<Page>
                                                           2001
-------------------------------------------------------------------------------
World Monitor Trust--                                     Annual
Series B                                                  Report

<Page>
                          LETTER TO LIMITED OWNERS FOR
                         WORLD MONITOR TRUST--SERIES B



                                       1

<Page>

PricewaterhouseCoopers (LOGO)

                                                PricewaterhouseCoopers LLP
                                                1177 Avenue of the Americas
                                                New York, NY 10036
                                                Telephone (646) 471-4000
                                                Facsimile (646) 471-4100

                       Report of Independent Accountants

To the Managing Owner and
Limited Owners of
World Monitor Trust--Series B

In our opinion, the accompanying statements of financial condition, including
the condensed schedule of investments, and the related statements of operations
and changes in trust capital present fairly, in all material respects, the
financial position of World Monitor Trust--Series B at December 31, 2001 and
2000, and the results of its operations and changes in trust capital for each of
the three years in the period ended December 31, 2001 in conformity with
accounting principles generally accepted in the United States of America. These
financial statements are the responsibility of the Managing Owner; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these 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 the Managing Owner, and evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

January 25, 2002, except for Note H, as to which the date is March 19, 2002

                                       2

<Page>

                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                       STATEMENTS OF FINANCIAL CONDITION
<Table>
<Caption>
                                                                                December 31,
                                                                        ----------------------------
                                                                            2001            2000
----------------------------------------------------------------------------------------------------
<S>                                                                     <C>             <C>
ASSETS
Cash                                                                    $10,752,455     $15,726,465
Net unrealized (loss) gain on open futures contracts                        (18,407)      2,066,876
Subscriptions receivable                                                         --           3,042
                                                                        ------------    ------------
Total assets                                                            $10,734,048     $17,796,383
                                                                        ------------    ------------
                                                                        ------------    ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Redemptions payable                                                     $   110,284     $    34,170
Commissions payable                                                          68,108         129,068
Management fees payable                                                      17,858          34,053
                                                                        ------------    ------------
Total liabilities                                                           196,250         197,291
                                                                        ------------    ------------
Commitments

Trust capital
Limited interests (95,859.349 and 142,903.342 interests outstanding)     10,407,513      17,416,280
General interests (1,200 and 1,500 interests outstanding)                   130,285         182,812
                                                                        ------------    ------------
Total trust capital                                                      10,537,798      17,599,092
                                                                        ------------    ------------
Total liabilities and trust capital                                     $10,734,048     $17,796,383
                                                                        ------------    ------------
                                                                        ------------    ------------

Net asset value per limited and general interest ('Interests')          $    108.57     $    121.87
                                                                        ------------    ------------
                                                                        ------------    ------------
----------------------------------------------------------------------------------------------------
        The accompanying notes are an integral part of these statements.
</Table>

                                       3

<Page>

                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                       Condensed Schedule of Investments
                              At December 31, 2001
<Table>
<Caption>
                                                                      Net Unrealized
                                                                       Gain (Loss)
                                                                        as a % of       Net Unrealized
Futures Contracts                                                     Trust Capital      Gain (Loss)
------------------------------------------------------------------------------------------------------
<S>                                                                   <C>               <C>
Futures contracts purchased:
  Interest rates                                                                          $   59,973
  Currencies                                                                                  17,755
  Commodities                                                                               (251,248)
                                                                                        --------------
     Net unrealized loss on futures contracts purchased                    (1.64)%          (173,520)
                                                                                        --------------
Futures contracts sold:
  Stock indices                                                                               (1,200)
  Currencies                                                                                 379,750
  Commodities                                                                               (223,437)
                                                                                        --------------
     Net unrealized gain on futures contracts sold                          1.47             155,113
                                                                          ------        --------------
     Net unrealized loss on futures contracts                              (0.17)%        $  (18,407)
                                                                          ------        --------------
                                                                          ------        --------------
Settlement Currency--Futures Contracts
  Euro                                                                      0.13%         $   13,461
  Japanese yen                                                              0.05               5,542
  U.S. dollar                                                              (0.35)            (37,410)
                                                                          ------        --------------
     Total                                                                 (0.17)%        $  (18,407)
                                                                          ------        --------------
                                                                          ------        --------------

------------------------------------------------------------------------------------------------------
        The accompanying notes are an integral part of these statements.
</Table>

