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<SEC-DOCUMENT>0000950134-07-009518.txt : 20070430
<SEC-HEADER>0000950134-07-009518.hdr.sgml : 20070430
<ACCEPTANCE-DATETIME>20070430152122
ACCESSION NUMBER:		0000950134-07-009518
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070625
FILED AS OF DATE:		20070430
DATE AS OF CHANGE:		20070430
EFFECTIVENESS DATE:		20070430

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:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26272
		FILM NUMBER:		07799929

	BUSINESS ADDRESS:	
		STREET 1:		2050 DIPLOMAT DRIVE
		STREET 2:		--
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		972-241-4080

	MAIL ADDRESS:	
		STREET 1:		2050 DIPLOMAT DRIVE
		STREET 2:		--
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d46015def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</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: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<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="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Pursuant to &#167;240.14a-11(c) or
&#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt">
<b>NATURAL HEALTH TRENDS CORP.</b></DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<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="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">
N/A
</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">
N/A
</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>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> (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">
N/A
</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">
N/A
</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(5)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">
N/A
</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>

<TD colspan="2">Set forth the amount on which the filing fee is
calculated and state how it was determined. </TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>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 the date of its
filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount Previously Paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">
N/A
</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">
N/A
</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">
N/A
</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">
N/A
</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<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: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATURAL HEALTH TRENDS CORP.<BR>
2050 DIPLOMAT DRIVE<BR>
DALLAS, TEXAS 75234</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON JUNE 25, 2007</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>To the Stockholders of Natural Health Trends Corp.:</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2007 annual meeting of stockholders of Natural Health Trends Corp. (the &#147;Company&#148;) will be
held on June&nbsp;25, 2007 at 2050 Diplomat Drive, Dallas, Texas 75234 at 9:00 a.m. local time (Central
Daylight Time). At the meeting, the holders of the Company&#146;s outstanding common stock will act on
the following matters:
</DIV>

<DIV style="margin-top: 6pt">
<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="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Election of three (3)&nbsp;directors to the Board of Directors of the Company to
serve until the next annual meeting of the Company&#146;s stockholders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ratification of the appointment of Lane Gorman Trubitt, L.L.P. as the Company&#146;s
independent registered public accounting firm for the fiscal year ending December&nbsp;31,
2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All holders of record of shares of the Company&#146;s common stock at the close of business on
April&nbsp;27, 2007 are entitled to vote at the meeting and any postponements or adjournments of the
meeting.
</DIV>

<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">By Order Of The Board Of Directors,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
    <TD colspan="1" style="border-bottom: 1px solid #000000" align="left">/s/ Gary C. Wallace
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">April 30, 2007&nbsp;</TD>
<TD align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
    <TD colspan="1" align="left">Gary C. Wallace&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
<TD align="left">&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
    <TD colspan="1" align="left">Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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. THIS PROXY STATEMENT
AND PROXY CARD ARE BEING MAILED TO THE COMPANY&#146;S STOCKHOLDERS ON OR ABOUT MAY 4, 2007.</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</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: 'Times New Roman',Times,serif">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</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="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&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="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">ABOUT THE MEETING </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#102">What is the purpose of the meeting? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#103">Who is entitled to vote at the meeting? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#104">What are the voting rights of the holders of the
Company&#146;s common stock? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">Who can attend the meeting? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#106">What constitutes a quorum? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">How do I vote? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">Can I revoke my proxy after I return it? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">What are the Board of Directors&#146; recommendations? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#110">What vote is required to approve each item? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">What types of expenses will the Company incur? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">STOCK OWNERSHIP </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Who are the owners of the Company&#146;s stock? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#114">What is the status of Section&nbsp;16(a) beneficial ownership reporting compliance? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">GOVERNANCE OF THE COMPANY </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">Who are the current members of the Board of Directors? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">Who is the Chairman of the Board of Directors? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#118">Which directors are considered independent? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#119">Why does Mr.&nbsp;Mason serve on the Audit Committee and Compensation
Committee even though he is not considered independent under the
Nasdaq Marketplace Rules? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#120">How often did the Board of Directors meet during fiscal 2006? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#121">What is the role of the Board of Directors&#146; committees? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#122">How are directors compensated? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#123">How do stockholders communicate with the Board of Directors? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#124">Does the Company have a Code of Ethics? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#125">Certain Relationships and Related Transactions&#151;What
related person transactions involved directors, executive officers
or significant stockholders? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#126">What are the Company&#146;s policies and procedures relating to the review,
approval or ratification of transactions with related persons? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#127">Compensation Committee Interlocks and Insider Participation&#151;did any
member of the Compensation Committee in 2006 have certain relationships
requiring disclosure? </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#128">EXECUTIVE OFFICERS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#129">REPORT OF THE AUDIT COMMITTEE </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#130">COMPENSATION COMMITTEE REPORT </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#131">COMPENSATION DISCUSSION AND ANALYSIS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#132">Introduction </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#133">Compensation Philosophy and Objectives </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</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: 'Times New Roman',Times,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="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&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="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#134">Setting Executive Compensation </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#135">2006 Executive Compensation Components </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#136">COMPENSATION OF NAMED EXECUTIVE OFFICERS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#137">Summary Compensation Table </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#138">Grants of Plan-Based Awards in 2006 </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#139">Employment Agreements </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#140">Outstanding Equity Awards at December&nbsp;31, 2006 </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#141">Option Exercises and Stock Vested in 2006 </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#142">Severance and Post Termination Payment Arrangements </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#143">COMPENSATION OF DIRECTORS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#144">ITEM ONE: ELECTION OF DIRECTORS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#145">Biographical Summaries of Nominees for the Board of Directors </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#146">ITEM TWO: APPOINTMENT OF LANE GORMAN TRUBITT, L.L.P. AS INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM FOR THE COMPANY FOR FISCAL
YEAR ENDING DECEMBER 31, 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#147">Reportable Event Occurring Prior to Change in Accountants </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#148">Audit and Other Professional Fees </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#149">Pre-approval Policies for Audit and Non-audit Services </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#150">COMPARISON OF CUMULATIVE TOTAL RETURN </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#151">OTHER MATTERS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#152">ADDITIONAL INFORMATION </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#153">Stockholder Proposals for the 2008 Annual Meeting and Other
Stockholder Communications </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#154">Annual Report </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#155">HOUSEHOLDING INFORMATION </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</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: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATURAL HEALTH TRENDS CORP.<BR>
2050 Diplomat Drive, Dallas, Texas 75234</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROXY STATEMENT</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement contains information related to the annual meeting of stockholders
of Natural Health Trends Corp. (&#147;the Company&#148;) to be held on June&nbsp;25, 2007, beginning at 9:00 a.m.,
at the Company&#146;s executive offices, 2050 Diplomat Drive, Dallas, Texas 75234, and at any
postponements or adjournments thereof. This proxy statement is being mailed to stockholders on or
about May&nbsp;4, 2007.
</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ABOUT THE MEETING</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>What is the purpose of the meeting?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the annual meeting, stockholders will act upon the matters outlined in the Notice of Annual
Meeting of Stockholders included with this proxy statement, including the election of Directors,
and ratification of the appointment of the Company&#146;s independent registered public accounting firm.
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Who is entitled to vote at the meeting?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only stockholders of record at the close of business on April&nbsp;27, 2007, the record date for
the meeting (the &#147;Record Date&#148;), are entitled to receive notice of and to participate in the annual
meeting. If you were a stockholder 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.
</DIV>
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>What are the voting rights of the holders of the Company&#146;s common stock?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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. Cumulative voting in the election of directors is prohibited by
the Company&#146;s certificate of incorporation.
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Who can attend the meeting?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All stockholders as of the record date, or their duly appointed proxies, may attend the
meeting.
</DIV>
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>What constitutes a quorum?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 stockholders to act upon the matters outlined in the Notice of Annual Meeting of
Stockholders. As of the record date, 8,809,873 shares of common stock, representing the same
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">number of votes, were outstanding. Thus, the presence of the holders of common stock representing
at least 4,404,937 shares of common stock will be required to establish a quorum.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>How do I vote?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 stockholder and attend the meeting, you
may deliver your completed proxy in person.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Can I revoke my proxy after I return it?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies given by stockholders 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, stockholders of record giving a proxy may revoke the proxy by an instrument in
writing, executed by the stockholder or his attorney authorized in writing or, if the stockholder
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.
</DIV>
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>What are the Board of Directors&#146; recommendations?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless you give other instructions on your returned proxy, the persons named as proxy holders
on the proxy will vote in accordance with the recommendations of the Board of Directors. The Board
of Directors&#146; recommendations are set forth together with the description of each item in this
proxy statement. In summary, the Board of Directors recommends a vote:
</DIV>

<DIV style="margin-top: 6pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>for </I>election of the nominated slate of Directors (see Item&nbsp;One), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>for </I>ratification of the appointment of Lane Gorman Trubitt, L.L.P. as the Company&#146;s
independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2007
(see Item&nbsp;Two).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 of Directors or, if no recommendation is given, in their own
discretion.
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>What vote is required to approve each item?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Ratification of Independent Registered Public Accounting Firm. </B>For the ratification of the
appointment of Lane Gorman Trubitt, L.L.P. as the Company&#146;s independent registered public
accounting firm for the fiscal year ending December&nbsp;31, 2007 (Item&nbsp;Two), 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. A properly executed proxy marked
&#147;Abstain&#148; with respect to Item&nbsp;Two 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 Item.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker non-votes will count in determining if a quorum is present at the annual meeting. A
broker non-vote occurs if a broker or other nominee attending the annual meeting in person or
submitting a proxy does not have discretionary authority to vote on a particular item and has not
received voting instructions with respect to that item.
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>What types of expenses will the Company incur?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 stockholders to vote or grant
a proxy with respect to the proposals contained in this proxy statement. The Company will request
brokerage firms, nominees, 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>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STOCK OWNERSHIP</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Who are the owners of the Company&#146;s stock?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 April&nbsp;27, 2007 by (i)&nbsp;each stockholder we know is the beneficial owner
of more than 5% of the Company&#146;s common stock, (ii)&nbsp;each director or director nominee, (iii)&nbsp;each
of the executive officers named in the Summary Compensation Table set forth under &#147;Compensation of
Named Executive Officers&#148; and (iv)&nbsp;all executive officers and directors as a group. 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>
<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="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&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">Amount and</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" colspan="3">Nature of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Percent</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Beneficial</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name and Address of Beneficial Owner<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Ownership<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Class<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Chris Sharng</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">154,851</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD nowrap>%</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Timothy S. Davidson</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27,500</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>*</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gary C. Wallace</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>*</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>John Cavanaugh</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">477,868</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD nowrap>%</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Stephanie S. Hayano</B></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>220 Morsehill Road</B></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Millerton, NY 12546</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>*</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Robert H. Hesse</B><SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>360 Thornton Road</B></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Englewood, NJ 07631</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6,984</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>*</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Anthony B. Martino</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37,500</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>*</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Randall A. Mason</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">163,762</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD nowrap>%</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Sir Brian Wolfson</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">108,628</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Mark D. Woodburn</B><SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>809 Dominion Drive</B></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Southlake, TX 76092</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">544,501</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(14)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</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: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&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">Amount and</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" colspan="3">Nature of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Percent</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Beneficial</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name and Address of Beneficial Owner<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Ownership<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Class<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>

