provides that the approval
of the holders of two-thirds of the
voting shares of a corporation, other
than the shares beneficially owned by
an &#147;interested shareholder,&#148; would be
required to effectuate specified
transactions, including a merger,
consolidation, specified sales of assets, specified sales of shares,
liquidation or dissolution of the
corporation and reclassification of
securities involving a Florida
corporation and an interested
shareholder</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Section&nbsp;203 of the DGCL limits specified business
combinations of Delaware corporations with
interested stockholders. Under the DGCL, an
&#147;interested stockholder,&#148; defined as a stockholder
whose beneficial ownership in the corporation is
at least 15% of the outstanding voting securities,
cannot enter specified business combinations with
the corporation for a period of three years
following the time that such stockholder became an
interested stockholder unless:</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">before such time, the corporation&#146;s
board of directors approved either the
business combination or the
transaction in which the stockholder
became an interested stockholder;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">As previously stated, the Company elected not to
be governed by Section&nbsp;607.0901 of the FBCA,
concerning affiliated transactions.</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">upon consummation of the transaction
in which any person becomes an
interested stockholder, the interested
stockholder owned at least 85% of the
</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">voting stock of the corporation
outstanding at the time the
transaction commenced, excluding
shares owned by specified employee
stock ownership plans and persons who
are both directors and officers of the
corporation; or</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#149;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">at or subsequent to such time, the
business combination is both approved
by the board of directors and
authorized at an annual or special
meeting of stockholder, not by written
consent, by the affirmative vote of at
least two-thirds of the outstanding
voting stock not owned by the
interested stockholder.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">A corporation may elect in its certificate of
incorporation not to be governed by Section&nbsp;203</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;46&nbsp;




<P align="center" style="font-size: 10pt">
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">of the DGCL. The Delaware Certificate does not
contain this election. <BR><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="8" valign="top" align="center"><B>Dissenters&#146; Rights</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Under the FBCA, any shareholder of a
corporation has the right to dissent from, and
obtain fair value of his or her shares in the
event of, a number of corporate actions
including but not limited to:</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" rowspan="2">Under the DGCL, appraisal rights may be available in connection with a statutory merger or
consolidation in specified situations. Appraisal
rights are not available under the DGCL when a
corporation is to be the surviving corporation and no vote of its stockholders is required to approve the merger or consolidation. In addition, no
appraisal rights are available to holders of shares
of any class of stock which is either:</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000" rowspan="2">&nbsp;</TD>
    <TD valign="top" align="right">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="2"><DIV>a plan of merger to which the
corporation is a party if the
shareholder is entitled to vote on the merger, or if the shareholder is a
shareholder of a subsidiary that is
merged with its parent;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">listed on a national securities exchange or
included on the NASDAQ National Market System, or;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" align="right">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">consummation of a plan of share
exchange to which the corporation is a
party as the corporation the shares of
which will be acquired, if the shareholder
is entitled to vote on the plan;
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="2">held of record by more than 2,000
stockholders, unless the stockholders are
required by the terms of the merger or
consolidation to accept anything other than: (A)
shares of the surviving corporation; (B)&nbsp;shares of stock that are listed on a national securities
exchange or included on the NASDAQ National
Market System or held of record by more than
2,000 stockholders; (C)&nbsp;cash in lieu of
fractional shares, or (D)&nbsp;any combination of the
above.</TD>

    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" align="right">&#149;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">consummation of a sale or exchange
of all, or substantially all, of the property
of the corporation, other than in the
usual and regular course of business, if
the shareholder is entitled to vote on the
sale or exchange;
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" align="right">&#149;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">any corporate action taken, to the
extent the articles of incorporation
provide that a voting or nonvoting
shareholder is entitled to dissent and
obtain payment for his or her shares;
and</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" rowspan="2"><BR>Stockholders who perfect their appraisal rights are
entitled to receive cash from the corporation equal
to the value of their shares as established by
judicial appraisal. Corporations may enlarge these
statutory rights by including in their certificate of incorporation a provision allowing the appraisal
rights in any merger or consolidation in which the
corporation participates. The Delaware Certificate
does not contain a provision enlarging such
appraisal rights.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" align="right">&#149;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with regard to shares issued before
October&nbsp;1, 2003, any amendment to
the corporation&#146;s articles of incorporation
that affect the shareholder&#146;s rights in a
manner described in the statute.</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Unless the articles of incorporation of a
corporation otherwise provide, dissenters&#146;
rights will not be available to the holders of
any shares of any class or series which,
on the applicable record date, were either
registered on a national securities
exchange or included on the NASDAQ
National Market System or held of record
by not fewer than 2,000 shareholders if
the shares had a</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">market value of at least
$10&nbsp;million. Neither the Florida Articles nor
the Florida Bylaws contain any provisions
granting additional appraisal rights.</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><BR>
Dissenters&#146; rights will not be available to
shareholders of the Company in connection
with the reincorporation because the
Company&#146;s shares of common stock are
listed on the NASDAQ National Market
System.</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="8" valign="top" align="center"><B>Action By Written Consent</B><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The FBCA provides that, unless otherwise
provided in the articles of incorporation,
action required or permitted to be taken at
an annual or special meeting of
shareholders may be taken without a
meeting, without prior notice, and without a
vote if the action is taken by the holders of
outstanding stock of each voting group
entitled to vote thereon having not less than
the minimum number of votes with respect
to each voting group that would be
necessary to authorize or take such action at
a meeting at which all voting groups and
shares entitled to vote thereon were present
and voted. The Florida Articles do not
provide otherwise.<BR><BR></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The Delaware Certificate and the Delaware Bylaws do not permit stockholders to take action
by written consent.</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

<TD colspan="3" valign="top" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Florida Bylaws provide that action
required to be taken may be taken without
a meeting if a consent in writing, setting
forth the action so taken, shall be signed
by a majority of the shareholders entitled
to vote with respect to the subject matter
thereof.</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement merely summarizes certain differences between the corporation laws
of Florida and Delaware, the Florida Articles, the Florida Bylaws, the Delaware Certificate and the
Delaware Bylaws. Many provisions of the FBCA, the DGCL and these documents may be subject to
differing interpretations, and the discussion offered herein may be incomplete in certain respects.
The discussion contained in this proxy statement is not a substitute for direct reference to the
FBCA, the DGCL and these documents or for professional interpretation of them.


<P align="left" style="font-size: 10pt"><B>Accounting Treatment</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reincorporation would be accounted for as a reverse merger under which, for accounting
purposes, the Company would be considered the acquiror and the surviving corporation,
NHTC-Delaware, would be treated as the successor to the Company&#146;s


<P align="center" style="font-size: 10pt">48
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">historical operations. Accordingly, the Company&#146;s historical financial statements would be
treated as the financial statements of the surviving corporation.



<P align="left" style="font-size: 10pt"><B>Dissenters&#146; (Appraisal) Rights</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appraisal rights are not available to the Company&#146;s shareholders with respect to the
reincorporation proposal.


<P align="left" style="font-size: 10pt"><B>Certain Federal Income Tax Consequences of Reincorporation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company intends the reincorporation to be a tax-free reorganization under the Internal
Revenue Code. Assuming the reincorporation qualifies as a tax-free reorganization, the holders of
the Company&#146;s common stock will not recognize any gain or loss under the Federal tax laws as a
result of the occurrence of the reincorporation, and neither will the Company or NHTC-Delaware.
Each holder will have the same basis in the Company&#146;s common stock received as a result of the
reincorporation as that holder has in the corresponding common stock held at the time the
reincorporation occurs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement only discusses U.S. federal income tax consequences and has done so only
for general information. This proxy statement does not address all of the federal income tax
consequences that may be relevant to particular shareholders based upon individual circumstances or
to shareholders who are subject to special rules, such as, financial institutions, tax-exempt
organizations, insurance companies, dealers in securities, foreign holders or holders who acquired
their shares as compensation, whether through employee stock options or otherwise. This proxy does
not address the tax consequences under state, local or foreign laws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion was based on the Internal Revenue Code, laws, regulations, rulings and
decisions in effect as of the date of this proxy statement, all of which are subject to differing
interpretations and change, possibly with retroactive effect. The Company has neither requested nor
received a tax opinion from legal counsel or rulings from the Internal Revenue Service regarding
the consequences of reincorporation. There can be no assurance that future legislation,
regulations, administrative rulings or court decisions would not alter the consequences discussed
above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should consult your own tax advisor to determine the particular tax consequences to you of
the reincorporation, including the applicability and effect of federal, state, local, foreign and
other tax laws.


<P align="left" style="font-size: 10pt"><B>Effective Time</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the reincorporation is approved by the requisite vote of the holders of shares of the
Company&#146;s common stock, it is anticipated that the reincorporation will become effective as soon as
practicable after the annual meeting of shareholders; however, the Merger Agreement may be
terminated and abandoned by action of the Company&#146;s board of directors at any time prior to the
effective time of the reincorporation, whether before or after the approval by the shareholders, if
the board of directors determines for any reason,


<P align="center" style="font-size: 10pt">49
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">in its sole judgment and discretion, that the consummation of the reincorporation would not be
in the best interests of the shareholders.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors recommends that shareholders vote in favor of the proposal to change
the Company&#146;s state of incorporation from Florida to Delaware.
 <P>
<DIV align="center" style="font-size: 10pt">
<DIV style="width: 50%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<P align="center" style="font-size: 10pt">50
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left">
<A name="115"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>OTHER MATTERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the date of this proxy statement, the Company has no knowledge of any business other than
that described above that will be presented at the annual meeting. If any other matter is properly
brought before the meeting for action by shareholders, proxies in the enclosed form returned to the
Company will be voted in accordance with the recommendation of the Board or, in the absence of such
a recommendation, in accordance with the judgment of the proxy holder.

<DIV align="left">
<A name="116"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>ADDITIONAL INFORMATION</B>



<P align="left" style="font-size: 10pt"><B>Shareholder Proposals for the 2006 Annual Meeting</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any shareholder wishes to present a proposal for inclusion in the proxy materials to be
solicited by the Company&#146;s Board of Directors with respect to the 2006 Annual Meeting of
Shareholders, that proposal must be presented to the Company&#146;s General Counsel prior to December
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005. Shareholder communications to the Board of Directors, including any such communications
relating to director nominees, may also be addressed to the Company&#146;s General Counsel at the
Company&#146;s address. The Board believes that no more detailed process for these communications is
appropriate, due to the variety in form, content and timing of these communications. The Company&#146;s
General Counsel will forward the substance of meaningful shareholder communications, including
those relating to director candidates, to the Board or the appropriate committee upon receipt.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Annual Report to Shareholders, which includes our consolidated financial statements as of
and for the year ended December&nbsp;31, 2004, is being mailed to you along with this proxy
statement. Upon the written or oral request by any shareholder, the Company undertakes to
deliver, without charge to the requesting shareholder, a copy of our Annual Report on Form 10-K.
Requests should be directed to the Company&#146;s General Counsel at 12901 Hutton Drive, Dallas, Texas
75234.

<DIV align="left">
<A name="117"></A>
</DIV>

<P align="center" style="font-size: 10pt"><U><B>HOUSEHOLDING INFORMATION</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Company has received contrary instructions, the Company may send a single copy of
this proxy statement and notice of annual meeting to any household at which two or more
shareholders reside if the Company believes the shareholders are members of the same family. Each
shareholder in the household will continue to receive a separate proxy card. This process, known as
&#147;householding,&#148; reduces the volume of duplicate information received at any one household and helps
to reduce the Company&#146;s expenses. However, if shareholders prefer to receive multiple sets of the
Company&#146;s disclosure documents at the same address this year or in future years, the shareholders
should follow the instructions described below. Similarly, if an address is shared with another
shareholder and together both of the shareholders would like to receive only a single set of the
Company&#146;s disclosure documents, the shareholders should follow these instructions:


<P align="center" style="font-size: 10pt">51
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the shares are registered in the name of the shareholder, the shareholder should contact
the Company at its offices at 12901 Hutton Drive, Dallas, Texas 75234, Attention: General Counsel,
to inform the Company of their request. If a bank, broker or other nominee holds the shares, the
shareholder should contact the bank, broker or other nominee directly.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">By Order of the Board of Directors,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">NATURAL HEALTH TRENDS CORP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">April &#95;&#95;&#95;, 2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;Keith C. Zagar, Chief Operating</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;Officer and General Counsel</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">52
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left">
<A name="500"></A>
</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<P align="right" style="font-size: 10pt"><B>ANNEX A</B>



<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.</B>



<P align="center" style="font-size: 10pt"><B>CHARTER OF THE NOMINATING COMMITTEE<BR>
OF THE BOARD OF DIRECTORS</B><BR>
<I>(Adopted on July&nbsp;26, 2004)</I>



<P align="left" style="font-size: 10pt"><B>I. PURPOSE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Nominating Committee (the &#147;Committee&#148;) of the Board of Directors (the
&#147;Board&#148;) of Natural Health Trends Corp.<B>, </B>a Florida corporation (the &#147;Company&#148;), will be to (i)
identify, review and evaluate candidates qualified to serve as directors of the Company; (ii)&nbsp;serve
as a focal point for communication between such candidates, the Board and the Company&#146;s management;
and (iii)&nbsp;make recommendations to the Board of candidates for all directorships to be filled by the
shareholders or the Board.


<P align="left" style="font-size: 10pt"><B>II. COMPOSITION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall consist of not less than two members of the Board, appointed by resolution
of the Board, and shall serve at the discretion of the Board. All the members of the Committee
shall be &#147;independent&#148; within the meaning of the rules of The Nasdaq Stock Market, Inc., and, if
required by any other stock market on which the Company&#146;s securities may be listed, that stock
market. The members of the Committee shall be appointed by resolution of the Board and each member
shall serve at the discretion of the Board.


<P align="left" style="font-size: 10pt"><B>III. FUNCTIONS AND AUTHORITY</B>



<P align="left" style="font-size: 10pt">3.1 <U>General Limitation</U>. The operation of the Committee will be subject to the provisions
of the Certificate of Incorporation and Bylaws of the Company, as in effect from time to time, and
the applicable provisions of the laws of the Company&#146;s state of incorporation.



<P align="left" style="font-size: 10pt">3.2 <U>General Responsibilities</U>. The Committee will have the full power and authority to
carry out the following responsibilities:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>Identify potential candidates for membership on the Board, including the
authority to retain a search firm to identify candidates;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Gather information on such candidates and conduct interviews and meetings
with such candidates or their references;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>Make recommendations to the Board regarding candidates for membership on
the Board;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>Make recommendations to the Board regarding overall Board composition and
makeup; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>Perform such other functions and have such power as may be necessary or
convenient in the efficient discharge of the foregoing.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>IV. ADMINISTRATION</B>



<P align="left" style="font-size: 10pt">4.1 The Committee&#146;s chairperson shall be designated by the Board or, if it does not do so, the
Committee members shall elect a chairperson by vote of a majority of the Committee.



<P align="left" style="font-size: 10pt">4.2 The Committee will hold meetings whenever and for whatever purposes the Committee deems
appropriate. The Committee may meet by telephone or video conference and may take action by
written consent. A majority of the members of the Committee shall constitute a quorum. The
Committee shall meet in executive session when it deems appropriate.


</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<P align="left" style="font-size: 10pt">4.3 Minutes of each Committee meeting will be kept and distributed to each member of the Committee,
members of the Board who are not members of the Committee and the Secretary of the Company. The
Committee will report to the Board whenever so requested by the Board.



<P align="left" style="font-size: 10pt">4.4 The Committee shall annually review and assess the performance of the Committee and, if
appropriate, make recommendations to the Board for any changes in its role or this Charter.



