<PAGE>




                              THE MILLBURN WORLD

                                RESOURCE TRUST

                             FINANCIAL STATEMENTS

                             FOR THE YEARS ENDED

                       DECEMBER 31, 2000, 1999 AND 1998



<PAGE>

THE MILLBURN WORLD RESOURCE TRUST
INDEX
-------------------------------------------------------------------------------


                                                                      PAGES

Affirmation of Millburn Ridgefield Corporation                         F-1

Report of Independent Accountants                                      F-2

Financial Statements:
   Statements of Financial Condition at December 31, 2000 and 1999     F-3

   Statements of Operations for the Years Ended December 31, 2000,
      1999 and 1998                                                    F-4

   Statements of Changes in Trust Capital for the Years Ended
      December 31, 2000, 1999 and 1998                                 F-5

   Notes to Financial Statements                                  F-6- F-9

<PAGE>

MILLBURN WORLD RESOURCE TRUST
AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION
-------------------------------------------------------------------------------




In compliance with the Commodity Futures Trading Commission's regulations, I
hereby affirm that to the best of my knowledge and belief, the information
contained in the statements of financial condition of The Millburn World
Resource Trust, at December 31, 2000 and 1999 and the related statements of
operations and of changes in trust capital for the years ended December 31,
2000, 1999 and 1998 are complete and accurate.




HARVEY BEKER, CO - CHIEF EXECUTIVE OFFICER
MILLBURN RIDGEFIELD CORPORATION
MANAGING OWNER OF THE MILLBURN WORLD RESOURCE TRUST

<PAGE>


                        REPORT OF INDEPENDENT ACCOUNTANTS



To the Unitholders of
The Millburn World Resource Trust:


In our opinion, the accompanying statements of financial condition and the
related statements of operations and of changes in Trust capital present fairly,
in all material respects, the financial position of The Millburn World Resource
Trust at December 31, 2000 and 1999, and the results of its operations for each
of the three years in the period ended December 31, 2000, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements are the responsibility of the Trust's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which 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, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.


                                             PricewaterhouseCoopers LLP

February 27, 2001



<PAGE>

THE MILLBURN WORLD RESOURCE TRUST                                           F-3
STATEMENTS OF FINANCIAL CONDITION
AT DECEMBER 31, 2000 AND 1999
-------------------------------------------------------------------------------

<TABLE>
<CAPTION>
ASSETS                                                                                              2000                1999
<S>                                                                                            <C>                   <C>
Equity in trading accounts:
  Cash                                                                                         $       --            $2,885,005
  Investments in U.S. Treasury bills - at value (amortized
    cost $4,075,037 and $20,714,304 at December 31,
    2000 and 1999, respectively) (Note 2)                                                         4,075,037          20,714,304
  Investments in U.S. Treasury notes - at value ($6,332,969
    and $0 at December 31, 2000 and 1999, respectively)
    (includes investments valued at $4,181,288 pledged as
    trading collateral) (Note 2)                                                                  6,392,219                --
  Unrealized appreciation on open contracts                                                       6,412,024           3,240,145
  Unrealized depreciation on open contracts                                                        (370,037)           (259,646)
                                                                                               ------------        ------------

      TOTAL EQUITY IN TRADING ACCOUNTS                                                           16,509,243          26,579,808

Investment in U.S. Treasury bills - at value (amortized cost
  $9,582,366 and $24,036,104 at December 31,
  2000 and 1999, respectively) (Note 2)                                                           9,582,366          24,036,104
Investment in U.S. Treasury notes - at value (cost
  $6,534,621 and $0 at December 31, 2000
  and 1999, respectively) (Note 2)                                                                6,589,969                --
Money market fund                                                                                 3,592,984           2,534,912
Accrued interest receivable                                                                         163,249                --
                                                                                               ------------        ------------

      TOTAL ASSETS                                                                              $36,437,811         $53,150,824
                                                                                               ============        ============

