<Page>
                                                          2002
--------------------------------------------------------------------------------
Prudential-Bache/                                         Annual
Watson & Taylor, Ltd.-2                                   Report
(In Process Of Liquidation)

<Page>

                    PRUDENTIAL-BACHE/WATSON & TAYLOR, LTD.-2
                               2002 Annual Report
                                                                      March 2003

   Enclosed are the financial statements and Management's Discussion and
Analysis of Financial Condition and Results of Operations of
Prudential-Bache/Watson & Taylor, Ltd.-2 (the 'Partnership') for the year ended
December 31, 2002.

   In accordance with a consent statement dated September 17, 1996, the limited
partners approved, during October 1996, the proposed sale of all eight
miniwarehouse facilities owned by the Partnership to Public Storage, Inc.
('Public') and the liquidation and dissolution of the Partnership.

   Seven of the eight properties were sold to Public during December 1996. The
Partnership continues to own the Hampton Park property located in Capitol
Heights, Maryland as it was not sold to Public after Phase I and Phase II
Environmental Site Assessments performed during 1996 by MACTEC Engineering and
Consulting, Inc. ('MACTEC'), which was formerly known as Law Engineering and
Environmental Services, Inc. or LAW, identified detectable levels of
tetrachloroethene ('PCE') in the soil and ground water samples collected at the
site. MACTEC, at the Partnership's request, reported the PCE release to the
Maryland Department of the Environment ('MDE').

   On November 21, 2000, MDE reached a determination that it was appropriate to
undertake an active remedial measure at the site. MACTEC, at the request of the
Partnership, submitted an application to enter the site into MDE's Voluntary
Cleanup Program ('VCP') during March 2001. During a meeting on May 16, 2001
between the Partnership, MACTEC and MDE, to discuss MDE's comments on the
Partnership's application, it was determined that the Partnership would perform
a non-invasive Phase I Environmental Site Assessment Update ('Phase I
Activities') and would subsequently, upon review and agreement with MDE, move to
perform certain Phase II invasive sampling and analytical procedures ('Phase II
Activities') with the anticipation of entering the site into the VCP. During the
first quarter of 2002, MDE notified the Partnership that its responses to all
previous comments on Phase I Activities have been resolved. Additionally, MACTEC
completed the fieldwork for Phase II activities (under a work plan that MDE
reviewed) during 2002. The procedures and findings were documented in a Phase II
Site Characterization and Risk Assessment Report (the 'Report') that was sent to
MDE on February 13, 2003. It is anticipated that MDE will take approximately 60
days to review the Report. Once the site is formally entered into the VCP, MDE
will provide direction regarding future monitoring, assessment or remediation
activities at the site that may be required of the Partnership or a prospective
buyer. As a result of the Partnership's experience in working with MDE on the
environmental issue, the Partnership changed the estimated date of liquidation
to December 31, 2003. As of December 31, 2002 and 2001, the Statement of Net
Assets reflects an accrued liability of $500,000 which represents the
Partnership's best estimate of the obligation regarding the environmental issues
mentioned above. The amount includes costs associated with an active remediation
program over a five-year period. It is reasonably possible that the loss
exposure will be in excess of the amount accrued and will be material to the
Partnership and may possibly change in the near future. However, it is uncertain
at this time what will ultimately be required to resolve the environmental issue
at the property.

   The General Partners intend to offer the Hampton Park property to a select
group of potential buyers, which specialize in the purchase of contaminated
properties, and others, albeit at a discount. It is the intention of the
Partnership to obtain from any potential buyer as complete an indemnification as
possible for any liability in connection with remediation of the contamination
of the property. Due to the environmental problem and MDE oversight, it is
uncertain when any such sale could be consummated. The Partnership's liquidation
and dissolution will proceed upon the sale of the Hampton Park property.

   We encourage you to read the attached report. Should you have any questions
concerning your investment or your account status, please contact the Client
Services Department at (212) 778-2443.

