EPS for 1st half was down 8% from 4.57 cents to 4.19 cents. Recurring management fees actually increased however the results this year looked weaker due to lack off one-offs as compared to last year, in which the dragon fund 1 was mostly divested. Going forward I think they will make around 9 cents per share this full year and around 10 cents per share next year. Dividend payout was maintained at 2.3 cents with full year payout likely to total 5 cents again. Management has stated during AGM that they would like to keep it at this level so that they can deploy the extra cash into newly created property funds in which their partners prefer ARA to also own a meaningful stake. AUM is up 0.9 billion for the first half this year, quite on track with their target of 2 billion in AUM ......