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="97%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B><I>Exhibit&nbsp;I to Annex A</I></B>



<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.</B>



<P align="center" style="font-size: 10pt"><B>Board Candidate Guidelines</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating/Corporate Governance Committee of Natural Health Trends Corp. (&#147;Corporation&#148;)
identifies, evaluates and recommends candidates to become members of the Board of Directors
(&#147;Board&#148;) with the goal of creating a balance of knowledge, experience and diversity. Nominations
to the Board may also be submitted to the Nominating Committee by the Corporation&#146;s stockholders in
accordance with Corporation&#146;s bylaws. Candidates are reviewed in the context of current
composition of the Board, the operating requirements of the Corporation and the long-term interests
of the Corporation&#146;s stockholders. In conduction this assessment, the Committee will consider and
evaluate director-candidates based upon the following factors:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="93%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Whether the candidate is independent pursuant to the requirements of the National
Association of Security Dealers (&#147;NASD&#148;).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should be at least 21&nbsp;years of age.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should be accomplished in their respective fields and have reputations, both
personal and professional, that are consistent with the image and reputation of the
Corporation.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should generally be, or have been, chief executive officers, chief operating
officers or chief financial officers or have other high-level managerial experience in a
relatively complex organization.\</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should have the ability to read and understand basic financial statements. The
Nominating Committee will also determine if any of the candidates satisfy the criteria for
being an &#147;audit committee financial expert,&#148; as defined by the Securities and Exchange
Commission.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should have relevant experience and expertise and be able to provide insights
and practical wisdom based on that experience and expertise.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should have knowledge of the Corporation and issues affecting the Corporation.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should be committed to enhancing stockholder value.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should understand, or have the capacity to understand, fully the legal
responsibilities of a director and the governance processes of a public company.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should be of high moral and ethical character and should be willing to apply
sound, objective and independent business judgment, and to assume broad, fiduciary
responsibility.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should have, and be willing to commit, the required hours necessary to
discharge the duties of Board membership.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should not have any prohibitive interlocking relationships or conflicts of
interest.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Symbol">&#176;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candidates should be able to develop a good working relationship with other Board members
and contribute to the Board&#146;s working relationship with the senior management of the
Corporation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>&#091;END OF ANNEX A&#093;</B>


</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left">
<A name="501"></A>
</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<P align="right" style="font-size: 10pt"><B>ANNEX B</B>



<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.</B>



<P align="center" style="font-size: 10pt"><B>CHARTER OF THE COMPENSATION COMMITTEE<BR>
OF THE BOARD OF DIRECTORS</B><BR>
<I>(Adopted on July&nbsp;26, 2004)</I>



<P align="left" style="font-size: 10pt"><B>I. PURPOSE</B>



<P align="left" style="font-size: 10pt">1.1 The purpose of the Compensation Committee (the &#147;Committee&#148;) of Natural Health Trends Corp. (the
&#147;Company&#148;) shall be to assist the Board of Directors in the discharge of its responsibilities with
respect to executive compensation.



<P align="left" style="font-size: 10pt">1.2 The goals of the Compensation Committee are to ensure that the Company&#146;s executive compensation
programs are:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>fair and appropriate to enable the Company to attract, retain and motivate
superior individuals as executives and managers;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>reasonable in view of the Company&#146;s overall economic situation;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>support and reinforce the Company&#146;s long<B>-</B>term strategic goals; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>align the compensation of executives of the Company with stockholder interests.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>II. COMPOSITION</B>



<P align="left" style="font-size: 10pt">2.1 <U>Number</U>. The Committee shall consist of at least two directors. The members of the
Committee shall be appointed by resolution of the Board of Directors of the Company (the &#147;Board&#148;),
and each member of the Committee shall serve at the discretion of the Board.



<P align="left" style="font-size: 10pt">2.2 <U>Qualifications</U>. All directors on the Committee shall satisfy the following
requirements, as from time to time in effect:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>Section&nbsp;162(m) of the Internal Revenue Code of 1986<B>, </B>as amended<B>, </B>for <B>&#147;</B>outside
directors&#148;;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Section&nbsp;16 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), for &#147;nonemployee directors&#148;; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The general requirements of The Nasdaq Stock Market, Inc. for &#147;independent&#148; directors.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>III. FUNCTIONS AND AUTHORITY</B>



<P align="left" style="font-size: 10pt">3.1 <U>General Limitation</U>. The operation of the Committee will be subject to the provisions
of the Certificate of Incorporation and Bylaws of the Company, as in effect from time to time, and
the applicable provisions of the Company&#146;s state of incorporation.



<P align="left" style="font-size: 10pt">3.2 <U>General Responsibilities.</U> The Committee will have the full power and authority to
carry on the following responsibilities shall:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>Periodically review and approve the Company&#146;s overall philosophy regarding
executive compensation;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Review and approve compensation of Senior Officers of the Company as more fully
described in Section&nbsp;3.2 hereof;</TD>
</TR>


<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>Propose<B>, </B>or review and make recommendations of management with respect to<B>, </B>and
adopt or amend executive compensation plans<B>, </B>subject to the approval of stockholders to
the extent required by law or the listing requirements of any market on which its
securities are traded;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>Administer the Company&#146;s equity<B>-</B>based compensation plans as more fully
described in Section&nbsp;3.3 hereof;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>Annually issue a report on executive compensation in accordance with applicable
rules and regulations of the Securities and Exchange Commission for inclusion in the
Company&#146;s proxy statement;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)&nbsp;&nbsp;</TD>
    <TD>Recommend compensation for the Company&#146;s Board of Directors and each committee
thereof for review and approval by the full Board of Directors; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(g)&nbsp;&nbsp;</TD>
    <TD>Provide continuous oversight over all matters of executive compensation.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">3.3 <U>Compensation of Senior Officers</U>.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The Committee shall:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>evaluate the performance of the Senior Officers;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>receive, review and approve or disapprove evaluations by the
Company&#146;s President of the other Senior Officers; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>receive and review the recommendations of the President for the
compensation of the other Senior Officers.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>The Committee shall review and approve the compensation of each Senior Officer,
including:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the annual base salary level;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>bonus and other annual incentives;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>any grants of equity compensation or any other long-term
incentives;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)&nbsp;&nbsp;</TD>
    <TD>employment agreements, severance arrangements, and change in
control provisions/agreements, in each case to the extent applicable;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)&nbsp;&nbsp;</TD>
    <TD>any arrangements between the Senior Officer and any subsidiary,
affiliate or special purpose entity which might provide to the Senior Officer
any economic benefit; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)&nbsp;&nbsp;</TD>
    <TD>any other perquisites or supplemental benefits.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>For purposes of this Charter, the term Senior Officer shall mean each
individual who (i)&nbsp;is subject to the reporting requirements of Section&nbsp;16 of the
Exchange Act; (ii)&nbsp;is a direct report to the Company&#146;s President; or (iii)&nbsp;has an
annual base salary in excess of $100,000.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">3.4 <U>Equity Compensation Plans</U>.




<P align="left" style="margin-left:2%; font-size: 10pt">The Committee shall administer all of the Company&#146;s equity-based compensation plans,
including without limitation stock restriction, stock option, stock bonus plans. Subject to
the express provisions of any particular plan, this shall include determining the rules and
regulations related to the plan, determining eligibility to participate, establishing
guidelines for the grant of awards, granting of awards, modifying or canceling existing
grants, and establishing the terms, conditions, limitations and restrictions of awards.


<P align="left" style="font-size: 10pt">3.5 <U>Other</U>.


</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The Committee shall have the authority to hire at Company expense independent
compensation consultants to advise it with respect to matters related to executive
compensation.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>The Committee shall, at such times as it determines appropriate, review market
data from third party consultants, trade associations and others to assess the
Company&#146;s competitive position for the various components of compensation (base
compensation, annual incentives, long term incentives).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>IV. ADMINISTRATION</B>



<P align="left" style="font-size: 10pt">4.1 The Committee&#146;s chairperson shall be designated by the full Board of Directors or, if it does
not do so, the Committee members shall elect a chairperson by vote of a majority of the full
Committee.



<P align="left" style="font-size: 10pt">4.2 The Committee will hold meetings whenever and for whatever purposes the Committee deems
appropriate. The Committee may meet by telephone or video conference and may take action by
written consent. A majority of the members of the Committee shall constitute a quorum. The
Committee shall meet in executive session when appropriate (such as when considering the executive
compensation of the Chief Executive Officer).



<P align="left" style="font-size: 10pt">4.3 Minutes of each Committee meeting will be kept and distributed to each member of the Committee,
members of the Board who are not members of the Committee and the Secretary of the Company. The
Committee will report to the Board whenever so requested by the Board.



<P align="left" style="font-size: 10pt">4.4 The Committee shall annually review and assess the performance of the Committee and, if
appropriate, make recommendations to the Board for any changes in its role or this Charter.



<P align="center" style="font-size: 10pt"><B>&#091;END OF ANNEX B&#093;</B>


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<P align="right" style="font-size: 10pt"><B>ANNEX C</B>



<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.</B>



<P align="center" style="font-size: 10pt"><B>2002 STOCK OPTION PLAN</B>



<P align="center" style="font-size: 10pt"><B>ARTICLE ONE<BR>
GENERAL PROVISIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>I.&nbsp;Purpose of the Plan</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Natural Health Trends Corp. 2002 Stock Option Plan (the &#147;Plan&#148;) is intended to assist
Natural Health Trends Corp., a Florida corporation (the &#147;Company&#148;), and its Related Entities (as
defined in the Appendix) in recruiting and retaining employees, directors, officers, agents,
consultants, independent contractors and advisors (collectively, &#147;Participants&#148;), and in
compensating Participants by enabling them to participate in the future success of the Company and
the Related Entities and to associate their interests with those of the Company, its Related
Entities and its shareholders.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used and not otherwise defined shall have the meanings assigned to such
terms in the attached Appendix.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>II.&nbsp;Structure of the Plan</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Plan, eligible persons may, at the discretion of the Administrator, be granted
options (&#147;Stock Options&#148;) to purchase shares of the Company&#146;s common stock, par value $.001 per
share (the &#147;Common Stock&#148;). The Stock Options granted under the Plan are intended to be either
incentive stock options (&#147;Incentive Stock Options&#148;) within the meaning of Section 422(b) of the
Code or options that do not meet the requirements of Incentive Stock Options (&#147;Non-Statutory Stock
Options&#148;).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>III. Administration of the Plan</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Plan shall be administered by the Administrator. The Administrator shall have authority
to grant Stock Options upon such terms (not inconsistent with the provisions of the Plan) as the
Administrator may consider appropriate. The Administrator may decide, in its sole discretion, to
exempt any grant of Stock Options to a Participant who is a &#147;covered employee&#148; within the meaning
of Section&nbsp;162(m)(3) of the Code from any applicable limitations of Section 162(m) of the Code by
requiring decisions as to the grant of such Stock Options to be made by a committee of the Board
comprised of two or more &#147;outside directors&#148; within the meaning of Treasury Regulation&nbsp;Section
1.162-27(e)(3). The foregoing terms may include conditions (in addition to those contained in this
Plan) on the exercisability, transferability or forfeitability of all or any part of a Stock
Option, including, by way of example and not limitation, requirements that the Participant complete
a specified period of employment with or service to the Company or a Related Entity, that the
Company achieve a specified level of financial performance or that the Company achieve a specified
level of financial return. Notwithstanding any such conditions, the Administrator may, in its sole
discretion, accelerate the time at which a Stock Option may be exercised, transferred or become
nonforfeitable. The Administrator shall have the absolute discretion to determine whether specific
grants shall be of Incentive Stock Options or Non-Statutory Stock Options. In addition, the
Administrator shall have complete authority to interpret all provisions of the Plan, to prescribe
the form of the documents evidencing the grant of Stock Options under the Plan (&#147;Agreements&#148;), to
adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan and to
make all other determinations necessary or advisable for the administration of this Plan. The
express grant in the Plan of any specific power to the Administrator shall not be construed as
limiting any power or authority of the Administrator. Any decision made, or action taken, by the
Administrator or in connection with the administration of the Plan shall be final and conclusive.
Neither the Administrator nor any member of the Board shall be liable for any act done in good
faith with respect to the Plan, any Agreements or Stock Options. All expenses of administering this
Plan shall be borne by the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Board, in its discretion, may appoint a committee of the Board and delegate to such
committee all or part of the Board&#146;s authority and duties with respect to the Plan. The Board may
revoke or amend

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<P align="left" style="font-size: 10pt">the terms of a delegation at any time but such action shall not invalidate any prior actions
of the Board&#146;s delegate or delegates that were consistent with the terms of the Plan.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IV.&nbsp;Eligibility</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The persons eligible to participate in the Plan are as follows:




<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employees, directors and officers of the Company or any Related Entity;



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) non-employee members of the Board or non-employee members of the board of
directors of any Related Entity; and



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consultants, agents and other independent advisors who provide services to
the Company or to any Related Entity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>V.&nbsp;Stock Subject to the Plan</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <U><B>Shares Issued</B></U><B>. </B>Upon the exercise of a Stock Option, the Company may issue to the
Participant (or the Participant&#146;s broker if the Participant so directs), shares of Common Stock
from its authorized but unissued Common Stock or reacquired Common Stock.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <U><B>Aggregate Limit</B></U><B>. </B>The maximum aggregate number of shares of Common Stock that may be
issued under the Plan shall not exceed one hundred million (100,000,000) shares (on a pre-reverse
stock split basis).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <U><B>Reallocation of Shares</B></U><B>. </B>If a Stock Option is terminated, in whole or in part, for
any reason other than its exercise, the number of shares of Common Stock allocated to the Stock
Option or portion thereof may be reallocated to other Stock Options to be granted under the Plan
and shall be counted against the maximum number of shares set forth in the last sentence of B
above. Unvested shares issued under the Plan and subsequently repurchased by the Company, at the
option exercise or direct issue price paid per share, pursuant to the Company&#146;s repurchase rights
under the Plan, shall be added back to the number of shares of Common Stock reserved for issuance
under the Plan and shall accordingly be available for reissuance through one or more subsequent
Stock Options under the Plan.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <U><B>Stock Split; Recapitalization</B></U><B>. </B>Should any change be made to the Common Stock by
reason of any stock split, stock dividend, recapitalization, combination of shares, exchange of
shares or other change affecting the outstanding Common Stock as a class, without the Company&#146;s
receipt of consideration, appropriate adjustments shall be made to (i)&nbsp;the maximum number of shares
of Common Stock issuable under the Plan and (ii)&nbsp;the number of shares of Common Stock and the
exercise price per share in effect under each outstanding Stock Option, in order to prevent the
dilution or enlargement of benefits thereunder. The adjustments determined by the Administrator
shall be final, binding and conclusive. In no event shall any such adjustments be made in
connection with the conversion of one or more shares of the Company&#146;s preferred stock which are
outstanding on the date of issuance of any Stock Option into shares of Common Stock.