                                       1

<Page>
                         REPORT OF INDEPENDENT AUDITORS

To the Partners
Prudential-Bache/Watson & Taylor, Ltd.-2

We have audited the accompanying statements of net assets in process of
liquidation of Prudential-Bache/Watson & Taylor, Ltd.-2 as of December 31, 2002
and 2001, and the related statements of changes in net assets in process of
liquidation for each of the three years in the period ended December 31, 2002.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets in process of liquidation of
Prudential-Bache/Watson & Taylor, Ltd.-2 at December 31, 2002 and 2001, and the
changes in its net assets in process of liquidation for each of the three years
in the period ended December 31, 2002, in conformity with accounting principles
generally accepted in the United States.

As discussed in Note B to the financial statements, the Partnership adopted the
liquidation basis of accounting effective October 1, 1996.

/s/ Ernst & Young LLP
New York, New York
February 24, 2003
                                       2

<Page>
                    PRUDENTIAL-BACHE/WATSON & TAYLOR, LTD.-2
                             (limited partnership)
                            STATEMENTS OF NET ASSETS
                          (in process of liquidation)

<Table>
<Caption>
                                                                               December 31,
                                                                            2002           2001
--------------------------------------------------------------------------------------------------
<S>                                                                      <C>            <C>
ASSETS
Property held for sale                                                   $2,018,521     $2,018,521
Cash and cash equivalents                                                 1,659,883      1,363,297
Other assets                                                                382,677        451,648
                                                                         ----------     ----------
Total assets                                                              4,061,081      3,833,466
                                                                         ----------     ----------
LIABILITIES
Estimated liquidation costs                                                 453,264        423,368
Estimated remediation costs                                                 500,000        500,000
                                                                         ----------     ----------
Total liabilities                                                           953,264        923,368
                                                                         ----------     ----------
Net assets available to limited and general partners                     $3,107,817     $2,910,098
                                                                         ----------     ----------
                                                                         ----------     ----------
Limited and equivalent partnership units issued and outstanding              51,818         51,818
                                                                         ----------     ----------
                                                                         ----------     ----------
--------------------------------------------------------------------------------------------------
</Table>
                      STATEMENTS OF CHANGES IN NET ASSETS
                          (in process of liquidation)
<Table>
<Caption>
                                                             LIMITED        GENERAL
                                                             PARTNERS      PARTNERS        TOTAL
<S>                                                         <C>            <C>           <C>
---------------------------------------------------------------------------------------------------
Net assets--December 31, 1999                               $2,466,418      $ --         $2,466,418
Net income from liquidating activities                         209,919        --            209,919
                                                            ----------     ---------     ----------
Net assets--December 31, 2000                                2,676,337        --          2,676,337
Net income from liquidating activities                         233,761        --            233,761
                                                            ----------     ---------     ----------
Net assets--December 31, 2001                                2,910,098        --          2,910,098
Net income from liquidating activities                         197,719        --            197,719
                                                            ----------     ---------     ----------
Net assets--December 31, 2002                               $3,107,817      $ --         $3,107,817
                                                            ----------     ---------     ----------
                                                            ----------     ---------     ----------
---------------------------------------------------------------------------------------------------
                 The accompanying notes are an integral part of these statements.
</Table>
                                       3

<Page>
                    PRUDENTIAL-BACHE/WATSON & TAYLOR, LTD.-2
                            (a limited partnership)
                         NOTES TO FINANCIAL STATEMENTS
                           December 31, 2002 and 2001

A. General

   Prudential-Bache/Watson & Taylor, Ltd.-2 (the 'Partnership') is a Texas
limited partnership formed on November 14, 1983 which will terminate in
accordance with a vote of the limited partners as described below. The
Partnership was formed for the purpose of acquiring, developing, owning and
operating mini-storage and office/warehouse facilities. The general partners of
the Partnership are Prudential-Bache Properties, Inc. ('PBP'), a wholly owned
subsidiary of Prudential Securities Group Inc., George S. Watson, and A. Starke
Taylor, III (collectively, the 'General Partners'). PBP is the Managing General
Partner of the Partnership.

   In accordance with a consent statement dated September 17, 1996, the limited
partners approved, during October 1996, the proposed sale of all eight
miniwarehouse facilities owned by the Partnership to Public Storage, Inc.
('Public') and the liquidation and dissolution of the Partnership.