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<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Terry A. LaCore</B><SUP style="font-size: 85%; vertical-align: text-top">(15)</SUP></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>3105 Brookhollow Lane</B></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Flower Mound, TX 75028</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">544,501</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(16)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD nowrap>%</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Directors
and Executive Officers As a Group (8 persons)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,096,009</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"> (17)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.8</TD>
    <TD nowrap>%</TD>
</TR>
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</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Indicates beneficial ownership of less than 1%</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Unless otherwise indicated, the address of each beneficial owner is c/o Natural Health
Trends Corp., 2050 Diplomat Drive, Dallas, Texas 75234.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Any securities not outstanding that are subject to options or conversion privileges
exercisable within 60&nbsp;days of April&nbsp;27, 2007 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 8,809,873
shares of common stock outstanding (excluding treasury shares) as of the April&nbsp;27, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;1,984 shares of common stock issuable upon the exercise of warrants held
by Mr.&nbsp;Sharng, (ii)&nbsp;37,483 shares of common stock issuable upon the exercise of options held
by Mr.&nbsp;Sharng and (iii)&nbsp;111,900 shares of restricted stock subject to vesting over a
three-year period. Mr.&nbsp;Sharng shares voting and investment power over 1,500 of the shares
with his wife.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;2,500 shares of common stock issuable upon exercise of options held by
Mr.&nbsp;Davidson and (ii)&nbsp;25,000 shares of restricted stock subject to vesting over a three-year
period.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;4,000 shares of common stock issuable upon exercise of stock options held
by Mr.&nbsp;Wallace and (ii)&nbsp;25,000 shares of restricted stock subject to vesting over a three-year
period.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;256,080 shares of common stock issuable upon the exercise of options held
by Mr.&nbsp;Cavanaugh, (ii)&nbsp;1,984 shares of common stock issuable upon the exercise of warrants
held by Mr.&nbsp;Cavanaugh and (iii)&nbsp;99,400 shares of restricted stock subject to vesting over a
three-year period.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Ms.&nbsp;Hayano is a former director of the Company and the former Chief Executive Officer
of the Company.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Hesse is a former director of the Company and the former Interim Chief Executive
Office of the Company, and therefore the shares beneficially owned by him are not included in
&#147;Directors and Executive Officers as a Group.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 1,984 shares of common stock issuable upon the exercise of warrants held by
Mr.&nbsp;Hesse.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 7,500 shares of common stock issuable upon exercise of stock options held by
Mr.&nbsp;Martino.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;67,500 shares of common stock issuable upon the exercise of options held
by Mr.&nbsp;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, an
entity controlled by Mr.&nbsp;Mason.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>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;7,160 shares of common stock owned by Capital</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</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: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Development, and (iv)&nbsp;7,500 shares of common stock issuable upon the exercise of options held by
Sir Brian Wolfson.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Woodburn is a former director and the former President and Secretary of the
Company, and therefore the shares beneficially owned by him are not included in &#147;Directors and
Executive Officers as a Group.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Woodburn has provided to the Company information regarding his beneficial
ownership of shares of the Company&#146;s common stock, which the Company believes to be accurate.
The indicated figure includes (i)&nbsp;1,984 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;1,984 shares of common stock issuable upon the exercise of warrants held by the LaCore
and Woodburn Partnership, and (iii)&nbsp;540,533 shares of common stock that are pledged by Mr.
Woodburn to secure a note payable to the Company. See &#147;Governance of the Company &#151; Certain
Relationships and Related Transactions.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(15)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;LaCore is a former director of the Company and the former Chief Executive Office
of NHT Global, Inc., and therefore the shares beneficially owned by him are not
included in &#147;Directors and Executive Officers as a Group.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(16)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;LaCore has provided to the Company information regarding his beneficial ownership
of shares of the Company&#146;s common stock, which the Company believes to be accurate. The
indicated figure includes (i)&nbsp;1,984 shares of common stock held by the LaCore and Woodburn
Partnership, a general partnership with respect to which Mr.&nbsp;LaCore is a general partner, (ii)
1,984 shares of common stock issuable upon the exercise of warrants held by the LaCore and
Woodburn Partnership, and (iii)&nbsp;540,533 shares of common stock that are pledged by Mr.&nbsp;LaCore
to secure a note payable to the Company. See &#147;Governance of the Company &#151; Certain
Relationships and Related Transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(17)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;461,015 shares that may be acquired upon the exercise of outstanding
options or warrants that currently are exercisable or will become exercisable within the next
60&nbsp;days by our directors and executive officers and (ii)&nbsp;345,700 shares of restricted stock
subject to vesting over a three-year period that are beneficially owned by our executive
officers.</TD>
</TR>

</TABLE>


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>What is the status of Section&nbsp;16(a) beneficial ownership reporting compliance?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Exchange Act 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 stockholders 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 ended December&nbsp;31, 2006, all Section 16(a) filing requirements
applicable to its officers, directors and greater than ten percent beneficial owners were
satisfied, except the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Mason filed a Form&nbsp;3 late, and filed a Form&nbsp;5 reporting two transactions late; Mr.
Davidson filed a Form&nbsp;5 reporting one transaction late; Mr.&nbsp;Terrence M. Morris, a former director,
and Mr.&nbsp;Martino each filed one Form&nbsp;3 late and filed one Form&nbsp;5 reporting one transaction late; Mr.
Wallace filed a Form&nbsp;3 late; Mr.&nbsp;Cavanaugh filed one Form&nbsp;5 reporting two transactions late; Mr.
Colin J. O&#146;Brien, a former director, filed one Form&nbsp;4 reporting one transaction late; and Sir Brian
Wolfson filed one Form&nbsp;5 reporting five transactions late.
</DIV>

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

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<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: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GOVERNANCE OF THE COMPANY</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Who are the current members of the Board of Directors?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 of Directors on which they currently serve are identified below.
</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Audit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nominating</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Committee</B></TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left"><DIV style="margin-left:15px; text-indent:-15px">Anthony B. Martino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">C</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">M</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>&#151;</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
       <TD align="left"><DIV style="margin-left:15px; text-indent:-15px">Randall A. Mason</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">M</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">M</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>&#151;</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
       <TD align="left"><DIV style="margin-left:15px; text-indent:-15px">Sir Brian Wolfson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">M</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">C</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">C</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV align="left"><DIV style="font-size: 3pt; margin-top: 13pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">M = Member<BR>
C = Chair