<P align="center" style="font-size: 10pt"><B>ARTICLE TWO<BR>
STOCK OPTION GRANTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>I.&nbsp;Stock Option Terms</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Stock Option shall be evidenced by an Agreement, consisting of one or more documents in
the form approved by the Administrator; provided, however, that each such document shall comply
with the terms specified below. Each Agreement evidencing an Incentive Stock Option, shall, in
addition, be subject to the provisions of the Plan applicable to Incentive Stock Options.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <U><B>Exercise Price</B></U><B>.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The exercise price per share for Common Stock purchased upon the exercise of a
Non-Statutory Stock Option shall be determined by the Administrator on the date of grant.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The exercise price per share of Common Stock purchased upon the exercise of an Incentive
Stock Option shall be such amount as the Administrator shall, in its best judgment, determine to be
not less than the Fair Market Value on the date the Incentive Stock Option is granted; provided,
however, that in the case of an Incentive Stock Option granted to a Participant who, at the time
such Incentive Stock Option is granted, is a 10% Stockholder, the exercise price per share of
Common Stock purchased upon the exercise of such Incentive Stock Option shall be such amount as the
Administrator shall, in its best judgment, determine to be not less than one hundred and ten
percent (110%) of the Fair Market Value on the date such Incentive Stock Option is granted.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless otherwise provided by the Agreement, the exercise price shall become immediately due
upon exercise of a Stock Option and shall, subject to the provisions of Section&nbsp;I of Article&nbsp;Three
and the Agreement, be payable in cash or check made payable to the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Should the Common Stock be registered under Section&nbsp;12 of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;) at the time a Stock Option is exercised, then the exercise
price may also be paid as follows:




<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in shares of Common Stock held for the lesser of (A)&nbsp;six months or (B)&nbsp;the
requisite period necessary to avoid a charge to the Company&#146;s earnings for financial
reporting purposes and valued at Fair Market Value on the exercise date, or



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent the option is exercised for vested shares, through a special
sale and remittance procedure pursuant to which the Participant shall concurrently
provide irrevocable instructions (A)&nbsp;to a Company-designated brokerage firm to effect
the immediate sale of the purchased shares and remit to the Company, out of the sale
proceeds available on the settlement date, sufficient funds to cover the aggregate
exercise price payable for the purchased shares plus all applicable Federal, state
and local income and employment taxes required to be withheld by the Company by
reason of such exercise and (B)&nbsp;to the Company to deliver the certificates for the
purchased shares directly to such brokerage firm in order to complete the sale.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, payment of the applicable exercise pursuant to this Section
I.A.4 is subject to the approval of the Administrator (which approval may be delayed, conditioned
or withheld in its sole and absolute discretion) and compliance with applicable law. In addition,
an officer or director of the Company or any Related Entity may pay the exercise price of a Stock
Option in shares of Common Stock only if the stockholder approval or &#147;non-employee director&#148;
approval requirements described in Article&nbsp;III, Section&nbsp;VIII are satisfied. Moreover, no &#147;cashless
exercise&#148; under this Plan shall be permitted by the Administrator if such cashless exercise would
contravene any provision of applicable law.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent such sale and remittance procedure is utilized, payment of the exercise
price for the purchased shares must be made on the exercise date.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <U><B>Effect of Termination of Service</B></U><B>.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The following provisions shall govern the exercise of any Stock Options held by a
Participant at the time of cessation of Service or death:




<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Should the Participant cease to remain in Service for any reason other than
death, Disability or Misconduct, then the Participant shall have a period of three
(3)&nbsp;months following the date of such cessation of Service during which to exercise
each outstanding Stock Option held by such Participant.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Should Participant&#146;s Service terminate by reason of Disability, then the
Participant shall have a period of twelve (12)&nbsp;months following the date of such
cessation of Service during which to exercise each outstanding Stock Option held by
such Participant.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Participant dies while holding an outstanding Stock Option, then
the personal representative of his or her estate or the person or persons to whom the
Stock Option is transferred pursuant to the Participant&#146;s will or the laws of descent
and distribution shall have a

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<P align="left" style="margin-left:5%; font-size: 10pt">period of twelve (12)&nbsp;month following the date of the Participant&#146;s death during
which to exercise each outstanding Stock Option previously held by such Participant.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under no circumstances, however, shall any such Stock Option be exercisable
after the specified expiration of the option term.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) During the applicable post-Service exercise period, the Stock Option may not
be exercised in the aggregate for more than the number of vested shares for which the
Stock Option is exercisable on the date of the Participant&#146;s cessation of Service.
Upon the expiration of the applicable post-Service exercise period or (if earlier)
upon the expiration of the option term, the Stock Option shall terminate and cease to
be outstanding for any vested shares for which the Stock Option has not been
exercised. However, the Stock Option shall, immediately upon the Participant&#146;s
cessation of Service, terminate and cease to be outstanding with respect to any and
all option shares for which the Stock Option is not otherwise at the time exercisable
or in which the Participant is not otherwise at that time vested.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Should Participant&#146;s Service be terminated for Misconduct, then all
outstanding Stock Options held by the Participant shall terminate immediately and
cease to remain outstanding.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Notwithstanding (i), (ii)&nbsp;or (iii)&nbsp;above, in the case of the grant of a
Non-Statutory Stock Option, the exercise period shall extend for such period of time
following cessation of Service or death as the Administrator shall set forth in the
applicable Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Administrator shall have the discretion, exercisable either the time a Stock Option is
granted or at any time while the Stock Option remains outstanding, to:




<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) extend the period of time for which the Stock Option is to remain
exercisable, following a Participant&#146;s cessation of Service or death, from the
limited period otherwise in effect for that Stock Option to such greater period of
time as the Administrator shall deem appropriate, but in no event beyond the
expiration of the option term; and/or



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) permit the Stock Option to be exercised, during the applicable post-Service
exercise period, not only with respect to the number of vested shares of Common Stock
for which such Stock Option is exercisable at the time of the Participant&#146;s cessation
of Service but also with respect to one or more additional installments in which the
Participant would have vested under the Stock Option had the Participant continued in
Service.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <U><B>Stockholder Rights</B></U><B>. </B>The holder of a Stock Option shall have no stockholder rights
with respect to the shares subject to the Stock Option until such person shall have exercised the
Stock Option, paid the exercise price and become the record holder of the purchased shares.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <U><B>Unvested Shares</B></U><B>. </B>The Administrator shall have the discretion to grant Stock Options
which are exercisable for unvested shares of Common Stock. Should the Participant cease Service
while holding such unvested shares, the Company shall have the right to repurchase, at the exercise
price paid per share, any or all of those unvested shares. The terms upon which such repurchase
right shall be exercisable (including the period and procedures for exercise and the appropriate
vesting schedule for the purchased shares) shall be established by the Administrator and set forth
in the document evidencing such repurchase right; provided, however, that no such repurchase right
shall be exercised by the Company earlier than six (6)&nbsp;months following the later of (i)&nbsp;the date
on which the Stock Option is granted or (ii)&nbsp;the date of which the Stock Option is exercised.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <U><B>Limited Transferability of Stock Options</B></U><B>. </B>During the lifetime of the Participant,
an Incentive Stock Option shall be exercisable only by the Participant and shall not be assignable
or transferable other than by will or by the laws of descent and distribution following the
Participant&#146;s death.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>II.&nbsp;Incentive Stock Options</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms specified below shall be applicable to all Incentive Stock Options. Except as
modified by the provisions of this Section&nbsp;II, all the provisions of Articles One, Two and Three
shall be applicable to


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<P align="left" style="font-size: 10pt">Incentive Stock Options. Stock Options which are specifically designated as Non-Statutory
Stock Options shall not be subject to the terms of this Section&nbsp;II.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <U><B>Eligibility</B></U><B>. </B>Incentive Stock Options may only be granted to Employees.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <U><B>Exercise Price</B></U><B>. </B>The exercise price per share shall not be less than one hundred
percent (100%) of the Fair Market Value per share of Common Stock on the option grant date,
provided, however, that in the case of an Incentive Stock Option granted to a 10% Stockholder, the
exercise price per share of Common Stock purchased upon the exercise of such Incentive Stock Option
shall be such amount as the Administrator shall, in its best judgment, determine to be not less
than one-hundred and ten percent (110%) of the Fair Market Value on the date such Incentive Stock
Option is granted.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <U><B>Dollar Limitation</B></U><B>. </B>The aggregate Fair Market Value of the shares of Common Stock
(determined as of the respective date or dates of grant) for which one or more Stock Options
granted to any Employee under the Plan (or any other option plan of the Company or any Related
Entity) may for the first time become exercisable as Incentive Stock Options during any one (1)
calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent
the Employee holds two (2)&nbsp;or more such Incentive Stock Options which become exercisable for the
first time in the same calendar year, the foregoing limitation on the exercisability of such
options as Incentive Stock Options shall be applied on the basis of the order in which such
Incentive Stock Options are granted.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <U><B>Term of Incentive Stock Options</B></U><B>. </B>The maximum period in which an Incentive Stock
Option shall be exercisable shall be ten (10)&nbsp;years from the date of grant, provided, however, that
if any Employee to whom an Incentive Stock Option is granted is a 10% Stockholder, then the option
term shall not exceed five (5)&nbsp;years measured from the option grant date.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <U><B>Holding Period</B></U><B>. </B>Except as permitted under the Code, Participant shall not have the
right to sell, pledge, hypothecate or otherwise transfer any share of Common Stock acquired
pursuant to the exercise of any Incentive Stock Option prior to the later of (i)&nbsp;two (2)&nbsp;years from
the date of the grant of the Incentive Stock Option or (ii)&nbsp;one (1)&nbsp;year after the transfer to him
of such share of Common Stock.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>III. Corporate Transaction</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The shares subject to each Stock Option outstanding under the Plan at the time of a
Corporate Transaction shall automatically vest in full so that each such Stock Option shall,
immediately prior to the effective date of the Corporate Transaction, become fully exercisable for
all of the shares of Common Stock at the time subject to that Stock Option and may be exercised for
any or all of those shares as fully vested shares of Common Stock; provided, however, that shares
of Common Stock subject to an outstanding Stock Option granted to an Employee shall not
automatically vest pursuant to this Section&nbsp;III, A until such time as the Employee experiences an
Involuntary Termination following such Corporate Transaction.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The portion of any Incentive Stock Option accelerated in connection with a Corporate
Transaction shall remain exercisable as an Incentive Stock Option only to the extent the applicable
$100,000 limitation set forth in Section&nbsp;II, C above is not exceeded. To the extent such dollar
limitation is exceeded, the accelerated portion of such Incentive Stock Option shall be exercisable
as a Non-Statutory Option under the Code.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The grant of Stock Options under the Plan shall in no way affect the right of the Company
to adjust, reclassify, reorganize or otherwise change its capital or business structure or to
merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or
assets.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IV.&nbsp;Cancellation and Regrant of Stock Options</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Administrator shall have the authority to effect, at any time and from time to time, with
the consent of the affected Participants, the cancellation of any or all outstanding Stock Options
under the Plan and to grant in substitution therefor new Stock Options covering the same or
different number of shares of Common Stock, but with an exercise price per share based on the Fair
Market Value per share of Common Stock on the new option grant date. No such replacement Stock
Option shall be granted with a lower exercise price than the Stock Option for which it is
substituted either six (6)&nbsp;months before or six (6)&nbsp;months after the cancellation.


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<P align="center" style="font-size: 10pt"><B>ARTICLE THREE<BR>
MISCELLANEOUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>I.&nbsp;Financing</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable law, the Administrator may permit any Participant to pay
the option exercise price upon exercise of a Stock Option by delivering a full-recourse, interest
bearing promissory note payable in one or more installments and secured by the purchased shares.
The terms of any such promissory note (including the interest rate and the terms of repayment)
shall be established by the Administrator in its sole discretion. In no event may the maximum
credit available to the Participant exceed the sum of (i)&nbsp;the aggregate option exercise price (less
the par value of those shares) plus (ii)&nbsp;any Federal, state and local income and employment tax
liability incurred by the Participant in connection with the option exercise.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>II.&nbsp;Effective Date and Term of Plan</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Plan shall become effective on the date on which it is adopted by the Board (the
&#147;Effective Date&#148;), provided, however, that if the Plan is not approved by a vote of the
shareholders of the Company within twelve (12)&nbsp;months after the Effective Date, the Plan and any
benefits granted under the Plan shall terminate.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Plan shall terminate upon the earliest to occur of (i)&nbsp;November&nbsp;17, 2012, (ii)&nbsp;ten (10)
years from the Effective Date or (iii)&nbsp;the date on which all shares of Common Stock available for
issuance under the Plan shall have been issued as vested shares. In addition the Board, in its sole
discretion, may terminate the Plan at any time and for any reason it deems appropriate. Upon Plan
termination, all Stock Options and vested stock issuances outstanding under the Plan shall continue
to have full force and effect in accordance with the provisions of the Agreements.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>III. Amendment of the Plan</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Board shall have complete and exclusive power and authority to amend or modify the Plan
in any or all respects. However, no such amendment or modification shall adversely affect the
rights and obligations with respect to Stock Options or vested stock issuances at the time
outstanding under the Plan unless the Participant consents to such amendment or modification. In
addition, certain amendments may require the approval of the Company&#146;s shareholders pursuant to
applicable laws and regulations.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Stock Options may be granted under the Plan which are in excess of the number of shares of
Common Stock then available for issuance under the Plan, provided any excess shares actually issued
shall be held in escrow until there is obtained the approval of the Company&#146;s shareholders of an
amendment sufficiently increasing the number of shares of Common Stock available for issuance under
the Plan. If such stockholder approval is not obtained within twelve (12)&nbsp;months after the date the
first such excess grants are made, then (i)&nbsp;any unexercised Stock Options granted on the basis of
such excess shares shall terminate and cease to be outstanding and (ii)&nbsp;the Company shall promptly
refund to the Participants the exercise or purchase price paid for any excess shares issued under
the Plan and held in escrow, together with interest (at the applicable Short Term Federal Rate
under Section 1274(d) of the Code) for the period the shares of Common Stock were held in escrow,
and such shares shall thereupon be automatically cancelled and cease to be outstanding.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IV.&nbsp;Use of Proceeds</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any cash proceeds received by the Company from the sale of shares of Common Stock under the
Plan shall be used for general corporate purposes.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>V.&nbsp;Withholding</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s obligation to deliver shares of Common Stock upon the exercise of any Stock
Options under the Plan shall be subject to the satisfaction of all applicable Federal, state and
local income and employment tax withholding requirements.


</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>VI.&nbsp;Regulatory Approvals</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The implementation of the Plan, the granting of any Stock Options under the Plan and the
issuance of any shares of Common Stock upon the exercise of any Stock Option shall be subject to
the Company&#146;s procurement of all approvals and permits as the Company, in its sole discretion
determines to be required by regulatory authorities having jurisdiction over the Plan and the Stock
Options granted under it.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>VII. No Employment or Service Rights</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the Plan shall confer upon a Participant any right to continue in Service for any
period of specific duration or interfere with or otherwise restrict in any way the rights of the
Company or any Related Entity employing or retaining a Participant, which rights are hereby
expressly reserved, to terminate a Participant&#146;s Service at any time for any reason, with or
without cause.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>VIII. Grants to Officers and Directors</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision of this Plan to the contrary a Stock Option granted to an
officer or director of the Company or any Related Entity must be (i)&nbsp;approved by the Board or a
Committee of the Board comprised solely of two or more &#147;non-employee directors&#148; within the meaning
of Rule&nbsp;16b-3(b)(3) of the Exchange Act or (ii)&nbsp;approved by the Company&#146;s shareholders or ratified
by them, no later than the next Special meeting of the Company&#146;s shareholders, in accordance with
Rule&nbsp;16b-3(d)(2) of the Exchange Act. The foregoing requirement as to Board, non-employee director
or stockholder approval shall not apply if the terms of the applicable Agreement provide that at
least six (6)&nbsp;months must elapse from the date on which the Stock Option is granted to the date of
disposition of the Stock Option (other than upon exercise or conversion) or such Stock Option&#146;s
underlying shares of Common Stock.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IX.&nbsp;Sarbanes-Oxley Act Compliance</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision of the Plan to the contrary, the Administrator, in accordance
with any applicable rules or regulations promulgated by the Securities and Exchange Commission (the
&#147;SEC&#148;) and/or the United States Department of Labor, shall (i)&nbsp;notify in a timely manner any
Participant qualifying as a beneficial owner of more than 10% of any class of equity security of
the Company or any Related Entity registered under Section&nbsp;12 of the Exchange Act or an officer or
director of the Company or any Related Entity (each, a &#147;reporting person&#148; or &#147;insider&#148;) of any
transaction occurring under the Plan or any Agreement on or after August&nbsp;29, 2002 that requires
reporting by the reporting person or insider on SEC Form&nbsp;4 or 5, as applicable, each as revised
pursuant to amendments to Exchange Act rules 16a-3, 16a-6 or 16a-8, as applicable, made by the SEC
pursuant to Section&nbsp;403 of the Sarbanes-Oxley Act of 2002, P.L. No.&nbsp;107-204 (the &#147;Act&#148;); and (ii)
otherwise comply with all notice, disclosure and reporting requirements applicable to the Plan
pursuant to such Act.



