1. Presentation of results as of September 30 2003 Oslo October 22 2003

2. Content Financial Review Commercial Update Shareholder Distribution
Outlook

3. Financial Summary as of Sept. 30 2003
Total revenues YTD of NOK 10.1 mill.
Nutrition Partners JV dissolved from Jan 1
41% decline in royalty revenues from Q3 2002
-Weak sales of Scan Diet and Nutriplan
NOK 8 mill. write-off of goodwill related to GNC
70% decline in operating expenses excl. NPA and 8 mill. goodwill write-off

4. Financial Summary as of Sept. 30 2003
Operating result YTD 2003 NOK –17.6 mill vs NOK –58.5 mill.
Loss of NOK 8.5 mill. vs loss of 47.4 mill.
Positive cash flow of NOK 4.4 million in Q3
Reduced working capital
Cash position of NOK 221 million, or NOK 3.07 per share (not including own shares)
Unchanged from Dec

5. Income Statement Revenues Operating expenses Operating results
Net finance
Pre-tax results
9M 2003
10.1
27.7
-17.6
9.1
-8.5
9M 2002
40.5
98.9
-58.4
11.0
-47.4
2002
51.3
132.2
-80.9
14.3
-66.6
2001
15.8
176.4
-160.6
27.5
-133.1
All figures in MNOK

6. Balance Sheet Long term assets Current assets Total assets Equity
Liabilities
Total eq. & liab.
17.5
225.6
243.2
234.0
9.2
26.0
234.3
260.3
242.2
18.1
31.0
308.3
339.3
309.9
29.4
339.4
All figures in MNOK,

7. Commercial Update - Nordic
Nutrition Partners JV dissolved as of Jan
New royalty agreement with Nycomed
Exclusive license for Nutrilett in Nordic and Baltic
Sales of Nutrilett of NOK 56.2 mill. YTD 2003
Slight decline from 2002 due to
Increased competition from other dieting programs

8. Commercial Update – United States
GNC - Scan Diet™
Scan Diet sales declined from USD 9.8 mill. YTD 2002 to USD 3 mill. in 2003
Discontinued product lines
Limited marketing support
Growth of low carbohydrate diets
GNC will continue to carry Scan Diet through 2004
GNC has been sold by Numico to Apollo Management

9. Commercial Update – Australia/NZ
Mayne - Nutriplan™
Mayne divesting non strategic assets incl. Nutriplan
Mayne and NUT have not been able to find new home for Nutriplan
Licence agreement will be terminated and Nutriplan will no longer be available in Australia/NZ

10. Commercial Update – Mills
Mills DA
In September Mills DA, a part of the Norwegian Agra Group launched a pate containing Abacor under its Vita brand
Vita positioned as an active part of a cholesterol conscious diet
First launch of food product containing Abacor
Limited royalty to NUT

11. Distribution to shareholders
Proposal to distribute NOK 2.75 per share to shareholders unanimously approved in extraordinary shareholders’ meeting
Creditor notice period will expire in December and payment is planned shortly thereafter.
Stock exchange notice will be sent

12. Outlook
Future source of revenue will be royalty from Nutrilett and Scan Diet
Royalty revenues expected to decline further due to Scan Diet
Uncertain situation for Scan Diet after 2004
Continue to pursue new licence agreements
NUT has not been succesful in finding an industrial partner
NUT will explore alternative strategic opportunities

13. 2003 reporting dates
Q – February 4, 2004