   Seven of the eight properties were sold to Public during December 1996. The
Partnership continues to own the Hampton Park property located in Capitol
Heights, Maryland as it was not sold to Public after Phase I and Phase II
Environmental Site Assessments performed during 1996 by MACTEC Engineering and
Consulting, Inc. ('MACTEC'), which was formerly known as Law Engineering and
Environmental Services, Inc. or LAW, identified detectable levels of
tetrachloroethene ('PCE') in the soil and ground water samples collected at the
site. MACTEC, at the Partnership's request, reported the PCE release to the
Maryland Department of the Environment ('MDE').

   On November 21, 2000, MDE reached a determination that it was appropriate to
undertake an active remedial measure at the site. MACTEC, at the request of the
Partnership, submitted an application to enter the site into MDE's Voluntary
Cleanup Program ('VCP') during March 2001. During a meeting on May 16, 2001
between the Partnership, MACTEC and MDE, to discuss MDE's comments on the
Partnership's application, it was determined that the Partnership would perform
a non-invasive Phase I Environmental Site Assessment Update ('Phase I
Activities') and would subsequently, upon review and agreement with MDE, move to
perform certain Phase II invasive sampling and analytical procedures ('Phase II
Activities') with the anticipation of entering the site into the VCP. During the
first quarter of 2002, MDE notified the Partnership that its responses to all
previous comments on Phase I Activities have been resolved. Additionally, MACTEC
completed the fieldwork for Phase II activities (under a work plan that MDE
reviewed) during 2002. The procedures and findings were documented in a Phase II
Site Characterization and Risk Assessment Report (the 'Report') that was sent to
MDE on February 13, 2003 as discussed in Note G. It is anticipated that MDE will
take approximately 60 days to review the Report. Once the site is formally
entered into the VCP, MDE will provide direction regarding future monitoring,
assessment or remediation activities at the site that may be required of the
Partnership or a prospective buyer. As a result of the Partnership's experience
in working with MDE on the environmental issue, the Partnership changed the
estimated date of liquidation to December 31, 2003. As of December 31, 2002 and
2001, the Statement of Net Assets reflects an accrued liability of $500,000
which represents the Partnership's best estimate of the obligation regarding the
environmental issues mentioned above. The amount includes costs associated with
an active remediation program over a five-year period. It is reasonably possible
that the loss exposure will be in excess of the amount accrued and will be
material to the Partnership and may possibly change in the near future. However,
it is uncertain at this time what will ultimately be required to resolve the
environmental issue at the property.

   The General Partners intend to offer the Hampton Park property to a select
group of potential buyers, which specialize in the purchase of contaminated
properties, and others, albeit at a discount. It is the intention of the
Partnership to obtain from any potential buyer as complete an indemnification as
possible for any liability in connection with remediation of the contamination
of the property. Due to the environmental problem and MDE oversight, it is
uncertain when any such sale could be consummated. The Partnership's liquidation
and dissolution will proceed upon the sale of the Hampton Park property.

   Net assets in liquidation increased $198,000 during the year ended December
31, 2002. The increase was primarily the result of income from operations of the
Hampton Park property, and to a lesser extent, interest

                                       4

<Page>
income. The increase was partially offset by $150,000 of additional expense
accruals made during the year. The additional accruals reflect a change in the
date utilized for estimating liquidation costs from December 31, 2002 to
December 31, 2003 and an additional $32,000 for costs of Phase II procedures to
be performed (see discussion above).

   Watson & Taylor Management, Inc. ('WTMI'), an affiliate of the individual
general partners is responsible for the day-to-day operation of the property,
including the supervision of the on-site managers and the establishment of
rental policies and rates for new rentals and renewals and directs the marketing
activity for the property under a management agreement ('Management Agreement')
entered into with the Partnership. The Management Agreement may be terminated by
either party with 60 days' written notice, with or without cause, and can be
terminated upon a sale of the property. WTMI receives 4.5% of the property's
gross revenues (as defined in the Management Agreement) as a management fee.