<P align="center" style="font-size: 10pt"><B>APPENDIX to PLAN</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following definitions shall be in effect under the Plan:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <U><B>Administrator</B></U> shall mean either the Board or the Committee acting in its capacity
as administrator of the Plan.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <U><B>Board</B></U> shall mean the Company&#146;s Board of Directors.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <U><B>Code</B></U> shall mean the Internal Revenue Code of 1986, as amended.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <U><B>Committee</B></U> shall mean a committee of two (2)&nbsp;or more Board members appointed by the
Board to exercise one or more administrative functions under the Plan.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <U><B>Corporate Transaction</B></U> shall mean any of the following stockholder-approved
transactions to which the Company is a party or affecting the composition of the Board, as the case
may be:




<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a merger or consolidation in which securities possessing more than fifty percent
(50%) of the total combined voting power of the Company&#146;s outstanding securities are
transferred to a

</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="margin-left:5%; font-size: 10pt">person or persons different from the persons holding those securities immediately prior
to such transaction,



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale, transfer or other disposition of all or substantially all of the
Company&#146;s assets in complete liquidation or dissolution of the Company,



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sale, transfer or other disposition of all or substantially all of the
Company&#146;s assets to an entity which, immediately prior to such transfer, is not a Related
Entity, or



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a change in the identity of more than three (3)&nbsp;members of the Board over any
two-year period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition, &#147;substantially all&#148; shall mean at least 90% of the fair
market value of the Company&#146;s net assets and at least 70% of the fair market value of the Company&#146;s
gross assets, such fair market value to be determined by the Administrator in its sole discretion
immediately prior to the transfer. &#147;Net Assets&#148; shall mean total assets as reported on the
Company&#146;s most recent audited financial statements issued prior to the transfer less any short-term
liabilities. &#147;Gross Assets&#148; shall mean total assets as reported on such financial statements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <U><B>Disability</B></U> shall mean the inability of the Participant to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or to be of long-continued and indefinite duration. An individual shall
not be considered to have experienced Disability unless a determination of such is made by the
Administrator on the basis of such medical evidence as the Administrator deems warranted under the
circumstances.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <U><B>Employee</B></U> shall mean an individual who is in the employ of the Company or any
Related Entity, subject to the control and direction of the employer entity as to both the work to
be performed and the manner and method of performance.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <U><B>Fair Market Value</B></U> per share of Common Stock on any relevant date shall be
determined in accordance with the following provisions:




<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Common Stock is at the time traded on the Nasdaq National Market, the
SmallCap Market or the OTC Bulletin Board, then the Fair Market Value shall be the closing
selling price per share of Common Stock on the date in question, as such price is reported
on the Nasdaq National Market, the SmallCap Market or the OTC Bulletin Board, as the case
may be. If there is no closing selling price for the Common Stock on the date in question,
then the Fair Market Value shall be the closing selling price on the last preceding date for
which such quotation exists.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Common Stock is at the time listed on any Stock Exchange, then the Fair
Market Value shall be the closing selling price per share of Common Stock on the date in
question on the Stock Exchange determined by the Administrator to be the primary market for
the Common Stock, as such price is officially quoted in the composite tape of transactions
on such exchange. If there is no closing selling price for the Common Stock on the date in
question, then the Fair Market Value shall be the closing selling price on the last
preceding date for which such quotation exists.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Common Stock is at the time neither listed on any Stock Exchange nor
traded on the Nasdaq National Market or SmallCap Market or the OTC Bulletin Board, then the
Fair Market Value shall be determined by the Administrator taking into account such factors,
as the Administrator shall deem appropriate, which are determinative of an arm&#146;s length
transaction between a willing seller and a willing buyer, neither being under an obligation
to transact business, including but not limited to appropriate price to sales ratio factors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <U><B>Involuntary Termination</B></U> shall mean the termination of the Service of any individual
which occurs by reason of:




<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such individual&#146;s involuntary dismissal or discharge by the Company for reasons
other than Misconduct, or

</DIV>




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<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such individual&#146;s voluntary resignation following (A)&nbsp;a change in his or her
position with the Company which materially reduces his or her duties and responsibilities or
the level of management to which he or she reports, or (B)&nbsp;a reduction in his or her level
of &#147;base salary&#148;, as determined by the Administrator in its sole discretion, by more than 80
percent (80%) over a continuous 12-month period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <U><B>Misconduct</B></U> shall having the meaning ascribed to such term or words of similar
import in the Participants written employment or service contract with the Company or any Related
Entity and, in addition, shall include (i)&nbsp;the Participant&#146;s breach of any provision of any
employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed
by the Participant for the benefit of the Company or any Related Entity, as determined by the
Administrator in its sole discretion; (ii)&nbsp;the Participant&#146;s conviction of, or plea of nolo
contendere to, a felony or crime involving moral turpitude; (iii)&nbsp;the Participant&#146;s commission any
act of fraud, embezzlement or dishonesty with respect to the funds or property of the Company or
any Related Entity; (iv)&nbsp;any unauthorized use or disclosure by the Participant of confidential
information or trade secrets of the Company or any Related Entity; or (v)&nbsp;any other intentional
misconduct by the Participant adversely affecting the business or affairs of the Company or any
Related Entity in a material manner. The foregoing definition shall not be deemed to be inclusive
of all the acts or omissions which the Administrator may consider as grounds for the dismissal or
discharge of any Participant on account of &#147;Misconduct&#148;.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <U><B>Related Entity</B></U> A &#147;parent corporation&#148; of the Company or a &#147;subsidiary corporation&#148;
of the Company within the meaning of Section 424(e) and (f)&nbsp;of the Code respectively.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <U><B>Service</B></U> shall mean the provision of services to the Company or any Related Entity
by a person in the capacity of an Employee, a non-employee member of the Board or the Board of
Directors of any Related Entity or a consultant or independent advisor, except to the extent
otherwise specifically provided in the documents evidencing the option grant.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. <U><B>Stock Exchange</B></U> shall mean either the American Stock Exchange or the New York Stock
Exchange.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. <U><B>10% Stockholder</B></U> shall mean the owner of stock (as determined under Code Section
424(d)) possessing more than ten percent (10%) of the total combined voting power of all classes of
stock of the Company (or any Related Entity).


</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.</B>



<P align="center" style="font-size: 10pt"><B>AMENDMENT NO. 1 TO 2002 STOCK OPTION PLAN</B><BR>
<I>(Adopted by Shareholders May&nbsp;22, 2003)</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Natural Health Trends Corp. 2002 Stock Option Plan (the &#147;2002 Plan&#148;) is hereby
amended as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Article&nbsp;One, Section&nbsp;V, Paragraph&nbsp;B of the 2002 Plan is amended to read as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Aggregate Limit.</B></U> The maximum number of shares of Common Stock that may be issued under the
Plan shall not exceed 1,225,000 shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Except as expressly amended, the provisions of the Plan shall remain in full force and
effect.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;This Amendment shall be effective immediately upon approval by the Company&#146;s Board of
Directors and Shareholders of the Company.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adopted by the Board of Directors<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">this 1st day of April&nbsp;2003.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Approved by the Shareholders</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">this day of May&nbsp;22, 2003</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>



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<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.</B>



<P align="center" style="font-size: 10pt"><B>AMENDMENT NO. 2 TO 2002 STOCK OPTION PLAN</B><BR>
<I>(Proposed)</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Natural Health Trends Corp. 2002 Stock Option Plan (the &#147;2002 Plan&#148;) is hereby amended as
follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Article&nbsp;One, Section&nbsp;V, Paragraph&nbsp;B of the 2002 Plan is amended to add the following
sentence at the end thereof:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The maximum number of shares of Common Stock that may be issued under the Plan shall not
exceed 1,550,000 shares.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Article&nbsp;One, Section&nbsp;V, Paragraph&nbsp;C of the 2002 Plan is amended by deleting the last
sentence thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Article&nbsp;Two, Section&nbsp;I, Paragraph&nbsp;A, 1 of the 2002 Plan is amended to read as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The exercise price per share for Common Stock purchased upon the exercise of a Non-Statutory
Stock Option shall be determined by the Administrator on the date of grant. Notwithstanding any
provision of the Plan to the contrary, the Administrator shall be (i)&nbsp;required to set such exercise
price at a level that equals or exceeds the Fair Market Value per share of Common Stock on the date
of grant of the applicable Non-Statutory Stock Option and (ii)&nbsp;prohibited from reducing, at any
time following the date of grant of the applicable Non-Statutory Stock Option, the exercise price
per share of Common Stock underlying such Non-Statutory Stock Option to a level below the Fair
Market Value per share of such Common Stock on the date of grant.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Article&nbsp;Two, Section&nbsp;I, Paragraph&nbsp;D of the 2002 Plan is amended to read as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;D. <U><B>Unvested Shares</B></U>. The Administrator shall have the discretion to grant Stock
Options which are exercisable for unvested shares of Common Stock.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Article&nbsp;Two, Section&nbsp;III of the 2002 Plan is amended by adding a new paragraph D at the
end thereof, to read as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;D. Notwithstanding the foregoing provisions of this Article&nbsp;Two, Section&nbsp;III or any
provision of the Plan to the contrary, if, in connection with a Corporate Transaction, a tax under
Section&nbsp;4999 of the Code would be imposed on the Participant (after taking into account the
exceptions set forth in Sections&nbsp;280G(b)(4) and 280G(b)(5) of the Code), then the number of Stock
Options which shall become exercisable, realizable or vested as provided in the foregoing
provisions of this Article&nbsp;Two, Section&nbsp;III shall be reduced (or delayed), to the minimum extent
necessary, so that no such tax would be imposed upon the Participant.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Article&nbsp;Three, Section&nbsp;I of the 2002 Plan is amended to read as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>I. No Trust Fund or ERISA Plan Created</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Plan nor any Stock Option granted thereunder shall create or be construed as
creating a trust or separate fund of any kind or a fiduciary relationship between the Company and a
Participant or any other person. To the extent that a Participant or any other person acquires any
Stock Option under this Plan, his or her rights with respect thereto shall be not greater than the
rights of any

</DIV>



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<P align="left" style="font-size: 10pt">unsecured general creditor of the Company. No provision of this Plan shall be construed as
subjecting any portion of this Plan to any requirements of the Employee Retirement Income Security
Act of 1974, as amended.&#148;



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Article&nbsp;Three of the 2002 Plan is amended by adding a new Section&nbsp;X at the end thereof, to
read as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The effectiveness of this Plan shall be subject to the satisfaction of any applicable
shareholder approval requirements under applicable law, including, but not limited to, any such
requirements listed under Section 162(m) and/or Section&nbsp;422 of the Code or the rules of any
national, regional or over-the-counter securities exchange on which the Common Stock or any Stock
Option may be traded.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Except as expressly amended, the provisions of the Plan shall remain in full force and
effect.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;This Amendment shall be effective immediately upon approval by the Company&#146;s Board of
Directors and Shareholders of the Company.


<P align="left" style="font-size: 10pt">Adopted by the Board of Directors<BR>
this 15<SUP style="font-size: 85%; vertical-align: text-top">TH</SUP> day of March&nbsp;2005.



<P align="left" style="font-size: 10pt">Approved by the Shareholders<BR>
this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> 2005.



<P align="center" style="font-size: 10pt"><B>&#091;END OF ANNEX C&#093;</B>


</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
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<A name="503"></A>
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<P align="right" style="font-size: 10pt"><B>ANNEX D</B>



<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.</B>



<P align="center" style="font-size: 10pt"><B>AGREEMENT AND PLAN OF MERGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT AND PLAN OF MERGER (hereinafter referred to as this &#147;<U>Agreement</U>&#148;) dated
as of March&nbsp;23, 2005, is made and entered into by and between Natural Health Trends Corp., a
Florida corporation (the &#147;<U>Parent</U>&#148;) and Natural Health Trends Corp., a Delaware corporation
(the &#147;<U>Subsidiary</U>&#148;).


<P align="center" style="font-size: 10pt"><B>RECITALS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Parent is a corporation organized and existing under the laws of the State of
Florida.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Subsidiary is a corporation organized and existing under the laws of the State of
Delaware and is a wholly-owned subsidiary of the Parent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Parent and the Subsidiary and their respective boards of directors deem it
advisable and to the advantage, welfare, and best interests of the corporations and their
respective shareholders to merge Parent with and into Subsidiary pursuant to the provisions of the
Florida Business Corporation Act (the &#147;<U>FBCA</U>&#148;) and the Delaware General Corporation Law (the
&#147;<U>DGCL</U>&#148;) upon the terms and conditions hereinafter set forth.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, BE IT RESOLVED, in consideration of the premises, the mutual covenants herein
contained and other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Parent shall be merged into the Subsidiary (the
&#147;<U>Merger</U>&#148;) upon the terms and conditions hereinafter set forth.


<P align="center" style="font-size: 10pt"><B>ARTICLE I.<BR>
PRINCIPAL TERMS OF THE MERGER</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1 <U>Merger.</U> On the Effective Date (as defined in Section&nbsp;4.1 hereof), the
Parent shall be merged into the Subsidiary, the separate existence of the Parent shall cease and
the Subsidiary (following the Merger referred to as the &#147;<U>Surviving Corporation</U>&#148;) shall
operate under the name &#147; Natural Health Trends Corp.&#148; by virtue of, and shall be governed by, the
laws of the State of Delaware. The address of the registered office of the Surviving Corporation in
the State of Delaware will be 1209 Orange Street, Corporation Trust Center, in the City of
Wilmington, County of New Castle. The name of its registered agent at such address is The
Corporation Trust Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.2 <U>Certificate of Incorporation of the Surviving Corporation.</U> The Certificate
of Incorporation of the Surviving Corporation shall be the Certificate of Incorporation of the
Subsidiary as in effect on the date hereof without change unless and until amended in accordance
with applicable law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.3 <U>Bylaws of the Surviving Corporation.</U> The Bylaws of the Surviving
Corporation shall be the Bylaws of the Subsidiary as in effect on the date hereof without change
unless and until amended or repealed in accordance with applicable law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.4 <U>Directors and Officers.</U> At the Effective Date of the Merger, the members
of the board of directors, the board committees and members thereof, and the officers of the Parent
in office

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<P align="left" style="font-size: 10pt">at the Effective Date of the Merger shall become the members of the board of directors, the
board committees and members thereof and the officers, respectively, of the Surviving Corporation,
each of such directors, committee members and officers to hold office, subject to the applicable
provisions of the Certificate of Incorporation and Bylaws of the Surviving Corporation and the
DGCL, until his or her successor is duly elected or appointed and qualified.



<P align="center" style="font-size: 10pt"><B>ARTICLE II.<BR>
CONVERSION, CERTIFICATES AND PLANS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1 <U>Conversion of Shares.</U> At the Effective Date of the Merger, each of the
following transactions shall be deemed to occur simultaneously:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Common Stock.</U> Each share of the Parent&#146;s common stock, $.001 par value per share
(the &#147;<U>Parent&#146;s Common Stock</U>&#148;), issued and outstanding immediately prior to the Effective
Date of the Merger shall, by virtue of the Merger and without any action on the part of the holder
thereof, be converted into and become one validly issued, fully paid and nonassessable share of the
Surviving Corporation&#146;s common stock, $.001 par value per share (the &#147;<U>Surviving Corporation&#146;s
Common Stock</U>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Options.</U> Each option to acquire shares of the Parent&#146;s Common Stock outstanding
immediately prior to the Effective Date of the Merger shall, by virtue of the Merger and without
any action on the part of the holder thereof, be converted into and become an equivalent option to
acquire, upon the same terms and conditions, the number of shares of the Surviving Corporation&#146;s
Common Stock, which is equal to the number of shares of the Parent&#146;s Common Stock that the optionee
would have received had the optionee exercised such option in full immediately prior to the
Effective Date of the Merger (whether or not such option was then exercisable) and the exercise
price per share under each of said options shall be equal to the exercise price per share
thereunder immediately prior to the Effective Date of the Merger, unless otherwise provided in the
instrument granting such option.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Other Rights.</U> Any other right, by contract or otherwise, to acquire shares of the
Parent&#146;s Common Stock outstanding immediately prior to the Effective Date of the Merger shall, by
virtue of the Merger and without any action on the part of the holder thereof, be converted into
and become a right to acquire, upon the same terms and conditions, the number of shares of the
Surviving Corporation&#146;s Common Stock which is equal to the number of shares of the Parent&#146;s Common
Stock that the right holder would have received had the right holder exercised such right in full
immediately prior to the Effective Date of the Merger (whether or not such right was then
exercisable) and the exercise price per share under each of said rights shall be equal to the
exercise price per share thereunder immediately prior to the Effective Date of the Merger, unless
otherwise provided in the agreement granting such right.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Cancellation of Subsidiary Shares Held by Parent.</U> Each share of the Subsidiary&#146;s
common stock issued and outstanding immediately prior to the Effective Date of the Merger and held
by the Parent shall be canceled without any consideration being issued or paid therefor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2 <U>Stock Certificates.</U> After the Effective Date of the Merger, each
certificate theretofore representing issued and outstanding shares of the Parent&#146;s Common Stock
will thereafter be deemed to represent shares of the same class and series of capital stock of the
Subsidiary. The holders of outstanding certificates theretofore representing the Parent&#146;s Common
Stock will not be required to surrender such certificate to the Parent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3 <U>Employee Benefit and Compensation Plans.</U> At the Effective Date of the
Merger, each employee benefit plan, incentive compensation plan and other similar plans to which
the Parent is then a party shall be assumed by, and continue to be the plan of, the Surviving
Corporation. To the

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<P align="left" style="font-size: 10pt">extent any employee benefit plan, incentive compensation plan or other similar plan of the
Parent provides for the issuance or purchase of, or otherwise relates to, the Parent&#146;s Common
Stock, after the Effective Date of the Merger such plan shall be deemed to provide for the issuance
or purchase of, or otherwise relate to, the same class and series of the Surviving Corporation&#146;s
common stock.