LIABILITIES AND TRUST CAPITAL

Due to Broker                                                                                      $506,050        $       --
Accounts payable and accrued expenses                                                                86,752              70,961
Redemptions payable to unitholders, net (Note 7)                                                  1,368,925           2,261,893
Accrued brokerage fees (Note 3)                                                                     245,091             333,354
                                                                                               ------------        ------------

        TOTAL LIABILITIES                                                                         2,206,818           2,666,208
                                                                                               ------------        ------------

Trust capital (Notes 3, 7 and 8):
  Managing Owner interest                                                                           942,196             848,658
  Unitholders, (29,311.653 and 44,722.052 Units of Beneficial
    Interest outstanding at December 31, 2000 and 1999,
    respectively)                                                                                33,288,797          49,635,958
                                                                                               ------------        ------------
      TOTAL TRUST CAPITAL                                                                        34,230,993          50,484,616
                                                                                               ------------        ------------
      TOTAL LIABILITIES AND TRUST CAPITAL                                                       $36,437,811         $53,150,824
                                                                                               ============        ============
</TABLE>

                         See accompanying notes to financial statements.

<PAGE>


THE MILLBURN WORLD RESOURCE TRUST                                          F-4
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                   2000               1999                1998
                                                               -----------         ------------        ------------
<S>                                                          <C>                   <C>                 <C>
Income (Note 2):
  Net gains (losses) on trading of futures,
    forward and option contracts
      Realized gains (losses
        Futures and forwards                                   $(2,166,473)        $  (913,247)        $ 5,390,695
        Options                                                          -                   -           1,114,879
      Change in unrealized appreciation
        (depreciation):
          Futures and forwards                                   3,061,488          (2,536,947)            764,120
          Options                                                        -                   -            (163,054)
                                                               -----------         ------------        ------------
                                                                   895,015          (3,450,194)          7,106,640

          Less, Brokerage fees (Note 3)                          3,298,836           5,496,697           6,528,321
                                                               -----------         ------------        ------------
            NET REALIZED AND UNREALIZED GAINS
              (LOSSES) ON TRADING OF FUTURES,
              FORWARD AND OPTION CONTRACTS                      (2,403,821)         (8,946,891)            578,319

Net gains from U.S. Treasury obligations:
  Realized gains                                                    17,189                   -                   -
  Unrealized appreciation                                          114,598                   -                   -
                                                               -----------         ------------        ------------
            TOTAL NET REALIZED AND UNREALIZED
              GAINS (LOSSES)                                    (2,272,034)         (8,946,891)            578,319
                                                               -----------         ------------        ------------
  Interest income                                                2,037,153           3,026,673           3,810,780
  Foreign exchange loss                                             (5,383)            (33,211)           (198,930)
                                                               -----------         ------------        ------------
            TOTAL INCOME (LOSS)                                   (240,264)         (5,953,429)          4,190,169
                                                               -----------         ------------        ------------
Expenses (Note 3):
  Administrative expenses                                          297,751             389,267             581,101
                                                               -----------         ------------        ------------
                                                                   297,751             389,267             581,101
                                                               -----------         ------------        ------------
            NET INCOME (LOSS)                                   $ (538,015)       $ (6,342,696)        $ 3,609,068
                                                               ===========         ============        ============
            NET INCOME (LOSS) PER UNIT OF
              BENEFICIAL INTEREST (NOTE 8)                      $    25.80*       $    (124.50)        $     51.95
                                                               ===========         ============        ============
---------------
* The amount shown per Unit in 2000 does not correspond with the net loss as
  shown on the Statements of Operations for the year ended December 31, 2000
  because of the timing of redemptions of the Partnership's Units in relation to
  the fluctuating values of the Trust's investments.


                         See accompanying notes to financial statements.