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the resignation in February&nbsp;2007 of three directors, the Board of Directors
recently took action in accordance with the Company&#146;s bylaws to decrease the size of the Board of
Directors to three directors. The Company, through the Nominating Committee, is currently seeking
additional director candidates and, subject to the evaluation and qualification of such candidates,
expects in the near future following the annual meeting to enlarge the size of the Board of
Directors and to elect one or more additional directors.
</DIV>
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Who is the Chairman of the Board of Directors?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;28, 2006, Sir Brian Wolfson resigned as Chairman of the Board of Directors for
personal reasons and became Vice Chairman of the Board of Directors, and Mr.&nbsp;Mason was elected
Chairman of the Board of Directors. The Chairman of the Board of Directors organizes the work of
the Board of Directors and ensures that the Board of Directors has access to sufficient information
to enable the Board of Directors 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 stockholders, including
executive sessions of the Board of Directors in which management directors and other members of
management do not participate, establishes the annual agenda of the Board of Directors and agendas
of each meeting in consultation with the President and oversees the distribution of information to
directors.
</DIV>
<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Which directors are considered independent?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has determined that Mr.&nbsp;Martino and Sir Brian Wolfson, nominees for
re-election to the Board of Directors, are independent directors (as independence is defined in the
Nasdaq Marketplace Rules). In assessing the independence of the directors, the Board of Directors
determines whether or not any director has, or any time within the last three
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">years has had, a relationship (either directly or indirectly as a partner, stockholder 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 and scope of any commercial, industrial, banking, consulting, legal, accounting,
charitable and familial relationships.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, during all or part of 2006 Stephanie S. Hayano, Robert H. Hesse, Terrence M.
Morris and Colin J. O&#146;Brien served as directors of the Company, although none of them continue to
serve in such capacity. In accordance with the Nasdaq Marketplace Rules, the Board of Directors
determined that Messrs.&nbsp;Morris and O&#146;Brien were independent directors and, accordingly, Mr.&nbsp;Morris
served on the Audit, Compensation and Nominating Committees and Mr.&nbsp;O&#146;Brien served on the Audit and
Compensation Committees. In light of Ms.&nbsp;Hayano&#146;s service as Chief Executive Officer of the
Company and Mr.&nbsp;Hesse&#146;s service as Interim Chief Executive Officer of the Company, neither Ms.
Hayano nor Mr.&nbsp;Hesse were determined to be independent directors of the Company.
</DIV>
<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Why does Mr.&nbsp;Mason serve on the Audit Committee and Compensation Committee even though he is not
considered independent under the Nasdaq Marketplace Rules?</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As further described below under the caption &#147;&#151; Certain Relationships and Related
Transactions...&#148; between 2001 and 2005 approximately $2.4&nbsp;million was paid by an independent
distributor of the Company at the direction of Mark D. Woodburn and Terry L. LaCore (both of whom
are former officers and directors of the Company) to an entity in which Mr.&nbsp;Mason is a minority
shareholder. The funds were subsequently paid to an entity controlled by Messrs.&nbsp;Woodburn and
LaCore at their direction. After an investigation by the Audit Committee, the Board of Directors
of the Company concluded that Mr.&nbsp;Mason was unaware that these payments were directed by Messrs.
Woodburn and LaCore to an entity that was partially owned by him until uncovered by the Audit
Committee&#146;s independent investigator, and that Mr.&nbsp;Mason was not involved in any misconduct and
received no pecuniary benefit from the payments made by the independent distributor. Further, the
Board of Directors determined that neither Mr.&nbsp;Mason&#146;s relationship with the entity that received
funds from the independent distributor nor any other relationship would interfere with his exercise
of independent judgment in carrying out the responsibilities of a director of the Company.
Therefore, Mr.&nbsp;Mason could also be considered an &#147;independent director&#148; under the Nasdaq
Marketplace Rules, but for the fact that within the last three years the aforementioned payments
were directed to an entity that is partially owned by him. Mr.&nbsp;Mason does qualify as an
&#147;independent director&#148; under Rule&nbsp;10A-3 and as a &#147;non-employee director&#148; under Rule&nbsp;16b-3, as such
rules are promulgated under the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All members of the Audit Committee and Compensation Committee must be &#147;independent,&#148; as
defined under the Nasdaq Marketplace Rules, provided that each such committee may include one
director who is not independent if such director meets specified criteria and if the Board of
Directors &#147;under exceptional and limited circumstances&#148; determines that such director&#146;s membership
on such committee is required by the best interests of the Company and its stockholders. On March
15, 2007, the Company&#146;s Board of Directors determined that exceptional and limited circumstances
existed and that it was in the best interests
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the Company and its stockholders to appoint Mr.&nbsp;Mason to the Audit Committee and the
Compensation Committee until one or more independent directors have been elected to the Board of
Directors, qualified and appointed to the Audit Committee and the Compensation Committee, but in no
event longer than two years from his appointment to these committees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making its determination, the Board of Directors took into consideration the following:
Mr.&nbsp;Mason was unaware that the payments in question were being made until an independent
investigator commissioned by the Audit Committee chaired by Mr.&nbsp;Mason discovered the payments on
November&nbsp;10, 2006; the payments to the entity in which Mr.&nbsp;Mason owns a minority interest were
immediately stopped upon their discovery and Messrs.&nbsp;Woodburn and LaCore were terminated as
officers and directors of the Company; and Mr.&nbsp;Mason did not personally benefit from the payments
in question. The Board of Directors also considered the experience that Mr.&nbsp;Mason brings as the
chief executive officer of his own business and his knowledge of the Company and the industry. The
Board of Directors also took into account the time it may take to identify and qualify suitable
candidates for election as independent directors, as well as the immediate need of the Company to
have a fully functioning Audit Committee and Compensation Committee.
</DIV>
<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>How often did the Board of Directors meet during fiscal 2006?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors met or acted by unanimous written consent a total of 23 times during
the fiscal year ended December&nbsp;31, 2006, and each director attended at least seventy-five percent
(75%) of these meetings and the meetings of the committees of the Board of Directors on which such
director served.
</DIV>
<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>What is the role of the Board of Directors&#146; committees?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has standing Audit, Compensation and Nominating Committees, and during
the first quarter of 2006 formed a Search Committee to search for a chief executive officer for the
Company. In August&nbsp;2006, following the appointment of Stephanie S. Hayano as the Company&#146;s
President and Chief Executive Officer, the Search Committee disbanded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Audit Committee. </B>Anthony B. Martino serves as Chairman of the Audit Committee, and Mr.&nbsp;Mason
and Sir Brian Wolfson also serve as members of the Audit Committee. The Board of Directors has
determined that Mr.&nbsp;Martino and Sir Brian Wolfson are independent and satisfy the other criteria
set forth in the Nasdaq Marketplace Rules, and that Mr.&nbsp;Martino, Mr.&nbsp;Mason and Sir Brian Wolfson
meet the independence requirements contained in Exchange Act Rule&nbsp;10A-3(b)(1). However, as
described above, Mr.&nbsp;Mason is not deemed to be independent under Nasdaq Marketplace Rules.
Finally, the Board of Directors has determined that Mr.&nbsp;Martino meets the SEC criteria of an &#147;audit
committee financial expert&#148; and that both Mr.&nbsp;Mason and Sir Brian Wolfson meet the requirements of
Nasdaq Marketplace Rule&nbsp;4350 relating to financial oversight responsibility. In 2006, the Audit
Committee met 17 times.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The functions of the Audit Committee are set forth in the Audit Committee Charter as approved
by the Board of Directors and as posted on our website at <U>www.naturalhealthtrendscorp.com</U>.
In general, these responsibilities include meeting with the internal financial staff of the Company
and the independent registered public accounting firm engaged by the Company to review (i)&nbsp;the
scope and findings of the annual audit, (ii)&nbsp;quarterly
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">financial statements, (iii)&nbsp;accounting policies and procedures and (iv)&nbsp;the internal controls
employed by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is also directly and solely responsible for the appointment, retention,
compensation, oversight and termination of the Company&#146;s independent registered public accounting
firm. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee&#146;s findings and recommendations are reported to management and the Board of
Directors for appropriate action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Compensation Committee. </B>The Compensation Committee operates pursuant to a charter approved by
the Board of Directors, a copy of which is posted on our website at
<U>www.naturalhealthtrendscorp.com</U>. The primary functions of the Compensation Committee are
described below under the caption &#147;Compensation Discussion and Analysis.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nominating Committee. </B>The Nominating Committee operates pursuant to a charter approved by our
Board of Directors, a copy of which is posted on our website at
<U>www.naturalhealthtrendscorp.com</U>. The sole member of the Nominating Committee is Sir Brian
Wolfson, who is considered independent for purposes of the Nasdaq Marketplace Rules. 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
stockholders that satisfy the Company&#146;s policy regarding stockholder recommended candidates. The
Nominating Committee does not evaluate director candidates recommended by stockholders differently
than director candidates recommended by other sources. The Nominating Committee met once during
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders wishing to submit recommendations for the 2008 annual meeting should write to the
General Counsel c/o Natural Health Trends Corp., 2050 Diplomat Drive, Dallas, Texas 75234. Any
such stockholder 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 stockholder proposal required
by Rule&nbsp;14a-8: (i)&nbsp;evidence in accordance with Rule&nbsp;14a-8 of compliance with the stockholder
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
stockholder 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering Board of Directors candidates, the Nominating Committee takes into
consideration the Company&#146;s Board Candidate Guidelines (as set forth in the charter of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nominating Committee), the Company&#146;s policy regarding stockholder 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To date, the Nominating Committee has not received a candidate recommendation from any
stockholder (or group of stockholders) that beneficially owns more than five percent of the
Company&#146;s common stock.
</DIV>
<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>How are directors compensated?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee directors do not receive compensation for their services as directors. Information
with respect to the compensation of the non-employee members of our Board of Directors is set forth
below under the caption &#147;Compensation of Directors.&#148;
</DIV>
<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>How do stockholders communicate with the Board of Directors?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders 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 Randall A. Mason, Chairman of the Board of Directors, at
chairman@nhtglobal.com. 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, provided that advertisements,
solicitations for periodical or other subscriptions, and similar communications generally are not
forwarded. Five of the six then serving members of the Board of Directors attended the Company&#146;s
2006 annual meeting of stockholders.
</DIV>
<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Does the Company have a Code of Ethics?</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has 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 officer) 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.
</DIV>
<DIV align="left">
<A name="125"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Certain Relationships and Related Transactions&#151;What related person transactions involved directors,
executive officers or significant stockholders?</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Matters Relating to Messrs.&nbsp;Woodburn and LaCore</B>. On November&nbsp;10, 2005, an independent
investigator retained by the Company&#146;s Audit Committee learned that an entity controlled by Messrs.
Woodburn and LaCore had received payments from an independent distributor of the Company&#146;s products
from 2001 through August&nbsp;2005. The Company believes that Messrs.&nbsp;Woodburn and LaCore received from
such distributor a total of approximately
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">$1.4&nbsp;million and $1.1&nbsp;million, respectively. The Company believes that the fees paid by the
Company to the distributor were not in excess of the amounts due under the Company&#146;s regular
distributor compensation plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately $2.4&nbsp;million of the funds paid by the distributor to Messrs.&nbsp;Woodburn and LaCore
were paid at the direction of Messrs.&nbsp;Woodburn and LaCore to an entity that is partially owned by
Mr.&nbsp;Woodburn&#146;s father and Mr.&nbsp;Mason, the Chairman of the Company&#146;s Board of Directors and former
Chairman of the Company&#146;s Audit Committee. The funds were subsequently paid to an entity controlled
by Messrs.&nbsp;Woodburn and LaCore at their direction. Since payments had been directed into an entity
that was partially owned by Mr.&nbsp;Mason, he could no longer be considered &#147;independent&#148; in accordance
with the Nasdaq Marketplace Rules. Therefore, effective November&nbsp;11, 2005, Mr.&nbsp;Mason resigned as
Chairman and a member of the Company&#146;s Audit Committee. After investigation by the Audit Committee,
the Board of Directors of the Company concluded that Mr.&nbsp;Mason was unaware that these payments were
directed by Messrs.&nbsp;Woodburn and LaCore to an entity partially owned by him until uncovered by the
Audit Committee&#146;s independent investigator on November&nbsp;10, 2005, and that Mr.&nbsp;Mason was not
involved in any misconduct and received no pecuniary benefit from the payments made by the
independent distributor. Subsequently, on March&nbsp;28, 2006, the Board of Directors appointed Mr.
Mason as its Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;14, 2005, in light of the information learned by the Company&#146;s Audit Committee on
November&nbsp;10, 2005, the Company terminated the employment of each of Messrs.&nbsp;Woodburn and LaCore.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, a loan made by the Company under the direction of Mr.&nbsp;Woodburn in the aggregate
principal amount of $256,000 in February&nbsp;2004 was previously recorded as a loan to a third party.
On November&nbsp;10, 2005, the Audit Committee investigator learned that the Company actually loaned the
funds to an entity owned and controlled by the parents of Mr.&nbsp;Woodburn. The loan was repaid in
full, partially by an entity controlled by a third party and partially by an entity controlled by
Mr.&nbsp;Woodburn in December&nbsp;2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;23, 2006, an independent investigator retained by the Audit Committee of the Board of
Directors confirmed that affiliates of immediate family members of Mr.&nbsp;Woodburn had owned since
1998 equity interests in Aloe Commodities (&#147;Aloe&#148;), the largest manufacturer of the Company and the
supplier of the <I>Skindulgence</I><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Line and <I>LaVie</I>&#153; products, representing approximately 5% of
the outstanding shares of Aloe. The Company paid Aloe and certain of its affiliates approximately
$9.9&nbsp;million, $8.6&nbsp;million, and $3.6&nbsp;million during 2004, 2005 and 2006, respectively. At December
31, 2006, approximately $7,000 was due to Aloe and certain of its affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;10, 2006, the Company entered into an escrow agreement (the &#147;Escrow Agreement&#148;)
with Mark Woodburn and Terry LaCore, the LaCore and Woodburn Partnership, an affiliate of Messrs.
Woodburn and LaCore, and Krage and Janvey LLP, as escrow agent (the &#147;Agent&#148;). Pursuant to the
Escrow Agreement, (i)&nbsp;the Company issued and deposited with the Agent stock certificates in the
name of the Agent representing an aggregate of 1,081,066 shares of the Company&#146;s common stock (the
&#147;Escrowed Shares&#148;) and (ii)&nbsp;Messrs.&nbsp;Woodburn and LaCore deposited with the Agent $1,206,000 in cash
(the &#147;Cash Deposit&#148;). The Escrowed Shares
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">are the shares of common stock issuable upon the cashless exercise of stock options issued in
2001 and 2002 to Mr.&nbsp;LaCore and the LaCore and Woodburn Partnership for 1,200,000 shares of common
stock exercisable at $1.00 and $1.10 per share. The number of Escrowed Shares was based upon the
closing price of the Company&#146;s common stock on February&nbsp;9, 2006 of $10.14 and the surrender of