                                       4

<Page>

                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                            STATEMENTS OF OPERATIONS
<Table>
<Caption>
                                                                      Year ended December 31,
                                                             -----------------------------------------
                                                                 2001           2000           1999
------------------------------------------------------------------------------------------------------
<S>                                                          <C>             <C>            <C>
REVENUES
Net realized gain (loss) on futures contracts                $ 1,282,952     $(1,952,020)   $2,457,582
Change in net unrealized gain/loss on open futures
  contracts                                                   (2,085,283)      1,693,834        54,204
Interest income                                                  577,196       1,276,882     1,002,609
                                                             ------------    -----------    ----------
                                                                (225,135)      1,018,696     3,514,395
                                                             ------------    -----------    ----------
EXPENSES
Commissions                                                    1,041,587       1,566,113     1,540,819
Management fees                                                  268,400         403,538       398,506
Incentive fees                                                        --              --       458,510
                                                             ------------    -----------    ----------
                                                               1,309,987       1,969,651     2,397,835
                                                             ------------    -----------    ----------
Net income (loss)                                            $(1,535,122)    $  (950,955)   $1,116,560
                                                             ------------    -----------    ----------
                                                             ------------    -----------    ----------
ALLOCATION OF NET INCOME (LOSS)
Limited interests                                            $(1,516,133)    $  (933,778)   $1,102,475
                                                             ------------    -----------    ----------
                                                             ------------    -----------    ----------
General interests                                            $   (18,989)    $   (17,177)   $   14,085
                                                             ------------    -----------    ----------
                                                             ------------    -----------    ----------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED AND GENERAL
  INTEREST
Net income (loss) per weighted average limited and general
  interest                                                   $    (13.06 )   $     (5.22)   $     6.91
                                                             ------------    -----------    ----------
                                                             ------------    -----------    ----------
Weighted average number of limited and general interests
  outstanding                                                    117,574         182,101       161,647
                                                             ------------    -----------    ----------
                                                             ------------    -----------    ----------

<Caption>
------------------------------------------------------------------------------------------------------
</Table>

                     STATEMENTS OF CHANGES IN TRUST CAPITAL
<Table>
<Caption>
                                                              LIMITED        GENERAL
                                             INTERESTS       INTERESTS      INTERESTS        TOTAL
-----------------------------------------------------------------------------------------------------
<S>                                         <C>             <C>             <C>           <C>
Trust capital--December 31, 1998            101,801.891     $11,249,078     $151,179      $11,400,257
Contributions                               133,826.024      16,017,261      150,962       16,168,223
Net income                                                    1,102,475       14,085        1,116,560
Redemptions                                 (22,048.250)     (2,708,339)          --       (2,708,339)
                                            -----------     -----------     ---------     -----------
Trust capital--December 31, 1999            213,579.665      25,660,475      316,226       25,976,701
Contributions                                23,078.586       2,527,703           --        2,527,703
Net loss                                                       (933,778)     (17,177 )       (950,955)
Redemptions                                 (92,254.909)     (9,838,120)    (116,237 )     (9,954,357)
                                            -----------     -----------     ---------     -----------
Trust capital--December 31, 2000            144,403.342      17,416,280      182,812       17,599,092
Contributions                                 6,687.854         771,385           --          771,385
Net loss                                                     (1,516,133)     (18,989 )     (1,535,122)
Redemptions                                 (54,031.847)     (6,264,019)     (33,538 )     (6,297,557)
                                            -----------     -----------     ---------     -----------
Trust capital--December 31, 2001             97,059.349     $10,407,513     $130,285      $10,537,798
                                            -----------     -----------     ---------     -----------
                                            -----------     -----------     ---------     -----------

-----------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of these statements.
</Table>

                                       5

<Page>

                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                         NOTES TO FINANCIAL STATEMENTS

A. General

The Trust, Trustee, Managing Owner and Affiliates

   World Monitor Trust (the 'Trust') is a business trust organized under the
laws of Delaware on December 17, 1997. The Trust commenced trading operations on
June 10, 1998 and will terminate on December 31, 2047 unless terminated sooner
as provided in the Second Amended and Restated Declaration of Trust and Trust
Agreement. The Trust consists of three separate and distinct series ('Series'):
Series A, B and C. The assets of each Series are segregated from those of the
other Series, separately valued and independently managed. Each Series was
formed to engage in the speculative trading of a diversified portfolio of
futures, forward and options contracts, and may, from time to time, engage in
cash and spot transactions. The trustee of the Trust is Wilmington Trust
Company. The managing owner is Prudential Securities Futures Management Inc.
(the 'Managing Owner'), a wholly owned subsidiary of Prudential Securities
Incorporated ('PSI') which, in turn, is an indirect wholly owned subsidiary of
Prudential Financial, Inc. PSI is the selling agent for the Trust as well as its
commodity broker ('Commodity Broker').

The Offering

   Beneficial interests in each Series ('Interests') are being offered once each
week until each Series' subscription maximum has been issued either through sale
or exchange or until the Managing Owner suspends the offering of Interests. On
June 10, 1998, a sufficient number of subscriptions for each Series had been
received and accepted by the Managing Owner to permit each Series to commence
trading. Series B completed its initial offering with gross proceeds of
$5,709,093 from the sale of 56,330.929 limited interests and 760.000 general
interests. General interests are sold exclusively to the Managing Owner.

