<Page>
                                                           2002
-------------------------------------------------------------------------------
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 (813) 286-6000

                       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 schedules 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, 2002 and
2001, and the results of its operations and changes in trust capital for each of
the three years in the period ended December 31, 2002 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

February 24, 2003
                                       2

<Page>
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                       STATEMENTS OF FINANCIAL CONDITION
<Table>
<Caption>
                                                                                December 31,
                                                                        ----------------------------
                                                                            2002            2001
----------------------------------------------------------------------------------------------------
<S>                                                                     <C>             <C>
ASSETS
Cash in commodity trading accounts                                      $ 8,801,236     $10,752,455
Net unrealized gain (loss) on open futures contracts                        386,286         (18,407)
Net unrealized gain on open forward contracts                               138,419              --
                                                                        ------------    ------------
Total assets                                                            $ 9,325,941     $10,734,048
                                                                        ------------    ------------
                                                                        ------------    ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Commissions payable                                                     $    60,800     $    68,108
Management fees payable                                                      15,911          17,858
Redemptions payable                                                              --         110,284
                                                                        ------------    ------------
Total liabilities                                                            76,711         196,250
                                                                        ------------    ------------
Commitments

Trust capital
Limited interests (76,607.531 and 95,859.349 interests outstanding)       9,143,245      10,407,513
General interests (888.000 and 1,200.000 interests outstanding)             105,985         130,285
                                                                        ------------    ------------
Total trust capital                                                       9,249,230      10,537,798
                                                                        ------------    ------------
Total liabilities and trust capital                                     $ 9,325,941     $10,734,048
                                                                        ------------    ------------
                                                                        ------------    ------------

Net asset value per limited and general interest                        $    119.35     $    108.57
                                                                        ------------    ------------
                                                                        ------------    ------------
----------------------------------------------------------------------------------------------------
</Table>
         The accompanying notes are an integral part of these statements.

                                       3

<Page>
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                       Condensed Schedules of Investments
<Table>
<Caption>
                                                                     At December 31,
                                           --------------------------------------------------------------------
                                                         2002                                2001
                                           --------------------------------    --------------------------------
                                           Net Unrealized                      Net Unrealized
                                            Gain (Loss)                         Gain (Loss)
                                             as a % of       Net Unrealized      as a % of       Net Unrealized
Futures and Forward Contracts              Trust Capital      Gain (Loss)      Trust Capital      Gain (Loss)
---------------------------------------------------------------------------------------------------------------
<S>                                        <C>               <C>               <C>               <C>
Futures contracts purchased:
  Interest rates                                                $260,697                           $   59,973
  Currencies                                                     144,825                               17,755
  Commodities                                                     (3,277)                            (251,248)
                                                             --------------                      --------------
     Net unrealized gain (loss) on
     futures contracts purchased                 4.35%           402,245            (1.64)%          (173,520)
                                                             --------------                      --------------
Futures contracts sold:
  Stock indices                                                   19,803                               (1,200)
  Currencies                                                          --                              379,750
  Commodities                                                    (35,762)                            (223,437)
                                                             --------------                      --------------
     Net unrealized gain (loss) on
     futures contracts sold                     (0.17)           (15,959)            1.47             155,113
                                               ------        --------------        ------        --------------
     Net unrealized gain (loss) on
     futures contracts                           4.18%          $386,286            (0.17)%        $  (18,407)
                                               ------        --------------        ------        --------------
                                               ------        --------------        ------        --------------
Forward currency contracts purchased             1.66%          $153,111               --%         $       --
Forward currency contracts sold                 (0.16)           (14,692)              --                  --
                                               ------        --------------        ------        --------------
     Net unrealized gain on forward
     contracts                                   1.50%          $138,419               --%         $       --
                                               ------        --------------        ------        --------------
                                               ------        --------------        ------        --------------
Settlement Currency--Futures Contracts
  Euro                                           1.42%          $131,347             0.13%         $   13,461
  Japanese yen                                   0.27             25,184             0.05               5,542
  Australian dollar                              0.77             70,714               --                  --
  U.S. dollar                                    1.72            159,041            (0.35)            (37,410)
                                               ------        --------------        ------        --------------
     Total                                       4.18%          $386,286            (0.17)%        $  (18,407)
                                               ------        --------------        ------        --------------
                                               ------        --------------        ------        --------------
Settlement Currency--Forward Contracts
  Japanese yen                                  (0.34)%         $(31,459)              --%         $       --
  U.S. dollar                                    1.84            169,878               --                  --
                                               ------        --------------        ------        --------------
     Total                                       1.50%          $138,419               --%         $       --
                                               ------        --------------        ------        --------------
                                               ------        --------------        ------        --------------
---------------------------------------------------------------------------------------------------------------
</Table>
            The accompanying notes are an integral part of these statements.