118,934 option shares as payment of the aggregate exercise price of $1,206,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Escrowed Shares were issued to the Agent upon receipt from the Agent of an irrevocable
proxy to the Company to vote the Escrowed Shares on matters presented at meetings of stockholders
or written consents executed in lieu thereof. The parties also agreed that the Agent would hold the
Escrowed Shares and the Cash Deposit until it received (i)&nbsp;joint written instructions from the
Company, Messrs.&nbsp;Woodburn and LaCore, or (ii)&nbsp;a final non-appealable order from a court of
competent jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;31, 2006, the Company, Messrs.&nbsp;Woodburn and LaCore entered into several agreements
(collectively, the &#147;Settlement Agreements&#148;), pursuant to which they resolved certain pending
disputes among the parties relating to, among other things, payments to Messrs.&nbsp;Woodburn and LaCore
from one of the Company&#146;s distributors, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Under the main Settlement Agreement, (i)&nbsp;Messrs.&nbsp;Woodburn and LaCore made a non-recourse
promise to repay the Company $2.5&nbsp;million (the &#147;Payment Amount&#148;) no later than October&nbsp;31, 2008,
(ii)&nbsp;the Company agreed to release the Cash Deposit to Mr.&nbsp;LaCore and the Escrowed Shares to
Messrs.&nbsp;Woodburn and LaCore (subject to the pledge described below), (iii)&nbsp;Mr.&nbsp;LaCore agreed to
provide the Company with assistance for up to 10 hours per month with respect to network marketing,
compensation plan adjustments and strategic planning assistance during the one-year period ending
October&nbsp;31, 2007, (iv)&nbsp;Messrs.&nbsp;Woodburn and LaCore agreed to certain restrictions on their
activities, and (v)&nbsp;the parties agreed to enter into the other Settlement Agreements described
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Messrs.&nbsp;Woodburn and Mr.&nbsp;LaCore signed a Non-Recourse Promissory Note to pay the Payment
Amount plus interest at the rate of 6% per annum, secured by a pledge of the released Escrow
Shares. At any time, Messrs.&nbsp;LaCore and Woodburn may elect to repay all or part of the Note by
delivering a number of Pledged Shares based upon the Fair Market Value (as defined in the Note) of
such shares. The Company may also elect at any time to have all or part of the Note repaid by
requiring the surrender of a number of Pledged Shares having a Fair Market Value equal to the
repayment amount. In no event shall Messrs.&nbsp;LaCore and/or Woodburn be obligated to repay an amount
due under the Note in excess of the Fair Market Value of the Pledged Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company and Mr.&nbsp;Woodburn entered into a Consulting Agreement, pursuant to which Mr.
Woodburn agreed for a one-year period to assist the Company as a consultant with general
administration, accounting, finance and strategic planning. Mr.&nbsp;Woodburn will be paid $17,000 per
month plus reimbursement of bona fide business expenses approved in advance in writing by the
Company. If Mr.&nbsp;Woodburn is terminated without Cause (as defined in the Consulting Agreement), he
will be entitled to continue to receive his monthly retainer fee for the remainder of the term,
unless he breaches the terms of his Restricted Activity Agreement (described below) or otherwise
engages in a Competitive Activity (as defined in the Restricted
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Activity Agreement). Mr.&nbsp;Woodburn is permitted to engage in certain consulting activities for third
parties that will not constitute Cause under the Consulting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Company and Messrs.&nbsp;LaCore and Woodburn entered into a Voting Agreement covering all
shares of Company capital stock beneficially owned by them or shares acquired by them during the
three year period ending October&nbsp;31, 2009. All of such shares shall be voted by the Company&#146;s Board
of Directors, or such third party that is reasonably acceptable to each of the Company, Messrs.
LaCore and Woodburn.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each of Messrs.&nbsp;LaCore and Woodburn signed a Restricted Activity and Proprietary Rights
Assignment Agreements, pursuant to which they each agreed to keep confidential or competitively
sensitive information confidential and to disclose and assign to the Company any Work Product (as
defined in the agreements). During the one year period ending October&nbsp;31, 2007, Mr.&nbsp;LaCore agreed
not to directly or indirectly (i)&nbsp;recruit or solicit any company personnel or independent
distributors, or (ii)&nbsp;perform any services for any independent distributor of the Company (the
&#147;Covenant Not to Interfere&#148;). During the term of his Consulting Agreement with the Company and
continuing through the one year period following the receipt of his last monthly consulting fee or
severance payment, Mr.&nbsp;Woodburn has also agreed to the Covenant Not to Interfere. In addition,
except for Permitted Consulting Arrangements (as hereinafter defined), during the one year period
ending on October&nbsp;31, 2007, Mr.&nbsp;Woodburn has agreed not to engage in any activity which competes
with any substantial aspect or part of the Company&#146;s business (or any affiliate thereof).
&#147;Permitted Consulting Arrangements&#148; means any consulting or similar arrangement or agreement
between Woodburn and any third party so long as Woodburn delivers to the Company not less than 10
business days prior to the commencement of service a written notice that describes the terms and
conditions of the proposed consulting arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Company, Messrs.&nbsp;LaCore and Woodburn entered into an Indemnification Agreement,
pursuant to which each of Messrs.&nbsp;LaCore and Woodburn agreed as to his individual conduct to
indemnify and hold harmless the Company and its affiliates for his conduct except for (i)&nbsp;Specified
Conduct (as defined), and (ii)&nbsp;conduct for which Messrs.&nbsp;LaCore or Woodburn, as the case may be, is
entitled to indemnification from the Company under the Company&#146;s certificate of incorporation,
by-laws and Delaware law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Company executed a limited release in favor of Messrs.&nbsp;LaCore and Woodburn with
respect to all charges, claims, causes of action and demands related to their (i)&nbsp;directing,
accepting, or permitting payments to or from certain positions in the Company&#146;s distributor &#147;tree&#148;
from January&nbsp;1, 2001 through the date of the release, (ii)&nbsp;any related party transactions relating
or pertaining to Messrs.&nbsp;LaCore or Woodburn that were previously disclosed in the Company&#146;s public
filings, and (iii)&nbsp;any disclosures made or omitted, if any, relating or pertaining to any of the
foregoing conduct (collectively, the &#147;Specified Conduct&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Messrs.&nbsp;LaCore and Woodburn executed a general release in favor of the Company and its
affiliates, including present and former stockholders, officers, directors, shareholders,
employees, and representatives with respect to all charges, claims, causes of action and demands of
any nature, known or unknown, which Messrs.&nbsp;LaCore or Woodburn had or may
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">have in the future, except with respect to the Company&#146;s obligations under the Settlement
Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the execution of the Settlement Agreements, the Company, Mr.&nbsp;LaCore, Mr.
Woodburn, and the Escrow Agent terminated the Escrow Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;21, 2007, the Company entered into a temporary week-to-week agreement with Mr.&nbsp;LaCore
to administer certain distributor positions at the top of the Company&#146;s distribution network &#147;tree&#148;
and commissions accrued and payable to those positions for periods beginning on and after February
12, 2007. These are the same positions held by the distributor that indirectly made the payments
to Messrs.&nbsp;Woodburn and LaCore that were discovered by the Audit Committee&#146;s independent
investigator on November&nbsp;10, 2005 (discussed above). Under the temporary agreement, Mr.&nbsp;LaCore is
expected to provide certain master distributor services and provide leadership and support to the
Company&#146;s other distributors, all of whom are &#147;down-lines&#148; of the positions being temporarily
administered by Mr.&nbsp;LaCore. In return, the Company pays the commissions generated by these
positions under the Company&#146;s distributor compensation plan to Mr.&nbsp;LaCore, who in turn must pay
some or all of the commissions to other distributors downline. The total amount of gross
commissions that the Company will pay to Mr.&nbsp;LaCore for administration of these positions under
this temporary arrangement is uncertain, as the amount of commissions varies from week to week.
The amount of gross commissions paid to Mr.&nbsp;LaCore for temporary administration of these positions
for the period beginning February&nbsp;12, 2007 and ending April&nbsp;16, 2007 was approximately $187,000.
The Company is currently considering various longer term arrangements with Mr.&nbsp;LaCore.
</DIV>
<DIV align="left">
<A name="126"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>What are the Company&#146;s policies and procedures relating to the review, approval or ratification of
transactions with related persons?</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Charter of the Audit Committee, the Audit Committee has responsibility for the
review and approval of all related party transactions, unless such responsibility is delegated to
another committee of the Board of Directors consisting solely of independent directors. The Audit
Committee has not developed written procedures relating to its review and approval of such
transactions, nor has it identified standards to be applied by it in connection with its review and
approval. The transactions described above that were a settlement of disputed claims to avoid
litigation were approved by the Board of Directors.
</DIV>
<DIV align="left">
<A name="127"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Compensation Committee Interlocks and Insider Participation&#151;did any member of the Compensation
Committee in 2006 have certain relationships requiring disclosure?</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terrence M. Morris and Colin J. O&#146;Brien served on the Compensation Committee throughout 2006,
but neither of such individuals continues to serve on the Company&#146;s Board of Directors. No member
of our Compensation Committee in 2006 is a current or former officer or employee of the Company or
its subsidiaries or has had a relationship requiring disclosure by the Company under applicable
federal securities regulations. No executive officer of the Company served as a director or as a
member of the compensation committee of any entity that has one or more executive officers serving
as a member of the Company&#146;s Board of Directors or compensation committee.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="128"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXECUTIVE OFFICERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain information concerning executive officers of the Company is set forth below:
</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="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&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" style="background: #cceeff">
    <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">43</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</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">36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer and Senior Vice President</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" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gary C. Wallace
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel, Chief Ethics and Compliance
Officer and Secretary</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">46</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" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Curtis Broome
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Worldwide President of NHT Global</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Chris Sharng. </B>Mr.&nbsp;Sharng has served as President of the Company since February&nbsp;2007. He
previously served as Executive Vice President and Chief Financial Officer of the Company from
August&nbsp;2004 to February&nbsp;2007, although Mr.&nbsp;Sharng also performed the functions of the principal
executive officer of the Company from April&nbsp;2006 to August&nbsp;2006. From March&nbsp;2006 to August&nbsp;2006,
Mr.&nbsp;Sharng also served as a member of the Company&#146;s Executive Management Committee, which was
charged with managing the Company&#146;s day-to-day operations while a search was conducted for a new
chief executive officer for the Company. From March&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Timothy S. Davidson</B>. Mr.&nbsp;Davidson has served as the Company&#146;s Chief Financial Officer and
Senior Vice President since February&nbsp;2007. He previously served as the Company&#146;s Chief Accounting
Officer from September&nbsp;2004 to February&nbsp;2007. From February&nbsp;2000 to February&nbsp;2001, Mr.&nbsp;Davidson
was Manager of Financial Reporting for a Dallas-based telecommunications company, IP
Communications, Inc. From March&nbsp;2001 to September&nbsp;2004, Mr.&nbsp;Davidson was Corporate Controller for
another telecommunications company, Celion Networks, Inc., located in Richardson, Texas. From
December&nbsp;1994 through January&nbsp;2000, Mr.&nbsp;Davidson was employed by Arthur Andersen, LLP, most
recently as an Audit Manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Gary C. Wallace. </B>Mr.&nbsp;Wallace has served as the Company&#146;s General Counsel, Chief Ethics and
Compliance Officer and Secretary since January&nbsp;2006. Prior to that, Mr.&nbsp;Wallace was
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a shareholder in the Dallas, Texas law firm of de la Garza &#038; Wallace, PC since March&nbsp;2001.
Mr.&nbsp;Wallace has practiced business and corporate law in Dallas, Texas since 1982.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 March
2006 to August&nbsp;2006, Mr.&nbsp;Cavanaugh also served as a member of the Company&#146;s Executive Management
Committee, which was charged with managing the Company&#146;s day-to-day operations while a search was
conducted for a new chief executive officer for the Company. From 1997 until 2000, Mr.&nbsp;Cavanaugh
was the founder and CEO of WebWizard LLC, an internet application design company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Curtis Broome. </B>Mr.&nbsp;Broome has served as the Worldwide President of NHT Global since March
2006. From March&nbsp;2006 to August&nbsp;2006 Mr.&nbsp;Broome also served as a member of the Company&#146;s Executive
Management Committee, which was charged with managing the Company&#146;s day-to-day operations while a
search was conducted for a new chief executive officer for the Company. Mr.&nbsp;Broome also served as
President of another subsidiary of the Company, I Love My Pet, Inc., from June&nbsp;2003 to April&nbsp;2004.
While with the Company, Mr.&nbsp;Broome also served as President-Greater China and Southeast Asia from
April&nbsp;2004 to March&nbsp;2006 and is generally credited with bringing the Greater China market back on
track for the Company from a difficult time in early 2004. From January&nbsp;2002 until July&nbsp;2003, Mr.
Broome served as Executive Vice President and as President of another subsidiary of the Company,
NHT Global, Inc. Mr.&nbsp;Broome has over 20&nbsp;years of executive and entrepreneurial experience in
network marketing, hospitality and on-line development businesses.
</DIV>
<DIV align="left">
<A name="129"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REPORT OF THE AUDIT COMMITTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed and discussed the consolidated financial statements of the Company to be set
forth in the Company&#146;s 2006 Annual Report to Stockholders and at Item&nbsp;8 of the Company&#146;s Annual
Report on Form 10-K for the year ended December&nbsp;31, 2006 with management of the Company and Lane
Gorman Trubitt, L.L.P. (&#147;Lane Gorman&#148;), the Company&#146;s independent registered public accounting firm
for 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have discussed with Lane Gorman the matters to be discussed by Statement on Auditing
Standards No.&nbsp;61, &#147;Communications with Audit Committees,&#148; Statement on Auditing Standards No.&nbsp;99,
&#147;Consideration of Fraud in a Financial Statement Audit,&#148; and Securities and Exchange Commission
rules regarding auditor independence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have received the written disclosures and the letter from Lane Gorman required by
Independence Standards Board Standard No.&nbsp;1, &#147;Independent Discussions with Audit Committees&#148; and
have discussed with Lane Gorman that firm&#146;s independence. The Audit
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Committee has concluded that Lane Gorman&#146;s services provided to the Company are compatible
with Lane Gorman&#146;s independence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the review and discussions with management of the Company and Lane Gorman referred to
above, we recommend to the Board of Directors that the Company publish the consolidated financial
statements of the Company in the Company&#146;s Annual Report on Form 10-K for the year ended December
31, 2006 and in the Company&#146;s 2006 Annual Report to Stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is not the duty of the Audit Committee to plan or conduct audits or to determine that the
Company&#146;s consolidated financial statements are complete and accurate and in accordance with
generally accepted accounting principles; that is the responsibility of management and the
Company&#146;s independent registered public accounting firm. In giving its recommendation to the Board
of Directors, the Audit Committee has relied on (i)&nbsp;management&#146;s representation that such financial
statements have been prepared with integrity and objectivity and in conformity with generally
accepted accounting principles and (ii)&nbsp;the reports of the Company&#146;s independent registered public
accounting firm with respect to such financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Members of the Audit Committee of the Board of Directors
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Anthony B. Martino (Chairman)<BR>
Randall A. Mason<BR>
Sir Brian Wolfson</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">March&nbsp;22, 2007