   Series A was offered until it achieved its subscription maximum of
$34,000,000 during November 1999. Interests in Series B and Series C will
continue to be offered on a weekly basis at the then current net asset value per
Interest until the Managing Owner suspends the offering of Interests (see Note
H) or the subscription maximum of $33,000,000 for each Series is sold
('Continuous Offering Period'). Series B and C are offered to investors who meet
certain established suitability standards, with a minimum initial subscription
of $5,000 ($2,000 for an individual retirement account) per subscriber, although
the minimum purchase for any single Series is $1,000. Additional purchases may
be made in $100 increments.

   The Managing Owner is required to maintain at least a 1% interest in the
capital, profits and losses of each Series so long as it is acting as the
Managing Owner, and it will make such contributions (and in return will receive
general interests) as are necessary to meet this requirement.

The Trading Advisor

   Each Series has its own independent commodity trading advisor that makes that
Series' trading decisions. The Managing Owner, on behalf of the Trust, entered
into an advisory agreement with Eclipse Capital Management, Inc. (the 'Trading
Advisor') to make the trading decisions for Series B. The advisory agreement may
be terminated for various reasons, including at the discretion of the Managing
Owner. The Managing Owner has allocated 100% of the proceeds from the initial
and continuous offering of Series B to the Trading Advisor and it is currently
contemplated that the Trading Advisor will continue to be allocated 100% of
additional capital raised for Series B during the Continuous Offering Period.

Exchanges, Redemptions and Termination

   Interests owned in one series of the Trust (Series A, B or C) may be
exchanged, without any charge, for Interests of one or more other Series on a
weekly basis for as long as Interests in those Series are being offered to the
public. Once the suspension of the offering of Interests takes effect (see Note
H), Interests owned in one series of the Trust may no longer be exchanged for
Interests of one or more other Series. Exchanges are made at the applicable
Series' then current net asset value per Interest as of the close of business on
the Friday immediately preceding the week in which the exchange request is
effected. The exchange of Interests is treated as a redemption of Interests in
one Series (with the related tax consequences) and the simultaneous purchase of
Interests in the other Series.

                                       6

<Page>

   Redemptions are permitted on a weekly basis. Interests redeemed on or before
the end of the first and second successive six-month periods after their
effective dates of purchase are subject to a redemption fee of 4% and 3%,
respectively, of the net asset value at which they are redeemed. Redemption fees
are paid to the Managing Owner.

   In the event that the estimated net asset value per Interest of a Series at
the end of any business day, after adjustments for distributions, declines by
50% or more since the commencement of trading activities or the first day of a
fiscal year, the Series will terminate.

B. Summary of Significant Accounting Policies

Basis of accounting

   The financial statements of Series B are prepared in accordance with
accounting principles generally accepted in the United States of America.

   Commodity futures and forward transactions are reflected in the accompanying
statements of financial condition on trade date. The difference between the
original contract amount and market value is reflected as net unrealized gain or
loss. The market value of each contract is based upon the closing quotation on
the exchange, clearing firm or bank on, or through, which the contract is
traded.

   The weighted average number of limited and general interests outstanding was
computed for purposes of disclosing net income (loss) per weighted average
limited and general interest. The weighted average limited and general interests
are equal to the number of Interests outstanding at period end, adjusted
proportionately for Interests subscribed and redeemed based on their respective
time outstanding during such period.

   Series B has elected not to provide a Statement of Cash Flows as permitted by
Statement of Financial Accounting Standards No. 102, 'Statement of Cash
Flows--Exemption of Certain Enterprises and Classification of Cash Flows from
Certain Securities Acquired for Resale.'

Income taxes

   Series B is treated as a partnership for Federal income tax purposes. As
such, Series B 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 Interest holders including the Managing Owner. Series
B may be subject to other state and local taxes in jurisdictions in which it
operates.

Profit and loss allocations and distributions

   Series B allocates profits and losses for both financial and tax reporting
purposes to its Interest holders weekly on a pro rata basis based on each
owner's Interests outstanding during the week. Distributions (other than
redemptions of Interests) may be made at the sole discretion of the Managing
Owner on a pro rata basis in accordance with the respective capital balances of
the Interest holders; however, the Managing Owner does not presently intend to
make any distributions.

Financial Reporting by Commodity Pools

   During March 2001, the Accounting Standards Executive Committee ('AcSEC')
issued Statement of Position ('SOP') 01-1, Amendment to Scope of Statement of
Position 95-2, Financial Reporting by Nonpublic Investment Partnerships, to
Include Commodity Pools, which is effective for financial statements issued for
periods ending after December 15, 2001. This SOP amends SOP 95-2, Financial
Reporting by Nonpublic Investment Partnerships, to include within its scope
commodity pools such as Series B. Under the new requirements, Series B is
required to present a condensed schedule of investments and certain other
information in accordance with the American Institute of Certified Public
Accountants' Audit and Accounting Guide 'Audits of Investment Companies.' The
adoption of the requirements of SOP 01-1 has not had a material effect on Series
B's financial position or results of operations.