<P align="center" style="font-size: 10pt"><B>ARTICLE III.<BR>
TRANSFER AND CONVEYANCE OF ASSETS AND ASSUMPTION OF LIABILITIES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1 <U>Effects of the Merger.</U> At the Effective Date of the Merger, the Merger
shall have the effects specified in the FBCA, the DGCL and this Agreement. Without limiting the
generality of the foregoing, and subject thereto, at the Effective Date of the Merger, the
Surviving Corporation shall possess all the rights, privileges, powers and franchises, of a public
as well as a private nature, and shall be subject to all the restrictions, disabilities and duties
of each of the parties to this Agreement; the rights, privileges, powers and franchises of the
Parent and the Subsidiary, and all property, real, personal and mixed, and all debts due to each of
them on whatever account, shall be vested in the Surviving Corporation; and all property, rights,
privileges, powers and franchises, and all and every other interest shall be thereafter the
property of the Surviving Corporation, as they were of the respective constituent entities, and the
title to any real estate whether by deed or otherwise vested in the Parent and the Subsidiary or
either of them, shall not revert to be in any way impaired by reason of the Merger; but all rights
of creditors and all liens upon any property of the parties hereto, shall be preserved unimpaired,
and all debts, liabilities and duties of the respective constituent entities shall thenceforth
attach to the Surviving Corporation, and may be enforced against it to the same extent as if said
debts, liabilities and duties had been incurred or contracted by it.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2 <U>Additional Actions.</U> If, at any time after the Effective Date of the
Merger, the Surviving Corporation shall consider or be advised that any further assignments or
assurances in law or any other acts are necessary or desirable (a)&nbsp;to vest, perfect or confirm, of
record or otherwise, in the Surviving Corporation, title to and possession of any property or right
of the Parent acquired or to be acquired by reason of, or as a result of, the Merger, or (b)
otherwise to carry out the purposes of this Agreement, the Parent and its proper officers and
directors shall be deemed to have granted to the Surviving Corporation an irrevocable power of
attorney to execute and deliver all such proper deeds, assignments and assurances in law and to do
all acts necessary or proper to vest, perfect or confirm title to and possession of such property
or rights in the Surviving Corporation and otherwise to carry out the purposes of this Agreement.
The proper officers and directors of the Surviving Corporation are fully authorized in the name of
the Parent or otherwise to take any and all such action.


<P align="center" style="font-size: 10pt"><B>ARTICLE IV.<BR>
APPROVAL BY SHAREHOLDERS; AMENDMENT; EFFECTIVE DATE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1 <U>Approval.</U> This Agreement and the Merger contemplated hereby are subject to
approval by the requisite vote of shareholders in accordance with applicable Florida law. As
promptly as practicable after approval of this Agreement by shareholders in accordance with
applicable law, duly authorized officers of the respective parties shall make and execute Articles
of Merger and a Certificate of Merger and shall cause such documents to be filed with the
Department of State of Florida and the Secretary of State of Delaware, respectively, in accordance
with the laws of the States of Florida and Delaware. The effective date (the &#147;<U>Effective
Date</U>&#148;) of the Merger shall be the date on which the Merger becomes effective under the laws of
Florida or the date on which the Merger becomes effective under the laws of Delaware, whichever
occurs later.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2 <U>Amendments.</U> The Board of Directors of the Parent may amend this Agreement
at any time prior to the Effective Date, provided that an amendment made subsequent to the approval
of the Merger by the shareholders of the Parent may only be made to the extent permitted by the
FBCA

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<P align="left" style="font-size: 10pt">and the DGCL.



<P align="center" style="font-size: 10pt"><B>ARTICLE V.<BR>
MISCELLANEOUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1 <U>Termination.</U> This Agreement may be terminated and the Merger abandoned at
any time prior to the filing of Articles of Merger and a Certificate of Merger with the Department
of State of Florida and the Secretary of State of Delaware, respectively, whether before or after
shareholder approval of this Agreement, by the consent of the Board of Directors of the Parent and
the Subsidiary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2 <U>Counterparts.</U> This Agreement may be executed in any number of
counterparts, each of which shall be considered to be an original instrument.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3 <U>Descriptive Headings.</U> The descriptive headings are for convenience of
reference only and shall not control or affect the meaning or construction of any provision of this
Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.4 <U>Governing Law.</U> This Agreement shall be construed in accordance with the
laws of the State of Delaware, except to the extent the laws of the State of Florida shall
mandatorily apply to the Merger.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned officers of each of the parties to this Agreement,
pursuant to authority duly given by their respective boards of directors, have caused this
Agreement to be duly executed on the date set forth above.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>NATURAL HEALTH TRENDS CORP.</B>,<BR>a Florida corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark D. Woodburn</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark D. Woodburn, President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>NATURAL HEALTH TRENDS CORP.</B>,<BR>a Delaware corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark D. Woodburn</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark D. Woodburn, President</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>&#091;END OF ANNEX D&#093;</B>


</DIV>


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<P align="right" style="font-size: 10pt"><B>ANNEX E</B>



<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.</B>



<P align="center" style="font-size: 10pt"><B>CERTIFICATE OF INCORPORATION<BR>
OF<BR>
NATURAL HEALTH TRENDS CORP.</B>



<P align="left" style="font-size: 10pt"><B>Section&nbsp;1. </B>The name of the Corporation is Natural Health Trends Corp.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;2. </B>The address of the Corporation&#146;s registered office in the State of Delaware is 1209
Orange Street, Corporation Trust Center, in the City of Wilmington, County of New Castle. The name
of its registered agent at such address is The Corporation Trust Company.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;3. </B>The purpose of the Corporation is to engage in any lawful act or activity for which
corporations may be organized under the General Corporation Law of the State of Delaware.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;4. </B>The Corporation is to have perpetual existence.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;5. </B>The Corporation shall have the authority to issue 50,000,000 shares of Common Stock with
a par value of $0.001 per share. The Board of Directors of the Corporation has the authority,
without further action by the stockholders, to issue 5,000,000 shares of Preferred Stock, par value
$0.001 per share, in one or more series and to fix the rights, preferences, privileges and
restrictions thereof, including without limitation dividend rights, conversion rights, voting
rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares
constituting any series or the designation of such series, without any further vote or action by
the stockholders.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;6. </B>At every annual or special meeting of stockholders of the Corporation, every holder of
Common Stock shall be entitled to one vote, in person or by proxy, for each share of Common Stock
standing in such holder&#146;s name on the books of the Corporation, subject to the rights of the
holders of Preferred Stock. Subject to the rights of the holders of the Preferred Stock, the
Common Stock shall be entitled to dividends out of funds legally available therefore, when, as and
if declared and paid to the holders of Common Stock, and upon liquidation, dissolution or winding
up of the Corporation, to share ratably in the assets of the Corporation. The Common Stock shall
not be redeemable.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;7. </B>The number of directors of the Corporation shall be fixed in the manner provided in the
Bylaws of the Corporation. The names and mailing addresses of the persons who are to serve as the
initial directors of the Corporation until the first annual meeting of stockholders of the
Corporation, or until their successors are elected and qualified are:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Name</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Address</B></TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sir Brian Wolfson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12901 Hutton Drive, Dallas, Texas 75234</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark D. Woodburn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12901 Hutton Drive, Dallas, Texas 75234</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Terry A. LaCore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12901 Hutton Drive, Dallas, Texas 75234</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Randall A. Mason
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12901 Hutton Drive, Dallas, Texas 75234</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert H. Hesse
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12901 Hutton Drive, Dallas, Texas 75234</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt"><B>Section&nbsp;8. </B>Any director or the entire Board of Directors may be removed only for cause and only by
the vote of the holders of two-thirds (2/3) of the securities of the Corporation then entitled to
vote at an election of directors voting together as a single class.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;9. </B>Subject to the rights, if any, of the holders of any series of Preferred Stock then
outstanding, newly created directorships resulting from any increase in the authorized number of
directors or any vacancies in the Board of Directors resulting from death, resignation,
disqualification or removal may be filled only by a majority vote of the directors then in office,
though less than a quorum, and directors so chosen shall hold office for a term expiring at the
next annual meeting of stockholders and until such director&#146;s successor shall have been duly
elected and qualified.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;10. </B>Cumulative voting in the election of directors or otherwise is hereby expressly
prohibited. No stockholder shall have, as a stockholder of the Corporation, any preemptive right
to acquire, purchase or subscribe for the purchase of any or all additional issues of stock of the
Corporation or any or all classes or series thereof, or for any securities convertible into such
stock, whether now or hereafter authorized. Nothing in this Article will prohibit the Corporation
from granting by contract preemptive rights or other rights to purchase stock of the Corporation.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;11. </B>A director or former director of the Corporation shall not, to the fullest extent
permitted by the Delaware General Corporation Law as the same exists or may hereafter be amended,
be liable to the Corporation or its stockholders for monetary damages for breach of his or her
fiduciary duty to the Corporation or its stockholders.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;12. </B>In furtherance and not in limitation of the powers conferred by statute, the Bylaws of
the Corporation may be altered, amended, or repealed or new Bylaws may be adopted by the Board of
Directors at any regular or special meeting of the Board, subject to the stockholders&#146; right to
adopt, amend or repeal these Bylaws or adopt new Bylaws. Notwithstanding the foregoing and
anything contained in the Bylaws to the contrary, the Bylaws shall not be amended or repealed by
the stockholders, and no provision inconsistent therewith shall be adopted by the stockholders,
without the affirmative vote of the holders of at least two-thirds (2/3) of the voting power of all
shares of the Corporation entitled to vote generally in the election of directors voting together
as a single class.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;13. </B>To the fullest extent permitted by the General Corporation Law of Delaware, as the same
may be amended from time to time, the Corporation shall indemnify any and all of the current and
former directors and officers of the Corporation, or any person who is or was serving at the
Corporation&#146;s request as a director or officer of another corporation, partnership, joint venture,
trust or other enterprise. The Corporation shall have the power to purchase and maintain insurance
on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or
is or was serving at the request of the Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust, limited liability company or other
enterprise, against any liability asserted against such person and incurred by such person in any
such capacity, or arising out of such person&#146;s status as such, whether or not the Corporation would
have the power to indemnify such person against such liability.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amendment nor repeal of this Article, nor the adoption of any provision of this
Corporation&#146;s Certificate of Incorporation inconsistent with this Article, shall eliminate or
reduce the effect of this Article, in respect of any matter occurring, or any action or proceeding
accruing or arising or that, but for this Article, would accrue or arise, prior to such amendment,
repeal or adoption of an inconsistent provision.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;14. </B>Any action required or permitted to be taken at any annual or special meeting of
stockholders may only be taken upon the vote of the stockholders at an annual or special meeting
duly


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<P align="left" style="font-size: 10pt">called and may not be taken by written consent of the stockholders. Special meetings of the
stockholders, unless otherwise required by statute, may be called at any time only by the Chairman
of the Board or the Chief Executive Officer of the Corporation or a majority of the Board of
Directors.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;15. </B>The Corporation reserves the right to amend, alter, change or repeal any provision
contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by
statute, and all rights conferred upon stockholders herein are granted subject to this reservation.
In addition to any affirmative vote required by applicable law or any other provision of this
Certificate of Incorporation or specified in any agreement, the affirmative vote of the holders of
not less than two-thirds (2/3) of the voting power of all securities of the Corporation entitled to
vote generally in the election of directors shall be required to amend, add, alter, change, repeal
or adopt any provisions inconsistent with Sections&nbsp;8, 12, 14 or this Section&nbsp;15 of this Certificate
of Incorporation.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;16. </B>The name of the incorporator is Keith C. Zagar, and the address of the incorporator is
12901 Hutton Drive, Dallas, Texas 75234. The powers of the incorporator are to terminate upon the
filing of this Certificate of Incorporation with the Secretary of State of the State of Delaware.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned, being the incorporator of the Corporation, for the
purpose of forming a corporation pursuant to the General Corporation Law of the State of Delaware,
does make this Certificate of Incorporation, hereby declaring and certifying that this is his act
and deed and the facts herein stated are true, and accordingly has hereunto set his hand this
21<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of March, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
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    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                          /s/ Keith C. Zagar
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Keith C. Zagar, Incorporator&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt"><B>&#091;END OF ANNEX E&#093;</B>


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<P align="right" style="font-size: 10pt"><B>ANNEX F</B>



<P align="center" style="font-size: 10pt"><B>NATURAL HEALTH TRENDS CORP.</B>



<P align="center" style="font-size: 10pt"><B>BYLAWS<BR>
OF<BR>
NATURAL HEALTH TRENDS CORP.</B><BR>
<I>(A Delaware Corporation)</I>



<P align="center" style="font-size: 10pt"><B>ARTICLE I<BR>
OFFICES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Registered Office</U>. The registered office of the Corporation shall be in the
City of Wilmington, County of New Castle, State of Delaware.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <U>Other Offices</U>. The Corporation may also have offices at such other place or
places, both within and without the State of Delaware, as the Board of Directors may from time to
time determine or the business of the Corporation may require.


