Document:

NU SKIN ENTERPRISES, INC.

                                PLEDGE AGREEMENT

     This PLEDGE  AGREEMENT  (this  "Agreement") is dated as of October 12, 2000
and is  entered  into  by and  among  Nu  Skin  Enterprises,  Inc.,  a  Delaware
corporation ("Company"),  each Additional Pledgor that may become a party hereto
after the date hereof in accordance  with Section 16 hereof (each of Company and
each  Additional  Pledgor being a "Pledgor" and  collectively  "Pledgors"),  and
State Street Bank and Trust Company of California,  N.A. ("Secured  Party"),  as
agent for and on behalf of the other Benefitted  Parties party to the Collateral
Agency and Intercreditor Agreement referred to below.

                             PRELIMINARY STATEMENTS

     A. The Prudential Insurance Company of America ("Prudential") is purchasing
an aggregate  principal amount of  JPY9,706,500,000  of Company's Senior Secured
Notes due October 12, 2010 (the "Notes")  pursuant to that certain Note Purchase
Agreement  dated as of October 12, 2000 by and  between  Company and  Prudential
(such  agreement,  as it may  hereafter  be amended,  supplemented  or otherwise
modified  from  time to time,  being the "Note  Purchase  Agreement,"  the terms
defined  therein and not otherwise  defined  herein being used herein as therein
defined),  and it is desired  that the  obligations  of  Company  under the Note
Purchase Agreement and the Notes be secured hereunder.

     B. The Note Purchase  Agreement  requires Company to (i) pledge, or cause a
pledge of, 65% of the Equity  Securities of each Material Foreign  Subsidiary to
Secured Party, for the ratable benefit of the Benefitted  Parties (as defined in
the Collateral Agency and Intercreditor  Agreement),  as security for the Notes,
and (ii) take all actions as may be  necessary  or  desirable to give to Secured
Party, for the ratable benefit of the Benefitted  Parties, a valid and perfected
first priority Lien on and security interest in the Pledged Collateral.

     C. Secured Party,  Prudential and each of the other Benefitted Parties have
entered into that certain Collateral Agency and Intercreditor Agreement dated as
of  October  12,  2000  (such  agreement,   as  it  may  hereafter  be  amended,
supplemented  or otherwise  modified  from time to time,  being the  "Collateral
Agency and Intercreditor Agreement").

     D.  Company  is the  legal  and  beneficial  owner  of  all  of the  Equity
Securities of Nu Skin Japan Co., Ltd., a Japanese corporation ("Nu Skin Japan").

     E. It is a condition  precedent to Prudential's  obligation to purchase and
pay for the Notes that  Pledgors  shall have granted the  security  interest and
undertaken the obligations  contemplated by this Agreement and the Note Purchase
Agreement.

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     F.  This  Agreement,  the Note  Purchase  Agreement  and each of the  other
documents  relating  to the  Secured  Obligations  (as defined in Section 2) are
hereinafter referred to collectively as the "Senior Secured Loan Documents."

     NOW,  THEREFORE,  in  consideration  of the premises and in order to induce
Prudential to purchase and for the Notes under the Note Purchase Agreement,  and
for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, each Pledgor hereby agrees with Secured Party as follows:

     SECTION 1. Pledge of Security.  Each Pledgor  hereby pledges and assigns to
Secured  Party,  and hereby  grants to Secured Party a first  priority  security
interest  in, all of such  Pledgor's  right,  title and  interest  in and to the
following (the "Pledged Collateral"):

     (a) the Equity Securities  described in Schedule I attached hereto for such
Pledgor and the Equity Securities of each Person that becomes a Material Foreign
Subsidiary,  including all securities  convertible  into, and rights,  warrants,
options and other rights to purchase or otherwise acquire,  any of the foregoing
now  or  hereafter  owned  by  such  Pledgor,  and  the  certificates  or  other
instruments  representing  any of the foregoing and any interest of such Pledgor
in the entries on the books of any securities  intermediary  pertaining  thereto
(the "Pledged Shares"),  and all dividends,  distributions,  returns of capital,
cash,  warrants,  option,  rights,  instruments,  right  to vote or  manage  the
business  of such Person  pursuant to  organizational  documents  governing  the
rights and obligations of the stockholders,  and other property or proceeds from
time to time received,  receivable or otherwise  distributed in respect of or in
exchange for any or all of such Pledged Shares; provided that the Pledged Shares
shall not include any Equity  Securities  of such issuer in excess of the number
of shares or other  equity  interests  of such issuer  possessing  up to but not
exceeding 65% of the voting power of all classes of Equity  Securities  entitled
to vote of such issuer, and all dividends,  cash, warrants,  rights, instruments
and other  property  or  proceeds  from  time to time  received,  receivable  or
otherwise distributed in respect of or in exchange for any or all of such Equity
Securities; and

     (b) to the extent not covered by clause (a) above,  all  proceeds of any or
all of the foregoing  Pledged  Collateral.  For purposes of this Agreement,  the
term  "proceeds"  includes  whatever  is  receivable  or received  when  Pledged
Collateral or proceeds are sold, exchanged,  collected or otherwise disposed of,
whether such disposition is voluntary or involuntary.

     SECTION 2.  Security  for  Obligations.  This  Agreement  secures,  and the
Pledged Collateral is collateral security for, the prompt payment or performance
in  full  when  due,  whether  at  stated  maturity,   by  required  prepayment,
declaration, acceleration, demand or otherwise (including the payment of amounts
that would become due but for the operation of the automatic  stay under Section
362(a)  of the  Bankruptcy  Code,  11 U.S.C.  Sect.  362(a)  or any  similar  or
comparable laws of jurisdictions  outside the United States), of all obligations
and  liabilities of every nature of Pledgors now or hereafter  existing under or
arising  out  of or in  connection  with  the  Obligations  (as  defined  in the
Collateral  Agency and  Intercreditor  Agreement) and all extensions or renewals
thereof, whether for principal,  interest (including without limitation interest
that, but for the filing of a petition in bankruptcy with respect to

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any Pledgor, would accrue on such Obligations, whether or not a claim is allowed
against such Pledgor for such  interest in the related  bankruptcy  proceeding),
reimbursement  of  amounts  drawn  under  Letters  of  Credit,  fees,  expenses,
indemnities or otherwise, whether voluntary or involuntary,  direct or indirect,
absolute or contingent, liquidated or unliquidated,  whether or not jointly owed
with others,  and whether or not from time to time decreased or extinguished and
later increased, created or incurred, and all or any portion of such Obligations
that are paid,  to the  extent  all or any part of such  payment  is  avoided or
recovered  directly  or  indirectly  from  Secured  Party or any Senior  Secured
Creditor as a preference,  fraudulent transfer or otherwise, and all obligations
of every nature of Pledgors now or hereafter  existing  under any Senior Secured
Loan   Document   (all  such   obligations   of  Pledgors   being  the  "Secured
Obligations").

     SECTION 3. Delivery of Pledged Collateral.  All certificates or instruments
representing or evidencing the Pledged Collateral shall be delivered to and held
by or on behalf of Secured  Party and shall be in suitable  form for transfer by
delivery or, as applicable,  shall be accompanied by each Pledgor's endorsement,
where  necessary,  or duly  executed  instruments  of transfer or  assignment in
blank,  all in form  and  substance  satisfactory  to  Secured  Party.  Upon the
occurrence and during the  continuation of a Triggering Event (as defined in the
Collateral  Agency and  Intercreditor  Agreement),  Secured Party shall have the
right, without notice to Pledgors,  to transfer to or to register in the name of
Secured  Party  or any of its  nominees  any or all of the  Pledged  Collateral;
provided that if the  Triggering  Event is the result of the  institution  of an
involuntary  Bankruptcy Proceeding against the Company, any Subsidiary Guarantor
or any Material Foreign Subsidiary (an "Involuntary Proceeding"),  Secured Party
shall  not have such  right  until  such  proceeding  continues  for at least 60
consecutive days. In addition, Secured Party shall have the right at any time to
exchange   certificates  or  instruments   representing  or  evidencing  Pledged
Collateral for certificates or instruments of smaller or larger denominations.

     SECTION 4.  Representations  and  Warranties.  Each Pledgor  represents and
warrants as follows:

     (a) Due  Authorization,  etc. of Pledged Shares.  All of the Pledged Shares
described on Schedule I for such Pledgor have been duly  authorized  and validly
issued and are fully paid and non-assessable.

     (b) Description of Pledged Shares. The Pledged Shares constitute 65% of the
voting power of all classes of Equity  Securities  of each issuer  thereof,  and
there are no outstanding warrants, options or other rights to purchase, or other
agreements  outstanding  with  respect to, or property  that is now or hereafter
convertible into, or that requires the issuance or sale of, any Pledged Shares.

     (c) Ownership of Pledged Collateral.  Such Pledgor is the legal, record and
beneficial owner of the Pledged Collateral free and clear of any Lien except for
Permitted Liens.

     (d) Governmental Authorizations. No authorization, approval or other action
by, and no notice to or filing with,  any  governmental  authority or regulatory
body is

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required for either  (i) the  pledge by such  Pledgor of the Pledged  Collateral
pursuant  to this  Agreement  and the  grant  by such  Pledgor  of the  security
interest  granted hereby,  (ii) the  execution,  delivery or performance of this
Agreement by such Pledgor,  or (iii) the exercise by Secured Party of the voting
or other rights, or the remedies in respect of the Pledged Collateral,  provided
for  in  this  Agreement  (except  as  may  be  required  in  connection  with a
disposition  of Pledged  Collateral  by laws  affecting the offering and sale of
securities generally).

     (e)  Perfection.  The pledge of the  Pledged  Collateral  pursuant  to this
Agreement  creates a valid and perfected first priority security interest in the
Pledged Collateral, securing the payment of the Secured Obligations.

     (f) Margin  Regulations.  The pledge of the Pledged Collateral  pursuant to
this Agreement  does not violate  Regulation T, U or X of the Board of Governors
of the Federal Reserve System.

     (g) Other  Information.  All  information  heretofore,  herein or hereafter
supplied to Secured  Party by or on behalf of such  Pledgor  with respect to the
Pledged Collateral is accurate and complete in all respects.

     SECTION 5. Transfers and Other Liens;  Additional Pledged Collateral;  etc.
Each Pledgor shall:

     (a)  not,  except  as  expressly  permitted  by  the  Senior  Secured  Loan
Documents,  (i) sell,  assign (by  operation of law or  otherwise)  or otherwise
dispose of, or grant any option with respect to, any of the Pledged  Collateral,
(ii) create  or  suffer to exist  any Lien  upon or with  respect  to any of the
Pledged  Collateral,  except for Permitted  Liens, or (iii) permit any issuer of
Pledged  Shares  to merge  or  consolidate  unless  all the  outstanding  Equity
Securities  of the  surviving or resulting  corporation  is, upon such merger or
consolidation,  pledged  hereunder and no cash,  securities or other property is
distributed  in  respect  of the  outstanding  Equity  Securities  of any  other
constituent corporation;  provided, if the surviving or resulting corporation is
a foreign  corporation,  then such  Pledgor  shall  only be  required  to pledge
outstanding  Equity  Securities  of  such  surviving  or  resulting  corporation
possessing  up to but not  exceeding  65% of the voting  power of all classes of
Equity Securities of such issuer entitled to vote;

     (b)  (i) cause  each  issuer of  Pledged  Shares  not to issue  any  Equity
Securities in addition to or in  substitution  for the Pledged  Shares issued by
such  issuer,  except to such  Pledgor or as  otherwise  permitted by the Senior
Secured Loan Documents,  (ii) pledge hereunder, immediately upon its acquisition
(directly or indirectly)  thereof,  any and all additional  Equity Securities of
each issuer of Pledged Shares, and (iii) pledge hereunder,  immediately upon its
acquisition  (directly or indirectly)  thereof, any and all Equity Securities of
any Person that, after the date of this Agreement,  becomes,  as a result of any
occurrence,  a Material Foreign Subsidiary;  provided,  notwithstanding anything
contained  in clause (ii) or this clause  (iii) to the  contrary,  such  Pledgor
shall only be required to pledge the outstanding Equity Securities up to but not
exceeding  65% of the voting power of all classes of Equity  Securities  of such
controlled foreign corporation entitled to vote;

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<PAGE>

     (c) promptly  deliver to Secured Party all written  notices  received by it
with respect to the Pledged  Collateral  (other than customary  notices received
from a  governmental  or  regulatory  body and  customary  and  routine  notices
received  from the  issuer  of the  Pledged  Shares  in the  ordinary  course of
business); and

     (d) pay promptly when due all taxes,  assessments and governmental  charges
or levies imposed upon, and all claims against,  the Pledged Collateral,  except
to the extent the validity  thereof is being  contested in good faith;  provided
that  such  Pledgor  shall in any event pay such  taxes,  assessments,  charges,
levies or claims not later than five days prior to the date of any proposed sale
under any judgment,  writ or warrant of attachment entered or filed against such
Pledgor or any of the Pledged Collateral as a result of the failure to make such
payment.