</TABLE>

<PAGE>

THE MILLBURN WORLD RESOURCE TRUST                                           F-5
STATEMENTS OF CHANGES IN TRUST CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
-------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                NEW PROFITS
                                                                                   MEMO          MANAGING
                                                               UNITHOLDERS        ACCOUNT          OWNER         TOTAL
                                                              ------------        --------       ---------    -----------
<S>                                                           <C>                 <C>           <C>           <C>
   TRUST CAPITAL AT DECEMBER 31, 1997                         $ 72,794,694        $      -      $  776,209    $ 73,570,903

Proceeds from sale of 9,536.800 Units
  of Beneficial Interest                                        11,163,820               -               -      11,163,820

Net income                                                       3,511,646                          97,422       3,609,068

Redemptions (12,173.848 Units of Beneficial
  Interest)                                                    (14,523,154)              -               -     (14,523,154)
Units of Beneficial interest (169.279) allocated                         -               -               -               -
                                                              ------------        --------       ---------    -----------
   TRUST CAPITAL AT DECEMBER 31, 1998                           72,947,006               -         873,631      73,820,637
                                                              ------------        --------       ---------    -----------

Proceeds from sale of 3,163.697 Units of
  Beneficial Interest                                            3,655,051               -               -       3,655,051

Net loss                                                        (6,317,723)              -         (24,973)     (6,342,696)

Redemptions (17,657.948 Units of Beneficial
  Interest)                                                    (20,648,376)              -               -     (20,648,376)
Units of Beneficial interest (120.204) allocated                         -               -               -               -
                                                              ------------        --------       ---------    -----------
   TRUST CAPITAL AT DECEMBER 31, 1999                           49,635,958               -         848,658      50,484,616
                                                              ------------        --------       ---------    -----------
Proceeds from sale of 645.250 Units of
Beneficial Interest                                                682,041               -               -         682,041

Net income (loss)                                                 (631,553)              -          93,538        (538,015)

Redemptions (16,112.349 Units of Beneficial
Interest)                                                      (16,397,649)              -               -     (16,397,649)

Units of Beneficial interest (56.7) allocated                            -               -               -               -
                                                              ------------        --------       ---------    -----------
   TRUST CAPITAL AT DECEMBER 31, 2000                         $ 33,288,797        $      -      $  942,196    $ 34,230,993
                                                              ============        ========      ==========    ============

</TABLE>

                         See accompanying notes to financial statements.


<PAGE>

THE MILLBURN WORLD RESOURCE TRUST                                           F-6
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------------

1.   PARTNERSHIP ORGANIZATION

     The Millburn World Resource Trust (the "Trust") was organized on June 7,
     1995 under the Delaware Business Trust Act. The Trust is engaged in
     speculative trading in the futures, options and forward markets. The
     instruments that are traded by the Trust are volatile and involve a high
     degree of risk. The Trust commenced trading operations on September 13,
     1995.

     Millburn Ridgefield Corporation (the "Managing Owner") has agreed to make
     additional capital contributions, subject to certain possible exceptions in
     order to maintain its capital account at not less than 1% of the total
     capital accounts of the Trust. The Managing Owner and the holders of the
     Units of Beneficial Interest ("Units") issued by the Trust will share in
     any profits and losses of the Trust in proportion to the percentage
     interest owned by each, before brokerage commissions and profit share
     allocations. There are 63,400 Units authorized for sale.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a.   INVESTMENTS
     Open options, futures and forward contracts are valued at market value.
     Realized gains (losses) and changes in unrealized appreciation
     (depreciation) on futures, forward and option contracts are recognized in
     the periods in which the contracts are closed or the changes occur, and are
     included in the statements of operations in net gains (losses) on trading
     of futures, forward and option contracts.