                                       4

<Page>
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                            STATEMENTS OF OPERATIONS
<Table>
<Caption>
                                                                     Year ended December 31,
                                                            ------------------------------------------
                                                                2002           2001           2000
------------------------------------------------------------------------------------------------------
<S>                                                         <C>             <C>            <C>
REVENUES
Net realized gain (loss) on futures contracts               $ 1,221,273     $ 1,282,952    $(1,952,020)
Change in net unrealized gain/loss on open commodity
  positions                                                     543,112      (2,085,283)     1,693,834
Interest income                                                 207,176         577,196      1,276,882
                                                            ------------    -----------    -----------
                                                              1,971,561        (225,135)     1,018,696
                                                            ------------    -----------    -----------
EXPENSES
Commissions                                                     771,808       1,041,587      1,566,113
Management fees                                                 198,887         268,400        403,538
                                                            ------------    -----------    -----------
                                                                970,695       1,309,987      1,969,651
                                                            ------------    -----------    -----------
Net income (loss)                                           $ 1,000,866     $(1,535,122)   $  (950,955)
                                                            ------------    -----------    -----------
                                                            ------------    -----------    -----------
ALLOCATION OF NET INCOME (LOSS)
Limited interests                                           $   986,740     $(1,516,133)   $  (933,778)
                                                            ------------    -----------    -----------
                                                            ------------    -----------    -----------
General interests                                           $    14,126     $   (18,989)   $   (17,177)
                                                            ------------    -----------    -----------
                                                            ------------    -----------    -----------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED AND
  GENERAL INTEREST
Net income (loss) per weighted average limited and
  general interest                                          $     11.39     $    (13.06)   $     (5.22)
                                                            ------------    -----------    -----------
                                                            ------------    -----------    -----------
Weighted average number of limited and general interests
  outstanding                                                    87,871         117,574        182,101
                                                            ------------    -----------    -----------
                                                            ------------    -----------    -----------
------------------------------------------------------------------------------------------------------
</Table>

                     STATEMENTS OF CHANGES IN TRUST CAPITAL
<Table>
<Caption>
                                                              LIMITED        GENERAL
                                             INTERESTS       INTERESTS      INTERESTS        TOTAL
-----------------------------------------------------------------------------------------------------
<S>                                         <C>             <C>             <C>           <C>
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
Contributions                                   378.869          39,871           --           39,871
Net income                                                      986,740       14,126        1,000,866
Redemptions                                 (19,942.687)     (2,290,879)     (38,426)      (2,329,305)
                                            -----------     -----------     ---------     -----------
Trust capital--December 31, 2002             77,495.531     $ 9,143,245     $105,985      $ 9,249,230
                                            -----------     -----------     ---------     -----------
                                            -----------     -----------     ---------     -----------
-----------------------------------------------------------------------------------------------------
</Table>
          The accompanying notes are an integral part of these statements.

                                       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. ('Prudential'). PSI is the selling agent for the
Trust as well as its commodity broker ('Commodity Broker').

   In February 2003, 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. The Managing Owner, as well as the Commodity
Broker, will continue to be indirect wholly owned subsidiaries of Prudential.