     SECTION 6. Further Assurances; Pledge Amendments.

     (a) Each  Pledgor  agrees  that from time to time,  at the  expense of such
Pledgor,  such Pledgor will promptly execute and deliver all further instruments
and documents,  and take all further action, that may be necessary or desirable,
or that Secured Party may request,  in order to perfect and protect any security
interest granted or purported to be granted hereby or to enable Secured Party to
exercise  and  enforce its rights and  remedies  hereunder  with  respect to any
Pledged  Collateral.  Without  limiting the  generality of the  foregoing,  each
Pledgor will: (i) execute and file such financing or continuation statements, or
amendments  thereto,  and such other instruments or notices, as may be necessary
or desirable,  or as Secured Party may reasonably  request,  in order to perfect
and preserve the security  interests  granted or purported to be granted  hereby
and  (ii) at  Secured  Party's  request,  appear  in and  defend  any  action or
proceeding that may affect such Pledgor's  title to or Secured Party's  security
interest  in all or any part of the  Pledged  Collateral.  Each  Pledgor  hereby
authorizes  Secured  Party  to  file  one  or  more  financing  or  continuation
statements,  and amendments thereto,  relative to all or any part of the Pledged
Collateral  without the  signature of such Pledgor.  Such Pledgor  agrees that a
carbon,  photographic or other  reproduction of this Agreement or of a financing
statement  signed by such Pledgor shall be  sufficient as a financing  statement
and may be filed as a financing statement in any and all jurisdictions.

     (b) Each Pledgor further agrees that it will, upon obtaining any additional
shares of stock or other Equity  Securities  required to be pledged hereunder as
provided in the Note Purchase Agreement,  promptly (and in any event within five
Business  Days)  deliver to Secured Party a Pledge  Amendment,  duly executed by
Pledgor,  in  substantially  the form of Schedule  II annexed  hereto (a "Pledge
Amendment"),  in respect of the additional Pledged Shares to be pledged pursuant
to this  Agreement.  Upon each delivery of a Pledge  Amendment to Secured Party,
the representations and warranties contained in Section 4 hereof shall be deemed
to have been made by such Pledgor as to the Pledged Collateral described in such
Pledge Amendment.  Pledgor hereby authorizes Secured Party to attach each Pledge
Amendment to this  Agreement  and agrees that all Pledged  Shares  listed on any
Pledge Amendment  delivered to Secured Party shall for all purposes hereunder be
considered  Pledged  Collateral;  provided  that the failure of such  Pledgor to
execute a Pledge Amendment with respect to any additional Pledged Shares pledged
pursuant to this  Agreement  shall not

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impair the security  interest of Secured  Party  therein or otherwise  adversely
affect the rights and remedies of Secured Party hereunder with respect thereto.

     SECTION 7. Voting Rights; Dividends; Etc.

     (a) So long as no Triggering Event shall have occurred and be continuing:

     (i) each Pledgor shall be entitled to exercise any and all voting and other
consensual rights  pertaining to the Pledged  Collateral or any part thereof for
any  purpose  not  inconsistent  with  the  terms  of the  Senior  Secured  Loan
Documents;  provided,  however,  that such Pledgor shall not exercise or refrain
from exercising any such right if Secured Party or Required Creditors shall have
notified such Pledgor that, in Secured Party's or Required Creditors'  judgment,
such  action  would have a material  adverse  effect on the value of the Pledged
Collateral or any part thereof; and provided,  further,  that such Pledgor shall
give Secured Party and each Senior  Secured  Party at least five Business  Days
prior  written  notice of the  manner in which it intends  to  exercise,  or the
reasons for refraining  from  exercising,  any such right (it being  understood,
however,  that neither  (A) the voting by such Pledgor of any Pledged Shares for
or such Pledgor's consent to the election of directors at a regularly  scheduled
annual or other meeting of stockholders or with respect to incidental matters at
any such meeting,  nor (B) such  Pledgor's  consent to or approval of any action
otherwise  not  prohibited  under this  Agreement  and each of the other  Senior
Secured Loan Documents shall be deemed inconsistent with the terms of any Senior
Secured Loan Document within the meaning of this Section 7(a)(i),  and no notice
of any such voting or consent need be given to Secured Party);

     (ii) each Pledgor  shall be entitled to receive and retain,  and to utilize
free and  clear  of the lien of this  Agreement,  any and all  dividends,  other
distributions and interest paid in respect of the Pledged Collateral;  provided,
however,  that any and all dividends,  other  distributions and interest paid or
payable  other than in cash in respect of, and  instruments  and other  property
received, receivable or otherwise distributed in respect of, or in exchange for,
any Pledged  Collateral  shall be, and shall  forthwith  be delivered to Secured
Party to hold as, Pledged Collateral and shall, if received by such Pledgor,  be
received in trust for the benefit of Secured Party, be segregated from the other
property or funds of such Pledgor and be forthwith delivered to Secured Party as
Pledged  Collateral  in  the  same  form  as so  received  (with  all  necessary
endorsements); and

     (iii)  Secured  Party  shall  promptly  execute and deliver (or cause to be
executed and  delivered)  to each  Pledgor all such  proxies,  dividend  payment
orders and other  instruments  as such Pledgor may from time to time  reasonably
request  for the  purpose of enabling  such  Pledgor to exercise  the voting and
other consensual  rights which it is entitled to exercise  pursuant to paragraph
(i) above and to  receive  the  dividends,  other  distributions,  principal

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or interest  payments  which it is authorized to receive and retain  pursuant to
paragraph (ii) above.

     (b) Upon the occurrence and during the  continuation of a Triggering  Event
(other than an Involuntary  Proceeding) or upon the occurrence and  continuation
of an Involuntary  Proceeding  for at least 60  consecutive  days and during the
continuation of such Involuntary Proceeding:

     (i) upon  written  notice from  Secured  Party to  Pledgors,  all rights of
Pledgors  to  exercise  the voting and other  consensual  rights  which it would
otherwise be entitled to exercise  pursuant to Section 7(a)(i) shall cease,  and
all such  rights  shall  thereupon  become  vested  in  Secured  Party who shall
thereupon  have the sole right to  exercise  such  voting  and other  consensual
rights;

     (ii) all rights of Pledgors to receive the dividends and interest  payments
which it would otherwise be authorized to receive and retain pursuant to Section
7(a)(ii)  shall cease,  and all such rights  shall  thereupon  become  vested in
Secured  Party who shall  thereupon  have the sole right to receive  and hold as
Pledged  Collateral such dividends,  other  distributions and interest payments;
and

     (iii) all dividends,  principal,  interest payments and other distributions
which are received by Pledgors  contrary to the  provisions of paragraph (ii) of
this Section  7(b) shall be received in trust for the benefit of Secured  Party,
shall be  segregated  from other funds of Pledgors  and shall  forthwith be paid
over to Secured  Party as  Pledged  Collateral  in the same form as so  received
(with any necessary endorsements).

     (c) In order to permit  Secured  Party to  exercise  the  voting  and other
consensual  rights  which it may be  entitled  to  exercise  pursuant to Section
7(b)(i) and to receive all  dividends  and other  distributions  which it may be
entitled to receive under Section 7(a)(ii) or Section 7(b)(ii), (i) each Pledgor
shall  promptly  execute and deliver (or cause to be executed and  delivered) to
Secured Party all such proxies, dividend payment orders and other instruments as
Secured Party may from time to time reasonably request and (ii) without limiting
the effect of the immediately  preceding  clause (i), each Pledgor hereby grants
to Secured Party an irrevocable proxy to vote the Pledged Shares and to exercise
all other  rights,  powers,  privileges  and  remedies  to which a holder of the
Pledged  Shares  would be entitled  (including,  without  limitation,  giving or
withholding  written  consents  of  shareholders,  calling  special  meetings of
shareholders  and voting at such  meetings),  which  proxy  shall be  effective,
automatically and without the necessity of any action (including any transfer of
any  Pledged  Shares on the  record  books of the issuer  thereof)  by any other
Person  (including  the  issuer of the  Pledged  Shares or any  officer or agent
thereof),  upon the occurrence of a Triggering  Event (other than an Involuntary
Proceeding) or the occurrence and continuation of an Involuntary  Proceeding for
at least 60  consecutive  days and which  proxy  shall only  terminate  upon the
payment in full of the Secured Obligations.

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     SECTION 8. Secured Party  Appointed  Attorney-in-Fact.  Each Pledgor hereby
irrevocably appoints Secured Party as such Pledgor's attorney-in-fact, with full
authority  in the  place  and  stead  of such  Pledgor  and in the  name of such
Pledgor,  Secured  Party or  otherwise,  from  time to time in  Secured  Party's
discretion to take any action and to execute any  instrument  that Secured Party
may deem  necessary or advisable to accomplish  the purposes of this  Agreement,
including without limitation:

     (a) to file one or more financing or continuation statements, or amendments
thereto,  relative  to all or any part of the  Pledged  Collateral  without  the
signature of Pledgor;

     (b) upon the occurrence and during the  continuation of a Triggering  Event
(other than an Involuntary  Proceeding) or upon the occurrence and  continuation
of an Involuntary  Proceeding  for at least 60  consecutive  days and during the
continuation of such Involuntary  Proceeding,  to ask, demand, collect, sue for,
recover,  compound, receive and give acquittance and receipts for moneys due and
to become due under or in respect of any of the Pledged Collateral;

     (c) upon the occurrence and during the  continuation of a Triggering  Event
(other than an Involuntary  Proceeding) or upon the occurrence and  continuation
of an Involuntary  Proceeding  for at least 60  consecutive  days and during the
continuation of such Involuntary Proceeding, to receive, endorse and collect any
instruments  made payable to Pledgor  representing  any  dividend,  principal or
interest payment or other  distribution in respect of the Pledged  Collateral or
any part thereof and to give full discharge for the same;

     (d) upon the occurrence and during the  continuation of a Triggering  Event
(other than an Involuntary  Proceeding) or upon the occurrence and  continuation
of an Involuntary  Proceeding  for at least 60  consecutive  days and during the
continuation  of such  Involuntary  Proceeding,  to file any  claims or take any
action or institute any  proceedings  that Secured  Party may deem  necessary or
desirable for the  collection  of any of the Pledged  Collateral or otherwise to
enforce  the  rights  of  Secured  Party  with  respect  to any  of the  Pledged
Collateral;

     (e) to pay or discharge taxes or Liens (other than Permitted  Liens) levied
or placed upon or  threatened  against the Pledged  Collateral,  the legality or
validity  thereof  and  the  amounts  necessary  to  discharge  the  same  to be
determined  by Secured Party in its sole  discretion,  any such payments made by
Secured Party to become  obligations of such Pledgor to Secured  Party,  due and
payable immediately without demand; and

     (f) upon the occurrence and during the  continuation of a Triggering  Event
(other than an Involuntary  Proceeding) or upon the occurrence and  continuation
of an Involuntary  Proceeding  for at least 60  consecutive  days and during the
continuation  of such  Involuntary  Proceeding,  generally  to  sell,  transfer,
pledge,  make any  agreement  with respect to or otherwise  deal with any of the
Pledged  Collateral  as fully and  completely  as though  Secured Party were the
absolute  owner thereof for all purposes,  and to do, at Secured  Party's option
and  such  Pledgor's  expense,  at any time or from  time to time,  all acts and
things that Secured Party deems  necessary to protect,  preserve or realize upon
the Pledged Collateral and

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Secured Party's security  interest therein in order to effect the intent of this
Agreement, all as fully and effectively as such Pledgor might do.

     SECTION 9. Secured  Party May Perform.  If any Pledgor fails to perform any
agreement  contained  herein,   Secured  Party  may  itself  perform,  or  cause
performance  of, such  agreement,  and the expenses of Secured Party incurred in
connection therewith shall be payable by such Pledgor under Section 13(b).