</DIV>
<DIV align="left">
<A name="130"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPENSATION COMMITTEE REPORT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The following Compensation Committee Report 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 Compensation Committee Report by reference therein.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis
included in this proxy statement with management. Based on our review and discussions, the
Compensation Committee recommended to the Board of Directors that the Compensation Discussion and
Analysis be included in the Company&#146;s proxy statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Members of the Compensation Committee
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Sir Brian Wolfson (Chairman)<BR>
Anthony B. Martino<BR>
Randall A. Mason</I>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="131"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPENSATION DISCUSSION AND ANALYSIS</B>
</DIV>

<DIV align="left">
<A name="132"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Introduction</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this section, we will provide an overview and analysis of our compensation programs and
policies, the material compensation decisions we have made under those programs and policies, and
the material factors that we considered in making those decisions. Later in this proxy statement,
under the heading &#147;Compensation of Named Executive Officers,&#148; we have included a series of tables
containing specific information about the compensation earned or paid in 2006 to the individuals
named in the Summary Compensation Table, whom we refer to as our named executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is intended to enhance an understanding of the detailed information
provided in those tables and put that information into context within our overall compensation
program.
</DIV>
<DIV align="left">
<A name="133"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Compensation Philosophy and Objectives</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a standing Compensation Committee of our Board of Directors. The Compensation
Committee is charged with responsibility to oversee our compensation policies and programs,
including developing compensation, providing oversight of the implementation of the policies, and
specifically addressing the compensation of our executive officers, including the negotiation of
their employment agreements. The members of our Compensation Committee serving throughout 2006
were Terrence M. Morris and Colin J. O&#146;Brien, both of whom qualified as &#147;independent directors&#148;
within the meaning of the Nasdaq Marketplace Rules. Neither of these individuals is currently
serving on our Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our compensation programs, when taken in total, are intended to:
</DIV>

<DIV style="margin-top: 6pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attract and retain the highest quality executives;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inspire and motivate executive officers to increase our performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Align executive officers&#146; financial interest with those of our long-term investors;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reward executive officers for exceptional individual contributions to the
achievement of our objectives.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have built a compensation program that we believe ties compensation incentives to our
growth and profitability objectives. Because we expect growth and profitability to enhance
stockholder value, we believe our compensation program ties our employees&#146; and executives&#146;
incentives to the best interests of our stockholders. Our compensation program is designed to
reward our achievement of corporate goals.
</DIV>
<DIV align="left">
<A name="134"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Setting Executive Compensation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005, management conducted studies of peer companies, with an emphasis towards determining
whether the named executive officers received an appropriate amount of cash and equity
compensation. The conclusions of this study were updated and presented to the Compensation
Committee, newly constituted at the end of 2005, which then in 2006 retained
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sibson Consulting, a division of the Segal Company (&#147;Sibson&#148;), to conduct a compensation
survey and provide recommendations with respect to the compensation of the Company proposed new CEO
and also that of our executive officers generally. Sibson has not performed any other work, other
than continuing compensation consulting in 2007, for the Company. The data presented by management
and by Sibson was reviewed for general comparative purposes to confirm that our compensation levels
are not substantially different from norms of companies that are considered our peers, and informed
the Compensation Committee&#146;s judgment regarding appropriate compensation levels. However, no
specific benchmarks from the data were considered dispositive or were used as the basis of a
formulaic determination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separately, management engaged Watson Wyatt &#038; Company in 2005 to provide recommendations
regarding 2006 compensation for our then Chief Accounting Officer, Timothy S. Davidson. We believe
these recommendations were considered by the Compensation Committee when it determined the
appropriateness of the compensation for Mr.&nbsp;Davidson for 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no pre-established policy or target for the allocation between either cash or
equity-based or short-term and long-term incentive compensation. Rather, the Compensation
Committee considered information provided by the compensation surveys and used its own judgment to
determine the appropriate level and mix of each component of our executive compensation program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing objectives, the Compensation Committee has approved or structured our
annual cash incentive award program and long-term equity-based executive compensation to motivate
executives to achieve the business goals set by us and to reward the executive for achieving such
goals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the terms of the Compensation Committee&#146;s charter, it approves the compensation
for each person who is subject to the reporting requirements of Section&nbsp;16 of the Exchange Act, is
a direct report to our President, or has an annual base salary in excess of $100,000. Each award
granted under our 2002 Stock Option Plan (the &#147;2002 Option Plan&#148;) was approved by the Compensation
Committee. The terms of our 2007 Equity Incentive Plan, which was adopted in November&nbsp;2006,
provide that the Compensation Committee may delegate its authority to make awards under the plan,
except awards to covered employees under Section&nbsp;162(m), to our President and Chief Executive
Officer, or other executive officer the Compensation Committee deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Executive Employment Agreements</B>. Compensation paid to each of our named executive officers in
2006 was paid pursuant to the terms of employment agreements between us and each officer. The
agreements set the level of salary, certain perquisites, and broadly address the terms of their
employment with us, including duties, compensation and benefits, termination, and the effect of
termination. More details regarding the terms of the individual employment agreements are included
under &#147;Compensation of Named Executive Officers.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee negotiated the employment agreements with each named executive
officer at the time of hire, or reviewed and approved the employment agreements negotiated by
authorized officers of the Company, and believes the terms and conditions
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">included in the employment agreements are in our best interests and address the objective of
attracting and motivating these officers to achieve performance goals consistent with our growth
and profitability objectives.
</DIV>

<DIV align="left">
<A name="135"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2006 Executive Compensation Components</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended December&nbsp;31, 2006, the principal components of compensation for our
named executive officers were:
</DIV>

<DIV style="margin-top: 6pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Base salary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash incentive and bonus awards; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Long term equity-based incentive awards.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Base salary</B>. Base salary is the fixed component of an employee&#146;s annual cash compensation.
We provide named executive officers and other employees with a base salary to compensate them for
services rendered during the fiscal year. Salary levels are typically considered annually as part
of our performance review process as well as upon a promotion or other change in job
responsibility. Increases in salary are based on subjective evaluation of such factors as the
level of responsibility, individual performance, level of pay both of the executive in question and
other similarly situated executives, and market data on compensation levels of peer companies in
the industry. Base salary levels for 2006 were paid in accordance with the negotiated terms of
each named executive officer&#146;s employment agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Cash Incentive and Bonus Awards</B>. The Compensation Committee adopted the Short Term Bonus Plan
for our named executive officers and certain other of our employees. The Compensation Committee
believes that the payment of annual cash incentive awards provides effective short-term incentives
for the named executive officers and other employees and rewards the achievement of company-wide
goals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligible employees may receive cash incentive awards upon our achievement of certain levels of
revenue and operating profit derived from our budget as approved by the Board of Directors. In
calculating the potential cash incentive award, 25% is based upon the level of revenues achieved
and 75% is based upon the level of operating profit achieved. The formula is used to calculate a
suggested bonus amount. The actual amount to be paid is based 75% on the results of the
calculation described above and 25% upon the exercise of the Compensation Committee&#146;s discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each named executive officer has a potential to be paid a different percentage of his base
salary at each of the performance levels. During 2006, maximum potential cash incentive awards
were set as a percentage of each officer&#146;s base salary as follows: (a)&nbsp;Mr.&nbsp;Sharng, 50%; (b)&nbsp;Mr.
Davidson, 25%; (c)&nbsp;Mr.&nbsp;Wallace, 40%; and (d)&nbsp;Mr.&nbsp;Cavanaugh, 35%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006, the Company did not achieve any of the financial targets established as part of the
2006 Short Term Bonus Plan evidencing the difficulty of meeting the targets due to management
changes and regulatory changes in China. Therefore no awards were granted to the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">named executive officers under this plan. The Compensation Committee elected not to exercise
its discretion to pay any awards under the Short Term Bonus Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2007, the Short Term Bonus Plan has been replaced by the 2007 Annual Incentive Plan
approved by stockholders at our November&nbsp;2006 annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above, we have entered into employment agreements with each of our named
executive officers. Pursuant to the terms of our employment agreement with Stephanie Hayano, the
Compensation Committee agreed to pay her a signing cash bonus and then a guaranteed cash bonus for
2006. In addition, we paid a discretionary cash bonus to John Cavanaugh in 2006. The Compensation
Committee also agreed to pay a cash bonus to Robert H. Hesse as part of the settlement agreement
related to his severance from the Company, as more fully described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Long-Term Equity-Based Incentive Awards</B><I>. </I>Long-term equity-based incentive awards are designed
to align the interests of our named executive officers with the long-term interests of our
stockholders. Equity-based awards also encourage our named executive officers to focus on our
long-term performance. The 2002 Option Plan authorizes the granting of stock options, but not the
granting of shares of restricted stock or other forms of equity awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Hayano received stock options in 2006 pursuant to the terms of her employment agreement.
Mr.&nbsp;Davidson received stock options that were approved by the Compensation Committee. Mr.&nbsp;Wallace
received stock options within the range set forth in his employment agreement, as approved by the
Compensation Committee. Messrs.&nbsp;Hesse, Sharng and Cavanaugh did not receive any stock options in
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not have stock ownership guidelines for our named executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our annual meeting of stockholders held in November&nbsp;2006, our stockholders approved the
adoption of the 2007 Equity Incentive Plan, which replaces the 2002 Option Plan. No awards were
granted under the 2007 Equity Incentive Plan in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Savings Plan</B><I>. </I>All U.S. employees are eligible to participate in our qualified 401(k) plan,
the NHTC 401K plan. The NHTC 401K plan allows employees to contribute up to 90% of their salary
subject to the IRS annual maximum. We fully match employee contributions up to 3% of their
eligible compensation, and match at a 50% rate their contributions of up to an additional 3% of
their eligible compensation. Employees are vested immediately in their 401(k) contribution as well
as the company matching contribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Perquisites and Other Benefits</B><I>. </I>We provided certain perquisites to our named executive
officers pursuant to the terms of their employment agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of Ms.&nbsp;Hayano&#146;s employment agreement provided for a temporary living allowance equal
to $5,000 per month and reimbursement of automobile rental expenses and costs incurred by her in
connection with her travel to and from the Dallas area. These payments were available from July
31, 2006 until the earlier of her relocation to the Dallas area or January&nbsp;31, 2007.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of Mr.&nbsp;Hesse&#146;s employment contract provided for the reimbursement of rent for an
apartment during the term of the agreement, as Mr.&nbsp;Hesse&#146;s permanent residence was located outside
of the Dallas area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At this time, we do not offer a pension plan or a deferred compensation plan. Our executive
officers receive standard benefits consistent with other employees for health and dental insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stock Option Granting Policies</B>. Historically, we have granted stock options on an as-needed
basis at regularly scheduled Compensation Committee meetings. We do not have a formal policy
regarding the dates on which stock options are granted. We have not set the grant date of our
stock options to our executives, including new executives, in coordination with the release of
material nonpublic information, and the Compensation Committee has not delegated to any other
person any aspect of the administration of the 2002 Option Plan. The exercise price of stock
options is the closing price on the date the grant is awarded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax and Accounting Implications</B>. Section 162(m) of the Internal Revenue Code disallows a
federal income tax deduction to publicly-held companies for certain compensation paid to our Chief
Executive Officer and four other most highly compensated executive officers to the extent that
compensation exceeds $1&nbsp;million per executive officer covered by Section 162(m) in any fiscal year.
The limitation applies only to compensation that is not considered &#147;performance-based&#148; as defined
in the Section 162(m) rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In designing our compensation programs, the Compensation Committee did not consider the effect
of Section&nbsp;162(m). We intend to take appropriate actions, to the extent we believe desirable, to
preserve the deductibility of short-term incentive and long-term performance awards.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="136"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPENSATION OF NAMED EXECUTIVE OFFICERS</B>
</DIV>