The Offering

   Beneficial interests in each Series ('Interests') were offered once each week
until each Series' subscription maximum was met either through sale or exchange
or until the Managing Owner suspended 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 were
offered on a weekly basis at the then current net asset value per Interest until
the Managing Owner suspended the offering of Interests for each Series. The
Managing Owner suspended the offering of Interests in Series B and Series C and
allowed all selling registrations to expire by April 30, 2002. As such,
Interests owned in one series of the Trust may no longer be exchanged for
Interests of one or more other Series. 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.

   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.

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.

                                       6

<Page>

Exchanges, Redemptions and Termination

   As a result of the Managing Owner having suspended the offering of Interests
in Series B and Series C as discussed in Note A, Interests owned in one Series
of the Trust (Series A, B or C) may no longer be exchanged for Interest of one
or more other Series.

   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. Net unrealized gain or loss on open contracts denominated in foreign
currencies and foreign currency holdings are translated into U.S. dollars at the
exchange rates prevailing on the last business day of the year. Realized gains
and losses on commodity transactions are recognized in the period in which the
contracts are closed.

   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.

New Accounting Guidance

   In November 2002, the Financial Accounting Standards Board issued
Interpretation No. 45 ('FIN 45'), Guarantor's Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of
Others, which Series B adopted at December 31, 2002. FIN 45 elaborates on the
disclosures to be made by a guarantor in its financial statements about its
obligations under certain guarantees that it has issued. Consistent with
standard business practices in the normal course of business, Series B has
provided general indemnifications to the Managing Owner, its Trading Advisor and
others when they act, in good faith, in the best interests of Series B. Series B
is unable to develop an estimate of the maximum potential amount of future
payments that could potentially result from any hypothetical future claim, but

                                       7

<Page>

expects the risk of having to make any payments under these general business
indemnifications to be remote.

C. Fees

Organizational, offering, general and administrative costs

   PSI or its affiliates paid the costs of organizing Series B and will continue
to pay all 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 all costs of these services in addition to Series B's routine operational,
administrative, legal and auditing costs. Additionally, PSI or its affiliates
paid the costs associated with offering Series B's Interests.

   The costs charged to Series B for brokerage services for the years ended
December 31, 2002, 2001 and 2000 were $771,808, $1,041,587 and $1,566,113,
respectively.

   All of the proceeds of the offering of Series B are received in the name of
Series B and were deposited in trading or cash accounts at PSI. Series B's
assets are maintained with PSI for margin purposes. 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.

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 or settle in cash. 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 the particular exchange.
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, there is concentration risk on
forward transactions entered into by Series B as PSI, Series B's commodity
broker, is the sole counterparty. 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 on all of Series B's contracts is the net unrealized gain
included in the statements of financial condition; however, counterparty
nonperformance on only certain of Series B's contracts may result in greater
loss than nonperformance on all of Series B's contracts. 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 Series B's 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 and is not permitted to commingle such assets with
other assets of PSI. At December 31, 2002, such segregated assets totalled
$5,641,640. Part 30.7 of the CFTC regulations also requires PSI to

                                       9

<Page>

secure assets of Series B related to foreign futures trading which totalled
$3,545,882 at December 31, 2002. There are no segregation requirements for
assets related to forward trading.

   As of December 31, 2002, all of Series B's open futures and forward contracts
mature within six months.

G. Financial Highlights

<Table>
<Caption>
                                                                      Year ended December 31,
                                                              ---------------------------------------
                                                                    2002                  2001
                                                              -----------------     -----------------
<S>                                                           <C>                   <C>
Performance per Interest
  Net asset value, beginning of period                             $108.57               $121.87
                                                              -----------------     -----------------
  Net realized gain and change in net unrealized gain/loss
     on commodity transactions                                       19.54                 (6.90)
  Interest income                                                     2.35                  4.72
  Expenses                                                          (11.11)               (11.12)
                                                              -----------------     -----------------
  Net increase (decrease) for the period                             10.78                (13.30)
                                                              -----------------     -----------------
  Net asset value, end of period                                   $119.35               $108.57
                                                              -----------------     -----------------
                                                              -----------------     -----------------
Total return                                                          9.93%               (10.91)%
Ratio to average net assets
  Interest income                                                     2.09%                 4.31%
  Expenses                                                            9.80%                 9.79%
</Table>