<P align="center" style="font-size: 10pt"><B>ARTICLE II<BR>
MEETINGS OF STOCKHOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Time and Place of Meetings. All meetings of the stockholders for the election of
directors shall be held at such time and place, either within or without the State of Delaware, as
shall be designated from time to time by the Board of Directors and stated in the notice of the
meeting. Meetings of stockholders for any other purpose may be held at such time and place, within
or without the State of Delaware, as shall be stated in the notice of the meeting or in a duly
executed waiver of notice thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>Annual Meetings</U>. Annual meetings of stockholders shall be held on such date and
at such time as shall be designated from time to time by the Board of Directors and stated in the
notice of the meeting, at which meeting the stockholders shall elect by a plurality vote a Board of
Directors and transact such other business as may properly be brought before the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <U>Notice of Annual Meetings</U>. Written notice of the annual meeting, stating the
place, date, and hour of the meeting, shall be given to each stockholder of record entitled to vote
at such meeting not less than 10 or more than 60&nbsp;days before the date of the meeting. If mailed,
such notice shall be deemed to be delivered when deposited in the United States mail, addressed to
the stockholder at his address as it appears on the stock transfer books of the Corporation with
postage thereon prepaid.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <U>Special Meetings</U>. Special meetings of the stockholders for any purpose or
purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be
called only by the Chairman of the Board, the Chief Executive Officer, or a majority of the members
of the Board of Directors then in office. Such request shall state the purpose or purposes of the
proposed special meeting. Business transacted at any special meeting of stockholders shall be
limited to the purposes stated in the notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <U>Notice of Special Meetings</U>. Written notice of a special meeting, stating the
place, date, and hour of the meeting and the purpose or purposes for which the meeting is called,
shall be given to each stockholder of record entitled to vote at such meeting not less than 10 or
more than 60&nbsp;days before the date of the meeting. If mailed, such notice shall be deemed to be
delivered when deposited

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<P align="left" style="font-size: 10pt">in the United States mail, addressed to the stockholder at his address as it appears on the
stock transfer books of the Corporation with postage thereon prepaid.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <U>Quorum</U>. Except as otherwise provided by statute or the Certificate of
Incorporation, the holders of stock having a majority of the voting power of the stock entitled to
be voted thereat, present in person or represented by proxy, shall constitute a quorum for the
transaction of business at all meetings of the stockholders. If, however, such quorum shall not be
present or represented at any meeting of the stockholders, the stockholders entitled to vote
thereat, present in person or represented by proxy, shall have power to adjourn the meeting from
time to time without notice (other than announcement at the meeting at which the adjournment is
taken of the time and place of the adjourned meeting) until a quorum shall be present or
represented. At such adjourned meeting at which a quorum shall be present or represented, any
business may be transacted which might have been transacted at the meeting as originally notified.
if the adjournment is for more than 30&nbsp;days, or if after the adjournment a new record date is fixed
for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of
record entitled to vote at the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <U>Organization</U>. At each meeting of the stockholders, the Chairman of the Board or
the President, determined as provided in <U>Article&nbsp;VII</U> of these Bylaws, or if those officers
shall be absent therefrom, another officer of the Corporation chosen as chairman present in person
or by proxy and entitled to vote thereat, or if all the officers of the Corporation shall be absent
therefrom, a stockholder holding of record shares of stock of the Corporation so chosen, shall act
as chairman of the meeting and preside thereat. The Secretary, or if he shall be absent from such
meeting or shall be required pursuant to the provisions of this <U>Section&nbsp;2.7</U> to act as
chairman of such meeting, the person (who shall be an Assistant Secretary, if an Assistant
Secretary shall be present thereat) whom the chairman of such meeting shall appoint, shall act as
secretary of such meeting and keep the minutes thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <U>Voting</U>. Except as otherwise provided in the Certificate of Incorporation, each
stockholder shall, at each meeting of the stockholders, be entitled to one vote in person or by
proxy for each share of stock of the Corporation held by him and registered in his name on the
books of the Corporation on the date fixed pursuant to the provisions of <U>Section&nbsp;9.6</U> of
<U>Article&nbsp;IX</U> of these Bylaws as the record date for the determination of stockholders who
shall be entitled to notice of and to vote at such meeting. Shares of its own stock belonging to
the Corporation or to another corporation, if a majority of the shares entitled to vote in the
election of directors of such other corporation is held directly or indirectly by the Corporation,
shall not be entitled to vote. Any vote by stock of the Corporation may be given at any meeting of
the stockholders by the stockholder entitled thereto, in person or by his proxy appointed by an
instrument in writing subscribed by such stockholder or by his attorney thereunto duly authorized
and delivered to the Secretary of the Corporation or to the secretary of the meeting; provided,
however, that no proxy shall be voted or acted upon after three years from its date, unless said
proxy shall provide for a longer period. Each proxy shall be revocable unless expressly provided
therein to be irrevocable and unless otherwise made irrevocable by law. At all meetings of the
stockholders all matters, except where other provision is made by law, the Certificate of
Incorporation, or these Bylaws, shall be decided by the vote of a majority of the votes cast by the
stockholders present in person or by proxy and entitled to vote thereat, a quorum being present.
Unless demanded by a stockholder of the Corporation present in person or by proxy at any meeting of
the stockholders and entitled to vote thereat, or so directed by the chairman of the meeting, the
vote thereat on any question other than the election or removal of directors need not be by written
ballot. Upon a demand of any such stockholder for a vote by written ballot on any question or at
the direction of such chairman that a vote by written ballot be taken on any question, such vote
shall be taken by written ballot. On a vote by written ballot, each ballot shall be signed by the
stockholder voting, or by his proxy, if there be such proxy, and shall state the number of shares
voted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <U>List of Stockholders</U>. It shall be the duty of the Secretary or other officer of
the Corporation who shall have charge of its stock ledger, either directly or through another
officer of the Corporation designated by him or through a transfer agent appointed by the Board of
Directors, to

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<P align="left" style="font-size: 10pt">prepare and make, at least 10&nbsp;days before every meeting of the stockholders, a complete list
of the stockholders entitled to vote thereat, arranged in alphabetical order, and showing the
address of each stockholder and the number of shares registered in the name of each stockholder.
Such list shall be open to the examination of any stockholder, for any purpose germane to the
meeting, during ordinary business hours, for a period of at least 10&nbsp;days before said meeting,
either at a place within the city where said meeting is, to be held, which place shall be specified
in the notice of said meeting, or, if not so specified, at the place where said meeting is to be
held. The list shall also be produced and kept at the time and place of said meeting during the
whole time thereof, and may be inspected by any stockholder of record who shall be present thereat.
The stock ledger shall be the only evidence as to who are the stockholders entitled to examine the
stock ledger, such list or the books of the Corporation, or to vote in person or by proxy at any
meeting of stockholders.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <U>Inspectors of Votes</U>. At each meeting of the stockholders, the chairman of such
meeting may appoint two Inspectors of Votes to act thereat, unless the Board of Directors shall
have theretofore made such appointments. Each Inspector of Votes so appointed shall first
subscribe an oath or affirmation faithfully to execute the duties of an Inspector of Votes at such
meeting with strict impartiality and according to the best of his ability. Such Inspectors of
Votes, if any, shall take charge of the ballots, if any, at such meeting and, after the balloting
thereat on any question, shall count the ballots cast thereon and shall make a report in writing to
the secretary of such meeting of the results thereof. An Inspector of Votes need not be a
stockholder of the Corporation, and any officer of the Corporation may be an Inspector of Votes on
any question other than a vote for or against his election to any position with the Corporation or
on any other question in which he may be directly interested.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <U>Actions Without a Meeting</U>. Any action required or permitted to be taken at any
annual or special meeting of the stockholders may only be taken upon the vote of the stockholders
at an annual or special meeting called and may not be taken by written consent of the stockholders.


<P align="center" style="font-size: 10pt"><B>ARTICLE III<BR>
BOARD OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Powers</U>. The business and affairs of the Corporation shall be managed by its Board
of Directors, which shall have and may exercise all such powers of the Corporation and do all such
lawful acts and things as are not by statute, the Certificate of Incorporation, or these Bylaws
directed or required to be exercised or done by the stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <U>Number, Qualification and Term of Office</U>. The number of directors which shall
constitute the whole Board of Directors shall not be less than three (3)&nbsp;nor more than eleven (11).
Within the limits above specified, the number of directors which shall constitute the whole Board
of Directors shall be determined by resolution of the Board of Directors or by the stockholders at
any annual or special meeting or otherwise pursuant to action of the stockholders. Directors need
not be stockholders. The directors shall be elected at the annual meeting of the stockholders,
except as provided in <U>Section&nbsp;3.5</U> of this <U>Article&nbsp;III</U>, and each director elected
shall hold office until the annual meeting next after his election and until his successor is duly
elected and qualified, or until his death or retirement or until he resigns or is removed in the
manner hereinafter provided, but no decrease in the number of directors shall have the effect of
shortening the term of any incumbent director. Directors shall be elected by a plurality of the
votes of the shares present in person or represented by proxy and entitled to vote on the election
of directors at any annual or special meeting of stockholders. Such election shall be by written
ballot.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <U>Resignations</U>. Any director may resign at any time by giving written notice of his
resignation to the Corporation. Any such resignation shall take effect at the time specified
therein, or if the time when it shall become effective shall not be specified therein, then it
shall take effect

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<P align="left" style="font-size: 10pt">immediately upon its receipt by the Secretary. Unless otherwise specified therein, the
acceptance of such resignation shall not be necessary to make it effective.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <U>Removal of Directors</U>. At any meeting of stockholders called expressly for the
purpose of removing a director or directors, any director or the entire Board of Directors may be
removed, only for cause, by a vote of the holders of two-thirds of the shares then entitled to vote
at an election of directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <U>Vacancies</U>. Vacancies and newly created directorships resulting from any increase
in the authorized number of directors may be filled by a majority of the directors then in office
though less than a quorum, or by a sole remaining director, and the directors so chosen shall hold
office until the annual meeting next after their election and until their successors are elected
and qualified, unless sooner displaced. If there are no directors in office, then an election of
directors may be held in the manner provided by statute.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <U>Place of Meetings</U>. The Board of Directors of the Corporation may hold meetings,
both regular and special, either within or without the State of Delaware.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <U>Annual Meetings</U>. The first meeting of each newly elected Board of Directors shall
be held immediately following the annual meeting of stockholders, and no notice of such meeting to
the newly elected directors shall be necessary in order legally to constitute the meeting, provided
a quorum shall be present. In the event such meeting is not held immediately following the annual
meeting of stockholders, the meeting may be held at such time and place as shall be specified in a
notice given as hereinafter provided for special meetings of the Board of Directors, or as shall be
specified in a written waiver signed by all of the directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <U>Regular Meetings</U>. Regular meetings of the Board of Directors may be held without
notice at such time and at such place as shall from time to time be determined by the Board of
Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <U>Special Meetings: Notice</U>. Special meetings of the Board of Directors may be
called by the Chairman of the Board, the President, or the Secretary on 24 hours&#146; notice to each
director, either personally or by telephone or by mail, facsimile, telegraph, electronic mail,
wireless, or other form of recorded communication; special meetings shall be called by the Chairman
of the Board, the President, or the Secretary in like manner and on like notice on the written
request of two directors. Notice of any such meeting need not be given to any director, however,
if waived by him in writing or by mail, facsimile, telegraph, electronic mail, wireless, or other
form of recorded communication, or if he shall be present at such meeting. Neither the business to
be transacted at, nor the purpose of, any special meeting of the Board of Directors need be
specified in the notice or waiver of notice of such meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <U>Quorum and Manner of Acting</U>. At all meetings of the Board of Directors, a
majority of the directors at the time in office (but not less than one-third of the whole Board of
Directors) shall constitute a quorum for the transaction of business, and the act of a majority of
the directors present at any meeting at which a quorum is present shall be the act of the Board of
Directors, except as may be otherwise specifically provided by statute or by the Certificate of
Incorporation. If a quorum shall not be present at any meeting of the Board of Directors, the
directors present thereat may adjourn the meeting from time to time, without notice other than
announcement at the meeting, until a quorum shall be present.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <U>Interested Directors</U>. No contract or transaction between the Corporation and one
or more of its directors or officers, or between the Corporation and any other corporation,
partnership, association, or other organization in which one (1)&nbsp;or more of the Corporation&#146;s
directors or officers or have a financial interest, shall be void or voidable solely for this
reason, or solely because the director or officer is present at or participates in the meeting of
the Board of Directors or committee thereof that

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<P align="left" style="font-size: 10pt">authorizes the contract or transaction, or solely because his or their votes are counted for
such purpose, if:




<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The material facts as to his relationship or interest and as to the contract or
transaction are disclosed or are known to the Board of Directors or the committee, and the
Board of Directors or committee in good faith authorizes the contract or transaction by the
affirmative vote of a majority of the disinterested directors, even though the disinterested
directors be less than a quorum; or



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The material facts as to his relationship or interest and as to the contract or
transaction are disclosed or are known to the stockholders entitled to vote thereon, and the
contract or transaction is specifically approved in good faith by vote of the stockholders;
or



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The contract or transaction is fair as to the Corporation as of the time it is
authorized, approved, or ratified by the Board of Directors, a committee thereof, or the
stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interested directors may be counted in determining the presence of a quorum at a meeting of
the Board of Directors or of a committee that authorizes the contract or transaction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <U>Remuneration</U>. Unless otherwise expressly provided by resolution adopted by the
Board of Directors, none of the directors shall, as such, receive any stated remuneration for his
services; but the Board of Directors may at any time and from time to time by resolution provide
that a specified sum shall be paid to any director of the Corporation, either as his annual
remuneration as such director or member of any committee of the Board of Directors or as
remuneration for his attendance at each meeting of the Board of Directors or any such committee.
The Board of Directors may also likewise provide that the Corporation shall reimburse each director
for any expenses paid by him on account of his attendance at any meeting. Nothing in this
<U>Section&nbsp;3.12</U> shall be construed to preclude any director from serving the Corporation in
any other capacity and receiving remuneration therefore.


<P align="center" style="font-size: 10pt"><B>ARTICLE IV<BR>
COMMITTEES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Executive Committee; How Constituted and Powers</U>. The Board of Directors may in
its discretion, by resolution passed by a majority of the whole Board of Directors, designate an
Executive Committee consisting of one or more of the directors of the Corporation. Subject to the
provisions of Section&nbsp;141 of the General Corporation Law of the State of Delaware, the Certificate
of Incorporation, and these Bylaws, the Executive Committee shall have and may exercise, when the
Board of Directors is not in session, all the powers and authority of the Board of Directors in the
management of the business and affairs of the Corporation, and shall have the power to authorize
the seal of the Corporation to be affixed to all papers which may require it; but the Executive
Committee shall not have the power to fill vacancies in the Board of Directors, the Executive
Committee, or any other committee of directors or to elect or approve officers of the Corporation.
The Executive Committee shall have the power and authority to authorize the issuance of common
stock and grant and authorize options and other rights with respect to such issuance. The Board of
Directors shall have the power at any time, by resolution passed by a majority of the whole Board
of Directors, to change the membership of the Executive Committee, to fill all vacancies in it, or
to dissolve it, either with or without cause.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>Organization</U>. The Chairman of the Executive Committee, to be selected by the
Board of Directors, shall act as chairman at all meetings of the Executive Committee and the
Secretary shall act as secretary thereof. In case of the absence from any meeting of the Executive
Committee of the Chairman of the Executive Committee or the Secretary, the Executive Committee may
appoint a chairman or secretary, as the case may be, of the meeting.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <U>Meetings</U>. Regular meetings of the Executive Committee, of which no notice shall
be necessary, may be held on such days and at such places, within or without the State of Delaware,
as shall be fixed by resolution adopted by a majority of the Executive Committee and communicated
in writing to all its members. Special meetings of the Executive Committee shall be held whenever
called by the Chairman of the Executive Committee or a majority of the members of the Executive
Committee then in office. Notice of each special meeting of the Executive Committee shall be given
by mail, facsimile, telegraph, electronic mail, wireless, or other form of recorded communication
or be delivered personally or by telephone to each member of the Executive Committee not later than
the day before the day on which such meeting is to be held. Notice of any such meeting need not be
given to any member of the Executive Committee, however, if waived by him in writing or by mail,
facsimile, telegraph, electronic mail, wireless, or other form of recorded communication, or if he
shall be present at such meeting; and any meeting of the Executive Committee shall be a legal
meeting without any notice thereof having been given, if all the members of the Executive Committee
shall be present thereat. Subject to the provisions of this <U>Article&nbsp;IV</U>, the Executive
Committee, by resolution adopted by a majority of the whole Executive Committee, shall fix its own
rules of procedure.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <U>Quorum and Manner of Acting</U>. A majority of the Executive Committee shall
constitute a quorum for the transaction of business, and the act of a majority of those present at
a meeting thereof at which a quorum is present shall be the act of the Executive Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <U>Other Committees</U>. The Board of Directors may, by resolution or resolutions passed
by a majority of the whole Board of Directors, designate one or more other committees consisting of
one or more directors of the Corporation, which, to the extent provided in said resolution or
resolutions, shall have and may exercise, subject to the provisions of Section&nbsp;141 of the General
Corporation Law of the State of Delaware, the Certificate of Incorporation, and these Bylaws, the
powers and authority of the Board of Directors in the management of the business and affairs of the
Corporation, and shall have the power to authorize the seal of the Corporation to be affixed to all
papers which may require it; but no such committee shall have the power to fill vacancies in the
Board of Directors, the Executive Committee, or any other committee or in their respective
membership, to appoint or remove officers of the Corporation, or to authorize the issuance of
shares of the capital stock of the Corporation, except that such a committee may, to the extent
provided in said resolutions, grant and authorize options and other rights with respect to the
common stock of the Corporation pursuant to and in accordance with any plan approved by the Board
of Directors. Such committee or committees shall have such name or names as may be determined from
time to time by resolution adopted by the Board of Directors. A majority of all the members of any
such committee may determine its action and fix the time and place of its meetings and specify what
notice thereof, if any, shall be given, unless the Board of Directors shall otherwise provide. The
Board of Directors shall have power to change the members of any such committee at any time to fill
vacancies, and to discharge any such committee, either with or without cause, at any time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <U>Alternate Members of Committees</U>. The Board of Directors may designate one or more
directors as alternate members of the Executive Committee or any other committee, who may replace
any absent or disqualified member at any meeting of the committee, or if none be so appointed, the
member or members thereof present at any meeting and not disqualified from voting, whether or not
he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to
act at the meeting in the place of any such absent or disqualified member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <U>Minutes of Committees</U>. Each committee shall keep regular minutes of its meetings
and proceedings and report the same to the Board of Directors at the next meeting thereof.

