<Page> Alternative Investment Strategies WORLD MONITOR TRUST II-- SERIES D MONTHLY REPORT/ APRIL 25, 2003 PRUDENTIAL FINANCIAL (LOGO) <Page> WORLD MONITOR TRUST II--SERIES D - -------------------------------------------------------------------------------- Dear Interest Holder: Enclosed is the report for the period from March 29, 2003 to April 25, 2003 for World Monitor Trust II--Series D ('Series D'). The net asset value of an interest as of April 25, 2003 was $98.08, an increase of 1.51% from the March 28, 2003 value of $96.62. The calendar year-to-date return for Series E was an increase of 5.26% as of April 25, 2003. Effective May 2003, Ronald J. Ivans has been elected by the Board of Directors of Prudential Securities Futures Management Inc. as Chief Financial Officer replacing Steven Weinreb. The estimated net asset value per interest as of May 27, 2003 was $105.52. 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, /s/ Eleanor L. Thomas ------------------------ 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. STATEMENT OF OPERATIONS - ------------------------------------------------- For the period from March 29, 2003 to April 25, 2003 Revenues: Realized gain on commodity transactions....................... $(109,949) Change in unrealized commodity positions.......................... 462,481 Interest income...................... 12,867 --------- 365,399 --------- Expenses: Commissions.......................... 64,428 Incentive fees....................... 57,751 Management fees...................... 13,410 Other transaction fees............... 2,019 Other expenses....................... 10,222 --------- 147,830 --------- Net gain............................. $ 217,569 --------- --------- STATEMENT OF CHANGES IN NET ASSET VALUE - --------------------------------------------------- For the period from March 29, 2003 to April 25, 2003 Per Total Interest ----------- -------- Net asset value at beginning of period (136,128.906 interests)............... $13,152,133 $ 96.62 Contributions.............. 1,153,585 Net gain................... 217,569 Redemptions................ (74,795) ----------- Net asset value at end of period (147,320.362 interests)............... $14,448,492 98.08 ----------- ----------- -------- Change in net asset value per interest.................... $ 1.46 -------- -------- Percentage change....................... 1.51% -------- -------- - ------------------------------------------------------ I hereby affirm that, to the best of my knowledge and belief, the information contained herein relating to World Monitor Trust II--Series D is accurate and complete. PRUDENTIAL SECURITIES FUTURES MANAGEMENT INC. /s/ Ronald J. Ivans ----------------------- /s/ Ronald J. Ivans Chief Financial Officer