B. Summary of Significant Accounting Policies

Basis of accounting

   The Partnership adopted the liquidation basis of accounting effective October
1, 1996. Accordingly, the net assets of the Partnership at December 31, 2002 and
2001 are stated at liquidation value, i.e., the assets have been valued at their
estimated fair values, net of selling expenses, and the liabilities include
estimated amounts to be incurred through the date of liquidation of the
Partnership, which is in conformity with accounting principles generally
accepted in the United States. Due to the nature of the Hampton Park
environmental issue, the date of liquidation is uncertain; however, the
Partnership has utilized a December 31, 2003 date for purposes of estimating
costs through the conclusion of liquidation reflecting the Managing General
Partner's best estimate and giving consideration to the progress that has been
made with MDE (see Note A). The actual remaining net proceeds from liquidation
will depend upon a variety of factors and are likely to differ from the
estimated amounts reflected in the accompanying financial statements. The
Partnership's fiscal year for both book and tax purposes ends on December 31.

Income taxes

   The Partnership is not required to provide for, or pay, any Federal or state
income taxes. Income tax attributes that arise from its operations are passed
directly to the individual partners. The Partnership may be subject to other
state and local taxes in jurisdictions in which it operates.

Profit and loss allocations and distributions

   Income from a Terminating Sale, as defined in the Amended and Restated
Certificate and Agreement of Limited Partnership ('the Partnership Agreement'),
is allocated first to all partners having negative capital account balances, to
the extent of such balances, and then to the limited partners until their
capital accounts equal their Adjusted Capital Contribution plus a Cumulative
Preference as those terms are defined in the Partnership Agreement. Sales
proceeds from a Terminating Sale are first used for the payment of any debts or
obligations of the Partnership, then any balance remaining is distributed to the
partners having positive capital account balances.

   PBP has waived its right to share in any limited partner cash distributions
and allocations of the Partnership's profits and losses with respect to the 258
equivalent units it holds (see Note E).

C. Property Held for Sale

   The Partnership's property as of December 31, 2002, 2001 and 2000 consisted
solely of Hampton Park, a miniwarehouse facility located in Capitol Heights,
Maryland. It is uncertain at this time what the Partnership will ultimately
realize from the sale of the property due to the property's environmental issue
(see Note A). However, the carrying amount of the property appears to be
recoverable based on a March 2000 appraised valuation of the property (reduced
by estimated costs to sell and estimated costs to resolve the environmental
issue), and given improved property rental rates and occupancy rates since the
March 2000 appraisal.
                                       5

<Page>
D. Net Income From Liquidating Activities

   Net income from liquidating activities consisted of the following:

<Table>
<Caption>
                                                           Year Ended      Year Ended      Year Ended
                                                          December 31,    December 31,    December 31,
                                                              2002            2001            2000
                                                          ------------    ------------    ------------
<S>                                                       <C>             <C>             <C>
Rental and other income                                     $616,853        $625,931        $599,874
                                                          ------------    ------------    ------------
Property operating expenses                                  267,865         224,042         221,982
General and administrative expenses                            1,147           1,761           1,343
Estimated liquidation expenses                               150,122         166,367         166,630
                                                          ------------    ------------    ------------
                                                             419,134         392,170         389,955
                                                          ------------    ------------    ------------
Net income from liquidating activities                      $197,719        $233,761        $209,919
                                                          ------------    ------------    ------------
                                                          ------------    ------------    ------------
</Table>

E. Related Parties

   PBP and its affiliates perform services for the Partnership which include,
but are not limited to: accounting and financial management, transfer and
assignment functions, asset management, investor communications, printing and
other administrative services. PBP and its affiliates receive reimbursements for
costs incurred in connection with these services, the amount of which is limited
by the provisions of the Partnership Agreement.

   In February 2003, Prudential Financial, Inc. ('Prudential') and Wachovia
Corp. ('Wachovia') announced an agreement to combine each company's respective
retail securities brokerage and clearing operations within a new firm, which
will be headquartered in Richmond, Virginia. Under the agreement, Prudential
will have a 38% ownership interest in the new firm and Wachovia will own 62%.
The transaction, which includes the securities brokerage, securities clearing,
and debt capital markets operations of PSI, but does not include the equity
sales, trading and research operations or commodity brokerage and derivative
operations of PSI, is anticipated to close in the third quarter of 2003. PBP
will continue to be an indirect wholly owned subsidiary of Prudential.

   Affiliates of Messrs. Watson and Taylor, the individual General Partners,
also perform certain administrative and monitoring functions on behalf of the
Partnership for which they receive cost reimbursement.