     SECTION  10.  Standard  of Care.  The powers  conferred  on  Secured  Party
hereunder are solely to protect its interest in the Pledged Collateral and shall
not impose any duty upon it to exercise any such powers. Except for the exercise
of  reasonable  care in the  custody of any  Pledged  Collateral  in the Secured
Party's  possession  and the  accounting  for  moneys  actually  received  by it
hereunder,  Secured  Party shall have no duty as to any Pledged  Collateral,  it
being  understood  by the  parties  hereto  that  Secured  Party  shall  have no
responsibility  for  (a) ascertaining  or taking  action with  respect to calls,
conversions,  exchanges,  maturities,  tenders or other matters  relating to any
Pledged Collateral,  whether or not Secured Party or any Senior Secured Creditor
has or is deemed to have  knowledge of such  matters,  (b) taking  any necessary
steps (other than steps taken in accordance  with the standard of care set forth
above to maintain  possession  of the  Pledged  Collateral)  to preserve  rights
against  any  prior  parties  or any  other  rights  pertaining  to any  Pledged
Collateral,  (c) taking  any  necessary  steps to collect  or  realize  upon the
Secured  Obligations or any guarantee  therefor,  or any part thereof, or any of
the  Pledged  Collateral,  or  (d) initiating  any action to protect the Pledged
Collateral  against the possibility of a decline in market value.  Secured Party
shall  be  deemed  to  have  exercised   reasonable  care  in  the  custody  and
preservation of Pledged  Collateral in its possession if such Pledged Collateral
is accorded  treatment  substantially  equal to that which Secured Party accords
its own property consisting of negotiable securities.

     SECTION 11. Remedies.

     (a) If any Triggering Event (other than Involuntary  Proceeding) shall have
occurred and be continuing or any Involuntary Proceeding shall have occurred and
be continuing  for at least 60 consecutive  days,  Secured Party may exercise in
respect of the Pledged Collateral,  in addition to all other rights and remedies
provided for herein or otherwise available to it, all the rights and remedies of
a secured party on default under the Uniform Commercial Code as in effect in any
relevant  jurisdiction  (the  "UCC")  (whether  or not  the UCC  applies  to the
affected Pledged Collateral), and Secured Party may also in its sole discretion,
without  notice except as specified  below,  sell the Pledged  Collateral or any
part thereof in one or more parcels at public or private  sale,  at any exchange
or broker's board or at any of Secured Party's  offices or elsewhere,  for cash,
on credit or for  future  delivery,  at such time or times and at such  price or
prices  and  upon  such  other  terms as  Secured  Party  may deem  commercially
reasonable,  irrespective of the impact of any such sales on the market price of
the Pledged Collateral.  Secured Party or any Senior Secured Creditor may be the
purchaser of any or all of the Pledged  Collateral  at any such sale and Secured
Party,  as agent for and  representative  of the  Benefitted  Parties,  shall be
entitled,  for the  purpose of bidding and making  settlement  or payment of the
purchase price for all or any portion of the Pledged Collateral sold at any such
public  sale,  to use and apply any of the  Secured

                                       9

<PAGE>

Obligations  as a credit  on  account  of the  purchase  price  for any  Pledged
Collateral payable by Secured Party or any Senior Secured Creditor at such sale.
Each  purchaser at any such sale shall hold the property  sold  absolutely  free
from any claim or right on the part of Pledgors,  and each Pledgor hereby waives
(to the extent  permitted  by  applicable  law) all rights of  redemption,  stay
and/or  appraisal  which it now has or may at any time in the future  have under
any rule of law or statute  now  existing or  hereafter  enacted.  Each  Pledgor
agrees that, to the extent notice of sale shall be required by law, at least ten
days'  notice to Pledgor  of the time and place of any  public  sale or the time
after  which  any  private  sale  is  to be  made  shall  constitute  reasonable
notification.  Secured  Party shall not be obligated to make any sale of Pledged
Collateral  regardless  of notice of sale having been given.  Secured  Party may
adjourn any public or private sale from time to time by announcement at the time
and place fixed therefor,  and such sale may, without further notice, be made at
the time and place to which it was so adjourned.  Each Pledgor hereby waives any
claims  against  Secured  Party  arising by reason of the fact that the price at
which any Pledged  Collateral may have been sold at such a private sale was less
than the price which might have been obtained at a public sale,  even if Secured
Party  accepts  the  first  offer  received  and does  not  offer  such  Pledged
Collateral  to more  than  one  offeree.  If the  proceeds  of any sale or other
disposition of the Pledged  Collateral are  insufficient  to pay all the Secured
Obligations,  Pledgors shall be jointly and severally  liable for the deficiency
and the fees of any attorneys  employed by Secured  Party or any Senior  Secured
Creditor to collect such deficiency.

     (b) Each  Pledgor  recognizes  that,  by  reason  of  certain  prohibitions
contained  in the  Securities  Act of 1933,  as from time to time  amended  (the
"Securities  Act"), and applicable  state securities laws,  Secured Party may be
compelled, with respect to any sale of all or any part of the Pledged Collateral
conducted without prior registration or qualification of such Pledged Collateral
under the Securities Act and/or such state  securities laws, to limit purchasers
to those who will agree,  among other things, to acquire the Pledged  Collateral
for their own account, for investment and not with a view to the distribution or
resale thereof.  Each Pledgor acknowledges that any such private sales may be at
prices and on terms less favorable than those  obtainable  through a public sale
without such restrictions (including, without limitation, a public offering made
pursuant to a registration  statement under the Securities Act) and each Pledgor
agrees  that any such  private  sale  shall be  deemed  to have  been  made in a
commercially  reasonable  manner and that Secured Party shall have no obligation
to engage in public  sales and no  obligation  to delay the sale of any  Pledged
Collateral  for the period of time  necessary  to permit  the issuer  thereof to
register  it  for a  form  of  public  sale  requiring  registration  under  the
Securities Act or under  applicable  state  securities laws, even if such issuer
would, or should, agree to so register it.

     (c) If Secured Party determines to exercise its right to sell any or all of
the Pledged Collateral, upon written request, each Pledgor shall and shall cause
each  issuer of any  Pledged  Shares to be sold  hereunder  from time to time to
furnish to Secured  Party all such  information  as Secured Party may request in
order to determine  the number of shares and other  instruments  included in the
Pledged  Collateral  which may be sold by Secured  Party in exempt  transactions
under the  Securities  Act and the rules and  regulations  of the Securities and
Exchange Commission thereunder, as the same are from time to time in effect.

                                       10

<PAGE>

     SECTION 12. Application of Proceeds. Except as expressly provided elsewhere
in this Agreement, all proceeds received by Secured Party in respect of any sale
of,  collection  from, or other  realization upon all or any part of the Pledged
Collateral   shall  be  applied  as  provided  in  the  Collateral   Agency  and
Intercreditor Agreement.

     SECTION 13. Indemnity and Expenses.

     (a) Pledgors  jointly and  severally  agree to indemnify  Secured Party and
each Senior  Secured  Creditor  from and against any and all claims,  losses and
liabilities  in any way  relating  to,  growing  out of or  resulting  from this
Agreement  and  the  transactions   contemplated   hereby  (including,   without
limitation,  enforcement of this  Agreement),  except to the extent such claims,
losses or liabilities  result solely from Secured Party's or such Senior Secured
Creditor's  gross  negligence or willful  misconduct as finally  determined by a
court of competent jurisdiction.

     (b)  Pledgors  jointly  and  severally  agree to pay to Secured  Party upon
demand the amount of any and all costs and expenses,  including  the  reasonable
fees and expenses of counsel and of any experts and agents,  that Secured  Party
may incur in connection  with (i) the  administration  of this Agreement and the
Collateral Agency and Intercreditor Agreement,  (ii) the custody or preservation
of, or the sale of,  collection  from,  or other  realization  upon,  any of the
Pledged  Collateral,  (iii) the  exercise or enforcement of any of the rights of
Secured  Party  hereunder  and under the  Collateral  Agency  and  Intercreditor
Agreement,  or (iv) the  failure by any Pledgor to perform or observe any of the
provisions hereof.

     SECTION 14. Continuing Security Interest; Transfer of Loans. This Agreement
shall create a continuing  security interest in the Pledged Collateral and shall
(a) remain  in full force and effect  until the  payment in full of all  Secured
Obligations,  the  cancellation  or  termination of all  commitments  under each
Senior  Secured  Loan  Document,  and  the  cancellation  or  expiration  of all
outstanding  Letters  of  Credit  (as  defined  in  the  Collateral  Agency  and
Intercreditor  Agreement),  (b) be  binding upon  Pledgor,  its  successors  and
assigns,  and (c) inure,  together with the rights and remedies of Secured Party
hereunder,  to the benefit of Secured Party and its successors,  transferees and
assigns.  Upon the payment in full of all Secured Obligations,  the cancellation
or termination of all commitments  under each Senior Secured Loan Document,  and
the  cancellation  or  expiration  of all  outstanding  Letters of  Credit,  the
security  interest  granted hereby shall terminate and all rights to the Pledged
Collateral  shall revert to Pledgors.  Upon any such  termination  Secured Party
will, at Pledgors'  expense,  execute and deliver to Pledgors such  documents as
Pledgors shall reasonably request to evidence such termination.

     SECTION 15. Secured Party as Agent.

     (a) Secured Party has been  appointed to act as Secured Party  hereunder by
the  Benefitted  Parties.  Secured Party shall be obligated,  and shall have the
right hereunder,  to make demands,  to give notices, to exercise or refrain from
exercising any rights, and to take or refrain from taking any action (including,
without limitation,  the release or substitution of Pledged Collateral),  solely
in accordance  with this Agreement and the other Senior Secured

                                       11

<PAGE>

Loan  Documents;  provided  that Secured Party shall  exercise,  or refrain from
exercising,  any  remedies  provided  for in Section 11 in  accordance  with the
instructions  of Requisite  Creditors (as defined in the  Collateral  Agency and
Intercreditor  Agreement).  In furtherance  of the foregoing  provisions of this
Section 15, each Senior  Secured  Creditor,  by its  acceptance  of the benefits
hereof,  agrees that it shall have no right  individually to realize upon any of
the Pledged Collateral hereunder,  it being understood and agreed by such Senior
Secured Creditor that all rights and remedies  hereunder may be exercised solely
by Secured Party for the benefit of the  Benefitted  Parties in accordance  with
the terms of this Section 15.

     (b) Secured  Party shall at all times be the same Person that is Collateral
Agent under the Collateral Agency and Intercreditor Agreement. Written notice of
resignation  by  the  Collateral  Agent  pursuant  to  subsection  4(h)  of  the
Collateral  Agency and  Intercreditor  Agreement shall also constitute notice of
resignation  as Secured Party under this  Agreement;  removal of the  Collateral
Agent  pursuant to subsection  4(h) of the Collateral  Agency and  Intercreditor
Agreement shall also  constitute  removal as Secured Party under this Agreement;
and appointment of a successor  Collateral  Agent pursuant to subsection 4(h) of
the  Collateral  Agency  and  Intercreditor   Agreement  shall  also  constitute
appointment  of a  successor  Secured  Party  under  this  Agreement.  Upon  the
acceptance of any appointment as Collateral  Agent under  subsection 4(h) of the
Collateral Agency and Intercreditor  Agreement by a successor  Collateral Agent,
that successor  Collateral  Agent shall  thereupon  succeed to and become vested
with all the rights,  powers,  privileges  and duties of the retiring or removed
Secured Party under this  Agreement,  and the retiring or removed  Secured Party
under this Agreement shall promptly (i) transfer to such successor Secured Party
all sums, securities and other items of Collateral held hereunder, together with
all records and other documents  necessary or appropriate in connection with the
performance of the duties of the successor  Secured Party under this  Agreement,
and (ii) execute and deliver to such successor  Secured Party such amendments to
financing  statements,  and take such  other  actions,  as may be  necessary  or
appropriate in connection with the assignment to such successor Secured Party of
the security  interests  created  hereunder,  whereupon such retiring or removed
Secured Party shall be  discharged  from its duties and  obligations  under this
Agreement.  After  any  retiring  or  removed  Agent's  resignation  or  removal
hereunder as Secured Party,  the provisions of this Agreement shall inure to its
benefit  as to any  actions  taken or  omitted  to be  taken  by it  under  this
Agreement while it was Secured Party hereunder.