                                       7

<Page>

C. Fees

Organizational, offering, general and administrative costs

   PSI or its affiliates paid the costs of organizing Series B and continue to
pay the costs of offering its Interests as well as administrative costs incurred
by the Managing Owner or its affiliates for services they perform for Series B.
These costs include, but are not limited to, those discussed in Note D below.
Routine legal, audit, postage and other routine third party administrative costs
also are paid by PSI or its affiliates.

Management and incentive fees

   Series B pays its Trading Advisor a management fee at an annual rate of 2% of
Series B's net asset value allocated to its management. The management fee is
determined weekly and the sum of such weekly amounts is paid monthly. Series B
also pays its Trading Advisor a quarterly incentive fee equal to 20% of such
Trading Advisor's 'New High Net Trading Profits' (as defined in the advisory
agreement). The incentive fee also accrues weekly.

Commissions

   The Managing Owner and the Trust entered into a brokerage agreement with PSI
to act as Commodity Broker for each Series whereby Series B pays a fixed fee for
brokerage services rendered at an annual rate of 7.75% of Series B's net asset
value. The fee is determined weekly and the sum of such weekly amounts is paid
monthly. From this fee, PSI pays execution costs (including floor brokerage
expenses, give-up charges and NFA, clearing and exchange fees), as well as
compensation to employees who sell Interests.

D. Related Parties

   The Managing Owner or its affiliates perform services for Series B which
include but are not limited to: brokerage services; accounting and financial
management; registrar, transfer and assignment functions; investor
communications, printing and other administrative services. As further described
in Note C, except for costs related to brokerage services, PSI or its affiliates
pay the costs of these services in addition to costs of offering Series B's
Interests as well as its routine operational, administrative, legal and auditing
costs.

   The costs charged to Series B for brokerage services for the years ended
December 31, 2001, 2000 and 1999 were $1,041,587, $1,566,113 and $1,540,819,
respectively.

   All of the proceeds of the offering of Series B are received in the name of
Series B and are deposited in trading or cash accounts at PSI. Series B's assets
are maintained either with PSI or, for margin purposes, with the various
exchanges on which Series B is permitted to trade. PSI credits Series B monthly
with 100% of the interest it earns on the average net assets in Series B's
accounts.

   Series B, acting through its Trading Advisor, may execute over-the-counter,
spot, forward and/or option foreign exchange transactions with PSI. PSI then
engages in back-to-back trading with an affiliate, Prudential-Bache Global
Markets Inc. ('PBGM'). PBGM attempts to earn a profit on such transactions. PBGM
keeps its prices on foreign currency competitive with other interbank currency
trading desks. All over-the-counter currency transactions are conducted between
PSI and Series B pursuant to a line of credit. PSI may require that collateral
be posted against the marked-to-market positions of Series B.

   As of December 31, 2001, a non-U.S. affiliate of the Managing Owner owned
148.095 limited interests of Series B.

E. Income Taxes

   There have been no differences between the tax basis and book basis of
Interest holders' capital since inception of the Trust.

F. Derivative Instruments and Associated Risks

   Series B is exposed to various types of risk associated with the derivative
instruments and related markets in which it invests. These risks include, but
are not limited to, risk of loss from fluctuations in the value of derivative
instruments held (market risk) and the inability of counterparties to perform
under the terms of Series B's investment activities (credit risk).

                                       8

<Page>

Market risk

   Trading in futures and forward contracts (including foreign exchange)
involves entering into contractual commitments to purchase or sell a particular
commodity at a specified date and price. The gross or face amount of the
contracts, which is typically many times that of Series B's net assets being
traded, significantly exceeds Series B's future cash requirements since Series B
intends to close out its open positions prior to settlement. As a result, Series
B is generally subject only to the risk of loss arising from the change in the
value of the contracts. As such, Series B considers the 'fair value' of its
derivative instruments to be net unrealized gain or loss on the contracts. The
market risk associated with Series B's commitments to purchase commodities is
limited to the gross or face amount of the contracts held. However, when Series
B enters into a contractual commitment to sell commodities, it must make
delivery of the underlying commodity at the contract price and then repurchase
the contract at prevailing market prices. Since the repurchase price to which a
commodity can rise is unlimited, entering into commitments to sell commodities
exposes Series B to unlimited risk.

   Market risk is influenced by a wide variety of factors including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification effects
among the derivative instruments Series B holds and the liquidity and inherent
volatility of the markets in which Series B trades.