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<P align="center" style="font-size: 10pt"><B>ARTICLE V<BR>
MEETINGS &#150; GENERAL</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>Actions Without a Meeting</U>. Unless otherwise restricted by the Certificate of
Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the
Board of Directors or of any committee thereof may be taken without a meeting, if all members of
the Board of Directors or committee, as the case may be, consent thereto in writing and the writing
or writings are filed with the minutes of proceedings of the Board of Directors or the committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Presence at Meetings by Means of Communications Equipment</U>. Members of the Board
of Directors, or of any committee designated by the Board of Directors, may participate in a
meeting of the Board of Directors or such committee by means of conference telephone or other
communications equipment by means of which all persons participating in the meeting can hear each
other, and participation in a meeting conducted pursuant to this <U>Section&nbsp;5.2</U> shall
constitute presence in person at such meeting.


<P align="center" style="font-size: 10pt"><B>ARTICLE VI<BR>
NOTICES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Type of Notice</U>. Whenever, under the provisions of any applicable statute, the
Certificate of Incorporation, or these Bylaws, notice is required to be given to any director or
stockholder, it shall not be construed to mean personal notice, but such notice may be given in
writing, in person or by mail, addressed to such director or stockholder, at his address as it
appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be
deemed to be given at the time when the same shall be deposited in the United States mail. Notice
to directors may also be given in any manner permitted by <U>Article&nbsp;III</U> hereof and shall be
deemed to be given at the time when first transmitted by the method of communication selected.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Waiver of Notice</U>. Whenever any notice is required to be given under the
provisions of any applicable permitted statute, the Certificate of Incorporation, or these Bylaws,
a waiver thereof in writing, signed by the person or persons entitled to said notice, whether
before or after the time stated therein, shall be deemed equivalent thereto, and transmission of a
waiver of notice by a director or stockholder by mail, facsimile, telegraph, electronic mail,
wireless, or other form of recorded communication may constitute such a waiver.


<P align="center" style="font-size: 10pt"><B>ARTICLE VII<BR>
OFFICERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Elected and Appointed Officers</U>. The elected officers of the Corporation shall be
a President, one or more Vice Presidents, with or without such descriptive titles as the Board of
Directors shall deem appropriate, a Secretary, and a Treasurer, and, if the Board of Directors so
elects, a Chairman of the Board (who shall be a director), and a Controller. The Board of
Directors or the Executive Committee of the Board of Directors by resolution also may appoint one
or more Assistant Vice Presidents, Assistant Treasurers, Assistant Secretaries, Assistant
Controllers, and such other officers and agents as from time to time may appear to be necessary or
advisable in the conduct of the affairs of the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <U>Time of Election or Appointment</U>. The Board of Directors at its annual meeting
shall elect or appoint, as the case may be, the officers to fill the positions designated in or
pursuant to <U>Section&nbsp;7.1</U> of this <U>Article&nbsp;VII</U>. Officers of the Corporation may also
be elected or appointed, as the case may be, at any other time.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <U>Salaries of Elected Officers</U>. The salaries of all elected officers of the
Corporation shall be fixed by the Board of Directors or a committee thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <U>Term</U>. Each officer of the Corporation shall hold his office until his successor
is duly elected or appointed and qualified or until his earlier resignation or removal. Any
officer may resign at any time upon written notice to the Corporation. Any officer elected or
appointed by the Board of Directors or the Executive Committee may be removed at any time by the
affirmative vote of a majority of the whole Board of Directors. Any vacancy occurring in any
office of the Corporation by death, resignation, removal, or otherwise may be filled by the Board
of Directors or the appropriate committee thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <U>Duties of the Chief Executive Officer</U>. Unless the Board of Directors designates
otherwise, the President shall be the chief executive officer of the Corporation. The Chief
Executive Officer shall preside at all meetings of the stockholders. The Chief Executive Officer
shall have such other powers and duties as usually pertain to such office or as may be delegated by
the Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <U>Duties of President</U>. Unless the Board of Directors shall otherwise delegate such
duties, the President shall have general powers of oversight, supervision and management of the
business and affairs of the Corporation, and shall see that all orders and resolutions of the Board
of Directors are carried into effect. The President shall have such other powers and duties as
usually pertain to such office or as may be prescribed by the Board of Directors. He shall execute
bonds, mortgages, instruments, contracts, agreements and other documentation, except where the
signing and execution thereof shall be expressly delegated by the Board of Directors to some other
officer or agent of the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <U>Duties of Vice Presidents</U>. In the absence of the President or in the event of his
inability or refusal to act, the Vice President (or in the event there be more than one Vice
President, the Vice Presidents in the order designated, or in the absence of any designation, then
in the order of their election) shall perform the duties of the President and, when so acting,
shall have all the powers of and be subject to all the restrictions upon the President. The Vice
Presidents shall perform such other duties and have such other powers as the Board of Directors or
the President may from time to time prescribe.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <U>Duties of Assistant Vice Presidents</U>. In the absence of a Vice President or in the
event of his inability or refusal to act, the Assistant Vice President (or in the event there shall
be more than one, the Assistant Vice Presidents in the order designated by the Board of Directors,
or in the absence of any designation, then in the order of their appointment) shall perform the
duties and exercise the powers of that Vice President, and shall perform such other duties and have
such other powers as the Board of Directors, the President, or the Vice President under whose
supervision he is appointed may from time to time prescribe.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <U>Duties of the Secretary</U>. The Secretary shall attend all meetings the Board of
Directors and all meetings of the stockholders and record all the proceedings of the meetings of
the Corporation and of the Board of Directors in a book to be kept for that purpose and shall
perform like duties for the Executive Committee or other standing committees when required or
appropriate. He shall give, or cause to be given, notice of all meetings of the stockholders and
special meetings of the Board of Directors, and shall perform such other duties as may be
prescribed by the Board of Directors or the President, under whose supervision he shall be. He
shall have custody of the corporate seal of the Corporation, and he, or an Assistant Secretary,
shall have authority to affix the same to any instrument requiring it, and when so affixed, it may
be attested by his signature or by the signature of such Assistant Secretary. The Board of
Directors may give general authority to any other officer to affix the seal of the Corporation and
to attest the affixing by his signature. The Secretary shall keep and account for all books,
documents, papers, and records of the Corporation, except those for which some

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<P align="left" style="font-size: 10pt">other officer or agent is properly accountable. He shall have authority to sign stock
certificates and shall generally perform all the duties usually appertaining to the office of the
secretary of a corporation.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <U>Duties of Assistant Secretaries</U>. In the absence of the Secretary or in the event
of his inability or refusal to act, the Assistant Secretary (or, if there shall be more than one,
the Assistant Secretaries in the order designated by the Board of Directors, or in the absence of
any designation, then in the order of their appointment) shall perform the duties and exercise the
powers of the Secretary and shall perform such other duties and have such other powers as the Board
of Directors, the President, or the Secretary may from time to time prescribe.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <U>Duties of the Treasurer</U>. The Treasurer shall have the custody of the corporate
funds and securities and shall keep full and accurate accounts of receipts and disbursements in
books belonging to the Corporation and shall deposit all moneys and other valuable effects in the
name and to the credit of the Corporation in such depositories as may be designated by the Board of
Directors. He shall disburse the funds of the Corporation as may be ordered by the Board of
Directors, taking proper vouchers for such disbursements, and shall render to the President and the
Board of Directors, at its regular meetings or when the Board of Directors so requires, an account
of all his transactions as Treasurer and of the financial condition of the Corporation. If
required by the Board of Directors, he shall give the Corporation a bond (which shall be renewed
every six years) in such sum and with such surety or sureties as shall be satisfactory to the Board
of Directors for the faithful performance of the duties of his office and for the restoration to
the Corporation, in case of his death, resignation, retirement, or removal from office, of all
books, papers, vouchers, money, and other property of whatever kind in his possession or under his
control belonging to the Corporation. The Treasurer shall be under the supervision of the Vice
President in charge of finance, if one is so designated, and he shall perform such other duties as
may be prescribed by the Board of Directors, the President, or any such Vice President in charge of
finance.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <U>Duties of Assistant Treasurers</U>. The Assistant Treasurer or Assistant Treasurers
shall assist the Treasurer, and in the absence of the Treasurer or in the event of his inability or
refusal to act, the Assistant Treasurer (or in the event there shall be more than one, the
Assistant Treasurers in the order designated by the Board of Directors, or in the absence of any
designation, then in the order of their appointment) shall perform the duties and exercise the
powers of the Treasurer and shall perform such other duties and have such other powers as the Board
of Directors, the President, or the Treasurer may from time to time prescribe.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <U>Duties of the Controller</U>. The Controller, if one is appointed, shall have
supervision of the accounting practices of the Corporation and shall prescribe the duties and
powers of any other accounting personnel of the Corporation. He shall cause to be maintained an
adequate system of financial control through a program of budgets and interpretive reports. He
shall initiate and enforce measures and procedures whereby the business of the Corporation shall be
conducted with the maximum efficiency and economy. If required, he shall prepare a monthly report
covering the operating results of the Corporation. The Controller shall be under the supervision
of the Vice President in charge of finance, if one is so designated, and he shall perform such
other duties as may be prescribed by the Board of Directors, the President, or any such Vice
President in charge of finance.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 <U>Duties of Assistant Controllers</U>. The Assistant Controller or Assistant
Controllers shall assist the Controller, and in the absence of the Controller or in the event of
his inability or refusal to act, the Assistant Controller (or, if there shall be more than one, the
Assistant Controllers in the order designated by the Board of Directors, or in the absence of any
designation, then in the order of their appointment) shall perform the duties and exercise the
powers of the Controller and perform such other duties and have such other powers as the Board of
Directors, the President, or the Controller may from time to time prescribe.

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<P align="center" style="font-size: 10pt"><B>ARTICLE VIII<BR>
INDEMNIFICATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Definitions</U>. For purposes of this <U>Article&nbsp;VIII</U>, &#147;<U>Corporate
Functionary</U>&#148; means any such person who is or was an employee or agent of the Corporation, or is
or was serving at the request of the Corporation as an employee or agent of another corporation,
partnership, joint venture, trust or other enterprise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <U>Actions Other than by or in the Right of the Corporation</U>. The Corporation shall
to the fullest extent permitted by the laws of the State of Delaware indemnify any person who was
or is a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative (other than an action
by or in the right of the Corporation) by reason of the fact that he or she is or was a director or
officer of the Corporation, or is or was serving at the request of the Corporation as a director or
officer of another corporation, partnership, joint venture, trust or other enterprise, and may
indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Corporation) by reason of the fact
that he or she is or was a Corporate Functionary, against all costs, charges, expenses (including
attorneys&#146; fees), liabilities and losses, judgments, fines, amounts paid in settlement and excise
taxes reasonably incurred or suffered by him or her or on his or her behalf in connection with such
action, suit or proceeding and any appeal therefrom, if he or she acted in good faith and in a
manner he or she reasonably believed to be in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to
believe his or her conduct was unlawful. The termination of any action, suit or proceeding by
judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall
not, of itself, create a presumption that the person did not act in good faith and in a manner
which he or she reasonably believed to be in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, that the person had reasonable
cause to believe that his or her conduct was unlawful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <U>Actions by or in the Right of the Corporation</U>. The Corporation shall to the
fullest extent permitted by the laws of the State of Delaware indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending, or completed action, suit, or
proceeding by or in the right of the Corporation to procure a judgment in its favor by reason of
the fact that he is or was a director or officer of the Corporation, or is or was serving at the
request of the Corporation as a director or officer of another corporation, partnership, joint
venture, trust or other enterprise, and may indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding by
or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he
or she is or was a Corporate Functionary, against expenses (including, without limitation,
attorneys&#146; fees) actually and reasonably incurred by him in connection with the defense or
settlement of such action, suit, or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Corporation, except that
no indemnification shall be made in respect of any claim, issue, or matter as to which such person
shall have been adjudged to be liable to the Corporation, unless and to the extent that the Court
of Chancery or the Court in which such action, suit, or proceeding has been brought, shall
determine upon application that, despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to indemnity for such
expenses which the Court of Chancery or such other court shall deem proper.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <U>Determination of Right to Indemnification.</U> Any indemnification under <U>Section
8.2</U> or <U>Section&nbsp;8.3</U> of this <U>Article&nbsp;VIII</U> (unless ordered by a court) shall be
made by the Corporation only as authorized in the specific case upon a determination that
indemnification of the director or officer or of the Corporate Functionary is proper in the
circumstances because such person has met the applicable

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<P align="left" style="font-size: 10pt">standard of conduct set forth in <U>Section&nbsp;8.2</U> or <U>Section&nbsp;8.3</U> of this
<U>Article&nbsp;VIII</U>. Such determination shall be made (i)&nbsp;by the Board of Directors by a majority
vote of a quorum consisting of directors who were not parties to such action, suit, or proceeding,
or (ii)&nbsp;if such a quorum is not obtainable, or even if obtainable if a quorum of disinterested
directors so directs, by independent legal counsel in a written opinion, or (iii)&nbsp;by the
stockholders.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <U>Right to Indemnification</U>. Notwithstanding the other provisions of this
<U>Article&nbsp;VIII</U>, to the extent that a present or former director or officer, or a Corporate
Functionary, has been successful on the merits or otherwise in defense of any action, suit, or
proceeding referred to in <U>Section&nbsp;8.2</U> or <U>Section&nbsp;8.3</U> of this <U>Article&nbsp;VIII</U>
(including, without limitation, the dismissal of an action, suit, or proceeding without prejudice
or the settlement of an action, suit, or proceeding without admission of liability), or in defense
of any claim, issue, or matter therein, the Corporation shall indemnify him against expenses
(including, without limitation, attorneys&#146; fees) actually and reasonably incurred by him in
connection therewith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <U>Prepaid Expenses</U>. Expenses incurred by a present or former director or officer of
the Corporation in defending a civil or criminal action, suit, or proceeding shall be paid by the
Corporation upon receipt of an undertaking by or on behalf of such person to repay such amount if
it shall ultimately be determined he is not entitled to be indemnified by the Corporation as
authorized in this <U>Article&nbsp;VIII</U>. Expenses incurred by a Corporate Functionary in defending
a civil or criminal action, suit or proceeding may be paid by the Corporation in advance of the
final disposition of such action, suit, or proceeding, upon (i)&nbsp;receipt of an undertaking by or on
behalf of such person to repay such amount if it shall ultimately be determined he is not entitled
to be indemnified by the Corporation as authorized in this <U>Article&nbsp;VIII</U> and (ii)&nbsp;such other
terms and conditions, if any, as the Board of Directors deems appropriate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <U>Indemnification Upon Application: Procedure upon Application</U>.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any indemnification of a director or officer of the Corporation under <U>Sections
8.2</U>, <U>8.3</U> and <U>8.5</U>, or any advance to a director or officer of the
Corporation under <U>Section&nbsp;8.6</U>, of this <U>Article&nbsp;VIII</U> shall be made promptly
upon, and in any event within 60&nbsp;days after, the written request of the director or officer.
The right to indemnification or an advance of expenses granted by this <U>Article&nbsp;VIII</U>
shall be enforceable by the director or officer of the Corporation in any Court of competent
jurisdiction if his claim is not paid in full within 60&nbsp;days. The expenses of the director
or officer incurred in connection with successfully establishing his right to
indemnification or an advance of expenses, in whole or in part, in any such proceeding shall
also be indemnified by the Corporation.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 60&nbsp;days after receipt of a written application by any Corporate Functionary
for indemnification in his capacity as such under any of <U>Sections&nbsp;8.2</U>, <U>8.3</U>,
and <U>8.5</U>, or any advance under <U>Section&nbsp;8.6</U>, of this <U>Article&nbsp;VIII</U> (i)
a determination as to whether indemnification shall be made under <U>Section&nbsp;8.4</U> of
this <U>Article&nbsp;VIII</U>, or (ii)&nbsp;if the request is for an advance of expenses, the Board
of Directors, by majority vote of a quorum consisting of disinterested directors, shall
determine whether such advance shall be made. In the case described in clause (ii)&nbsp;of the
preceding sentence, if no quorum of disinterested directors is obtainable, the Board of
Directors shall promptly direct independent legal counsel to decide whether the requested
indemnification or advance shall be made. The expenses of the Corporate Functionary
incurred in connection with successfully requesting indemnification or advancement of
expenses in any such proceeding shall be reimbursed by the Corporation, but no such expenses
in connection with an unsuccessful or only partially successful request shall be reimbursed.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In any suit brought by the director, officer or Corporate Functionary to enforce a
right to indemnification under this <U>Article&nbsp;VIII</U> (but not in a suit brought to
enforce a right to an advance of expenses), it shall be a defense that the director, officer
or Corporate Functionary has not met the applicable standard of conduct for indemnification
under <U>Section&nbsp;8.2</U> or <U>Section&nbsp;8.3</U> of this <U>Article&nbsp;VIII</U>. In any suit
by the Corporation to recover expenses advanced to the