<DIV align="left">
<A name="137"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Summary Compensation Table</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information concerning the annual and long-term compensation
for all services rendered in all capacities to the Company for the fiscal year ended December&nbsp;31,
2006.
</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="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&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>&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="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Chris Sharng<br>
Chief Financial Officer (currently President)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">139,427</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">9,900</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">399,327</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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:0px; text-indent:-0px">Timothy S. Davidson<br>
Chief Accounting Officer (currently Chief
Financial Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">160,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16,601</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,635</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">184,236</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Gary C. Wallace<br>
General Counsel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">175,846</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22,116</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">197,962</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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:0px; text-indent:-0px">John Cavanaugh<br>
President of MarketVision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">193,462</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">89,200</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17,025</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9,900</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">309,587</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Stephanie S. Hayano<br>
Former Chief Executive Officer and President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">126,923</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">92,500</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37,804</TD>
    <TD nowrap valign="top"><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">41,448</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">298,675</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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:0px; text-indent:-0px">Robert H. Hesse<br>
Former Interim Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">180,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">44,485</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">374,485</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The amounts appearing in the Option Awards column represent the SFAS No.&nbsp;123(R)
compensation expense recognized during fiscal 2006. See Note 8 in the consolidated financial
statements included in the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31,
2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents employer matching contributions under the Company&#146;s defined contribution
plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes a $30,000 signing bonus and a $62,500 guaranteed bonus for fiscal 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Because Ms.&nbsp;Hayano&#146;s employment with us terminated before any of these options vested,
they were all forfeited.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes a housing allowance of $27,500 and personal travel expenses of $13,948 during
her employment.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes travel and transportation-related expenses totaling $15,793, rent expense of
$8,978, furnishings of $8,258, and other personal living expenses, including clothing, food, and
utilities.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</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: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="138"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Grants of Plan-Based Awards in 2006</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information with respect to plan-based awards granted
to our named executive officers during the fiscal year ended December&nbsp;31, 2006.
</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="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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>&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="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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>&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="3"><B>Awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Estimated Future Payouts Under</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant Date</B></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="11"><B>Non-Equity Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Base Price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fair Value</B></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="11" style="border-bottom: 1px solid #000000"><B>Awards</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Stock</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Threshold</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Target</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and Option</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>($/Sh)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Awards</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chris Sharng</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">62,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">137,500</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"><!-- 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">Timothy S. Davidson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/17/06</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 align="right">7,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,013</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gary C. Wallace</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,000</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">02/23/06</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 align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,379</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,903</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stephanie S. Hayano</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,000</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">07/31/06</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 align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272,187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert H. Hesse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</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>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>See Compensation Discussion and Analysis regarding the Company&#146;s 2006 Short
Term Bonus Plan.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="139"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Employment Agreements</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation we paid to our named executive officers in 2006 was paid pursuant to the
terms of various employment agreements, the terms of which are summarized below. On April&nbsp;23,
2007, we entered into new employment agreements with Messrs.&nbsp;Sharng, Davidson and Wallace. The
compensation provisions of these agreements did not impact 2006 compensation, and therefore they
are not summarized below. However, the terms regarding severance payments due in the event of
termination under the terms of the new agreements are described under &#147;Severance and Post
Termination Payment Arrangements.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Chris Sharng</B>. We entered into an employment agreement with Chris Sharng as our Executive Vice
President and Chief Financial Officer in August&nbsp;2004. The agreement terminates on December&nbsp;31,
2007, subject to earlier termination under certain circumstances. The agreement provides that Mr.
Sharng&#146;s base salary will be $250,000 in 2006. Mr.&nbsp;Sharng was granted an option to purchase 34,124
of our shares at an exercise price of $11.40 per share. The agreement also makes Mr.&nbsp;Sharng
eligible for our Short Term Cash Bonus Plan. If the Company&#146;s minimum target were achieved, Mr.
Sharng would receive a bonus equal to 25% of his base salary, and if the maximum target were
achieved, Mr.&nbsp;Sharng would be entitled to a bonus equal to 50% of his base salary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Timothy S. Davidson</B>. We entered into an employment agreement with Timothy S. Davidson as our
Chief Accounting Officer in September&nbsp;2004. The agreement provides for a base salary of $160,000.
Mr.&nbsp;Davidson is eligible to participate in the Short Term Bonus Plan. Mr.&nbsp;Davidson was not
initially awarded any stock options.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</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: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Gary C. Wallace</B>. We entered into an employment agreement with Gary Wallace in December&nbsp;2005.
The agreement provides that Mr.&nbsp;Wallace&#146;s base salary will be $180,000 annually, and that he is
eligible for a bonus of 20 to 40% of his base salary. The agreement also provides that management
recommend to the Compensation Committee an annual grant of options to purchase 12,000 of our common
shares to vest over a three year period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>John Cavanaugh</B>. In connection with our acquisition of MarketVision Communications Corporation
(&#147;MarketVision&#148;) in March&nbsp;2004, we entered into an employment agreement with John Cavanaugh for a
term of three years. On December&nbsp;8, 2006, we, MarketVision and Mr.&nbsp;Cavanaugh entered into a new
employment agreement that replaced and superseded the previous agreement in its entirety. The new
agreement has a three year term and provides that Mr.&nbsp;Cavanaugh will continue to serve as President
of MarketVision. The employment agreement provides Mr.&nbsp;Cavanaugh with a retention bonus of $89,200
along with an annual salary of $205,000 through December&nbsp;31, 2006. Commencing on January&nbsp;1, 2007
and on each January 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> thereafter during the term of the agreement, Mr.&nbsp;Cavanaugh&#146;s
salary will increase by 3% if his performance is satisfactory.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stephanie S. Hayano</B>. Under our original agreement with Ms.&nbsp;Hayano, we agreed to pay Ms.
Hayano an annual base salary of $300,000 plus an annual bonus equal to 50% of her base salary if
certain of our annual performance goals are achieved. For fiscal 2006, the Compensation Committee
agreed to pay Ms.&nbsp;Hayano a guaranteed cash bonus equal to $62,500 and a signing bonus equal to
$30,000. In addition, we agreed to pay a temporary living allowance equal to $5,000 per month
through January&nbsp;31, 2007, or until she relocated to the Dallas metropolitan area, whichever is
sooner. Ms.&nbsp;Hayano was also granted options to purchase 150,000 shares of our common stock at an
exercise price of $2.79 per share. The options were to vest in equal annual installments over a
three year period commencing on July&nbsp;31, 2007 and expire on July&nbsp;31, 2011. Because of Ms.&nbsp;Hayano&#146;s
severance from the Company, these options never vested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective February&nbsp;21, 2007, Ms.&nbsp;Hayano resigned as our President and Chief Executive Officer
and as a member of our Board of Directors. In exchange for a general release of all claims against
us, we agreed to (a)&nbsp;continue to pay Ms.&nbsp;Hayano&#146;s salary for a period of 12&nbsp;months, less any
amounts paid, due or promised to her as compensation from third parties during that period and pay
her health insurance premiums in the amount of $8,627, (b)&nbsp;pay her the $62,500 guaranteed cash
bonus for fiscal year 2006 due to her under the employment agreement with us, and (c)&nbsp;give her a
release of claims arising from or related to facts within the knowledge of our Board of Directors,
executive management, or general counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Robert H. Hesse</B>. On March&nbsp;10, 2006, we entered into a letter agreement with Robert H. Hesse,
our then interim chief executive officer and a member of the Board of Directors. Pursuant to the
letter agreement, Mr.&nbsp;Hesse agreed to continue acting as our interim chief executive officer. In
addition to continuing his base pay of $2,000 per day, the Compensation Committee agreed to pay Mr.
Hesse a retention bonus equal to $300,000, of which $150,000 was due and payable upon the execution
of the letter agreement and $150,000 was due within 5&nbsp;days after satisfactory completion of Mr.
Hesse&#146;s term as interim chief executive officer. In accordance with the terms of Mr.&nbsp;Hesse&#146;s
completion of his assignment with us on March&nbsp;28, 2006, we only paid a total of $150,000 as a
retention bonus.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</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: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post termination benefits payable pursuant to the employment agreements are described below
under &#147;Severance and Post Termination Payment Arrangements.&#148;
</DIV>
<DIV align="left">
<A name="140"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Outstanding Equity Awards at December&nbsp;31, 2006</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table discloses information regarding outstanding awards under the Company&#146;s
2002 Stock Plan as of December&nbsp;31, 2006.
</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="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&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="7" style="border-bottom: 1px solid #ffffff"><B>Option Awards</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" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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" colspan="3"><B>Unexercised Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercised Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#) Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#) Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px; background: #cceeff">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chris Sharng</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10,806</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">06/23/14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10/31/10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8,333</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/25/10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Timothy S. Davidson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10/31/10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/17/11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gary C. Wallace</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">02/23/11</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Cavanaugh</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,580</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">18.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">03/31/11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/25/10</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stephanie S. Hayano</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">07/31/11</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert H. Hesse</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>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>833 shares vest monthly.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>One-third of options vest annually over a three year period commencing 10/31/05.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>One-third of options vest annually over a three year period commencing 11/25/05.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>One-third of options vest annually over a three year period commencing 11/17/06.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>One-third of options vest annually over a three year period commencing 02/23/06.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>One-third of options vest annually over a three year period commencing 07/31/06.
Because Ms.&nbsp;Hayano&#146;s employment with us has terminated, none of these options will vest.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="141"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Option Exercises and Stock Vested in 2006</B>
</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="61%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</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" colspan="3"><B>Shares</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" colspan="3"><B>Acquired</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value Realized</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>on Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>on Exercise</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chris Sharng</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Timothy S. Davidson</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gary C. Wallace</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>
</TR>
<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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stephanie S. Hayano</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert H. Hesse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,900</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<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: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="142"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Severance and Post Termination Payment Arrangements</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into employment agreements with each of our named executive officers. Under
certain of these agreements, we are required to provide compensation to these officers in the event
we terminate the executive&#146;s employment. Details for each named executive officer are set forth
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Chris Sharng. </B>Our current employment agreement with Mr.&nbsp;Sharng that was entered into on April
23, 2007 provides that if Mr.&nbsp;Sharng&#146;s employment with us is terminated voluntarily by him for
&#147;good reason&#148; that has not been cured by us within 30&nbsp;days of such notice, or is terminated by us
without cause, other than in connection with a change of control, then Mr.&nbsp;Sharng will be entitled
to the continuation of the payment of his salary, plus health and medical insurance coverage for a
period of up to one year following the termination date, or until the earlier date upon which he
becomes engaged in any &#147;competitive activity&#148; or breaches the terms of his Non-Competition
Agreement with us. If such a termination had occurred on December&nbsp;31, 2006, and assuming that he
received severance payments for the entire one year period, we would have been obligated to pay him
$250,000, plus an additional $14,336 in benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Sharng&#146;s employment with us is terminated by us without cause during the period
commencing on the date that is 30&nbsp;days prior to a change of control through and including a date
that is 18&nbsp;months following the change of control, he is entitled to the continuation of the
payment of his salary, plus health and medical insurance coverage for a period of up to two years,
plus health and medical insurance coverage for the same two year period following the termination
date. If such a termination had occurred on December&nbsp;31, 2006, we would have been obligated to pay
him $500,000, plus an additional $28,671 in benefits. This payment is due in a lump sum 30&nbsp;days
after the termination date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to be entitled to receive the severance amount in either of the above scenarios, Mr.
Sharng must execute a full general release of all claims against us and our affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A &#147;change of control&#148; is defined as:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;When any &#147;person&#148; as defined in Section&nbsp;3(a)(9) of the Securities and Exchange Act of
1934, as amended, and as used in Section 13(d) and 14(d) thereof including a &#147;group&#148; as defined in
Section 13(d) of the Exchange Act, but excluding the Company or any subsidiary or any affiliate of
the Company or any employee benefit plan sponsored or maintained by the Company or any subsidiary
of the Company (including any trustee of such plan acting as trustee), becomes the &#147;beneficial
owner&#148; (as defined in Rule&nbsp;13d-3 under the Exchange Act) of securities of the Company representing
more than 50% of the combined voting power of the Company&#146;s then outstanding securities; or (ii)
when, during any period of 24 consecutive months, the individuals who, at the beginning of such
period constituted the Board of Directors (the &#147;Incumbent Directors&#148;) cease for any reason other
than death to constitute at least a majority thereof, provided, however, that a director who was
not a director at the beginning of such 24-month period shall be deemed to have satisfied such
24-month requirement (and be an Incumbent Director) if such director was elected by, or on the
recommendation of or with the approval of, at least two-thirds of the directors who then qualified
as Incumbent Directors either actually (because they were directors at the beginning of such 24
month period) or through the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">operation of this provision; or (iii)&nbsp;the occurrence of a transaction requiring stockholder
approval under applicable state law for the acquisition of the Company by an entity other than the
Company or a subsidiary or an affiliated company of the Company through purchase of assets, or by
merger, or otherwise; provided however, that none of the foregoing shall constitute a change of
control if such transaction, event or occurrence is approved by, or consented to, by Mr.&nbsp;Sharng.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Sharng will be subject to a covenant not to compete for six months following his
termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Timothy S. Davidson. </B>Our current employment agreement with Mr.&nbsp;Davidson that was entered into
on April&nbsp;23, 2007 provides severance payments under the same termination scenarios and for the same
time periods as payments are provided to Mr.&nbsp;Sharng. If Mr.&nbsp;Davidson had been terminated by us
without cause, other than in connection with a change of control, or if he terminated his
employment with us for &#147;good reason&#148; on December&nbsp;31, 2006, and assuming that he received severance
payments for the entire one year period, we would have been obligated to pay him $160,000, plus an
additional $14,336 in benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Davidson&#146;s employment with us had been terminated by us without cause in connection
with a change of control transaction on December&nbsp;31, 2006, we would have been obligated to pay him
$320,000, plus an additional $28,671 in benefits. This payment is due in a lump sum 30&nbsp;days after
the termination date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to be entitled to receive the severance amount in either of the above scenarios, Mr.
Davidson must execute a full general release of all claims against us and our affiliates. Mr.
Davidson will be subject to a covenant not to compete six months following his termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Gary C. Wallace</B>. Our current employment agreement with Mr.&nbsp;Wallace that was entered into on
April&nbsp;23, 2007 provides severance payments under the same termination scenarios and for the same
time periods as payments are provided to Mr.&nbsp;Sharng. If Mr.&nbsp;Wallace had been terminated by us
without cause, other than in connection with a change of control, or if he terminated his
employment with us for &#147;good reason&#148; on December&nbsp;31, 2006, and assuming that he received severance
payments for the entire one year period, we would have been obligated to pay him $180,000, plus an
additional $14,336 in benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Wallace&#146;s employment with us had been terminated by us without cause in connection with
a change of control transaction on December&nbsp;31, 2006, we would have been obligated to pay him
$360,000, plus an additional $28,671 in benefits. This payment is due in a lump sum 30&nbsp;days after
the termination date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to be entitled to receive the severance amount in either of the above scenarios, Mr.
Wallace must execute a full general release of all claims against us and our affiliates. Mr.
Wallace will be subject to a covenant not to compete for six months following his termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>John Cavanaugh</B>. Our employment agreement with Mr.&nbsp;Cavanaugh provides that if his employment
with us is terminated without &#147;cause&#148; or terminated voluntarily by him for &#147;good reason,&#148; he is
entitled to the continuation of the payment of his salary, plus health and medical insurance
coverage for a period of up to two years following the termination date, or until the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">earlier date upon which he becomes engaged in any &#147;competitive activity&#148; or breaches the terms
of his Non-Competition Agreement with us. If such a termination had occurred on December&nbsp;31, 2006,
and assuming that he received severance payments for the entire two year period, we would have been
obligated to pay him $422,300, plus an additional $37,512 in benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Cavanaugh&#146;s employment with us is terminated by us without cause or by him for &#147;good
reason&#148; during the period commencing on the date that is 30&nbsp;days prior to a change of control
through and including the date that is 18&nbsp;months following a change of control, he is entitled to
the continuation of the payment of his salary, plus health and medical insurance coverage for a
period of up to three years following the termination date, or until the earlier date upon which he
becomes engaged in any competitive activity or breaches the terms of his Non-Competition Agreement
with us. If such a termination had occurred on December&nbsp;31, 2006, and assuming that he received
severance payments for the entire three year period, we would have been obligated to pay him
$615,000, plus an additional $56,268 in benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stephanie S. Hayano. </B>Under our employment agreement with Ms.&nbsp;Hayano, if she had relocated
permanently to Dallas, she would have been entitled to certain severance payments. If she had
relocated and her employment with us were terminated without &#147;cause&#148; or terminated voluntarily by
her for &#147;good reason,&#148; she would have been entitled to the continuation of the payment of her
salary, plus health and medical insurance coverage for a period of up to two years following the
termination date, or until the earlier date upon which she became engaged in any &#147;competitive
activity&#148; or breached the terms of her Non-Competition Agreement with us. If such a termination
had occurred on December&nbsp;31, 2006, Ms.&nbsp;Hayano would have been entitled to no payments from us,
because she had not relocated to the Dallas area by such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Ms.&nbsp;Hayano had relocated to the Dallas area, and her employment with us had been terminated
without &#147;cause&#148; or by her for &#147;good reason&#148; during the period commencing on the date that is 30
days prior to a change of control through and including the date that is 18&nbsp;months following a
change of control, she would have been entitled to the continuation of the payment of her salary,
plus health and medical insurance coverage for a period of up to three years following the
termination date, or until the earlier date upon which she became engaged in any &#147;competitive
activity&#148; or breached the terms of her Non-Competition Agreement with us. If such a termination
had occurred on December&nbsp;31, 2006, Ms.&nbsp;Hayano would have been entitled to no payments from us,
because she had not relocated to the Dallas area by such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of the payments we made to Ms.&nbsp;Hayano upon the actual termination of her
employment, please see &#147;&#151; Employment Agreements.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Robert H. Hesse. </B>Our employment agreement with Mr.&nbsp;Hesse did not include any provisions for
payments after the termination of his provision of services to us, as he was retained specifically
as an interim chief executive officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the terms described above, under the terms of the 2002 Option Plan, all
outstanding options will vest upon a change of control, such that if a change of control had
occurred on December&nbsp;31, 2006, then each officer would have had the following awards vested:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Sharng &#150; 29,139 shares; Mr.&nbsp;Davidson &#150; 12,500 shares; Mr.&nbsp;Wallace &#150; 12,000 shares; and Mr.
Cavanaugh &#150; 5,000 shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated amounts for benefits for each of the named executive officers do not take into
account any increase in benefits that may be implemented by the insurance company.
</DIV>
<DIV align="left">
<A name="143"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPENSATION OF DIRECTORS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>2006 Director Compensation</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table discloses compensation information of members serving on the Company&#146;s
Board of Directors in 2006:
</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="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fees Earned or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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" colspan="3"><B>Paid in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</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" colspan="3"><B>Cash</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sir Brian Wolfson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">751</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall A. Mason</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">751</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anthony B. Martino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">751</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terrence M. Morris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">751</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Colin J. O&#146;Brien</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">751</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,751</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The amounts appearing in the Option Awards column represent the SFAS No.&nbsp;123(R)
compensation expense recognized during fiscal 2006. The grant date fair value of the option awards
granted in 2006 is $18,027 for each director. See Note 8 in the consolidated financial statements
included in the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2006, for the
assumptions used in calculating the grant date fair value.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The number of option awards outstanding held by each of Sir Brian Wolfson and Mr.
Mason, was 82,500 shares as of December&nbsp;31, 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The number of option awards outstanding held by each of Messrs.&nbsp;Martino, Morris and
O&#146;Brien was 22,500 shares as of December&nbsp;31, 2006.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee directors do not receive compensation for their services as directors. Each
non-employee member of our Board of Directors receives a cash retainer, plus the reimbursement of
their respective out-of-pocket expenses incurred in connection with the performance of their duties
as directors. The awards granted in 2006 were discretionary and vest one-third each year for three
years, starting on November&nbsp;17, 2007. The cash retainer in 2006 was payable to each director
monthly, with each of Messrs.&nbsp;Martino, Morris and O&#146;Brien receiving a monthly retainer of $3,333,
Sir Brian Wolfson receiving a monthly retainer of $4,167 and Mr.&nbsp;Mason receiving a monthly retainer
of $5,333. Mr.&nbsp;Martino received an additional payment of $2,000 per month for services rendered as
Chairman of the Audit Committee. Mr.&nbsp;Morris also received an additional payment of 4,000 per month
for acting as the Board of Directors&#146; liaison to the Executive Management Committee from March&nbsp;28,
2006 to July&nbsp;31, 2006.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="144"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ITEM ONE</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>ELECTION OF DIRECTORS</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Company&#146;s bylaws, the number of directors shall not be less than 3 nor more than 11,
with the exact number fixed from time to time by action of the stockholders or of the directors.
The Company&#146;s Board of Directors presently consists of three (3)&nbsp;directors whose term expires at
the annual meeting. Officers are elected annually by and serve at the discretion of the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, through the Nominating Committee, is currently seeking additional director
candidates and, subject to the evaluation and qualification of such candidates, expects in the near
future following the annual meeting to enlarge the size of the Board of Directors and to elect one
or more additional directors. However, this process of identification, evaluation and
qualification of additional director candidates is ongoing, so at this time the Nominating
Committee of the Board of Directors has recommended, and the Board of Directors has nominated, only
the three (3)&nbsp;nominees set forth below for election at the upcoming annual meeting to serve as
directors until the following annual meeting of the Company&#146;s stockholders or until successors are
duly elected and qualified. The three (3)&nbsp;nominees set forth below are the sole nominees submitted
for consideration at the annual meeting of stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biographical summaries of the three (3)&nbsp;persons who have been nominated to stand for election
at the annual meeting are provided below for your information. The Board of Directors recommends
that these persons be elected at the annual meeting to serve until the next annual meeting of
stockholders. Proxies will be voted for the election of the three (3)&nbsp;nominees listed below as
directors of the Company unless otherwise specified on the proxy. 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. Stockholders 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.
</DIV>
<DIV align="left">
<A name="145"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Biographical Summaries of Nominees for the Board of Directors</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 has served
as Chairman of the Board of Directors since March&nbsp;2006. Mr.&nbsp;Mason has served as 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Anthony B. Martino. </B>Mr.&nbsp;Martino has served as a director of the Company since December&nbsp;2005.
Mr.&nbsp;Martino retired from Lumsden &#038; McCormick LLP, a certified public accounting firm after 25&nbsp;years
as partner, and had previously been with Price Waterhouse &#038; Co. He is currently Chairman of the
Board of Hunterview LLC, a private investment
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">company. Appointed by the Governor of New York State, he currently serves as Chairman of the
Audit Committee of the Dormitory Authority of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sir Brian Wolfson. </B>Sir Brian Wolfson has served as Vice Chairman of the Board of Directors
since March&nbsp;2006, and served as Chairman of the Board of Directors from May&nbsp;2003 to March&nbsp;2006 and
from 1998 to 2000. Sir Brian Wolfson 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 Wolfson is a director of
Kepner-Tregoe, Inc., a global consulting and training services firm, and Scientific Games
Corporation, a Nasdaq listed company that provides services, systems, and products to the lottery
industry.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Board of Directors recommends that stockholders vote &#147;FOR&#148; each of the persons nominated by the
Board of Directors. 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>
</DIV>

