Conversion of US Dollar Denominated Debt

On January 8, 2008, Nu Skin Enterprises, Inc. (the “Company”) converted $20 million of existing US dollar denominated debt into Japanese yen denominated debt at an exchange rate of 108.5 yen to the dollar. The existing US dollar debt had been evidenced by a Series E promissory note in the principal amount of $25 million bearing an interest rate of 6.14% (previously filed with the Commission as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated January 19, 2007). Two new replacement notes were issued in exchange for the original $25 million Series E promissory note: (a) a note in the principal amount of 2,170,000,000 Japanese yen, bearing an interest rate of 3.275% payable semi-annually (the “Series EE Note”); and (b) a note in the principal amount of US $5 million, bearing an interest rate of 6.14% payable semi-annually (the “Series E Note”). The Series E Note and the Series EE Note are collectively referred to as the “Notes.” The final maturity date of the Notes is January 20, 2017 and principal payments are required annually beginning on January 20, 2011 in installments of 310,000,000 Japanese Yen and US $785,714, respectively. The Series EE Note and the Series E Note (the “Notes”) are both subject to the terms of the $205 million Private Shelf Agreement entered into between the Company and Prudential Investment Management, Inc. (“Prudential”) on August 26, 2003 as amended from time to time.

The Notes are attached as Exhibits 99.1 and 99.2 to this report and incorporated by reference herein.

The information provided in Item 1.01 of this Current Report on Form 8-K regarding the Notes (as such term is defined above) is incorporated by reference into this Item 2.03.