     (c)  Secured  Party  shall not be deemed to have any duty  whatsoever  with
respect to any Additional Senior Lender (as defined in the Collateral Agency and
Intercreditor  Agreement) until Secured Party shall have received written notice
in form and  substance  satisfactory  to  Secured  Party  from a Pledgor or such
Additional  Senior Lender as to the existence and terms of the applicable Senior
Secured Loan Documents.

     SECTION 16.  Additional  Pledgors.  Company  shall be the  initial  Pledgor
hereunder.  From  time  to  time  subsequent  to  the  date  hereof,  Subsidiary
Guarantors may become parties hereto as additional Pledgors (each an "Additional
Pledgor") by executing a counterpart of this Agreement substantially in the form
of Schedule III annexed hereto. Upon delivery of any such counterpart to Secured
Party,  notice  of which is  hereby  waived by  Pledgors,  each such  Additional
Pledgor  shall be a  Pledgor  and  shall be as fully a party  hereto  as if such
Additional  Pledgor were an original  signatory  hereto.  Each Pledgor expressly

                                       12

<PAGE>

agrees  that  its  obligations  arising  hereunder  shall  not  be  affected  or
diminished by the addition or release of any other Pledgor hereunder, nor by any
election  of  Secured  Party or any  Senior  Secured  Creditor  not to cause any
Subsidiary  Guarantor to become an Additional Pledgor hereunder.  This Agreement
shall be fully  effective  as to any Pledgor  that is or becomes a party  hereto
regardless  of whether any other Person  becomes or fails to become or ceases to
be a Pledgor hereunder.

     SECTION 17.  Amendments;  Etc. No amendment,  modification,  termination or
waiver of any  provision of this  Agreement,  and no consent to any departure by
any Pledgor therefrom,  shall in any event be effective unless the same shall be
in writing and signed by Secured Party and, in the case of any such amendment or
modification, by Pledgors. Any such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which it was given.

     SECTION 18. Notices.  Any notice or other communication  herein required or
permitted to be given shall be in writing and may be  personally  served or sent
by telefacsimile or United States mail or courier service and shall be deemed to
have been given when  received.  For the  purposes  hereof,  the address of each
party  hereto  shall be as set forth under such  party's  name on the  signature
pages hereof or as such other  address as shall be designated by such party in a
written notice delivered to the other party hereto.

     SECTION 19.  Failure or  Indulgence  Not Waiver;  Remedies  Cumulative.  No
failure  or delay on the part of  Secured  Party in the  exercise  of any power,
right or privilege  hereunder shall impair such power,  right or privilege or be
construed to be a waiver of any default or acquiescence  therein,  nor shall any
single or partial  exercise of any such power,  right or privilege  preclude any
other or further exercise thereof or of any other power, right or privilege. All
rights and remedies  existing  under this  Agreement are  cumulative to, and not
exclusive of, any rights or remedies otherwise available.

     SECTION 20. Severability. In case any provision in or obligation under this
Agreement shall be invalid,  illegal or unenforceable in any  jurisdiction,  the
validity,   legality  and   enforceability   of  the  remaining   provisions  or
obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby.

     SECTION 21. Headings. Section and subsection headings in this Agreement are
included  herein for  convenience  of reference  only and shall not constitute a
part of this Agreement for any other purpose or be given any substantive effect.

     SECTION  22.  Governing  Law;  Terms.  THIS  AGREEMENT  AND THE  RIGHTS AND
OBLIGATIONS  OF THE  PARTIES  HEREUNDER  SHALL  BE  GOVERNED  BY,  AND  SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW
YORK (INCLUDING,  WITHOUT LIMITATION,  SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK),  WITHOUT REGARD TO CONFLICTS OF LAWS  PRINCIPLES,
EXCEPT TO THE EXTENT THAT THE UCC PROVIDES  THAT THE  PERFECTION OF THE SECURITY
INTEREST HEREUNDER,  OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR PLEDGED
COLLATERAL  ARE

                                       13

<PAGE>

GOVERNED BY THE LAWS OF A JURISDICTION  OTHER THAN THE STATE OF NEW YORK. Unless
otherwise  defined  herein  or in the Note  Purchase  Agreement,  terms  used in
Articles  8 and 9 of the  Uniform  Commercial  Code in the State of New York are
used herein as therein  defined.  The rules of construction set forth in Section
23.4 of the Note  Purchase  Agreement  shall  be  applicable  to this  Agreement
mutatis mutandis.

     SECTION 23. Consent to  Jurisdiction  and Service of Process.  ALL JUDICIAL
PROCEEDINGS  BROUGHT  AGAINST  ANY  PLEDGOR  ARISING  OUT OF OR RELATING TO THIS
AGREEMENT, OR ANY OBLIGATIONS HEREUNDER,  MAY BE BROUGHT IN ANY STATE OR FEDERAL
COURT OF COMPETENT  JURISDICTION  IN THE STATE , COUNTY AND CITY OF NEW YORK. BY
EXECUTING  AND  DELIVERING  THIS  AGREEMENT,  EACH  PLEDGOR,  FOR  ITSELF AND IN
CONNECTION  WITH  ITS   PROPERTIES,   IRREVOCABLY   (I) ACCEPTS   GENERALLY  AND
UNCONDITIONALLY  THE  NONEXCLUSIVE   JURISDICTION  AND  VENUE  OF  SUCH  COURTS;
(II) WAIVES  ANY DEFENSE OF FORUM NON CONVENIENS;  (III) AGREES  THAT SERVICE OF
ALL PROCESS IN ANY SUCH  PROCEEDING  IN ANY SUCH COURT MAY BE MADE BY REGISTERED
OR CERTIFIED  MAIL,  RETURN  RECEIPT  REQUESTED,  TO SUCH PLEDGOR AT ITS ADDRESS
PROVIDED IN ACCORDANCE WITH SECTION 18;  (IV) AGREES THAT SERVICE AS PROVIDED IN
CLAUSE  (III) ABOVE IS  SUFFICIENT  TO CONFER  PERSONAL  JURISDICTION  OVER SUCH
PLEDGOR IN ANY SUCH  PROCEEDING  IN ANY SUCH COURT,  AND  OTHERWISE  CONSTITUTES
EFFECTIVE AND BINDING  SERVICE IN EVERY RESPECT;  (V) AGREES  THAT SECURED PARTY
RETAINS THE RIGHT TO SERVE  PROCESS IN ANY OTHER  MANNER  PERMITTED BY LAW OR TO
BRING PROCEEDINGS  AGAINST SUCH PLEDGOR IN THE COURTS OF ANY OTHER JURISDICTION;
AND (VI) AGREES THAT THE PROVISIONS OF THIS SECTION 23  RELATING TO JURISDICTION
AND VENUE SHALL BE BINDING AND  ENFORCEABLE  TO THE FULLEST  EXTENT  PERMISSIBLE
UNDER NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1402 OR OTHERWISE.

     SECTION 24.  Waiver of Jury Trial.  PLEDGORS AND SECURED PARTY HEREBY AGREE
TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED  UPON OR  ARISING  OUT OF THIS  AGREEMENT.  The  scope of this  waiver  is
intended to be all-encompassing of any and all disputes that may be filed in any
court and that  relate to the  subject  matter  of this  transaction,  including
without limitation contract claims, tort claims,  breach of duty claims, and all
other  common  law  and  statutory  claims.   Each  Pledgor  and  Secured  Party
acknowledge  that this  waiver is a material  inducement  for such  Pledgor  and
Secured  Party to enter  into a business  relationship,  that each  Pledgor  and
Secured Party have already relied on this waiver in entering into this Agreement
and that each will  continue  to rely on this  waiver  in their  related  future
dealings. Each Pledgor and Secured Party further warrant and represent that each
has reviewed  this waiver with its legal  counsel,  and that each  knowingly and
voluntarily  waives  its jury trial  rights  following  consultation  with legal
counsel. THIS WAIVER IS IRREVOCABLE,  MEANING THAT IT MAY NOT BE MODIFIED EITHER
ORALLY  OR IN  WRITING  (OTHER  THAN BY A  MUTUAL  WRITTEN  WAIVER  SPECIFICALLY
REFERRING TO THIS  SECTION 24 AND EXECUTED BY EACH OF THE PARTIES  HERETO),  AND
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT

                                       14

<PAGE>

AMENDMENTS,  RENEWALS,  SUPPLEMENTS OR MODIFICATIONS  TO THIS AGREEMENT.  In the
event of litigation, this Agreement may be filed as a written consent to a trial
by the court.

     SECTION 25.  Counterparts.  This  Agreement  may be executed in one or more
counterparts and by different parties hereto in separate  counterparts,  each of
which when so executed and delivered  shall be deemed an original,  but all such
counterparts  together  shall  constitute  but  one  and  the  same  instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single  counterpart so that all signature pages are physically  attached to
the same document.

                  [Remainder of page intentionally left blank]

                                       15

<PAGE>

     IN WITNESS  WHEREOF,  Pledgors and Secured Party have caused this Agreement
to be duly executed and delivered by their  respective  officers  thereunto duly
authorized as of the date first written above.

                           NU SKIN ENTERPRISES, INC.,
                           as Pledgor

                           By: __________________________
                           Name:  Corey B. Lindley
                           Title:  Executive Vice President and
                                   Chief Financial Officer

                           Notice Address
                           One Nu Skin Plaza
                           75 West Center Street
                           Provo, Utah  84601
                           Attention:  General Counsel
                           Facsimile:  (801) 345-6099

                                      S-1

<PAGE>

                                   STATE STREET BANK AND TRUST
                                   COMPANY OF CALIFORNIA, N.A.,
                                   as Secured Party

                                   By: __________________________
                                         Name:  Stephen Rivero
                                         Title:  Vice President

                                   Notice Address
                                   State Street Bank and Trust
                                   Company of California, N.A.
                                   633 West 5th Street, 12th Floor
                                   Los Angeles, California  90071
                                   Attention:  Corporate Trust Department
                                   Facsimile:  (213) 362-7357

                                      S-2

<PAGE>
                                   SCHEDULE I

                                 PLEDGED SHARES

     Attached to and forming a part of the Pledge  Agreement dated as of October
12, 2000 between Nu Skin  Enterprises,  Inc., as Pledgor,  and State Street Bank
and Trust Company of California, N.A., as Secured Party.

<TABLE>
<CAPTION>

                                 Stock                                  Number of     Percentage   Holder of
                  Class of    Certificate                  Number of      Shares     Represented   Shares Not
     Issuer         Stock         Nos.       Par Value      Shares      Issued and    by Pledged   Pledged
                                                                       Outstanding      Shares
----------------- ----------- ------------- ------------- ------------ ------------- ------------- -------------
<S>              <C>         <C>           <C>           <C>          <C>           <C>           <C>
Nu Skin Japan       Common       3A-001       Y50,000        2,340        3,600          65%       Pledgor
Co., Ltd.

</TABLE>

                                      I-1

<PAGE>

                                  SCHEDULE II

                           [FORM OF PLEDGE AMENDMENT]

     This Pledge Amendment,  dated ____________,  20__, is delivered pursuant to
Section 6(b) of the Pledge Agreement  referred to below. The undersigned  hereby
agrees that this Pledge  Amendment may be attached to the Pledge Agreement dated
October 12,  2000,  between Nu Skin  Enterprises,  Inc.,  as Pledgor,  and State
Street Bank and Trust Company of California, N.A., as Secured Party (the "Pledge
Agreement,"  capitalized  terms  defined  therein  being used  herein as therein
defined),  and that the Pledged Shares listed on this Pledge  Amendment shall be
deemed to be part of the  Pledged  Shares and shall  become  part of the Pledged
Collateral and shall secure all Secured Obligations.