     Investments in U.S. Treasury bills are valued at cost plus amortized
     discount which approximates value. Investments in U.S. Treasury notes are
     valued at market value. Such securities are normally on deposit with
     financial institutions as collateral for performance of the Trust's trading
     obligations or held for safekeeping in a custody account.

b.   FOREIGN CURRENCY TRANSLATION
     Assets and liabilities denominated in foreign currencies are translated at
     quoted prices of such currencies. Purchases and sales of investments are
     translated at the exchange rate prevailing when such transactions occurred.

c.   INCOME TAXES
     Income taxes have not been provided, as each Unitholder is individually
     liable for the taxes, if any, on his share of the Trust's income and
     expenses.

d.   ESTIMATES
     The preparation of financial statements in conformity with generally
     accepted accounting principles requires management to make estimates and
     assumptions that affect the reported amounts of assets and liabilities and
     disclosure of contingent assets and liabilities at the date of the
     financial statements and reported amounts of revenues and expenses during
     the period. Actual results could differ from these estimates.

E.   RIGHT OF OFFSET
     The customer agreements between the Trust and certain brokers give the
     Trust the legal right to net unrealized gains and losses. Unrealized gains
     and losses related to transactions with these brokers are reflected on a
     net basis in the equity in trading accounts in the statements of financial
     condition.

<PAGE>

THE MILLBURN WORLD RESOURCE TRUST                                           F-7
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------------

3.   TRUST AGREEMENT

     The Trust Agreement provides that the Managing Owner shall control, conduct
     and manage the business of the Trust, and may make all trading decisions.

     The Trust pays brokerage fees to the Managing Owner at the annual rate of
     9.0% of the Trust's average month-end Net Assets of Unitholders interests
     (prior to reduction for accrued brokerage fees or Profit Share). The
     Managing Owner retains the right to charge less than the annual brokerage
     rate of 9% to those subscribers who either invest $1,000,000 or more in the
     Units or subscribe without incurring the selling commission paid by the
     Managing Owner.

     The Managing Owner, not the Trust, will pay all routine costs of executing
     and clearing the Trust's futures and options trades, including brokerage
     commissions payable to the clearing brokers. The Managing Owner also pays,
     from its own funds, selling commissions on all sales of Units.

     Profit Share equal to 17.5% of any New Trading Profits (as defined) in
     excess of the highest cumulative level of Trading Profit as of any previous
     calendar quarter-end is added to the New Profits Memo Account. A transfer
     from such account to the Managing Owner's capital account is made to the
     extent taxable capital gains are allocated to the Managing Owner.

     The Trust pays its legal, accounting, auditing, printing, postage and
     similar administrative expenses (including the Trustee's fees, the charges
     of an outside accounting services agency and the expenses of updating the
     Prospectus), as well as extraordinary costs.

4.   TRADING ACTIVITIES

     All of the derivatives owned by the Trust, including options, futures and
     forwards, are held for trading purposes. The results of the Trust's trading
     activity are shown in the statements of operations. The fair value of the
     derivative financial instruments, at December 31, 2000 and 1999 was
     $6,041,987 and $2,980,499, respectively.

     The Trust conducts its trading activities with various brokers acting
     either as a broker or counterparty to various transactions. At December 31,
     2000 and 1999, cash, treasury notes, and treasury bills, aggregating
     $9,961,206 and $23,599,309, respectively, included in the Trust's equity in
     trading accounts are held by such brokers in segregated accounts as
     required by U.S. Commodity Futures Trading Commission's regulations or by
     the counterparty bank or broker. Such collateral can be sold or repledged
     by the counterparties.

5.   DERIVATIVE INSTRUMENTS

     The Trust is party to derivative financial instruments in the normal course
     of its business. These financial instruments include forwards, futures and
     options, whose value is based upon an underlying asset, index, or reference
     rate, and generally represent future commitments to exchange currencies or
     cash flows, or to purchase or sell other financial instruments at specific
     terms at specified future dates. These instruments may be traded on an
     exchange or over-the-counter. Exchange traded instruments are standardized
     and include futures and certain options. Each of these instruments is
     subject to various risks similar to those related to the underlying
     financial instruments including market and credit risk.

