<Page>


                    THE SECTOR STRATEGY FUND (SM) VI L.P.
                    (A DELAWARE LIMITED PARTNERSHIP)




                    Financial Statements for the years ended
                    December 31, 2001, 2000 and 1999 and
                    Independent Auditors' Report




[MERRILL LYNCH LOGO]

<Page>

THE SECTOR STRATEGY FUND(SM) VI L.P.
(A DELAWARE LIMITED PARTNERSHIP)


<Table>
<Caption>
TABLE OF CONTENTS
-----------------------------------------------------------------------------------------------------------
                                                                                                       PAGE
                                                                                                      -----
<S>                                                                                                   <C>
INDEPENDENT AUDITORS' REPORT                                                                              1

FINANCIAL STATEMENTS:

  Statements of Financial Condition as of December 31, 2001 and 2000                                      2

  Statements of Operations for the years ended December 31, 2001, 2000 and 1999                           3

  Statements of Changes in Partners' Capital for the years ended December 31, 2001, 2000 and 1999         4

  Financial Data Highlights for the year ended December 31, 2001                                          5

  Notes to Financial Statements                                                                        6-11
</Table>

<Page>

INDEPENDENT AUDITORS' REPORT



To the Partners of
  The SECTOR Strategy Fund(SM) VI L.P.:

We have audited the accompanying statements of financial condition of The SECTOR
Strategy Fund(SM) VI L.P. (the "Partnership") as of December 31, 2001 and 2000
and the related statements of operations and of changes in partners' capital for
each of the three years in the period ended December 31, 2001, and the financial
data highlights for the year ended December 31, 2001. These financial statements
and financial data highlights are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements and financial data highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial data highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial data highlights present
fairly, in all material respects, the financial position of The SECTOR Strategy
Fund(SM) VI L.P. as of December 31, 2001 and 2000, and the results of its
operations and changes in its partners' capital and the financial data
highlights for each of the periods presented, in conformity with accounting
principles generally accepted in the United States of America.


DELOITTE & TOUCHE LLP


New York, New York
February 5, 2002

<Page>

THE SECTOR STRATEGY FUND(SM) VI L.P.
(A DELAWARE LIMITED PARTNERSHIP)


STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2001 AND 2000


<Table>
<Caption>

ASSETS                                                              2001              2000
                                                               ---------------   ---------------
<S>                                                            <C>               <C>
Investment in MM LLC (Note 7)                                  $    11,106,346   $    12,483,383
Receivable from investment in MM LLC (Note 7)                          122,911           221,692
                                                               ---------------   ---------------
        TOTAL                                                  $    11,229,257   $    12,705,075
                                                               ===============   ===============

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
  Redemptions payable (Note 1)                                 $       122,911   $       221,692
                                                               ---------------   ---------------
      Total liabilities                                                122,911           221,692
                                                               ---------------   ---------------

PARTNERS' CAPITAL:
  General Partner (933 Units and 1,059 Units)                          120,712           135,803
  Limited Partners (84,909 Units and 96,298 Units)                  10,985,634        12,347,580
                                                               ---------------   ---------------
      Total partners' capital                                       11,106,346        12,483,383
                                                               ---------------   ---------------
        TOTAL                                                  $    11,229,257   $    12,705,075
                                                               ===============   ===============

NET ASSET VALUE PER UNIT
  (Based on 85,842 and 97,357 Units outstanding)               $        129.38   $        128.22
                                                               ===============   ===============
</Table>


See notes to financial statements.


                                       2
<Page>

THE SECTOR STRATEGY FUND(SM) VI L.P.
(A DELAWARE LIMITED PARTNERSHIP)

STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


<Table>
<Caption>
                                                                    2001              2000              1999
                                                               ---------------   ---------------   ---------------
<S>                                                            <C>               <C>               <C>
INCOME (LOSS) FROM INVESTMENT (Note 7)                         $       126,099   $       603,225   $      (213,362)
                                                               ---------------   ---------------   ---------------
NET INCOME (LOSS)                                              $       126,099   $       603,225   $      (213,362)
                                                               ===============   ===============   ===============

NET INCOME (LOSS) PER UNIT:

  Weighted average number of General Partner and
  Limited Partner Units outstanding (Note 5)                            91,360           111,328           141,425
                                                               ===============   ===============   ===============
  Net income (loss) per weighted average
  General Partner and Limited Partner Unit                     $          1.38   $          5.42   $         (1.51)
                                                               ===============   ===============   ===============
</Table>


See notes to financial statements.