   Additionally, WTMI receives 4.5% of the property's gross revenues (as defined
in the Management Agreement) as a management fee. Such management fees totalled
$27,000, $26,000 and $26,000 for the years ended December 31, 2002, 2001 and
2000, respectively.

   In conjunction with the liquidation basis of accounting, the Partnership has
recorded an accrual as of December 31, 2002 and 2001 for the estimated costs
expected to be incurred to liquidate the Partnership. Included in these
estimated liquidation costs is $164,000 and $155,000 as of December 31, 2002 and
2001, respectively, expected to be payable to the General Partners and their
affiliates during the anticipated remaining liquidation period. The actual
charges to be incurred by the Partnership will depend primarily upon the length
of time required to liquidate the Partnership's remaining net assets, and may
differ from the amounts accrued as of December 31, 2002.

   PBP and the individual General Partners of the Partnership, own 258, 130 and
130 equivalent limited partnership units, respectively. PBP receives funds from
the Partnership, such as General Partner distributions and reimbursement of
expenses, but has waived all of its rights resulting from its ownership of
equivalent limited partnership units. Accordingly, the 258 units owned by PBP
are not part of the 51,560 limited and equivalent units which receive
distributions and allocations of the Partnership's profits and losses.

   Prudential Securities Incorporated ('PSI'), an affiliate of PBP, owns 180
limited partnership units at December 31, 2002.

                                       6

<Page>
F. Income Taxes

   The following is a reconciliation of net income for financial reporting
purposes to net income for tax reporting purposes:

<Table>
<Caption>
                                                                  For the year ended December 31
                                                               -------------------------------------
<S>                                                            <C>           <C>           <C>
                                                                 2002          2001          2000
                                                               ---------     ---------     ---------
Net income for financial reporting purposes (a)                $ 197,719     $ 233,761     $ 209,919
Estimated liquidation costs, deducted for books not tax          150,122       166,367       166,630
Liquidation costs incurred, deducted for tax not book           (120,226)     (150,615)     (125,092)
Tax depreciation and amortization in excess of book amounts     (139,346)     (139,258)     (139,570)
                                                               ---------     ---------     ---------
Tax basis net income                                           $  88,269     $ 110,255     $ 111,887
                                                               ---------     ---------     ---------
                                                               ---------     ---------     ---------
</Table>

   (a) Represents net income from liquidating activities which is reflected in
       the Statement of Changes in Net Assets as well as Note D.

   The differences between the tax basis and book basis of partners' capital are
primarily attributable to the cumulative effect of the book to tax income
adjustments and the initial charge to partners' capital of syndication costs,
for book purposes, when the Partnership was formed.

G. Subsequent Event

   On February 13, 2003, MACTEC sent the Report to MDE and it is anticipated
that MDE will take approximately 60 days to complete its review. Once the site
is formally entered into the VCP, MDE will provide direction regarding future
monitoring, assessment or remediation activities at the site that may be
required of the Partnership or a prospective buyer.

                                       7

<Page>
                    PRUDENTIAL-BACHE/WATSON & TAYLOR, LTD.-2
                            (a limited partnership)
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                           AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   In accordance with a consent statement dated September 17, 1996, the limited
partners approved, during October 1996, the proposed sale of all eight
miniwarehouse facilities owned by the Partnership to Public Storage, Inc.
('Public') and the liquidation and dissolution of the Partnership.

   Seven of the eight properties were sold to Public during December 1996. The
Partnership continues to own the Hampton Park property located in Capitol
Heights, Maryland as it was not sold to Public after Phase I and Phase II
Environmental Site Assessments performed during 1996 by MACTEC Engineering and
Consulting, Inc. ('MACTEC'), which was formerly known as Law Engineering and
Environmental Services, Inc. or LAW, identified detectable levels of
tetrachloroethene ('PCE') in the soil and ground water samples collected at the
site. MACTEC, at the Partnership's request, reported the PCE release to the
Maryland Department of the Environment ('MDE').