      These financial highlights represent the overall results of Series B
during the years ended December 31, 2002 and 2001. An individual limited owner's
actual results may differ depending on the timing of contributions and
redemptions.
                                       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:  /s/ Steven Weinreb
         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 continous offering from the sales of Interests for the years ended
December 31, 2002 and 2001 and for the period from June 10, 1998 (commencement
of operations) to December 31, 2002 resulted in additional gross proceeds to
Series B of $39,871, $771,385 and $24,385,015, respectively. The Managing Owner
suspended the offering of Interests in Series B and Series C and allowed all
selling registrations to expire by April 30, 2002 as more fully discussed in
Note A to the financial statements.

   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, 2002 were $2,290,879 and $38,426, respectively; for the year ended
December 31, 2001 were $6,264,019 and $33,538, respectively; and for the period
from June 10, 1998 (commencement of operations) to December 31, 2002 were
$21,347,679 and $188,201, respectively. Future redemptions will impact the
amount of funds available for investment in commodity contracts in subsequent
periods.

   At December 31, 2002, 100% of Series B's net assets were allocated to
commodities trading. A significant portion of the net assets was held in cash
which was 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
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, 2002 was $119.35, an
increase of 9.93% from the December 31, 2001 net asset value per Interest of
$108.57 which was a decrease of 10.91% from the December 31, 2000 net asset
value per Interest of $121.87. The CISDM Fund/Pool Qualified Universe Index
(formerly known as the Zurich Fund/Pool Qualified Universe Index) returned
11.99% and 7.52% for the years
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ended December 31, 2002 and 2001, respectively. The CISDM Fund/Pool Qualified
Universe Index is the dollar weighted, total return of all commodity pools
tracked by Managed Account Reports, LLC. Past performance is not necessarily
indicative of future results.

   Series B's trading gains/(losses) before commissions were $1,764,000,
$(802,000) and $(258,000) for the years ended December 31, 2002, 2001 and 2000,
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 metals sectors. Profits were
the result of gains in the financial, currency, energy and index sectors.

   Gold and other precious metals soared throughout most of the first half of
the year in response to weaknesses in the U.S. dollar and global equity markets
and instability in the Middle East. Base metals also began the year on a rise as
global economic activity showed signs of recovery. Gold prices reversed at
second quarter-end as a result of profit taking by traders and the sentiment
that U.S. and Japanese central banks would support the U.S. dollar. Gold ended
the year above $300 an ounce. Base metal prices fell in the second half of the
year due to weak economies and decreased industrial production. Gains earned by
long gold, copper and aluminum positions in the first quarter of the year were
not sufficient to offset losses incurred during the rest of the year resulting
in net losses for Series B.

   Global bond markets trended lower through most of the first quarter amid
growing prospects for imminent interest rate hikes by central banks. In the
U.S., interest rates rose towards the end of the first quarter in response to
stronger than expected economic data and indications that the U.S. Federal
Reserve Bank (the 'Fed') would lean towards increasing rates in the near future.
The Fed kept rates unchanged at 1.75% throughout the first three quarters of the
year. Other central banks, including the European Central Bank and the Bank of
Japan, generally followed the lead of the Fed leaving rates unchanged and
foreign bond markets rose as well. In the second half of the year, the Japanese
bond market was particularly strong as the Japanese economy continued to
struggle with recession and investors fled to bonds for safety. Global bond
prices in the fourth quarter were slightly weaker as interest rates rose in
response to the stock market rally and optimism on economic prospects. This
trend reversed when the Fed cut interest rates by 50 basis points to 1.25%, a
new 40-year low, at its first quarterly meeting in November. This was the first
rate cut of 2002, following 11 cuts in 2001. The Fed also switched its economic
outlook for the near future from a bias toward 'economic weakness' to
'balanced'. Long European, Japanese and U.S. Treasury bond positions resulted in
net gains for Series B.

