<Page>

Alternative Investment
Strategies

WORLD MONITOR TRUST II--
SERIES E

MONTHLY REPORT/
APRIL 25, 2003

PRUDENTIAL FINANCIAL (LOGO)

<Page>

         WORLD MONITOR TRUST II--SERIES E
- --------------------------------------------------------------------------------

Dear Interest Holder:

Enclosed is the report for the period from March 29, 2003 to April 25, 2003 for
World Monitor Trust II--Series E ('Series E'). The net asset value of an
interest as of March 28, 2003 was $167.42, a decrease of 0.21% from the March
28, 2003 value of $167.77. The calendar year-to-date return for Series E was an
increase of 5.71% 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 $180.27. 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.

<Table>
STATEMENT OF OPERATIONS
- -------------------------------------------------
                                   
For the period from March 29, 2003
  to April 25, 2003
Revenues:
Realized loss on commodity
  transactions.....................   $(1,306,001)
Change in unrealized commodity
  positions........................     1,505,142
Interest income....................        35,890
                                      -----------
                                          235,031
                                      -----------
Expenses:
Commissions........................       197,365
Management fees....................        65,785
Other transaction fees                      7,143
Other expenses.....................        11,036
                                      -----------
                                          281,329
                                      -----------
Net loss...........................   $   (46,298)
                                      -----------
                                      -----------
</Table>

<Table>
<Caption>
STATEMENT OF CHANGES IN NET ASSET VALUE
- ---------------------------------------------------
For the period from March 29, 2003
  to April 25, 2003

<Caption>
                                             Per
                                Total      Interest
                             -----------   --------
                                     
Net asset value at
  beginning of period
  (236,923.142
  interests)...............  $39,749,709   $ 167.77
Contributions..............    4,994,390
Net loss...................      (46,298)
Redemptions................     (241,120)
                             -----------
Net asset value at end of
  period (265,542.547
  interests)...............  $44,456,681     167.42
                             -----------   --------
                             -----------

Change in net asset value per
  interest..............................   $  (0.35)
                                           --------
                                           --------
Percentage change.......................      (0.21)%
                                           --------
                                           --------
</Table>

- ------------------------------------------------------
I hereby affirm that, to the best of my knowledge and belief, the information
contained herein relating to World Monitor Trust II--Series E is accurate and
complete.
                         PRUDENTIAL SECURITIES FUTURES
                                MANAGEMENT INC.

                             /s/ Ronald J. Ivans
                           --------------------------
                             by: Ronald J. Ivans
                            Chief Financial Officer