Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Nu Skin Enterprises, Inc.: We have completed an integrated audit of Nu Skin Enterprises,  Inc.’s  2004  consolidated financial statements and of its internal  control over financial reporting as of December  31 ,  2004  and  audits of its  2003  and  2002  consolidated financial statements  in accordance with the standards of the Public Company Ac- counting Oversight Board (United States). Our opinions, based  on our audits, are presented below. internal control over financial reporting based on our audit.  We conducted our audit of internal control over financial re- porting in accordance with the standards of the Public Com- pany Accounting Oversight Board (United States). Those  standards require that we plan and perform the audit to obtain  reasonable assurance about whether effective internal control  over financial reporting was maintained in all material respects.  An audit of internal control over financial reporting includes  obtaining an understanding of internal control over financial  reporting, evaluating management’s assessment, testing and  evaluating the design and operating effectiveness of internal  control, and performing such other procedures as we consider  necessary in the circumstances. We believe that our audit  provides a reasonable basis for our opinions.  In our opinion, the accompanying consolidated balance  sheets and the related consolidated statements of income,  of stockholders’ equity and of cash flows present fairly, in  all material respects, the financial position of Nu Skin  Enterprises, Inc. and its subsidiaries at December  31 ,  2004 and  2003 , and the results of their operations and their cash  flows for each of the three years in the period ended De- cember  31 ,  2004  in conformity with accounting principles  generally accepted in the United States of America. These  financial statements are the responsibility of the Company’s  management. Our responsibility is to express an opinion on  these financial statements based on our audits. We con- ducted our audits of these statements in accordance with  the standards of the Public Company Accounting Oversight  Board (United States). Those standards require that we plan  and perform the audit to obtain reasonable assurance about  whether the financial statements are free of material  misstatement. An audit of financial statements includes  examining, on a test basis, evidence supporting the amounts  and disclosures in the financial statements, assessing the  accounting principles used and significant estimates made  by management, and evaluating the overall financial state- ment presentation. We believe that our audits provide a  reasonable basis for our opinion. A company’s internal control over financial reporting is a  process designed to provide reasonable assurance regarding the  reliability of financial reporting and the preparation of finan- cial statements for external purposes in accordance with gener- ally accepted accounting principles. A company’s internal  control over financial reporting includes those policies and  procedures that (i) pertain to the maintenance of records that,  in reasonable detail, accurately and fairly reflect the transac- tions and dispositions of the assets of the company; (ii) provide  reasonable assurance that transactions are recorded as necessary  to permit preparation of financial statements in accordance  with generally accepted accounting principles, and that receipts  and expenditures of the company are being made only in ac- cordance with authorizations of management and directors of  the company; and (iii) provide reasonable assurance regarding  prevention or timely detection of unauthorized acquisition,  use, or disposition of the company’s assets that could have a  material effect on the financial statements.  Because of its inherent limitations, internal control over  financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future  periods are subject to the risk that controls may become inad- equate because of changes in conditions, or that the degree of  compliance with the policies or procedures may deteriorate. Also, in our opinion, management’s assessment, included in the  accompanying Management Report on Internal Control over  Financial Reporting appearing on page  73 , that the Company  maintained effective internal control over financial reporting  as of December  31 ,  2004  based on criteria established in  In- ternal Control—Integrated Framework  issued by the Committee  of Sponsoring Organizations of the Treadway Commission  (COSO), is fairly stated, in all material respects, based on those  criteria. Furthermore, in our opinion, the Company maintained,  in all material respects, effective internal control over financial  reporting as of December  31 ,  2004 , based on criteria established  in  Internal Control—Integrated Framework  issued by the COSO.  The Company’s management is responsible for maintaining  effective internal control over financial reporting and for its  assessment of the effectiveness of internal control over financial  reporting. Our responsibility is to express opinions on man- agement’s assessment and on the effectiveness of the Company’s  PricewaterhouseCoopers LLP Salt Lake City, Utah March  15 ,  2005 CONSOLIDATED FINANCIAL STATEMENTS INTERNAL CONTROL OVER FINANCIAL REPORTING 72