                                      [PLEDGOR]

                                      By:     ___________________________
                                      Name:
                                      Title:

                                      Notice Address

<TABLE>
<CAPTION>

                                 Stock                                  Number of     Percentage   Holder of
                  Class of    Certificate                  Number of      Shares     Represented   Shares Not
    Issuer         Stock          Nos.       Par Value      Shares      Issued and    by Pledged   Pledged
                                                                       Outstanding      Shares
<S>             <C>          <C>            <C>           <C>         <C>           <C>           <C>

--------------- ------------- ------------- ------------- ------------ ------------- ------------- -------------
--------------- ------------- ------------- ------------- ------------ ------------- ------------- -------------
--------------- ------------- ------------- ------------- ------------ ------------- ------------- -------------
</TABLE>

                                      II-1

<PAGE>

                                  SCHEDULE III

                              [FORM OF COUNTERPART]

     This COUNTERPART, dated ____________, 20__ is delivered pursuant to Section
16  of  the  Pledge  Agreement  referred  to  below.  ____________,  a  ________
corporation  ("Company") hereby agrees (i) that this Counterpart may be attached
to the Pledge Agreement, dated as of October 12, 2000 (as it may be from time to
time  amended,  restated,   supplemented  or  otherwise  modified,  the  "Pledge
Agreement";  capitalized  terms used herein not otherwise  defined  herein shall
have the meanings ascribed therein), among the Pledgors named therein, and State
Street Bank and Trust Company of California,  N.A., as Secured  Party,  and (ii)
that by executing and  delivering  this  Counterpart,  Company  hereby becomes a
Pledgor  under the Pledge  Agreement in  accordance  with Section 16 thereof and
agrees to be bound by all of the terms  thereof,  and that the Pledged Shares of
Company  listed on Exhibit A attached  hereto  shall be deemed to be part of the
Pledged Shares and shall become part of the Pledged  Collateral and shall secure
all Secured Obligations.

     IN WITNESS WHEREOF,  Company has caused this Counterpart to be executed and
delivered by a duly authorized officer as of the date first above written.

                                   [ADDITIONAL PLEDGOR]

                                   By:     ________________________
                                   Name:
                                   Title:

                                   Notice Address

                                     III-1

<PAGE>

                                    EXHIBIT A
                                 TO COUNTERPART

                                 PLEDGED SHARES

<TABLE>
<CAPTION>

=============== ============= ============= ============= ============ ============= ============= =============

                                 Stock                                  Number of     Percentage   Holder of
                  Class of    Certificate                  Number of      Shares     Represented   Shares Not
    Issuer         Stock          Nos.       Par Value      Shares      Issued and    by Pledged   Pledged
                                                                       Outstanding      Shares
<S>             <C>          <C>            <C>           <C>         <C>           <C>            <C.
--------------- ------------- ------------- ------------- ------------ ------------- ------------- -------------

--------------- ------------- ------------- ------------- ------------ ------------- ------------- -------------
--------------- ------------- ------------- ------------- ------------ ------------- ------------- -------------
--------------- ------------- ------------- ------------- ------------ ------------- ------------- -------------

=============== ============= ============= ============= ============ ============= ============= =============
</TABLE>

                                    III-A-1COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT

     This COLLATERAL  AGENCY AND  INTERCREDITOR  AGREEMENT  (this  "Agreement"),
dated as of October 12, 2000, is entered into among the Senior Noteholder listed
on  the  signature  pages  hereof   (together  with  assignees  of  such  Senior
Noteholder, the "Senior Noteholders"), the Senior Lender listed on the signature
pages hereof  (together  with any assignees of such Senior  Lender,  the "Senior
Lenders"),  any  Additional  Creditors that may become parties to this Agreement
(either  directly  or through  their  agent),  and State  Street  Bank and Trust
Company of California,  N.A., in its capacity as collateral agent for the Senior
Noteholders,  the Senior Lenders and the Additional  Creditors (the  "Collateral
Agent").

                                 R E C I T A L S

     A. Nu Skin Enterprises,  Inc., a Delaware corporation (the "Company"), will
issue and sell to the Senior  Noteholder  its 3.03% Senior Notes due October 12,
2010  in  the  aggregate  principal  amount  of  JPY9,706,500,000  (the  "Senior
Noteholder Notes") pursuant to that certain Note Purchase Agreement, dated as of
October 12, 2000 (as the same may be amended, supplemented or otherwise modified
from time to time, the "Note Purchase  Agreement"),  between the Company and the
Senior Noteholder.

     B. The  Senior  Lender (i) has made and may from time to time make loans up
to an aggregate  principal  amount of  US$10,000,000  to the Company pursuant to
that certain Grid Note, dated May 24, 2000,  executed by the Company in favor of
the Senior  Lender,  and (ii) may from time to time issue  letters of credit for
the account of the  Company  pursuant to that  certain  Master  Letter of Credit
Agreement and Addendum, each dated as of August 4, 2000, between the Company and
the Senior  Lender  (such Grid Note and Master  Letter of Credit  Agreement  and
Addendum,  as the same may be amended,  supplemented  or  otherwise  modified or
renewed or replaced  from time to time,  including any increase in the amount of
the obligations thereunder, the "Credit Documents").

     C. Each of the Material Domestic Subsidiaries of the Company (together with
any future Material  Domestic  Subsidiaries  entering into a guaranty  agreement
with respect to the Obligations (as defined below), the "Subsidiary Guarantors")
have  entered  into a  guaranty  agreement  pursuant  to  which  the  Subsidiary
Guarantors guarantee to the Senior Lenders the payment and performance of all of
the Company's obligations under the Credit Documents (as such guaranty agreement
may be modified,  amended,  renewed or replaced,  including  any increase in the
amount guaranteed thereunder, the "Bank Obligation Guaranty").

     D. Pursuant to the Note Purchase Agreement,  the Subsidiary Guarantors will
enter into a guaranty agreement pursuant to which the Subsidiary Guarantors will
guarantee to the Senior  Noteholders  the payment of the Noteholder  Obligations
and the payment and  performance of all of the Company's  obligations  under the
Note Purchase  Agreement and the Senior Notes (as such guaranty agreement may be
modified,  amended,  renewed or replaced,  including  any increase in the amount
guaranteed thereunder, the "Note Obligation Guaranty").

     E. The Company may enter into  additional note purchase  agreements  and/or
credit  agreements  with  investors  and/or  lenders  which become party to this
Agreement (such investors

                                       1

<PAGE>

and lenders,  together with the lenders  referred to in the next  sentence,  the
"Additional  Creditors") the obligations  under which (the  "Additional  Company
Obligations")  will be  guaranteed by one or more of the  Subsidiary  Guarantors
(the "Additional  Subsidiary  Guaranties").  In addition, one or more Subsidiary
Guarantors  may become  direct  obligors to lenders  which  become party to this
Agreement and therefore are Additional  Creditors,  and the  obligations of such
Subsidiary  Guarantors to such lenders (the "Direct Subsidiary  Obligations" and
together with the Additional Company Obligations,  the "Additional Obligations")
will be guaranteed by the Company and the other Subsidiary Guarantors.

     F.  The  Bank  Obligation  Guaranty,  the  Note  Obligation  Guaranty,  any
Additional  Subsidiary  Guaranty and any Direct  Subsidiary  Obligation are each
hereinafter  referred to as a "Subsidiary  Guaranty." The Credit Documents,  the
Note Purchase  Agreement and any  additional  note  purchase  agreements  and/or
credit  agreements  with  investors  and/or  lenders  which become party to this
Agreement  are  hereinafter  referred  to,  collectively,  as the  "Senior  Loan
Documents."

     G. The Company has secured all present and future obligations to the Senior
Noteholders  under the Senior  Noteholder Notes and the Note Purchase  Agreement
(all such  obligations,  including,  without  limitation,  principal,  interest,
Make-Whole  Amounts,  fees and  indemnities,  being  referred  to  herein as the
"Senior  Noteholder  Obligations") and all present and future obligations to the
Senior Lenders, including,  without limitation,  principal,  interest, letter of
credit  obligations   (including  Contingent  L/C  Obligations),   break-funding
amounts,  fees and indemnities (the "Senior Lender  Obligations") and may secure
all  Additional  Obligations,  pursuant  to the  terms  of that  certain  Pledge
Agreement  dated as of the date hereof  between  the Company and the  Collateral
Agent (the "Pledge Agreement") and any similar documents executed after the date
hereof,  as the same may be amended,  supplemented or modified from time to time
(the "Security Documents"). The Senior Noteholder Obligations, the Senior Lender
Obligations and the Additional  Obligations are collectively  referred to as the
"Obligations").  The Senior  Noteholders,  the Senior Lenders and the Additional
Creditors are sometimes collectively referred to as the "Benefitted Parties" and
individually referred to as a "Benefitted Party." The Pledge Agreement grants to
the  Collateral  Agent,  for the ratable  benefit of the Benefitted  Parties,  a
valid,  perfected and enforceable first priority lien on and a security interest
in 65% of the equity  securities of certain foreign  subsidiaries of the Company
(hereinafter all of such  collateral,  together with all rights to payment under
any Subsidiary Guaranty, shall be referred to collectively as the "Collateral").

     H. The Senior Noteholders,  the Senior Lenders and the Additional Creditors
wish to set forth their understandings and agreements regarding their respective
rights and priorities with respect to amounts  recovered through the exercise of
any right of set off,  payments received after a Triggering Event (as defined in
Section 2(a), below) and proceeds of the Collateral.

     I.  Capitalized  terms used herein  without  being  defined  shall have the
meanings set forth in the Note Purchase Agreement.

                                       2

<PAGE>

     NOW,  THEREFORE,  for good and  valuable  consideration,  the  receipt  and
sufficiency  of which are  hereby  acknowledged  and the  mutual  covenants  and
promises  set forth  herein,  each of the  parties to this  Agreement  agrees as
follows:

     1. Sharing.

     (a) The liens of the Collateral  Agent relating to the Collateral  shall be
held by the Collateral Agent for the benefit of the Benefitted Parties,  and any
proceeds  realized in respect thereof shall be shared by the Benefitted  Parties
and  distributed in accordance  with the rights and priorities set forth in this
Agreement. Any Collateral Proceeds,  Triggering Event Balances, Triggering Event
Payments or Setoff Proceeds (as such terms are defined in Section 2(b)) shall be
shared by the Benefitted  Parties and  distributed in accordance with the rights
and priorities set forth in this Agreement. As used herein, the term "Triggering
Event" means (a) the occurrence and continuation of a Bankruptcy  Proceeding (as
defined  below) with respect to the  Company,  any  Subsidiary  Guarantor or any
Material  Foreign  Subsidiary,  (b) the Collateral  Agent's receipt of a written
notice  that the  unpaid  principal  amount of any of the  Obligations  has been
declared  to be then due and payable by the holder or holders  thereof  prior to
the due date as a result  of an event of  default,  or (c) any  exercise  of any
right of setoff or banker's lien by any Benefitted  Party.  As used herein,  the
term  "Bankruptcy  Proceeding"  means,  with  respect to any  Person,  a general
assignment of such Person for the benefit of its creditors,  or the  institution
by or against such Person of any proceeding seeking relief as debtor, or seeking
to adjudicate such Person as bankrupt or insolvent,  or seeking  reorganization,
arrangement,  adjustment or composition  of such Person or its debts,  under any
law relating to bankruptcy, insolvency,  reorganization or relief of debtors, or
seeking appointment of a receiver,  trustee, custodian or other similar official
for such Person or for any substantial part of its property.

     (b)  Notwithstanding  anything  to  the  contrary  set  forth  herein,  any
Collateral  Proceeds,  Triggering  Event Balances,  Triggering Event Payments or
Setoff  Proceeds which are to be remitted to any Benefitted  Party on account of
Obligations  which are  Contingent L/C  Obligations  (as defined below) shall be
remitted  to the  Collateral  Agent  to be held in a  separate  cash  collateral
account  (the "L/C  Account") by the  Collateral  Agent and  distributed  by the
Collateral  Agent only in accordance  with this Section 1(b). In the event,  and
upon the condition  that,  any  Contingent  L/C  Obligation  becomes an absolute
obligation of the Company upon the honoring of a draw under any Letter of Credit
(as  defined  below),  upon  receipt of written  direction  from the  applicable
Benefitted  Party,  the Collateral Agent shall withdraw from the L/C Account and
shall  pay over to the  Benefitted  Party  (or  issuing  bank on  behalf of such
Benefitted  Party)  that  honored  such draw an amount  equal to the  Withdrawal
Amount (as defined  below) with respect to the amount of such draw together with
interest on such  Withdrawal  Amount at the rate earned  while on deposit in the
L/C Account. In the event that the Collateral Agent receives written notice that
any  Contingent  L/C  Obligation  lapses on account of the  expiration  or other
termination  of  the  applicable  Letter  of  Credit,  an  amount  equal  to the
Withdrawal  Amount  with  respect  to such  lapsed  Contingent  L/C  Obligation,
together  with  interest on account of such  amount at the rate earned  while on
deposit in the L/C Account,  shall be released from the L/C Account and shall be
distributed by the Collateral Agent to the Benefitted Parties in accordance with
clause  "third" of Section  2(c). As used herein  "Withdrawal  Amount" means the
product of (a) the  quotient of (i) the amount of a  Contingent  L/C  Obligation
which

                                       3

<PAGE>

has then become an absolute  obligation  on account of a draw or the amount of a
Contingent  L/C  Obligation  which has lapsed on account  of the  expiration  or
termination  of the applicable  Letter of Credit,  as the case may be, over (ii)
the total amount of all  Contingent  L/C  Obligations,  and (b) the total amount
then deposited in the L/C Account.