Credit risk

   When entering into futures or forward contracts, Series B is exposed to
credit risk that the counterparty to the contract will not meet its obligations.
The counterparty for futures contracts traded on United States and most foreign
futures exchanges is the clearinghouse associated with such exchanges. In
general, clearinghouses are backed by their corporate members who are required
to share any financial burden resulting from the nonperformance by one of their
members and, as such, should significantly reduce this credit risk. In cases
where the clearinghouse is not backed by the clearing members (i.e., some
foreign exchanges), it is normally backed by a consortium of banks or other
financial institutions. On the other hand, if Series B enters into forward
transactions, the sole counterparty is PSI, Series B's commodity broker. Series
B has entered into a master netting agreement with PSI and, as a result, when
applicable, presents unrealized gains and losses on open forward positions as a
net amount in the statements of financial condition. The amount at risk
associated with counterparty nonperformance of all of Series B's contracts is
the net unrealized gain included in the statements of financial condition. There
can be no assurance that any counterparty, clearing member or clearinghouse will
meet its obligations to Series B.

   The Managing Owner attempts to minimize both credit and market risks by
requiring Series B and its Trading Advisor to abide by various trading
limitations and policies. The Managing Owner monitors compliance with these
trading limitations and policies which include, but are not limited to,
executing and clearing all trades with creditworthy counterparties; limiting the
amount of margin or premium required for any one commodity or all commodities
combined; and generally limiting transactions to contracts which are traded in
sufficient volume to permit the taking and liquidating of positions.
Additionally, pursuant to the Advisory Agreement among Series B, the Managing
Owner and the Trading Advisor, Series B shall automatically terminate the
Trading Advisor if the net asset value allocated to the Trading Advisor declines
by 33 1/3% from the value at the beginning of any year or since the commencement
of trading activities. Furthermore, the Second Amended and Restated Declaration
of Trust and Trust Agreement provides that Series B will liquidate its
positions, and eventually dissolve, if Series B experiences a decline in the net
asset value of 50% from the value at the beginning of any year or since the
commencement of trading activities. In each case, the decline in net asset value
is after giving effect for distributions, contributions and redemptions. The
Managing Owner may impose additional restrictions (through modifications of
trading limitations and policies) upon the trading activities of the Trading
Advisor as it, in good faith, deems to be in the best interests of Series B.

   PSI, when acting as the futures commission merchant in accepting orders for
the purchase or sale of domestic futures contracts, is required by Commodity
Futures Trading Commission ('CFTC') regulations to separately account for and
segregate as belonging to Series B all assets of Series B relating to domestic
futures trading (subject to the opt out provisions discussed below) and is not
allowed to commingle such assets with other assets of PSI. At December 31, 2001,
such segregated assets totalled $7,685,299. Part 30.7 of the CFTC regulations
also requires PSI to secure assets of Series B related to foreign futures
trading which totalled $3,048,749 at December 31, 2001.

                                       9

<Page>

   The CFTC promulgated rules that allow futures commission merchants to permit
certain customers, including Series B, to opt out of segregation with regard to
trading on certain exchanges, but PSI has not done so to date. If Series B were
to opt out, its funds could be held in a broader and potentially riskier range
of investments than are allowed for segregated funds.

   As of December 31, 2001, all open futures contracts mature within six months.

      The following table presents the fair value of futures contracts at
December 31, 2000:

<Table>
<Caption>
                                                                                      2000
                                                                           --------------------------
                                                                             Assets       Liabilities
                                                                           ----------     -----------
  <S>                                                                      <C>             <C>
  Domestic exchanges
     Interest rates                                                        $  723,113      $       --
     Currencies                                                               821,048              --
     Commodities                                                               46,950          16,720
  Foreign exchanges
     Stock indices                                                             55,607              --
     Interest rates                                                           523,732              --
     Commodities                                                                  556          87,410
                                                                           ----------     -----------
                                                                           $2,171,006      $  104,130
                                                                           ----------     -----------
                                                                           ----------     -----------
</Table>

G. Financial Highlights

<Table>
<Caption>
                                                                                     Year ended
                                                                                 December 31, 2001
                                                                                 ------------------
 <S>                                                                             <C>
 Performance per Interest
   Net asset value, beginning of period                                               $ 121.87
                                                                                 ------------------
   Net realized gain and change in net unrealized gain/loss on commodity
      transactions                                                                       (6.90)
   Interest income                                                                        4.72
   Expenses                                                                             (11.12)
                                                                                 ------------------
   Net decrease for the period                                                          (13.30)
                                                                                 ------------------
   Net asset value, end of period                                                     $ 108.57
                                                                                 ------------------
                                                                                 ------------------
 Total return                                                                           (10.91)%
 Ratio to average net assets
   Interest income                                                                        4.31%
   Expenses                                                                               9.79%
</Table>

   These financial highlights represent the overall results of Series B during
2001. An individual limited owner's actual results may differ depending on the
timing of contributions and redemptions.

