account the current trends and changes in the market and on the basis of this manage the company's "wealth". In accordance with the company's basic philosophy, Fotex has acquired other company's to augment its portfolio and, as the situation has allowed, it has rationalized (through the merger of related company's) and/or divested of certain non-core businesses. Last but not least, a significant operating real estate has been built up through the years, enabling Fotex to turn this division into one of its definitive core segments.