     As used herein,  the term  "Contingent L/C  Obligations"  means any and all
contingent  obligations  of the Company to  reimburse  the issuers of Letters of
Credit for drawings under such Letters of Credit.

     As used herein, the term "Letter of Credit" means a letter of credit issued
by a Benefitted  Party, or an issuing bank on behalf of a Benefitted  Party, for
the account of the Company or any of the Subsidiary  Guarantors  pursuant to the
Credit Documents or any additional  credit  agreements with lenders which become
party to this Agreement.

     2. Cash Collateral Account; Application of Proceeds

     (a) The Collateral Agent has established an interest-bearing demand deposit
cash collateral account subject to the lien and security interest created by the
Security Documents (the "Cash Collateral Account") in the name of the Collateral
Agent into which the  proceeds,  payments and amounts  described in  subsections
(b)(i),  (b)(ii),  (b)(iii) and (b)(iv)  below shall be deposited and from which
only the Collateral Agent may effect withdrawals.  Such amounts shall be held by
the  Collateral  Agent in the Cash  Collateral  Account and shall be distributed
from time to time by the Collateral Agent in accordance with Section 2(c) below.

     (b) The  following  proceeds,  payments and amounts  shall be deposited and
held by the  Collateral  Agent  in the  Cash  Collateral  Account  and  shall be
distributed from time to time by the Collateral Agent in accordance with Section
2(c) below:

          (i) any proceeds of any collection,  recovery, receipt, appropriation,
     realization or sale of any or all of the  Collateral or the  enforcement of
     the  Security  Documents  (the  "Collateral   Proceeds")  received  by  the
     Collateral Agent or any Benefitted Party;

          (ii) any  amounts  held in the Cash  Collateral  Account at the time a
     Triggering Event occurs (the "Triggering Event Balances");

          (iii) any payments  received or otherwise  realized by any  Benefitted
     Party  in  respect  of any  Obligations  on or  after  the  date on which a
     Triggering Event has occurred (the "Triggering Event Payments"); and

          (iv) any amounts received or recovered by any Benefitted Party through
     any  exercise  of any right of setoff  or  banker's  lien at any time on or
     after the  occurrence of a Triggering  Event  (whether by law,  contract or
     otherwise) (the "Setoff Proceeds").

     Each  Benefitted  Party  agrees to deliver  any  Collateral  Proceeds,  any
Triggering Event Balances, any Triggering Event Payments and any Setoff Proceeds
to the  Collateral  Agent within two (2) Business Days after receipt (other than
pursuant to subsection (c) below) of such Collateral Proceeds,  Triggering Event
Balances, Triggering Event Payments or Setoff Proceeds.

                                       4

<PAGE>

     (c) The  Collateral  Agent  shall  distribute  the  proceeds  described  in
subsections  (b)(i),  (b)(ii),  (b)(iii) and (b)(iv) above which are held in the
Cash Collateral  Account to the Collateral  Agent and the Benefitted  Parties in
accordance with the following priorities:

          first,  to the reasonable  costs and expenses of the Collateral  Agent
     incurred in connection with the maintenance of the Cash Collateral  Account
     and any collection,  recovery,  receipt,  appropriation,  legal  proceeding
     (whether by or against any such party),  realization  or sale of any or all
     of the Collateral or the enforcement of the Security Documents;

          second,  after payment in full of all amounts set forth in item first,
     to the  Benefitted  Parties in payment of any and all  amounts  owed to the
     Benefitted  Parties  for  reimbursement  of  amounts  paid  by  them to the
     Collateral  Agent in accordance with Section 4(g) pro rata in proportion to
     such amounts owed to such Benefitted Parties;

          third,  after payment in full of all amounts set forth in item second,
     to the payment  and  permanent  reduction  of the  principal  amount of the
     outstanding Obligations and the Contingent L/C Obligations, pro rata, based
     on the proportion that the principal amount of such outstanding Obligations
     and Contingent L/C Obligations  held by each Benefitted  Party at such time
     bears  to the sum of the  principal  amount  of all  such  Obligations  and
     Contingent L/C Obligations;

          fourth,  after payment in full of all amounts set forth in item third,
     to the payment and  permanent  reduction  of the amount of the  outstanding
     Obligations  representing  interest, pro rata, based on the proportion that
     such outstanding Obligations  representing interest held by each Benefitted
     Party at such time  bears to the sum of all such  Obligations  representing
     interest;

          fifth,  after payment in full of all amounts set forth in item fourth,
     to the payment and permanent reduction of all other outstanding Obligations
     not  representing  principal,  Contingent L/C Obligations or interest,  pro
     rata,  based  on the  proportion  that  such  outstanding  Obligations  not
     representing principal, Contingent L/C Obligations or interest held by each
     Benefitted  Party at such time bears to the sum of all such Obligations not
     representing principal, Contingent L/C Obligations or interest; and

          sixth,  after  payment in full of all amounts set forth in item fifth,
     to  or  at  the  direction  of  the  Company  or as a  court  of  competent
     jurisdiction may otherwise direct.

     The  Collateral  Agent  shall make such  distributions  promptly  after the
deposit of any Collateral Proceeds,  Triggering Event Balances, Triggering Event
Payments or Setoff  Proceeds  into the Cash  Collateral  Account.  A  Benefitted
Party's  pro rata share of the  Obligations  on any  distribution  date shall be
determined by assuming that all  Obligations  are  denominated  in U.S.  Dollars
based upon the quoted spot rate at which the Collateral Agent's principal office
offers to exchange any applicable currency for U.S. Dollars at 11:00 A.M. (local

                                       5

<PAGE>

time at such principal  office) on the Business Day preceding such  distribution
date (the "Applicable  Exchange  Rate").  For any  distribution,  the Collateral
Agent  shall  exchange  the  relevant  portion  of such  distribution  into  the
applicable currency and make each such distribution in the applicable currency.

     3. Payment of Obligations; Distributions Recovered.

     (a) The  Company  and  each of the  Subsidiary  Guarantors  agree  that any
amounts received by a Benefitted Party and delivered by such Benefitted Party to
the Collateral  Agent pursuant to the terms of this Agreement will not be deemed
to be a payment in respect of any  Obligations  owing to such  Benefitted  Party
until such Benefitted  Party receives its pro rata share of such amount from the
Collateral  Agent and then only to the extent of the actual  payment and receipt
of such pro rata share.

     (b)  Notwithstanding  anything to the contrary contained in this Agreement,
in each case in which  any  proceeds  (or the value  thereof)  or  payments  are
recovered as a preferential or otherwise  voidable payment (whether by a trustee
in bankruptcy or otherwise) from the party (the "Distributor") which distributed
those proceeds to another party or parties under this  Agreement,  each party (a
"Distributee") to whom any of those proceeds were ultimately  distributed shall,
upon the Distributor's notice of the recovery to the Distributee,  return to the
Distributor  an amount equal to the  Distributee's  ratable  share of the amount
recovered,  together with a ratable share of interest  thereon to the extent the
Distributor  is required to pay  interest  thereon  computed on the amount to be
returned  from  the  date of the  recovery.  For  purposes  of  this  Agreement,
"proceeds" means any payment (whether made voluntarily or involuntary)  from any
source,  including,  without  limitation,  any  offset of any  deposit  or other
indebtedness,  any security (including,  without limitation, any guaranty or any
collateral) or otherwise.

     4. The Collateral Agent.

     (a) By execution and delivery hereof, each Benefitted Party hereby appoints
State Street Bank and Trust Company of California,  N.A. as Collateral Agent and
its representative hereunder and under the Security Documents and authorizes the
Collateral  Agent to act as such hereunder and thereunder on behalf of each such
Benefitted  Party.  The Collateral  Agent agrees to act as such upon the express
conditions  contained in this Agreement.  In performing its functions and duties
under this Agreement and the Security Documents,  the Collateral Agent shall act
solely as agent of the Benefitted Parties to the extent, but only to the extent,
provided in this Agreement and does not assume,  and shall not be deemed to have
assumed,  any obligation  towards or relationship of agency,  fiduciary or trust
with or for any other Person, other than as set forth in the Security Documents.

     (b) The  Collateral  Agent  shall  take  any  action  with  respect  to the
Collateral  and/or the Security  Documents  only as directed in accordance  with
Section 5(a) hereof;  provided that the Collateral  Agent shall not be obligated
to follow any  directions  given in  accordance  with Section 5(a) hereof to the
extent that the  Collateral  Agent has  received  advice from its counsel to the
effect that such  directions  are in conflict  with any  provisions of law, this
Agreement,  the Security  Documents or any order of any court or  administrative
agency;  provided  further  that the

                                       6

<PAGE>

Collateral Agent shall not, under any circumstances, be liable to any Benefitted
Party or any other  person for  following  the  written  directions  received in
accordance  with Section 5(a) hereof.  Any directions  given pursuant to Section
5(a) hereof may be withdrawn or modified by the party or parties who  originally
gave such directions by delivering  written notice of withdrawal or modification
to the Collateral  Agent prior to the time when the  Collateral  Agent takes any
action pursuant to such directions.

     (c) Each  Benefitted  Party  authorizes the  Collateral  Agent to take such
action on such Benefitted  Party's behalf and to exercise such powers  hereunder
as are specifically delegated to the Collateral Agent by the terms hereof and of
the Security Documents,  together with such powers as are reasonably  incidental
thereto.  The Collateral Agent shall have only those duties and responsibilities
that are expressly specified in this Agreement and the Security  Documents,  and
it may perform  such duties by or through  its agents or  employees.  Nothing in
this Agreement or the Security Documents,  express or implied, is intended to or
shall be construed as imposing  upon the  Collateral  Agent any  obligations  in
respect of this  Agreement or such  Security  Documents  except as expressly set
forth herein.

     (d) The Collateral  Agent shall not be responsible to any Benefitted  Party
for   the   execution,   effectiveness,   genuineness,   validity,   perfection,
enforceability,  collectibility,  value or  sufficiency of the Collateral or the
Security  Documents  or  for  any  representations,   warranties,   recitals  or
statements  made in any document  executed in connection with the Obligations or
made in any written or oral  statement or in any financial or other  statements,
instruments, reports, certificates or any other documents in connection herewith
or  therewith  furnished  or  made  by or on  behalf  of  the  Company  and  its
subsidiaries  to any Benefitted  Party or be required to ascertain or inquire as
to the  performance or observance by the Company or any of its  subsidiaries  or
any other  pledgor or  guarantor  of any of the terms,  conditions,  provisions,
covenants or agreements  contained in any document  executed in connection  with
the  Obligations  or of the  existence or possible  existence of any  Triggering
Event.

     (e) The Collateral  Agent shall not be liable to any  Benefitted  Party for
any action  taken or omitted  hereunder  or under the  Security  Documents or in
connection  herewith or therewith  except to the extent caused by the Collateral
Agent's gross  negligence or willful  misconduct.  The Collateral Agent shall be
entitled to rely,  and shall be fully  protected  in  relying,  upon any written
statement,  instrument or document  believed by it to be genuine and correct and
to have been  signed or sent by the  proper  person or  persons  and,  except as
otherwise  specifically  provided in this  Agreement,  shall be entitled to rely
upon the written  direction  of the  Required  Creditors  (as defined in Section
5(a))  certifying  that  the  persons  signing  such  direction  constitute  the
"Required Creditors," and shall be entitled to rely and shall be fully protected
in relying on opinions and judgments of counsel, accountants,  experts and other
professional  advisors  selected  by it in good  faith  and with due  care.  The
Collateral  Agent  shall be  entitled  to  refrain  from  exercising  any power,
discretion  or  authority  vested in it under  this  Agreement  or the  Security
Documents  unless and until it has obtained the  directions in  accordance  with
Section 5(a) hereof with respect to the matters covered thereby.  The Collateral
Agent shall be  entitled to request  from each  Benefitted  Party a  certificate
setting  out the amount of the  respective  Obligations  held by it  (including,
without limitation,  amounts representing principal,  Contingent L/C Obligations
or interest  of such  Obligations  for  purposes  of  calculating  distributions
pursuant to Section 2(c)).