H. Subsequent Event

   On February 25, 2002, the Managing Owner elected to suspend the offering of
Interests in Series B and Series C upon the expiration of current selling
registrations. The registrations expired in many states on March 24, 2002 and
all registrations will expire by April 30, 2002. While the Managing Owner does
not anticipate doing so, it may, at its election, reinstate the offering of
Interests in Series B and Series C in the future.

                                       10

<Page>

-------------------------------------------------------------------------------

   I hereby affirm that, to the best of my knowledge and belief, the information
contained herein relating to World Monitor Trust--Series B is accurate and
complete.

      PRUDENTIAL SECURITIES FUTURES
     MANAGEMENT INC.
     (Managing Owner)

by: Barbara J. Brooks
     Chief Financial Officer
-------------------------------------------------------------------------------

                                       11

<Page>

                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   Series B commenced operations on June 10, 1998 with gross proceeds of
$5,709,093 allocated to commodities trading. Additional contributions raised
through the continuous offering for the years ended December 31, 2001 and 2000,
and for the period from June 10, 1998 (commencement of operations) to December
31, 2001 resulted in additional gross proceeds to Series B of $771,385,
$2,527,703 and $24,345,144, respectively. Additional Interests of Series B will
continue to be offered on a weekly basis at the net asset value per Interest
until the Managing Owner of Series B suspends the offering of Interests or the
Subscription Maximum of $33,000,000 is sold.

   Interests in Series B may be redeemed on a weekly basis, but are subject to a
redemption fee if transacted within one year of the effective date of purchase.
Redemptions of limited interests and general interests for the year ended
December 31, 2001 were $6,264,019 and $33,538, respectively; for the year ended
December 31, 2000 were $9,838,120 and $116,237, respectively; and for the period
from June 10, 1998 (commencement of operations) to December 31, 2001 were
$19,056,800 and $149,775, respectively. Additionally, Interests owned in one
series of World Monitor Trust (Series A, B or C) may be exchanged, without
charge, for Interests of one or more other series of World Monitor Trust on a
weekly basis for as long as Interests in those series are being offered to the
public. Since Interests in Series A are no longer being offered, participants
can no longer exchange their Interests from Series B and/or Series C into Series
A; however, participants can currently continue to exchange their Interests from
Series A to Series B and/or Series C. As further discussed in Note H to the
financial statements, the Managing Owner elected to suspend the offering of
Interests in Series B and Series C upon the expiration of current selling
registrations. Once the suspension of the offering of Interests takes effect,
Interests owned in one series of the Trust may no longer be exchanged for
Interests of one or more other Series. Future contributions, redemptions and
exchanges will impact the amount of funds available for investment in commodity
contracts in subsequent periods.

   At December 31, 2001, 100% of Series B's net assets were allocated to
commodities trading. A significant portion of the net assets was held in cash
which is used as margin for Series B's trading in commodities. Inasmuch as the
sole business of Series B is to trade in commodities, Series B continues to own
such liquid assets to be used as margin. PSI credits Series B monthly with 100%
of the interest it earns on the average net assets in Series B's accounts.

   The commodities contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in certain commodity futures contract
prices during a single day by regulations referred to as 'daily limits.' During
a single day, no trades may be executed at prices beyond the daily limit. Once
the price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
neither be taken nor liquidated unless traders are willing to effect trades at
or within the limit. Commodity futures prices have occasionally moved the daily
limit for several consecutive days with little or no trading. Such market
conditions could prevent Series B from promptly liquidating its commodity
futures positions.

   Since Series B's business is to trade futures and forward contracts, its
capital is at risk due to changes in the value of these contracts (market risk)
or the inability of counterparties to perform under the terms of the contracts
(credit risk). Series B's exposure to market risk is influenced by a number of
factors including the volatility of interest rates and foreign currency exchange
rates, the liquidity of the markets in which the contracts are traded and the
relationships among the contracts held. The inherent uncertainty of Series B's
speculative trading as well as the development of drastic market occurrences
could result in monthly losses considerably beyond Series B's experience to date
and could ultimately lead to a loss of all or substantially all of investors'
capital. The Managing Owner attempts to minimize these risks by requiring Series
B and its Trading Advisor to abide by various trading limitations and policies,
which include limiting margin amounts, trading only in liquid markets and
permitting the use of stop loss provisions. See Note F to the financial

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statements for a further discussion on the credit and market risks associated
with Series B's futures and forward contracts.

   Series B does not have, nor does it expect to have, any capital assets.

