KELLOGG/WHU-01

Wolf M. Nietzer was named in 2002 chairman of the supervisory board of Beyerdynamic, as well as — after a successful turnaround of the German operations — a member of the board of directors of Beyerdynamic North America in 2003. Beyerdynamic is a manufacturer of microphones, headphones, wireless systems and conference systems used in studios, live productions, television and radio stations, theaters, musicals, meetings and conferences worldwide.