                                       7

<PAGE>

     (f) Each  Benefitted  Party  agrees  not to take any action  whatsoever  to
enforce any term or provision of the Security Documents or to enforce any of its
rights in respect of the Collateral,  in each case except through the Collateral
Agent acting in accordance with this Agreement.

     (g) The  Company  and  each of its  subsidiaries  which  is  party  to this
Agreement,  by its execution of the signature page of this Agreement,  agrees to
pay and save the  Collateral  Agent  harmless from  liability for payment of all
costs and expenses of the Collateral Agent in connection with this Agreement and
the Security  Documents,  other than liabilities,  costs and expenses  resulting
from the  Collateral  Agent's  gross  negligence  or  willful  misconduct.  Each
Benefitted  Party severally  agrees to indemnify the Collateral  Agent, pro rata
(to the extent set forth in the  penultimate  sentence of this Section 4(g)), to
the extent the Collateral  Agent shall not have been  reimbursed by or on behalf
of the Company or from proceeds of the Collateral or otherwise, from and against
any and all  liabilities,  obligations,  losses,  damages,  penalties,  actions,
judgments,  suits, costs,  reasonable expenses  (including,  without limitation,
reasonable  counsel  fees and  disbursements)  or  disbursements  of any kind or
nature  whatsoever  which may be imposed on, incurred by or asserted against the
Collateral  Agent in  performing  its  duties  hereunder  or under the  Security
Documents  in its  capacity as the  Collateral  Agent in any way  relating to or
arising out of this  Agreement,  the Security  Documents  and/or the Collateral;
provided  that no  Benefitted  Party  shall be liable  for any  portion  of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs,  expenses or  disbursements  resulting from the Collateral  Agent's gross
negligence, willful misconduct or breach of the express terms of this Agreement.
For  purposes of this Section  4(g),  any pro rata  calculation  shall be on the
basis of the  outstanding  principal  amount of the  Obligations  (determined by
assuming that all  Obligations  are  denominated in U.S.  Dollars based upon the
Applicable  Exchange Rate) held by or for each  Benefitted  Party at the time of
the act,  omission or transaction  giving rise to the reimbursement or indemnity
required by this Section 4(g). The provisions of this Section 4(g) shall survive
the payment in full of all the Obligations and the termination of this Agreement
and all other documents executed in connection with the Obligations.

     (h) The Collateral  Agent may resign at any time by giving sixty (60) days'
prior written notice thereof to the Benefitted Parties and the Company,  subject
to  the  acceptance  of  its  appointment  by  a  successor   Collateral   Agent
simultaneously  with or prior to any resignation of the Collateral  Agent.  Upon
any such notice of  resignation,  the Required  Creditors (as defined in Section
5(a) below) shall have the right to appoint a successor  Collateral  Agent.  The
Collateral  Agent  may be  removed  at any time  with or  without  cause,  by an
instrument in writing  delivered to the  Collateral  Agent,  the Company and the
other Benefitted  Parties by the Required  Creditors (as defined in Section 5(a)
below).  Upon the acceptance of any appointment as Collateral Agent hereunder by
a successor  Collateral Agent,  such successor  Collateral Agent shall thereupon
succeed to and become vested with all the rights, powers,  privileges and duties
of the  retiring  or  removed  Collateral  Agent,  and the  retiring  or removed
Collateral Agent shall be discharged from its duties and obligations  under this
Agreement and the Security Documents;  provided,  however,  that the retiring or
removed  Collateral Agent will continue to remain liable for all acts of, or the
omission to act by, such  retiring or removed  Collateral  Agent which  occurred
prior to such retirement or removal. If no successor Collateral Agent shall have
been so appointed  and shall have accepted such  appointment  within  forty-five
(45) days after the retiring Collateral Agent's giving of notice of resignation,
then,  upon five days' prior  written  notice to

                                       8

<PAGE>

the Company and the Benefitted  Parties,  the retiring  Collateral Agent may, on
behalf of the Benefitted  Parties,  appoint a successor  Collateral Agent, which
shall be a bank or trust company  organized  under the laws of the United States
or any state thereof (or under the laws of a foreign country and having a branch
or agency located in the United States) having a combined capital and surplus of
at least  $500,000,000,  and the short term unsecured debt  obligations of which
are rated at least P-1 by Moody's Investors Service or A-1 by Standard & Poor's,
or any affiliate of such bank. After any retiring or removed  Collateral Agent's
resignation  or removal  hereunder as Collateral  Agent,  the provisions of this
Agreement  shall inure to its  benefit as to any actions  taken or omitted to be
taken by it while it was the  Collateral  Agent  under  this  Agreement  and the
Security Documents.

     (i) Except as expressly set forth herein,  the Collateral Agent and each of
its affiliates may accept deposits from,  lend money to and generally  engage in
any kind of  banking,  trust,  financial  advisory  or other  business  with the
Company or any affiliate  thereof,  and may accept fees and other  consideration
from the Company or any affiliate  thereof for services in connection  with this
Agreement and otherwise without having to account for the same to any Benefitted
Party.

     (j) The  Collateral  Agent  shall not be liable for or by reason of (i) any
failure  or  defect  in the  registration,  filing  or  recording  of any of the
Security Documents, or any notice, caveat or financing statement with respect to
the  foregoing,  or (ii) any  failure  to do any act  necessary  to  constitute,
perfect and  maintain  the  priority  of the  security  interest  created by the
Security Documents.

     (k) Notwithstanding anything to the contrary contained in this Agreement or
any document executed in connection with any of the Obligations,  the Collateral
Agent,  unless it shall have actual  knowledge  thereof,  shall not be deemed to
have any  knowledge  of any  Triggering  Event  unless  and until it shall  have
received written notice from the Company or any Benefitted Party describing such
Triggering Event in reasonable detail (including,  to the extent known, the date
of occurrence of the same).

     (l) Upon receipt by the  Collateral  Agent of any direction by the Required
Creditors, all of the Benefitted Parties will be bound by such direction.

     5. Relating to Defaults and Remedies.

     (a) The Required  Creditors may, after any Triggering  Event (other than an
Involuntary Proceeding) has occurred (or upon the occurrence and continuation of
an Involuntary  Proceeding  for at least 60 consecutive  days) and by giving the
Collateral  Agent  written  notice  of such  election,  instruct  and  cause the
Collateral  Agent to  exercise  its  rights  and  remedies  under  the  Security
Documents.  The Collateral  Agent shall follow the  instructions of the Required
Creditors with respect to the  enforcement  action to be taken.  For purposes of
this Agreement,  the term "Required Creditors" shall mean the Benefitted Parties
holding,  in the  aggregate,  more than 50% of the sum of (a) the face amount of
any commitments  for undrawn  Letters of Credit plus (b) the outstanding  funded
principal  amount of the Obligations  (such amounts to be determined by assuming
that all such  commitments and Obligations are denominated in U.S. Dollars based
upon the Applicable  Exchange Rate). For purposes of the foregoing  definitions,

                                       9

<PAGE>

any Benefitted Party that has purchased a participation in the Obligations owing
to another  Benefitted  Party  shall be deemed to be the holder of the amount of
such Obligations which are the subject of such participation.

     (b)  Notwithstanding  anything to the contrary contained in this Agreement,
the  Collateral  Agent  shall  not  commence  or  otherwise  take any  action or
proceeding to enforce any  Collateral  Document or to realize upon any or all of
the Collateral  unless and until the Collateral Agent has received  instructions
in accordance with Section 5(a) above.  Upon receipt by the Collateral  Agent of
any such  instructions,  the Collateral Agent shall seek to enforce the Security
Documents  and  to  realize  upon  the   Collateral  in  accordance   with  such
instructions;  provided  that the  Collateral  Agent shall not be  obligated  to
follow  any such  directions  as to which the  Collateral  Agent has  received a
written  opinion  of its  counsel  to the  effect  that such  directions  are in
conflict with any provisions of law, this Agreement,  the Security  Documents or
any order of any court or administrative  agency, and the Collateral Agent shall
not, under any  circumstances,  be liable to any  Benefitted  Party or any other
Person for following the written directions  received in accordance with Section
5(a) above.

     (c) The duties and responsibilities of the Collateral Agent hereunder shall
consist of and be limited to (i)  selling,  releasing,  surrendering,  realizing
upon or  otherwise  dealing  with,  in any manner  and in any order,  all or any
portion of the  Collateral,  (ii)  exercising or refraining  from exercising any
rights,  remedies or powers of the Collateral  Agent under this Agreement or the
Security  Documents or under  applicable law in respect of all or any portion of
the  Collateral,  (iii)  making  any  demands or giving  any  notices  under the
Security Documents,  (iv) effecting amendments to and granting waivers under the
Security  Documents in accordance with the terms hereof, and (v) maintaining the
Cash Collateral Account under its exclusive dominion and control for the benefit
of the Benefitted Parties and making deposits therein and withdrawals  therefrom
as necessary to effect the provisions of this Agreement.

     (d) In the event that the  Collateral  Agent  proceeds to  foreclose  upon,
collect,  sell or otherwise  dispose of or take any other action with respect to
any or all of the  Collateral  or to  enforce  any  provisions  of the  Security
Documents or takes any other action  pursuant to this Agreement or any provision
of the Security Documents or requests  directions from the Required Creditors as
provided  herein,  upon the request of the  Collateral  Agent or any  Benefitted
Party, each of the Benefitted  Parties agrees that such Benefitted Party (or any
agent of or representative  for such Benefitted Party) shall promptly notify the
Collateral  Agent in  writing,  as of any time  that the  Collateral  Agent  may
specify  in  such  request,  (i)  of the  aggregate  amount  of  the  respective
Obligations  then owing to such  Benefitted  Party as of such date and (ii) such
other information as the Collateral Agent may reasonably request.

     (e) Promptly  after the  Collateral  Agent  receives  written notice of the
occurrence of any  Triggering  Event pursuant to Section 2(a), it shall promptly
send copies of such notice to each of the Benefitted Parties.

     (f) The  Collateral  Agent  shall not be obliged to expend its own funds in
performing its obligations under this Agreement and shall be entitled to require
that the Benefitted Parties provide it with sufficient funds prior to taking any
action required under this Agreement.

                                       10

<PAGE>

     6. Third Party  Beneficiaries.  This Agreement is solely for the benefit of
the parties hereto and their respective  successors and assigns, and neither the
Company  nor any other  person or entity,  including,  without  limitation,  any
guarantor  of the  obligations  of the  Company,  are intended to be third party
beneficiaries  hereunder  or to have any right,  benefit,  priority  or interest
under, or shall have any right to enforce this Agreement.

     7.  Relation of  Creditors.  This  Agreement is entered into solely for the
purposes set forth herein, and no Benefitted Party assumes any responsibility to
any other party hereto to advise such other party of  information  known to such
other  party  regarding  the  financial  condition  of the Company or any of its
subsidiaries or of any other  circumstances  bearing upon the risk of nonpayment
of any Obligation.  Each Benefitted Party  specifically  acknowledges and agrees
that nothing contained in this Agreement is or is intended to be for the benefit
of the Company or any of its  subsidiaries  and nothing  contained  herein shall
limit  or in any  way  modify  any  of the  obligations  of the  Company  or any
Subsidiary Guarantor to the Benefitted Parties.

     8.  Acknowledgment  of Guaranties.  Each party expressly  acknowledges  the
existence and validity of the Note  Obligation  Guaranty and the Bank Obligation
Guaranty, agrees not to contest or challenge the validity of the Note Obligation
Guaranty or the Bank  Obligation  Guaranty and agrees that the judicial or other
determination  of the  invalidity  of the Note  Obligation  Guaranty or the Bank
Obligation Guaranty shall not affect the provisions of this Agreement.

     9. Notice of Certain  Events.  Each  Benefitted  Party agrees that upon the
occurrence of a Triggering  Event, it shall promptly notify the Collateral Agent
of the occurrence of such Triggering  Event. In addition,  each Benefitted Party
agrees to  provide  to the  Collateral  Agent the  amount  and  currency  of its
Obligations  at such  reasonable  times as may be necessary  to  determine  such
Benefitted  Party's pro rata share of the  outstanding  principal  amount of the
Obligations.