Results of Operations

   The net asset value per Interest as of December 31, 2001 was $108.57, a
decrease of 10.91% from the December 31, 2000 net asset value per Interest of
$121.87 which was an increase of .20% from the December 31, 1999 net asset value
per Interest of $121.63. The Zurich Fund/Pool Qualified Universe Index (formerly
the MAR Fund/Pool Index), which tracked the performance of 272 futures funds at
December 31, 2001, returned 7.52% and 9.41% in 2001 and 2000, respectively. Past
performance is not necessarily indicative of future results.

   Series B had gross trading gains/(losses) of $(802,000), $(258,000) and
$2,512,000 for the years ended December 31, 2001, 2000 and 1999, respectively.
Due to the nature of Series B's trading activities, a period to period
comparison of its trading results is not meaningful. However, a detailed
discussion of Series B's current year trading results is presented below.

   Net losses for Series B were experienced in the currency, metals and energy
sectors. Profits were the result of net gains in the interest rate and index
sectors.

   In foreign exchange markets, the U.S. dollar rose slightly against many
foreign currencies during the first half of the year, reflecting expectations
that some of those economies might be adversely affected by slower economic
growth in the United States. Additionally, the U.S. dollar strengthened as
investors around the globe felt that it was the safest currency in this time of
economic uncertainty. Losses were incurred on long British pound, euro and Swiss
franc positions. The U.S. dollar fell against most major currencies during the
third quarter, particularly the Japanese yen, the euro and the Swiss franc. The
U.S. dollar's downward trend against many currencies accelerated after September
11th. As a result of the attacks, many investors switched exposure from the U.S.
dollar to other currencies which rose against the U.S. dollar resulting in
losses for short euro, British pound and Swiss franc positions. The U.S. dollar
strengthened slightly towards year-end amid hopes of an economic recovery in the
U.S.

   Gold prices rallied to a ten-month high in May before reversing course amid
rumors that Russia would sell a portion of its gold reserve. Long gold positions
incurred losses. During the fourth quarter metal prices fell amid decreased
demand due to weak global economic conditions. Long aluminum and copper
positions incurred losses.

   Energy prices generally remained high throughout most of the first quarter of
2001. Crude oil prices increased in January as OPEC announced a likely 5% cut in
production. During the second quarter, energy prices fell in response to growing
inventory levels of crude oil and related products. Energy prices peaked sharply
immediately after the September 11th attacks amid worries of a potential
interruption in supplies. Prices soon reversed course as concerns of decreased
demand caused by a global economic recession outweighed fears of scarcity. Two
weeks after the attacks, oil prices plunged more than 12% to a 22-month low of
$23 a barrel. OPEC leaders announced that with prices within their $22 to $28 a
barrel target, they saw no need to alter output and assured that there will be
no disruption in supplies. Fear of continued terrorist attacks, sluggish
economies and mild winter weather continued to limit growth in global demand for
oil during the fourth quarter. A coordinated cut in oil output by OPEC and
non-OPEC producers was agreed upon as OPEC tried to regain control of crude oil
prices. Natural gas and crude oil positions incurred losses during the first,
third and fourth quarters of the year resulting in net losses for Series B in
this sector.

   In light of the rapid weakening in economic expansion and deterioration in
business and consumer confidence, the U.S. Federal Reserve (the 'Fed') followed
a relatively aggressive policy, lowering interest rates three times during the
first quarter of 2001. Other central banks followed the Fed's lead lowering
interest rates as well. Interest rate instruments trended upward throughout most
of the second and third quarters as major central banks cut short-term interest
rates in an attempt to bolster slowing economies. The bond market rally
continued in the wake of September 11th as the Fed moved to inject liquidity
into the economy, cutting interest rates 50 basis points on September 17th to
3%. This move was soon followed by the Central Bank of Canada, the European
Central Bank and Swiss National Central Bank who also lowered their rates 50
basis points. U.S. and European interest rate instruments began the fourth
quarter up as data indicated persistent weakness in the U.S. economy. In an
effort to stimulate the economy, the Fed lowered

                                       13

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interest rates by 50 basis points in October and again in early November. The
European Central Bank and the Bank of England each cut rates by 50 basis points
in November. In mid-November, some positive economic news, the fall of Kabul,
Afghanistan and an announcement by the U.S. Treasury regarding the cessation of
sales of 30-year bonds, resulted in one of the greatest reversals the U.S. bond
market has seen in recent times. Interest rates climbed sharply in the U.S. and
Europe causing bond prices to fall. In December, the Fed lowered rates by
another 25 basis points and bond prices climbed slightly. Gains resulted from
long euro, Australian and Japanese bond positions during the first, third and
fourth quarters of the year.

