<Page> Alternative Investment Strategies WORLD MONITOR TRUST II-- SERIES D MONTHLY REPORT/ JULY 25, 2003 <Page> WORLD MONITOR TRUST II--SERIES D - ------------------------------------------------------------------------------- Dear Interest Holder: Enclosed is the report for the period from June 28, 2003 to July 25, 2003 for World Monitor Trust II--Series D ('Series D'). The net asset value of a unit as of July 25, 2003 was $106.59, an increase of 1.85% from the June 27, 2003 value of $104.65. The calendar year-to-date return for Series D was an increase of 14.40% as of July 25, 2003. The estimated net asset value per interest as of August 31, 2003 was $107.50. 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 June 28, 2003 to July 25, 2003 Revenues: Realized gain on commodity transactions....................... $124,573 Change in unrealized commodity positions.......................... 430,984 Interest income...................... 16,734 -------- 572,291 -------- Expenses: Commissions.......................... 93,257 Incentive fees....................... 94,792 Management fee....................... 19,502 Other transaction fees............... 2,146 Other expenses....................... 10,222 -------- 219,919 -------- Net gain............................. $352,372 -------- -------- STATEMENT OF CHANGES IN NET ASSET VALUE - --------------------------------------------------- For the period from June 28, 2003 to July 25, 2003 Per Total Interest ----------- -------- Net asset value at beginning of period (165,352.784 interests)............... $17,304,823 $ 104.65 Contributions.............. 3,650,900 Net gain................... 352,372 Redemptions................ (74,597) ----------- Net asset value at end of period (199,206.499 interests)............... $21,233,498 106.59 ----------- ----------- -------- Change in net asset value per interest.................... $ 1.94 -------- -------- Percentage change....................... 1.85% -------- -------- - ------------------------------------------------------ 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 ------------------- by: Ronald J. Ivans Chief Financial Officer