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Alternative Investment
Strategies

WORLD MONITOR TRUST--
SERIES B

MONTHLY REPORT/
FEBRUARY 22, 2002

(PRUDENTIAL LOGO)

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         WORLD MONITOR TRUST--SERIES B
- --------------------------------------------------------------------------------
Dear Interest Holder:
Enclosed is the report for the period from January 26, 2002 to February 22, 2002
for the World Monitor Trust--Series B ('Series B'). The net asset value of an
interest as of February 22, 2002 was $107.45, a decrease of 0.57% from the
January 25, 2002 value of $108.07. The year-to-date return for Series B was a
decrease of 1.03% as of February 22, 2002.

The estimated net asset value per interest as of March 13, 2002 was $104.10.
Past performance is not necessarily indicative of future results.

Should you have any questions, please contact your Prudential Securities
Financial Advisor. For account status inquiries, contact Prudential Securities
Client Services at (212) 778-2443.

          Sincerely yours,


          Eleanor L. Thomas
          President and Director
          PRUDENTIAL SECURITIES
          FUTURES MANAGEMENT INC.

Please note that the value which appears on your Prudential Securities statement
is an estimated value at calendar month-end. The actual value as of the last
Friday of the month is contained in this report.

<Table>
<Caption>
STATEMENT OF OPERATIONS
- -------------------------------------------------
                                     
For the period from January 26, 2002 to
  February 22, 2002
Revenues:
Realized loss on commodity
  transactions.......................   $ (64,931)
Change in unrealized commodity
  positions..........................      69,037
Interest income......................      15,643
                                        ---------
                                           19,749
                                        ---------
Expenses:
Commissions..........................      61,817
Management fee.......................      15,930
                                        ---------
                                           77,747
                                        ---------
Net loss.............................   $ (57,998)
                                        ---------
                                        ---------
</Table>

<Table>
<Caption>
STATEMENT OF CHANGES IN NET ASSET VALUE
- --------------------------------------------------
                                     
For the period from January 26, 2002 to
  February 22, 2002

<Caption>
                                             Per
                                Total      Interest
                                     
                             -----------   -------
Net asset value at
  beginning of period
  (96,353.068 interests)...  $10,412,398   $108.07
Contributions                     11,300
Net loss...................      (57,998)
Redemptions................     (120,332)
                             -----------
Net asset value at end of
  period (95,348.530
  interests)...............  $10,245,368    107.45
                             -----------
                             -----------
                                           -------
Change in net asset
  value per interest....................   $ (0.62)
                                           -------
                                           -------
Percentage change.......................     (0.57)%
                                           -------
                                           -------
</Table>

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