<PAGE>

THE MILLBURN WORLD RESOURCE TRUST                                          F-8
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------------


     Market risk is the potential change in the value of the instruments traded
     by the Trust due to market changes, including interest and foreign exchange
     rate movements and fluctuations in futures or security prices. Market risk
     is directly impacted by the volatility and liquidity in the markets in
     which the related underlying assets are traded. The Trust's risk of loss
     due to market risk may exceed the related amounts presented in the
     statements of financial condition.

     Credit risk is the possibility that a loss may occur due to the failure of
     a counterparty to perform according to the terms of a contract. Credit risk
     is normally reduced to the extent that an exchange or clearing organization
     acts as a counterparty to futures or options transactions, since typically
     the collective credit of the members of the exchange is pledged to support
     the financial integrity of the exchange. In the case of over-the-counter
     transactions, the Trust must rely solely on the credit of the individual
     counterparties. The Trust's risk of loss in the event of counterparty
     default is typically limited to the amounts recognized in the statements of
     financial condition, not to the contract or notional amounts of the
     instruments.

     The Trust has limited concentration risk as it executes trades and
     maintains accounts with several brokers.

     The fair value of the Partnership's derivative financial instruments at
     December 31, 2000 and 1999 is detailed below:

<TABLE>
<CAPTION>

                                      UNREALIZED APPRECIATION
                                      -----------------------
                                          GROSS       NET
<S>                                   <C>          <C>
DECEMBER 31, 2000:
  Exchange traded                     $3,449,973   $3,012,743
  Non-exchange  traded                 3,234,839    3,029,244
                                      ----------   ----------
                                      $6,684,812   $6,041,987
                                      ==========   ==========

DECEMBER 31, 1999:
  Exchange traded                     $3,288,946   $2,846,384
  Non-exchange traded                    402,364      134,115
                                      ----------   ----------
                                      $3,691,310   $2,980,499
                                      ==========   ==========
</TABLE>


6.   TERMINATION

     The Trust will terminate on December 31, 2025 or at an earlier date if
     certain conditions occur as defined in the Declaration of Trust and Trust
     Agreement.

7.   REDEMPTIONS

     Units may be redeemed, at the option of any Unitholder, at Net Asset Value
     (as defined) as of the close of business on the last business day of any
     calendar month on ten business days' written notice to the Managing Owner.
     Persons who redeem Units at or prior to the end of the first and second
     successive six-month periods after such Units are sold will be assessed
     redemption charges of 4% and 3%, respectively (3% and 2%, respectively, in
     the case of subscriptions of $1,000,000 or more), of their redeemed Units'
     Net Asset Value as of the date of redemption. All redemption charges will
     be paid to the Managing Owner.

<PAGE>

THE MILLBURN WORLD RESOURCE TRUST                                          F-9
NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------------

8.   NET ASSET VALUE PER UNIT

     Changes in net asset value per Unit during the years ended December 31,
     2000, 1999 and 1998 were as follows:


<TABLE>
<CAPTION>
                                                         2000                1999                 1998
                                                      ----------          ----------           ----------
<S>                                                   <C>                 <C>                  <C>
Net realized and unrealized gains (losses)
    on futures, forwards and options                  $   (20.35)         $  (173.00)          $     8.32
Interest income                                            54.46               56.51                54.85
Foreign exchange loss                                      (0.16)              (0.65)               (2.86)
Administrative expenses                                    (8.15)              (7.36)               (8.36)
                                                      ----------          ----------           ----------
          NET INCOME (LOSS) PER UNIT                       25.80             (124.50)               51.95

Net asset value per Unit, beginning of year             1,109.88            1,234.38             1,182.43
                                                      ----------          ----------           ----------
          NET ASSET VALUE PER UNIT,
            END OF YEAR                               $ 1,135.68          $ 1,109.88           $ 1,234.38
                                                      ==========          ==========           ==========

</TABLE>