     10. Miscellaneous.

     (a)  Notices.  All notices and other  communications  provided  for herein,
(including,  without  limitation,  any  modifications of, or waivers or consents
under this  Agreement)  shall be sent (i) by  telecopy if the sender on the same
day sends a confirming  copy of such notice by a recognized  overnight  delivery
service (charges  prepaid),  or (ii) by registered or certified mail with return
receipt requested (postage prepaid), or (iii) by a recognized overnight delivery
service  (with  charges  prepaid) to the  intended  recipient at the address for
notices specified beneath the signature of such party hereto; or as to any party
at such other  address as shall be  designated by such party in a notice to each
other  party.  Except  as  otherwise  provided  in  this  Agreement,   all  such
communication shall be deemed to have been duly given when actually received.

     (b) Amendments,  Waivers, Consents. All amendments,  waivers or consents of
any provision of this Agreement  shall be effective only if the same shall be in
writing and signed by all of the Benefitted Parties.

                                       11

<PAGE>

     (c) Releases of  Collateral.  The parties  hereto agree that the Collateral
Agent  shall  release  all or any  portion  of the  Collateral  (other  than  in
connection  with the exercise of its rights and remedies  pursuant to Section 5)
only upon the receipt by the Collateral Agent of (i) a written approval from the
Required  Creditors,  or (ii) so long as no event of  default  exists  under any
Senior Loan Document and  releasing  such  Collateral  is not  prohibited by any
Senior  Loan  Document,  an  Officers'  Certificates  of  the  Company  and  any
applicable  Subsidiary  Guarantor,  which shall be true and correct, (x) stating
that the Collateral  subject to such  disposition is being sold,  transferred or
otherwise  disposed of in  compliance  with the terms of each of the Senior Loan
Documents,  and  (y)  specifying  the  Collateral  being  sold,  transferred  or
otherwise  disposed  of in the  proposed  transaction.  Upon the receipt of such
written approval or Officers'  Certificates (so long as the Collateral Agent has
no reason to believe that the Officers'  Certificates  delivered with respect to
such  disposition are not true and correct),  the Collateral Agent shall, at the
Company's expense, execute and deliver such releases of its security interest in
such  Collateral to be released,  and provide a copy of such releases to each of
the Benefitted Parties. In connection  therewith,  the Benefitted Parties hereby
irrevocably  authorize  the  Collateral  Agent from time to time to release such
Collateral  or consent  to such  release  in  accordance  with the terms of this
Agreement.  Notwithstanding anything provided herein to the contrary, no release
of security  shall in any way affect the  guaranties  by the  Material  Domestic
Subsidiaries of the  Obligations,  which  guaranties shall continue to remain in
full force and effect after any such release.

     Upon the receipt of such  Officers'  Certificate,  Secured Party shall,  at
such  Pledgor's  expense,  execute and  deliver  such  releases of its  security
interest in such Collateral which is to be so sold,  transferred or disposed of,
as may be reasonably requested by such Pledgor.

     (d) Successors and Assigns.  This Agreement shall be binding upon and inure
to the  benefit  of the  parties  hereto  and their  respective  successors  and
assigns.  At the time of any  assignment  of all or any  portion  of the  Senior
Noteholder  Obligations  by a Senior  Noteholder or of all or any portion of the
Senior  Lender  Obligations  by a Senior  Lender or of all or any portion of the
Additional  Obligations  by  any  Additional  Creditor,  such  assigning  Senior
Noteholder,  Senior  Lender or  Additional  Creditor,  as the case may be, shall
cause  its  assignee  (each an  "Additional  Benefitted  Party")  to  execute  a
Counterpart Collateral Agency and Intercreditor  Agreement  substantially in the
form attached hereto as Exhibit A (a  "Counterpart")  and become a party to this
Agreement.

     (e)  Additional  Creditors.  Upon the  execution  of a  Counterpart  by any
Additional  Creditors  (either directly or through their agents) and delivery of
such  Counterpart to the other parties hereto,  such entity or entities shall be
as fully a party to this  Agreement as a  Benefitted  Party as if such entity or
entities were an original  signatory  hereof  without any action  required to be
taken by any other  party  hereto,  provided  that each such  entity or entities
shall execute this  Agreement  simultaneously  with the  Subsidiary  Guarantors'
execution and delivery to it or them of a Subsidiary Guaranty.  Each other party
to this  Agreement  expressly  agrees  that its rights and  obligations  arising
hereunder  shall continue after giving effect to the addition of such Additional
Creditors as parties to this Agreement.

                                       12

<PAGE>

     (f)  Captions.  The  captions  and Section  headings  appearing  herein are
included  solely for convenience of reference and are not intended to affect the
interpretation of any provision of this Agreement.

     (g)  Conflicts.  In the  event  of a  conflict  between  the  terms of this
Agreement  and the  terms of any of the  Security  Documents,  the terms of this
Agreement shall control.

     (h)  Counterparts.  This  Agreement  may  be  executed  in  any  number  of
counterparts,  all of which  taken  together  will  constitute  one and the same
instrument  and any of the parties  hereto may execute this Agreement by signing
any such counterpart.

     (i)  GOVERNING  LAW. THIS  AGREEMENT  SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE  WITH THE LAW OF THE STATE OF NEW YORK  APPLICABLE TO CONTRACTS  MADE
AND PERFORMED IN THE STATE OF NEW YORK.

     (j) Merger.  This Agreement and the Security Documents  supersede all prior
agreements,  written or oral,  among the  parties  with  respect to the  subject
matter of such agreements.

     (k) Independent  Investigation.  None of the Collateral Agent or any of the
Benefitted Parties, nor any of their respective directors,  officers,  agents or
employees,  shall  be  responsible  to any of the  others  for the  solvency  or
financial condition of the Company or the ability of the Company to repay any of
the Obligations, or for the value, sufficiency, existence or ownership of any of
the Collateral,  or the statements of the Company,  oral or written,  or for the
validity,  sufficiency  or  enforceability  of  any of  the  Obligations  or any
document or agreement  executed or delivered in  connection  with or pursuant to
any of the  foregoing.  Each  Benefitted  Party has entered into its  respective
financial   agreements   with  the  Company  based  upon  its  own   independent
investigation, and makes no warranty or representation to the other, nor does it
rely upon any  representation by any of the others,  with respect to the matters
identified or referred to in this Section.

     (l)  Severability.  In case any one or more of the provisions  contained in
this Agreement shall be invalid,  illegal or unenforceable  in any respect,  the
validity,  legality  and  enforceability  of the  remaining  provisions  of this
Agreement shall not in any way be affected or impaired thereby.

     (m) Effect of Bankruptcy or Insolvency.  This  Agreement  shall continue in
effect  notwithstanding  the bankruptcy or insolvency of any party hereto or the
Company or any of its Subsidiaries.

                  [Remainder of page intentionally left blank]

                                       13

<PAGE>

     IN WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of
the date first set forth above.

                                         STATE STREET BANK AND TRUST COMPANY
                                         OF CALIFORNIA, N.A.,
                                         as Collateral Agent

                                         By:
                                         Name:   Stephen Rivero
                                         Title:  Vice President

                                         Address for Notices:

                                         State Street Bank and Trust
                                         Company of California, N.A.
                                         633 West 5th Street, 12th Floor
                                         Los Angeles, California  90071
                                         Attention:  Corporate Trust Department
                                         Facsimile:  (213) 362-7357

                                      S-1

<PAGE>

                              THE PRUDENTIAL INSURANCE
                              COMPANY OF AMERICA,
                              as Senior Noteholder

                              By:
                                   Name:
                                   Title:

                              Address for Notices:

                              The Prudential Insurance Company of America
                              c/o Prudential Capital Group - Corporate Finance
                              Four Embarcadero Center, Suite 2700
                              San Francisco, California  94111
                              Attention:  Managing Director
                              Facsimile:  (415) 421-6233

                                      S-2

<PAGE>

                              ABN AMRO BANK N.V.,
                              as Senior Lender

                              By:
                                   Name:
                                   Title:

                              By:
                                   Name:
                                   Title:

                              Address for Notices:

                              ABN AMRO Bank N.V.
                              208 South LaSalle Street, Suite 1500
                              Chicago, IL  60604-1003
                              Attention:      Credit Administration
                              Facsimile:      (312) 992-5111

                              with a copy to:

                              ABN AMRO Bank N.V.
                              101 California Street, Suite 4550
                              San Francisco, CA  94111-5812
                              Attention:  Gina Brusatori
                              Facsimile:  (415) 362-3524

                                      S-3

<PAGE>

EACH OF THE  UNDERSIGNED  HEREBY  ACKNOWLEDGES  AND  CONSENTS TO THE  FOREGOING,
INCLUDING,  WITHOUT  LIMITATION,  SECTION  3.  EACH  OF THE  UNDERSIGNED  HEREBY
CONSENTS TO THE RELEASE BY THE COLLATERAL AGENT TO THE BENEFITTED PARTIES OF ANY
INFORMATION  PROVIDED  TO OR  OBTAINED  BY  THE  COLLATERAL  AGENT  UNDER  OR IN
CONNECTION WITH THE SECURITY DOCUMENTS. EACH OF THE UNDERSIGNED HEREBY COVENANTS
TO PAY TO THE COLLATERAL AGENT FROM TIME TO TIME REASONABLE REMUNERATION FOR ITS
SERVICES  HEREUNDER  AND WILL PAY OR  REIMBURSE  THE  COLLATERAL  AGENT UPON ITS
REQUEST FOR ALL REASONABLE EXPENSES, DISBURSEMENTS AND ADVANCES INCURRED OR MADE
BY THE  COLLATERAL  AGENT IN THE  ADMINISTRATION  OR EXECUTION OF THE COLLATERAL
AGENCY  HEREBY  CREATED   (INCLUDING  THE   REASONABLE   COMPENSATION   AND  THE
DISBURSEMENTS OF ITS COUNSEL AND ALL OTHER ADVISERS AND ASSISTANTS NOT REGULARLY
IN ITS EMPLOY) BOTH BEFORE ANY DEFAULT HEREUNDER AND THEREAFTER UNTIL ALL DUTIES
OF THE COLLATERAL  AGENT HEREUNDER  SHALL BE FINALLY AND FULLY PERFORMED  EXCEPT
ANY SUCH EXPENSE, DISBURSEMENT OR ADVANCE AS MAY ARISE OUT OF OR RESULT FROM THE
COLLATERAL  AGENT'S GROSS  NEGLIGENCE  OR WILLFUL  MISCONDUCT.  THE  UNDERSIGNED
HEREBY  AGREES TO PROVIDE TO EACH OF THE  BENEFITTED  PARTIES  TRUE AND  CORRECT
COPIES OF ALL NOTICES, CERTIFICATES, SCHEDULES AND OTHER INFORMATION PROVIDED TO
THE COLLATERAL AGENT PURSUANT TO THIS AGREEMENT AND THE SECURITY DOCUMENTS.

NU SKIN ENTERPRISES, INC.

By:
     Name:  Corey B. Lindley
     Title:  Executive Vice President and
             Chief Financial Officer

NU SKIN INTERNATIONAL, INC.
NU SKIN HONG KONG, INC.
NU SKIN TAIWAN, INC.
NU SKIN UNITED STATES, INC.

By:
     Name:  Corey B. Lindley
     Title:  Vice President

Address for Notices:       One Nu Skin Plaza
                           75 West Center Street
                           Provo, Utah  84601
                           Attention:  General Counsel
                           Facsimile:  (801) 345-6099

                                      S-4

<PAGE>

                                    EXHIBIT A

            Counterpart Collateral Agency and Intercreditor Agreement

     IN WITNESS WHEREOF, the undersigned has caused this Counterpart  Collateral
Agency  and  Intercreditor   Agreement,   dated  as  of  ________,   20__  (this
"Counterpart"),  to be  duly  executed  and  delivered  by its  duly  authorized
officer.  Upon execution and delivery of this  Counterpart to Collateral  Agent,
the  undersigned  shall be an Additional  Benefitted  Party under the Collateral
Agency  and  Intercreditor  Agreement  [and  shall  be as  fully a party  to the
Collateral Agency and Intercreditor  Agreement as if such Additional  Benefitted
Party were an original  signatory  to the  Collateral  Agency and  Intercreditor
Agreement].

                                     [Name of Additional Benefitted Party]

                                     By:
                                          Name:
                                          Title:

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