market has worked out timpb now, page-5

Watford

GTPGA pays 6.4% fully franked on face value (grosses up to 9.1%)

GTPGB pays 7.7% (unfranked on face value)

GTPGA reset is Sep 09
GTPGB reset is Sep 10

Apart from higher yeild I am also more confident that GTP shares will be above lower limit in 09 than a year later in 10.

However above GTPGB reset date is from memory, may be worthwile to check it, and also maximum reset ratio.

Neil