</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="left" style="margin-left:2%; font-size: 10pt">director, officer or Corporate Functionary pursuant to the terms of an undertaking, the
Corporation shall be entitled to recover those expenses upon a final adjudication that the
director, officer or Corporate Functionary has not met the applicable standard of conduct
for indemnification under <U>Section&nbsp;8.2</U> or <U>Section&nbsp;8.3</U> of this <U>Article
VIII</U>. In any suit by the director, officer or Corporate Functionary to enforce a right
to indemnification or to an advance of expenses under this <U>Article&nbsp;VIII</U>, or by the
Corporation to recover expenses advanced pursuant to the terms of an undertaking, the burden
of proof shall be on the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <U>Other Rights and Remedies</U>. The indemnification and advancement of expenses
provided by or granted pursuant to this <U>Article&nbsp;VIII</U> shall not be deemed exclusive of any
other rights to which any person seeking indemnification and advancement of expenses or may be
entitled under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise,
both as to action in his official capacity and as to action in another capacity while holding such
office, and shall, unless otherwise provided when authorized or ratified, continue as to a person
who has ceased to be a director or officer of the Corporation or a Corporate Functionary and shall
inure to the benefit of the heirs, executors, and administrators of such a person. Any repeal or
modification of these Bylaws or relevant provisions of the Delaware General Corporation Law and
other applicable law, if any, shall not affect any then existing rights of a director or officer of
the Corporation of a Corporate Functionary to indemnification or advancement of expenses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <U>Insurance</U>. Upon resolution passed by the Board of Directors, the Corporation may
purchase and maintain insurance on behalf of any person who is or was a director, officer,
employee, or agent of the Corporation, or is or was serving at the request of the Corporation as a
director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or
other enterprise against any liability asserted against him and incurred by him in any such
capacity, or arising out of his status as such, whether or not the Corporation would have the power
to indemnify him against such liability under the provisions of this <U>Article&nbsp;VIII</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <U>Savings Provision</U>. If this <U>Article&nbsp;VIII</U> or any portion hereof shall be
invalidated on any ground by a court of competent jurisdiction, the Corporation shall nevertheless
indemnify each director or officer of the Corporation, and may indemnify each Corporate
Functionary, as to expense (including attorneys&#146; fees), judgments, fines, and amounts paid in
settlement with respect to any action, suit, proceeding, or investigation, whether civil, criminal,
or administrative, including a grand jury proceeding or action or suit brought by or in the right
of the Corporation, to the full extent permitted by any applicable portion of this <U>Article
VIII</U> that shall not have been invalidated.


<P align="center" style="font-size: 10pt"><B>ARTICLE IX<BR>
CERTIFICATES REPRESENTING STOCK</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <U>Right to Certificate</U>. Every holder of stock in the Corporation shall be entitled
to have a certificate, signed by, or in the name of the Corporation by, the Chief Executive
Officer, the President, or a Vice President and by the Secretary or an Assistant Secretary of the
Corporation, certifying the number of shares owned by him in the Corporation. If the Corporation
shall be authorized to issue more than one class of stock or more than one series of any class, the
powers, designations, preferences, and relative, participating, optional, or other special rights
of each class of stock or series thereof and the qualifications, limitations, or restrictions of
such preferences or rights shall be set forth in full or summarized on the face or back of the
certificate which the Corporation shall issue to that, except as represent such class or series of
Stock; provided, that, except as otherwise provided in the General Corporation Law of the State of
Delaware, in lieu of the foregoing requirements, there may be set forth on the face or back of the
certificate which the Corporation shall issue to represent such class or series of stock a
statement that the Corporation will furnish without charge to each stockholder who so requests the
powers, designations, preferences, and relative, participating, optional, or other special rights
of each class of stock or series thereof and the qualifications, limitations, or restrictions of
such preferences or rights.

</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <U>Facsimile Signatures</U>. Any of or all the signatures on the certificate may be
facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile
signature has been placed upon a certificate shall have ceased to be such officer, transfer agent,
or registrar before such certificate is issued, it may be issued by the Corporation with the same
effect as if he were such officer, transfer agent, or registrar at the date of issue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <U>New Certificates</U>. The Board of Directors may direct a new certificate or
certificates to be issued in place of any certificate or certificates theretofore issued by the
Corporation and alleged to have been lost, stolen, or destroyed, upon the making of an affidavit of
that fact by the person claiming the certificate of stock to be lost, stolen, or destroyed. When
authorizing such issue of a new certificate or certificates, the Board of Directors may, in its
discretion and as a condition precedent to the issuance thereof, require the owner of such lost,
stolen, or destroyed certificate or certificates, or his legal representative, to advertise the
same in such manner as it shall require or to give the Corporation a bond in such sum as it may
direct as indemnity against any claim that may be made against the Corporation with respect to the
certificate alleged to have been lost, stolen, or destroyed or the issuance of such new
certificate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <U>Transfers</U>. Upon surrender to the Corporation or the transfer agent of the
Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of
succession, assignation, or authority to transfer, it shall be the duty of the Corporation, subject
to any proper restrictions on transfer, to issue a new certificate to the person entitled thereto,
cancel the old certificate, and record the transaction upon its books.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <U>Transfer Agents and Registrars</U>. The Board of Directors may appoint, or authorize
any officer or officers to appoint, one or more transfer agents and one or more registrars.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <U>Record Date</U>. The Board of Directors may fix in advance a date, not preceding the
date on which the resolution fixing the record date is adopted, and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not more than 60&nbsp;days nor less than 10&nbsp;days preceding the date of any meeting of
stockholders, as a record date for the determination of the stockholders entitled to notice
of, and to vote at, any such meeting and any adjournment thereof, or



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not more than 60&nbsp;days before the date for payment of any dividend or distribution,
or the date for the allotment of rights, or the date when any change, or conversion or
exchange of capital stock shall go into effect, or the date on which any other lawful action
shall be taken, as the record date for determining the stockholders entitled to receive
payment of any such dividend or distribution, or to receive any such allotment of rights, or
to exercise the rights in respect of any such change, conversion or exchange of capital
stock or other lawful action of the Corporation,


<P align="left" style="font-size: 10pt">and in such case such stockholders and only such stockholders as shall be stockholders of record on
the date so fixed shall be entitled to such notice of, and to vote at, any such meeting and any
adjournment thereof (provided, however, that the Board of Directors may fix a new record date for
an adjourned meeting), or to receive payment of such dividend or distribution, or to receive such
allotment of rights, or to exercise such rights, as the case may be, notwithstanding any transfer
of any stock on the books of the Corporation after any such record date fixed as aforesaid.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <U>Registered Stockholders</U>. The Corporation shall be entitled to recognize the
exclusive right of a person registered on its books as the owner of shares to receive dividends,
and to vote as such owner, and to hold liable for calls and assessments a person registered on its
books as the owner of shares, and shall not be bound to recognize any equitable or other claim to
or interest in such share or shares on the part of any other person, whether or not provided by the
laws of the State of Delaware.

</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <U>Voting Agreements</U>. A written counterpart of any voting agreement entered into
among any number of stockholders of the Corporation, or any number of stockholders of the
Corporation and the Corporation itself, for the purpose of providing that shares of the Corporation
shall be voted in the manner prescribed in the agreement shall be deposited with the Corporation at
its registered office in Delaware and shall be subject to the inspection by any stockholder of the
Corporation or any beneficiary of the agreement daily during business hours. In addition,
certificates of stock or uncertificated stock shall be issued to the person or persons, or
corporation or corporations authorized to act as trustee for purposes of vesting in such person or
persons, corporation or corporations, the right to vote such shares, to represent any stock of an
original issue so deposited with him or them, and any certificates of stock or uncertificated stock
so transferred to the voting trustee or trustees shall be surrendered and cancelled and new
certificates or uncertificated stock shall be issued therefore to the voting trustee or trustees.
In the certificate so issued, if any, it shall be stated that it is issued pursuant to such
agreement, and that fact shall also be stated in the stock ledger of the Corporation.


<P align="center" style="font-size: 10pt"><B>ARTICLE X<BR>
GENERAL PROVISIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <U>Dividends</U>. Dividends upon the capital stock of the Corporation, if any, subject
to the provisions of the Certificate of Incorporation, may be declared by the Board of Directors
(but not any committee thereof) at any regular meeting, pursuant to law. Dividends may be paid in
cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate
of Incorporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <U>Reserves</U>. Before payment of any dividend, there may be set aside out of any
funds of the Corporation available for dividends such sum or sums as the Board of Directors from
time to time, in their absolute discretion, thinks proper as a reserve or reserves to meet
contingencies, or for equalizing dividends, or for repairing or maintaining any property of the
Corporation, or for such other purpose as the Board of Directors shall think conducive to the
interest of the Corporation, and the Board of Directors may modify or abolish any such reserve in
the manner in which it was created.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <U>Annual Statement</U>. The Board of Directors shall present at each annual meeting,
and at any special meeting of the stockholders when called for by vote of the stockholders, a full
and clear statement of the business and condition of the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <U>Checks</U>. All checks or demands for money and promissory notes of the Corporation
shall be signed by such officer or officers or such other person or persons as the Board of
Directors may from time to time prescribe.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <U>Fiscal Year</U>. The fiscal year of the Corporation shall be determined by the Board
of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <U>Corporate Seal</U>. The corporate seal shall have inscribed thereon the name of the
Corporation, the year of its organization, and the word &#147;Delaware.&#148; The seal may be used by causing
it or a facsimile thereof to be impressed, affixed, reproduced, or otherwise.


<P align="center" style="font-size: 10pt"><B>ARTICLE XI<BR>
RESTRICTIONS ON TRANSFER OF STOCK</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of capital stock of the Corporation that have been issued by the Corporation without
registration under the Securities Act of 1933, as amended from time to time, and any other
applicable securities laws shall not be offered for sale, sold, assigned, transferred, or pledged
by the holder thereof unless they have been duly registered under the applicable securities laws or
unless the Corporation shall have received advice of counsel to the Corporation or an opinion of
other counsel satisfactory to the Corporation to the effect that the proposed transfer would not be
in violation of said

</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">laws, and (in addition to the legends set forth in this <U>Article&nbsp;XI</U>) a restrictive
legend substantially in the form of that set forth below may be placed conspicuously on the
certificate for any such shares:




<P align="left" style="margin-left:3%; font-size: 10pt">&#147;The shares represented by this certificate have not been registered under the
Securities Act of 1933 (the &#147;Act&#148;) or under any other applicable securities laws.
The shares may not be offered for sale, sold, assigned, transferred or pledged
without registration under the Act and any other applicable securities laws or
without an opinion of counsel satisfactory to the Corporation that registration is
not required.&#148;


<P align="center" style="font-size: 10pt"><B>ARTICLE XII<BR>
AMENDMENTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These Bylaws may be altered, amended, or repealed or new Bylaws may be adopted by the Board of
Directors at any regular or special meeting of the Board, subject to the stockholders&#146; right to
adopt, amend or repeal these Bylaws or adopt new Bylaws. Notwithstanding the foregoing and
anything contained in the Bylaws to the contrary, the Bylaws shall not be amended or repealed by
the stockholders, and no provision inconsistent therewith shall be adopted by the stockholders,
without the affirmative vote of the holders of at least two-thirds (2/3) of the voting power of all
shares of the Corporation entitled to vote generally in the election of directors voting together
as a single class.


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="97%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>CERTIFICATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Mark D. Woodburn, Secretary of the Corporation, hereby certify that the foregoing is a
true, accurate and complete copy of the Bylaws of Natural Health Trends Corp. adopted by its Board
of Directors effective as of March&nbsp;23, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">     /s/ Mark D. Woodburn
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Mark D. Woodburn, Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><B>&#091;END OF ANNEX F&#093;</B>


</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<P align="center" style="font-size: 12pt"><B>NATURAL HEALTH TRENDS CORP.<BR>
&nbsp;<BR>
PROXY<BR>
&nbsp;<BR>
PROXY SOLICITED BY THE BOARD OF DIRECTORS FOR<BR>
THE ANNUAL MEETING TO BE HELD ON JUNE 1, 2005</B>

<P align="left" style="font-size: 10pt">The undersigned hereby appoints Mark D. Woodburn or Keith C. Zagar, and each of
them, jointly and severally, as the undersigned&#146;s proxy or proxies, with full
power of substitution, to vote all shares of common stock of Natural Health
Trends Corp. (the &#147;Company&#148;) which the undersigned is entitled to vote at the
annual meeting of the common shareholders to be held at 12901 Hutton Drive,
Dallas, Texas 75234 on Wednesday, June&nbsp;1, 2005 at 10:00&nbsp;a.m., Dallas, Texas time,
and any postponements or adjournments thereof, as fully as the undersigned
could if personally present, upon the Items set forth below, revoking any proxy
or proxies heretofore given.


<P align="left" style="font-size: 10pt"><B>THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE SPECIFICATIONS MADE BELOW, BUT
IF NO CHOICES ARE INDICATED, THIS PROXY WILL BE VOTED FOR ALL THE NOMINEES IN
ITEM 1 AND FOR ITEMS 2, 3 AND 4 AND IN THE DISCRETION OF THE PROXY HOLDER WITH
RESPECT TO ANY OTHER MATTER AS MAY PROPERLY COME BEFORE THE MEETING OR ANY
POSTPONEMENTS OR ADJOURNMENTS THEREOF.</B>



<P align="center" style="font-size: 10pt">(Continued, and to be marked, dated and signed, on the other side.)



<P align="center" style="font-size: 10pt"><FONT face="webdings">&#053;</FONT> <B>FOLD AND DETACH HERE </B><FONT face="webdings">&#053;</FONT>


</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The board of directors recommend a vote FOR Items 1, 2, 3 and 4
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please mark your<BR>
votes as indicated<BR>
in this example.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size:36pt"><FONT face="Wingdings">&#120;</FONT></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The election of the following five directors to hold office until the next annual meeting of the Company&#146;s stockholders and until their respective successors
shall have been duly elected and qualified.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> FOR ALL NOMINEES (except for the names struck out below)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> WITHHOLD AUTHORITY FOR ALL NOMINEES</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Sir Brian Wolfson, Mark D.
Woodburn, Terry L. LaCore,
Randall A. Mason and Robert H. Hesse)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>INSTRUCTIONS: To withhold authority to vote for any individual nominee, strike a line through that nominee&#146;s name above.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The ratification of BDO Seidman, LLP as the Company&#146;s independent auditors for the fiscal year ending December&nbsp;31, 2005.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">3.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The approval of amendments to the Company&#146;s 2002 Stock Option Plan.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="30%"></TD>
    <TD width="2%"></TD>
    <TD width="30%"></TD>
    <TD width="2%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> ABSTAIN</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">4.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The approval of the Company&#146;s reincorporation in Delaware.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">5.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY POSTPONEMENTS OR
ADJOURNMENTS THEREOF.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P><DIV style="position: relative; float: left; width: 58%">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</DIV>
<DIV style="position: relative; float: right; width: 40%">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">Signature, If Jointly Held</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">If acting as Attorney, Executor, Trustee or in other
representative capacity, please sign name and title.


</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><B>FOLD AND DETACH HERE AND READ THE REVERSE SIDE</B>


</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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