Nutri Pharma announces changes in executive management

Oslo/Copenhagen, May 31, 2001

Nutri Pharma (OSE: NUT) a global leader in functional foods and beverages - today announces the following changes in its executive management team:

Christer Denrell has informed the Board of Directors that he wishes to withdraw from his position as Chairman of the Board and Executive Director of Nutri Pharma ASA. The Board of Directors has constituted Mr. Roel Pieper as new Chairman.

Michael Oredsson, has informed the Board of Directors that he wishes to withdraw from his position a CEO of Nutri Pharma ASA. The Board has constituted Mr. Graham Waters as new CEO of the company.

These changes are made with immediate effect.

The Board intends to confirm and announce a new permanent board- and management structure after its first regular meeting on June 12, 2001. The Board of Directors is confident that the announced changes in governance and management of the company will have a positive impact on the over all management of Nutri Pharma and that business will develop in full accordance with regular operations and future plans.

Prof. Ir. Roel Pieper is General Partner at Insight Capital Partners in New York.
He has had a diversified international career mainly within the ICT-industry. Following his Technical Director position at Software AG, he was appointed CEO at AT&T’s Unix Systems Laboratories. In 1996 he was appointed CEO of Tandem Computers, and following the take-over of Tandem by Compaq, he was appointed board member and Executive Vice President in Royal Philips Electronics N.V. In 1999 Roel Pieper made General Partner in the New York based company Insight Capital Partners. He is a board member of several companies and non-profit organisations. Pieper has his education from Delft University of Technology where he majored in mathematics and computer science. He also is professor of e-commerce at University of Twente.

Mr. Graham Waters has been employed with Nutri Pharma since January, 2001 as Managing Director of the United Kingdom subsidiary. Prior to this he was Managing Director of Pharmacia Corporation's UK Consumer Healthcare organisation. In eleven years with Pharmacia he achieved marketing success with the launch of Nicorette onto the UK market. Management achievement was demonstrated by the development and implementation of a global business improvement program as president, business development.

Nutri Pharma is a global leader in functional foods and beverages, developing and marketing innovative functional food ingredients and products, all based on the company’s proprietary soy technology. The products cure and prevent lifestyle-related diseases, such as elevated cholesterol level, obesity and type 2 diabetes. Nutri Pharma is listed on the main list at the Oslo Stock Exchange and has its headquarters in Copenhagen. Nutri Pharma also have offices in Norway, Sweden, USA, England and Germany.

For further information, please contact:

Aage Østerstrøm, CFO Nutri PharmaTEL: +45 3338 4000