<DIV align="left">
<A name="146"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ITEM TWO</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>APPOINTMENT OF LANE GORMAN TRUBITT, L.L.P. AS INDEPENDENT<BR>
REGISTERED PUBLIC ACCOUNTING FIRM FOR THE COMPANY FOR FISCAL</B><BR>
<U><B>YEAR ENDING DECEMBER 31, 2007</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company changed its independent registered public accounting firm as of September&nbsp;7, 2006
from BDO Seidman, LLP(&#147;BDO&#148;) to Lane Gorman Trubitt, L.L.P. (&#147;Lane Gorman&#148;). In July&nbsp;2006, the
Audit Committee of the Company&#146;s Board of Directors issued a request for proposals to four (4)
independent registered public accounting firms, including BDO. On September&nbsp;7, 2006, the Audit
Committee with the approval of the Company&#146;s Board of Directors selected Lane Gorman as its
independent registered public accounting firm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has appointed Lane Gorman as the Company&#146;s independent registered public
accounting firm for the fiscal year ending December&nbsp;31, 2007. Representatives of Lane Gorman are
expected to be present at the annual meeting to respond to questions and to make a statement should
they so desire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Lane Gorman as the
Company&#146;s independent registered public accounting firm. The Audit Committee is directly
responsible for the appointment and retention of the Company&#146;s independent registered public
accounting firm. Although ratification by stockholders is not required by the Company&#146;s
organizational documents or applicable law, the Audit Committee has determined that requesting
ratification by stockholders of its appointment of Lane Gorman as the Company&#146;s independent
registered public accounting firm is a matter of good corporate practice. If the Company&#146;s
stockholders do not ratify the selection, the Audit Committee will reconsider whether or not to
retain Lane Gorman, 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 stockholders.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="147"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Reportable Event Occurring Prior to Change in Accountants</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reports of BDO on the combined consolidated financial statements of the Company for the
Company&#146;s fiscal years ended December&nbsp;31, 2005 and 2004 contained no adverse opinion or disclaimer
of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting
principle. However, the opinion did contain an emphasis of a matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Company&#146;s fiscal years ended December&nbsp;31, 2005 and 2004, and through September&nbsp;7,
2006, there were no disagreements with BDO on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which disagreements, if not
resolved to the satisfaction of BDO, would have caused BDO to make reference thereto in its reports
on the Company&#146;s financial statements for such years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no &#147;reportable events&#148; described in Item&nbsp;304(a)(1)(v) of Regulation&nbsp;S-K
(&#147;Regulation&nbsp;S-K&#148;) during the Company&#146;s fiscal years ended December&nbsp;31, 2005 and 2004, and through
September&nbsp;7, 2006, except for the existence of certain previously reported material weaknesses in
the Company&#146;s internal control over financial reporting which are described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A material weakness is a control deficiency or a combination of control deficiencies that
results in more than a remote likelihood that a material misstatement of the annual or interim
consolidated financial statements will not be prevented or detected. In connection with BDO&#146;s
audits of the Company&#146;s consolidated financial statements for the fiscal year ended December&nbsp;31,
2005, the following material weaknesses in our internal control over financial reporting were
reported in our 2005 Annual Report on Form 10-K filed with the United States Securities and
Exchange Commission on May&nbsp;8, 2006:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B> We did not maintain an effective control environment because (1)&nbsp;we lack an effective
anti-fraud program to detect and prevent fraud, for example, relating to the previous top two
executive officers of the Company, Mark Woodburn and Terry LaCore, in terms of (i)&nbsp;conflicts of
interests related to executive officers, especially their financial dealings with independent
distributors and other vendors, and (ii)&nbsp;proper supervision of the executives conduct separating
their executive duties from personal financial interests outside the Company, (2)&nbsp;we failed to
perform background checks consistently on personnel being placed into positions of responsibility,
(3)&nbsp;an adequate tone was not set from the top as control measures in place were ignored by the
previous top two executives and the importance of controls was not properly emphasized and
communicated throughout the Company and (4)&nbsp;we did not effectively address the control deficiencies
noted in the fiscal year 2004 external audit;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B> We did not maintain effective monitoring controls over financial reporting because (1)
our policies regarding review, supervision and monitoring of our accounting operations throughout
the Company were not fully designed, in place, or operating effectively and (2)&nbsp;we do not have an
internal audit function;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B> We did not maintain effective control over period-end financial close and reporting
because (1)&nbsp;we lacked sufficient complement of personnel with an appropriate level of accounting
knowledge, experience and training in the application of GAAP commensurate with
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">our financial reporting requirements to prepare, review and approve account reconciliations
and supporting schedules, and (2)&nbsp;our legacy accounting systems do not facilitate the appropriate
review and approval over the recording of journal entries to ensure the accuracy and completeness
of the journal entries recorded;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B> We did not maintain effective controls over the disbursement function since we (1)
lacked adequate segregation of duties and (2)&nbsp;lacked appropriate review, approval, and supporting
documentation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B> We did not maintain effective controls over the payroll function since we (1)&nbsp;lacked
adequate segregation of duties and (2)&nbsp;lacked appropriate review, approval, and supporting
documentation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B> We did not maintain effective controls over the inventory function since we (1)&nbsp;did
not maintain restricted access to the inventory detail schedule used to support the general ledger
balances and (2)&nbsp;used the periodic inventory system and performed monthly inventory counts using
physical inventory count sheets lacking reviewer documentation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B> We lacked documentation with respect to certain related party transactions,
subsidiary operations and expense reimbursement procedures. In addition, sufficient policies
regarding loans to employees and third parties had not been adopted or implemented, and policies
related to independent distributor relationships were inadequate;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B> We lacked timely resolution of identified accounting and legal issues, and as a
result, did not timely complete period-end financial statements and reporting; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B> We do not have all material contracts in writing and approved by all parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Company&#146;s Board of Directors discussed the material weaknesses
described above with BDO, and the Company has authorized BDO to respond fully to the inquiries of
its successor independent registered public accounting firm, Lane Gorman, concerning the subject
matter of the material weaknesses described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO has furnished a letter addressed to the Securities and Exchange Commission (the &#147;SEC&#148;)
stating that BDO agrees with the statements made by the Company set forth above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;7, 2006, the Audit Committee of the Company&#146;s Board of Directors engaged Lane
Gorman as the Company&#146;s new independent registered public accounting firm. The Company did not
consult with Lane Gorman on any matter described in Item&nbsp;304(a)(2) of Regulation&nbsp;S-K during the
Company&#146;s fiscal years ended December&nbsp;31, 2004 and 2005, and through September&nbsp;7, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As noted in detail under the caption &#147;Item&nbsp;9A. Controls and Procedures&#148; of the Company&#146;s Form
10-K for the year ended December&nbsp;31, 2006, the Company has instituted, and will continue to
institute, internal control improvements. The implementation of some of these improvements has
already had the effect of eliminating most of the material weaknesses identified above, although
some material weaknesses continue to exist.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="148"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Audit and Other Professional Fees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal years ended December&nbsp;31, 2005 and 2006, approximate fees billed to the
Company for services provided by BDO and Lane Gorman were as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Audit Fees.</B><FONT style="font-variant: SMALL-CAPS"> </FONT>Fees billed to the Company by BDO for the audit of our annual financial
statements and review of our quarterly financial statements for the year ended December&nbsp;31, 2005
totaled approximately $1,753,000. Fees billed to the Company by Lane Gorman for the audit of our
annual financial statements and review of our quarterly financial statements for the year ended
December&nbsp;31, 2006 totaled approximately $353,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Audit-Related Fees</B>. No audit-related fees were billed to the Company by BDO or Lane Gorman
for services rendered during the years ended December&nbsp;31, 2005
and 2006, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax Fees</B><FONT style="font-variant: SMALL-CAPS">. </FONT>The aggregate fees billed to the Company by BDO for services rendered in
connection with tax compliance, planning and advice during the year ended December&nbsp;31, 2005 totaled
approximately $330,000. No fees were billed to the Company by Lane Gorman for services rendered in
connection with tax compliance, planning and advice during the year ended December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>All Other Fees.</B><FONT style="font-variant: SMALL-CAPS"> </FONT>There were no fees billed by BDO or Lane Gorman for services other
than audit fees or tax fees during the years ended December&nbsp;31, 2005 and 2006, respectively.
</DIV>
<DIV align="left">
<A name="149"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Pre-approval Policies and Procedures for Audit and Non-audit Services</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with the Audit Committee&#146;s responsibility for engaging our independent auditors,
all audit and permitted non-audit services require pre-approval by the Audit Committee. All audit
and permitted non-audit services performed by BDO and Lane Gorman during 2005 and 2006 were
pre-approved.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Board of Directors recommends that stockholders vote &#147;FOR&#148; the ratification of the appointment
of Lane Gorman Trubitt, L.L.P. as independent registered public accountants for the
Company for the fiscal year ending December&nbsp;31, 2007. Unless marked to the contrary, proxies
received from stockholders will be voted in favor of the ratification of the appointment of Lane
Gorman Trubitt, L.L.P. as independent registered public accountants for the Company for the fiscal
year ending December&nbsp;31, 2007.</B>
</DIV>