   On November 21, 2000, MDE reached a determination that it was appropriate to
undertake an active remedial measure at the site. MACTEC, at the request of the
Partnership, submitted an application to enter the site into MDE's Voluntary
Cleanup Program ('VCP') during March 2001. During a meeting on May 16, 2001
between the Partnership, MACTEC and MDE, to discuss MDE's comments on the
Partnership's application, it was determined that the Partnership would perform
a non-invasive Phase I Environmental Site Assessment Update ('Phase I
Activities') and would subsequently, upon review and agreement with MDE, move to
perform certain Phase II invasive sampling and analytical procedures ('Phase II
Activities') with the anticipation of entering the site into the VCP. During the
first quarter of 2002, MDE notified the Partnership that its responses to all
previous comments on Phase I Activities have been resolved. Additionally, MACTEC
completed the fieldwork for Phase II activities (under a work plan that MDE
reviewed) during 2002. The procedures and findings were documented in a Phase II
Site Characterization and Risk Assessment Report (the 'Report') that was sent to
MDE on February 13, 2003. It is anticipated that MDE will take approximately 60
days to review the Report. Once the site is formally entered into the VCP, MDE
will provide direction regarding future monitoring, assessment or remediation
activities at the site that may be required of the Partnership or a prospective
buyer. As a result of the Partnership's experience in working with MDE on the
environmental issue, the Partnership changed the estimated date of liquidation
to December 31, 2003. As of December 31, 2002 and 2001, the Statement of Net
Assets reflects an accrued liability of $500,000 which represents the
Partnership's best estimate of the obligation regarding the environmental issues
mentioned above. The amount includes costs associated with an active remediation
program over a five-year period. It is reasonably possible that the loss
exposure will be in excess of the amount accrued and will be material to the
Partnership and may possibly change in the near future. However, it is uncertain
at this time what will ultimately be required to resolve the environmental issue
at the property.

   The General Partners intend to offer the Hampton Park property to a select
group of potential buyers, which specialize in the purchase of contaminated
properties, and others, albeit at a discount. It is the intention of the
Partnership to obtain from any potential buyer as complete an indemnification as
possible for any liability in connection with remediation of the contamination
of the property. Due to the environmental problem and MDE oversight, it is
uncertain when any such sale could be consummated. The General Partners intend
to liquidate the Partnership subject to the Hampton Park property first being
sold, and will distribute any remaining funds at such time.

   In conjunction with the liquidation basis of accounting, the Partnership has
recorded an accrual as of December 31, 2002 for the estimated costs expected to
be incurred to liquidate the Partnership. Due to the nature of the Hampton Park
environmental issue, the date of liquidation is uncertain. However, as mentioned
above, the Partnership has utilized a December 31, 2003 date for purposes of
estimating costs through the conclusion of liquidation reflecting the Managing
General Partner's best estimate and giving consideration to the progress that
has been made with MDE (see discussion above). The actual charges to be incurred
by the Partnership will depend primarily upon the length of time required to
liquidate the Partnership's remaining net assets, and may differ from the
amounts accrued as of December 31, 2002.

                                       8

<Page>
   Net assets in liquidation increased $198,000 during the year ended December
31, 2002. The increase was primarily the result of income from operations of the
Hampton Park property, and to a lesser extent, interest income. The increase was
partially offset by $150,000 of additional expense accruals made during the
year. The additional accruals reflect a change in the date utilized for
estimating liquidation costs from December 30, 2002 to December 31, 2003 and an
additional $32,000 for costs of Phase II procedures to be performed (see
discussion above).

Results of Operations

   As a result of the Partnership adopting the liquidation basis of accounting
in accordance with generally accepted accounting principles as of October 1,
1996, and thus not reporting results of operations thereafter, there is no
management discussion comparing the corresponding 2002, 2001 and 2000 periods.

                                       9

<Page>
                               OTHER INFORMATION

The Partnership's Annual Report on Form 10-K as filed with the Securities and
Exchange Commission is available to limited partners without charge upon written
request to:

        Prudential-Bache/Watson & Taylor, Ltd.-2/0TH
        Peck Slip Station
        P.O. Box 2303
        New York, New York 10273-0005

                                       10

<Page>

0TH                                   PRESORTED
Peck Slip Station                     STANDARD
P.O. Box 2303                       U.S. POSTAGE
New York, NY 10273-0005                 PAID
                                   Automatic Mail

PBW&T2/171650