   Equity markets performed poorly across the board during the first half of the
year as foreign stock markets generally followed the downtrend of the U.S.
markets. Technology stocks led this market downturn and the NASDAQ fell to its
lowest level in nearly two years. Losses in the Dow Jones and NASDAQ brought
these indices under the key 10,000 and 2,000 levels, respectively, with the DAX,
FTSE, CAC-40 and Nikkei experiencing similar losses. Short S&P 500 and Nikkei
Dow positions resulted in gains during the first quarter. The terrorist attacks
of September 11th further weakened the sluggish U.S. and global economies
plunging equity markets downward throughout the world in the week following the
attacks. In the week following the attack, the Dow Jones industrial average
suffered its worst weekly percentage loss since the Great Depression due to
uncertainty about how the economy would perform as a result of these attacks and
other threats of terrorism. U.S. equity indices recovered somewhat at the end of
September as interest rate cuts by the Fed and fiscal stimuli by Congress
combined to stimulate an economic rebound. Global equity markets followed suit
rebounding from earlier lows as well. U.S. and global equity markets rallied in
November amid positive developments in the war in Afghanistan and sentiment that
the U.S. economy might be emerging from its recession. Equity markets reversed
in December providing a negative return for the second consecutive year. Losses
incurred in equity index positions during the second and fourth quarters were
offset by gains during the rest of the year, producing net gains for the index
sector.

   Fluctuations in overall average net asset levels have led to corresponding
fluctuations in commissions and management fees incurred, and interest earned by
Series B, which are largely based on the level of net assets. Series B's average
net asset levels were significantly lower during the year ended December 31,
2001 versus 2000, primarily as a result of redemptions. Series B's average net
asset levels were slightly higher during the year ended December 31, 2000 versus
1999, primarily from additional contributions and favorable trading performance
in 1999 offset, in part, by redemptions and unfavorable trading performance
during the first three quarters of 2000.

   Interest income is earned on the average net assets held at PSI and,
therefore, varies weekly according to interest rates, trading performance,
contributions and redemptions. Interest income decreased by $700,000 during 2001
as compared to 2000 and increased by $274,000 during 2000 as compared to 1999.
The 2001 decrease resulted from lower overall interest rates in 2001 versus 2000
and the decrease in average net asset levels during 2001 versus 2000 as
discussed above. The increase in interest income during 2000 versus 1999
resulted from higher overall interest rates in 2000 versus 1999 and the slight
increase in average net asset levels during 2000 versus 1999 as discussed above.

   Commissions are calculated on Series B's net asset value at the end of each
week and therefore, vary according to weekly trading performance, contributions
and redemptions. Commissions decreased by $525,000 during 2001 as compared to
2000 and increased $25,000 during 2000 as compared to 1999. The decrease in 2001
and the increase in 2000 resulted from fluctuations in average net asset levels
as discussed above.

   All trading decisions for Series B are made by Eclipse Capital Management,
Inc. (the 'Trading Advisor'). Management fees are calculated on Series B's net
asset value at the end of each week and therefore, are affected by weekly
trading performance, contributions and redemptions. Management fees decreased by
$135,000 during 2001 as compared to 2000 and increased by $5,000 during 2000 as
compared to 1999. The decrease in 2001 and the increase in 2000 resulted from
fluctuations in average net asset levels as discussed above.

   Incentive fees are based on the New High Net Trading Profits generated by the
Trading Advisor, as defined in the Advisory Agreement among the Series B, the
Managing Owner and the Trading Advisor. Incentive fees were approximately
$459,000 for the year ended December 31, 1999. Series B did not incur an
incentive fee during 2001 and 2000.

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Financial Reporting by Commodity Pools

   During March 2001, the Accounting Standards Executive Committee ('AcSEC')
issued Statement of Position ('SOP') 01-1, Amendment to Scope of Statement of
Position 95-2, Financial Reporting by Nonpublic Investment Partnerships, to
Include Commodity Pools, which is effective for financial statements issued for
periods ending after December 15, 2001. This SOP amends SOP 95-2, Financial
Reporting by Nonpublic Investment Partnerships, to include within its scope
commodity pools such as Series B. Under the new requirements, Series B is
required to present a condensed schedule of investments and certain other
information in accordance with the American Institute of Certified Public
Accountants' Audit and Accounting Guide 'Audits of Investment Companies.' The
adoption of the requirements of SOP 01-1 has not had a material effect on Series
B's financial position or results of operations.

Inflation

   Inflation has had no material impact on operations or on the financial
condition of Series B from inception through December 31, 2001.

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                               OTHER INFORMATION

   The actual round-turn equivalent of brokerage commissions paid per contract
for the year ended December 31, 2001 was $79.

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

        World Monitor Trust--Series B/OTH
        Peck Slip Station
        P.O. Box 2303
        New York, New York 10273-0005

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OTH
Peck Slip Station                                    PRESORTED
P.O. Box 2303                                        STANDARD
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