<DIV align="left">
<A name="150"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPARISON OF CUMULATIVE TOTAL RETURN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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, 2006. The
graph assumes that $100 was invested on December&nbsp;31, 2001 in the Company&#146;s common stock, the Nasdaq
Index and the peer group index and that all dividends, as applicable, were reinvested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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., Herbalife Ltd., Nu Skin Enterprises
Inc., Reliv International Inc., and USANA Health Sciences Inc.
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Comparison of Five&#151;Year Cumulative Total Returns<BR>
Performance Graph for<BR>
Natural Health Trends Corp.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Produced on 04/16/2007 including data to 12/29/2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d46015d4601501.gif" alt="(PERFORMANCE GRAPH)">
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Prepared by CRSP (www.crsp.uchicago.edu), Center for Research in Security
Prices, Graduate School of Business, The University of Chicago. Used
with permission. All rights reserved.
&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#169;Copyright
2007
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</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: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="151"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 stockholders, proxies in the enclosed form returned to the
Company will be voted in accordance with the recommendation of the Board of Directors or, in the
absence of such a recommendation, in accordance with the judgment of the proxy holder.
</DIV>
<DIV align="left">
<A name="152"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADDITIONAL INFORMATION</B>
</DIV>

<DIV align="left">
<A name="153"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Stockholder Proposals for the 2008 Annual Meeting and Other Stockholder Communications</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any stockholder wishes to present a proposal for inclusion in the 2008 proxy materials to
be solicited by the Company&#146;s Board of Directors with respect to the 2008 annual meeting of
stockholders, that proposal must be presented to the Company&#146;s General Counsel prior to December
31, 2007. Stockholder 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 of Directors 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 stockholder
communications, including those relating to director candidates, to the Board of Directors or the
appropriate committee upon receipt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a stockholder is permitted to present a proposal at the 2008 annual meeting of stockholders
but the proposal was not included in the 2008 proxy materials, the Company believes that its proxy
holders would have the discretionary authority granted by the proxy card (as permitted under SEC
rules) to vote on the proposal if the proposal was received after the date that is 45 calendar days
prior to the anniversary of the mailing of this proxy statement.
</DIV>
<DIV align="left">
<A name="154"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Annual Report</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Our Annual Report to Stockholders, which includes our consolidated financial statements as of
and for the year ended December&nbsp;31, 2006, is being mailed to you along with this proxy statement.
Upon the written or oral request by any stockholder, the Company undertakes to deliver, without
charge to the requesting stockholder, a copy of our Annual Report on </B><B>Form 10-K</B><B>. Requests should be
directed to the Company&#146;s General Counsel at 2050 Diplomat Drive, Dallas, Texas 75234.</B>
</DIV>
<DIV align="left">
<A name="155"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HOUSEHOLDING INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Company has received contrary instructions, the Company may send a single copy of
its annual report to stockholders (including this proxy statement and notice of annual
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</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: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">meeting) to any household at which two or more stockholders reside if the Company believes the
stockholders are members of the same family. Each stockholder 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 stockholders prefer to receive multiple sets of the Company&#146;s disclosure documents at
the same address this year or in future years, the stockholders should follow the instructions
described below. Similarly, if an address is shared with another stockholder and together both of
the stockholders would like to receive only a single set of the Company&#146;s disclosure documents, the
stockholders should follow these instructions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the shares are registered in the name of the stockholder, the stockholder should contact
the Company at its offices at 2050 Diplomat Drive, Dallas, Texas 75234, Attention: General Counsel,
or by telephone at 972-241-4080, to inform the Company of their request. If a bank, broker or other
nominee holds the shares, the stockholder should contact the bank, broker or other nominee
directly.
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</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">By Order of the Board of Directors,</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Gary C. Wallace</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">NATURAL HEALTH TRENDS CORP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">April&nbsp;30, 2007
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary C. Wallace</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">Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</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: 'Times New Roman',Times,serif">



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



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATURAL HEALTH TRENDS CORP.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>PROXY</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>PROXY SOLICITED BY THE BOARD OF DIRECTORS FOR<BR>
THE ANNUAL MEETING TO BE HELD ON JUNE 25, 2007</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The undersigned hereby appoints Chris Sharng or Gary C. Wallace, 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 stockholders to be held at 2050 Diplomat
Drive, Dallas, Texas 75234 on June&nbsp;25, 2007 at 9:00 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 ITEM 2 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>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">(Continued, and to be marked, dated and signed, on the other side.)

</DIV>

<DIV align="Center"  style="font-size: 10pt; margin-top: 12pt"><FONT face="webdings" style="font-size: 12pt"><b>&#053;</b></FONT> <B>FOLD AND DETACH HERE </B><FONT face="Webdings" style="font-size: 12pt"><b>&#053;</b></FONT>

</DIV>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</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: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding-left: 11px; padding-right: 11px; padding-top: 11px; padding-bottom: 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="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">The board of directors recommend a vote FOR Items 1 and 2</TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Please mark your<br>
votes as indicated <br>
in this example.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="bottom" style="border: 2px solid #000000">&nbsp;&nbsp;X</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The election of the following three 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><FONT face="Wingdings">&#111;</FONT> FOR ALL NOMINEES (except for the names struck out below)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Randall A. Mason,
Anthony B. Martino
and Sir Brian
Wolfson)</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="5" 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="5" valign="top" align="left">The ratification of Lane Gorman Trubitt, L.L.P. as the Company&#146;s independent registered
public accounting firm for the fiscal year ending December&nbsp;31, 2007.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR <FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGAINST <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABSTAIN <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">3.</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>

<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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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 valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Signature</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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 valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Signature, If Jointly Held</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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 valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">If acting as Attorney, Executor, Trustee or in other
representative capacity, please sign name and title.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOLD AND DETACH HERE AND READ THE REVERSE SIDE</B>
</DIV>



</DIV>




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

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