   In foreign exchange markets, the U.S. dollar began the year strong against
most major foreign currencies as the U.S. economy exhibited signs of recovery.
The trend reversed in the second quarter as weak U.S. economic growth in
relation to other economies and concerns regarding accounting irregularities in
major U.S. corporations drove the dollar downward. Most European currencies and
the euro were weak early in the year but rallied in March amid hopes of an
economic recovery. In the third quarter, the euro surpassed parity with the U.S.
dollar as investors1 desire for U.S. assets decreased, but ended the quarter
lower. The British pound rose against the U.S. dollar early in the year amid
perceived strength in the British economy and gained as a result of positive
economic data. Towards the end of the year, the U.S. dollar began the quarter up
amid evidence of a firming U.S. economy, but traded lower against many major
foreign currencies in December. The market reacted to the sluggish U.S. economy,
weaker foreign demand for the U.S. dollar and expectations of war with Iraq.
Long Swiss franc, euro and Swiss franc/U.S. dollar cross-rate positions resulted
in net gains for Series B.

   Energy markets were volatile at the beginning of the year, but rose toward
the first quarter-end as the escalating conflict in the Middle East prompted
fears of an interruption in supplies. This, together with hopes for increased
U.S. energy demand due to a recovering economy, reinforced the normal seasonal
upward pressure on energy prices. Energy prices declined in the second quarter
amid increased U.S. stock suggesting ample supply for the summer season and
anticipation that Russia would discontinue output restrictions. Through the end
of the year, energy markets climbed as fears of impending war with Iraq and the
Venezuelan oil strike pushed crude oil prices up significantly. Crude oil rose
from the low $20's per barrel earlier in the year to approximately $30 a barrel
at year-end. Net gains for Series B resulted from long natural gas and crude oil
positions.
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   Equity indices began the year choppily due to a continuing weak economy and
concerns about balance sheet reporting and accounting irregularities. Positive
data and hopes of an economic recovery boosted stock markets towards the middle
of the first quarter. However, as investor confidence collapsed in response to
concerns about accounting transparency at some firms, heightened tension in the
Middle East, and decreased corporate sales and profits, global equity markets
moved sharply lower throughout the second quarter. This resulted in investors
re-evaluating their outlook for a near-term economic recovery. Equity markets
rallied in mid October, triggered by a surge of global economic optimism, but
fell once again towards the end of the year providing a negative return for the
third consecutive year. Overall, equity markets around the world showed poor
performance for 2002. In the U.S., the Dow Jones Industrial Average was down
16.76% for the year while the S&P 500 was down 23.37%. The London FTSE returned
a negative 24.48% and the Hong Kong Hang Seng Index ended the year down 18.21%.
Overall, short positions in the NASDAQ and Euro DAX indexes resulted in net
gains for Series B.

   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 lower during the year ended December 31, 2002 versus 2001,
primarily as a result of redemptions offset, in part, by favorable trading
performance during 2002. Series B's average net asset levels were significantly
lower during the year ended December 31, 2001 versus 2000, primarily due to
redemptions.

   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 $370,000 during 2002
as compared to 2001 and decreased by $700,000 during 2001 as compared to 2000.
The 2002 decrease resulted from lower overall interest rates in 2002 versus 2001
and the decrease in average net asset levels during 2002 versus 2001 as
discussed above. The decrease in interest income during 2001 versus 2000
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.

   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 $270,000 during 2002 as compared to
2001 and decreased $525,000 during 2001 as compared to 2000. These decreases
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
$70,000 during 2002 as compared to 2001 and decreased by $135,000 during 2001 as
compared to 2000. These decreases 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. Series B did not incur an incentive fee
during 2002, 2001 and 2000.

Inflation

   Inflation has had no material impact on operations or on the financial
condition of Series B from inception through December 31, 2002.

                                       14

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                               OTHER INFORMATION

   The actual round-turn equivalent of brokerage commissions paid per contract
for the year ended December 31, 2002 was $81.

   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/0TH
        Peck Slip Station
        P.O. Box 2303
        New York, New York 10273-0005

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