                                       3
<Page>

THE SECTOR STRATEGY FUND(SM) VI L.P.
(A DELAWARE LIMITED PARTNERSHIP)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


<Table>
<Caption>
                                                        GENERAL           LIMITED
                                      UNITS             PARTNER           PARTNERS             TOTAL
                                 ---------------    ---------------    ---------------    ---------------
<S>                              <C>                <C>                <C>                <C>
PARTNERS' CAPITAL,
  DECEMBER 31, 1998                      159,323    $       244,832    $    19,326,351    $    19,571,183

Net loss                                       -             (2,857)          (210,505)          (213,362)

Redemptions                              (33,312)                 -         (4,059,303)        (4,059,303)
                                 ---------------    ---------------    ---------------    ---------------

PARTNERS' CAPITAL,
  DECEMBER 31, 1999                      126,011            241,975         15,056,543         15,298,518

Net income                                     -              6,801            596,424            603,225

Redemptions                              (28,654)          (112,973)        (3,305,387)        (3,418,360)
                                 ---------------    ---------------    ---------------    ---------------

PARTNERS' CAPITAL,
  DECEMBER 31, 2000                       97,357            135,803         12,347,580         12,483,383

Net income                                     -              2,082            124,017            126,099

Redemptions                              (11,515)           (17,173)        (1,485,963)        (1,503,136)
                                 ---------------    ---------------    ---------------    ---------------

PARTNERS' CAPITAL,
  DECEMBER 31, 2001                       85,842    $       120,712    $    10,985,634    $    11,106,346
                                 ===============    ===============    ===============    ===============
</Table>


See notes to financial statements.


                                       4
<Page>

THE SECTOR STRATEGY FUND(SM) VI L.P.
(A DELAWARE LIMITED PARTNERSHIP)

FINANCIAL DATA HIGHLIGHTS
FOR THE YEAR ENDED DECEMBER 31, 2001


The following per unit data and ratios have been derived from information
provided in the financial statements.


<Table>
<Caption>
                                                          2001
                                                     ---------------
<S>                                                  <C>
Increase (Decrease) in Net Asset Value

PER UNIT OPERATING PERFORMANCE:
-------------------------------
Net asset value, beginning of period                 $        128.22

Realized trading profit                                        19.21
Change in unrealized                                           (8.45)
Interest income                                                 4.48
Expenses                                                      (14.08)
                                                     ---------------

Net asset value, end of period                       $        129.38
                                                     ===============

Total investment return, compounded monthly                     0.90%
                                                     ===============

RATIOS TO AVERAGE NET ASSETS:
-----------------------------
Expenses                                                       10.87%
                                                     ===============

Net income                                                      1.06%
                                                     ===============
</Table>


See notes to financial statements.


                                       5
<Page>

THE SECTOR STRATEGY FUND(SM) VI L.P.
(A DELAWARE LIMITED PARTNERSHIP)

NOTES TO FINANCIAL STATEMENTS


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     ORGANIZATION

     The SECTOR Strategy Fund(SM) VI L.P. (the "Partnership") was organized
     under the Delaware Revised Uniform Limited Partnership Act on April 23,
     1993 and commenced trading activities on September 10, 1993. The
     Partnership engages through an investment in a limited liability company
     (see below) in the speculative trading of futures, options on futures,
     forwards and options on forward contracts on a wide range of commodities.
     MLIM Alternative Strategies LLC ("MLIM AS LLC"), formerly Merrill Lynch
     Investment Partners Inc. ("MLIP"), a wholly-owned subsidiary of Merrill
     Lynch Investment Managers, LP ("MLIM") which, in turn, is an indirect
     wholly-owned subsidiary of Merrill Lynch & Co., Inc. ("Merrill Lynch"),
     is the general partner of the Partnership. Merrill Lynch, Pierce,
     Fenner & Smith Incorporated ("MLPF&S"), the successor to Merrill Lynch
     Futures Inc. ("MLF") by merger, is the Partnership's commodity broker.
     MLIM AS LLC has agreed to maintain a general partnership interest in the
     Partnership of at least 1% of the total capital of the Partnership. MLIM
     AS LLC and each Limited Partner share in the profits and losses of the
     Partnership in proportion to their respective interests in it.

     Effective May 31, 2001, MLIP converted to a Delaware limited liability
     company and changed its name. Effective August 14, 2001, Merrill Lynch
     Group, Inc. contributed all of the issued and outstanding shares of MLIM AS
     LLC to its affiliate MLIM in a tax-free reorganization. All of the officers
     of MLIP at the time continued with their former roles with MLIM AS LLC. The
     changes had no impact on the Partnership's investors. Effective November 2,
     2001, MLF merged into its affiliate, MLPF&S, a wholly owned subsidiary of
     Merrill Lynch. MLPF&S became the successor party to the agreements between
     MLF and the Partnership. The terms of the agreements remained unchanged and
     the merger had no effect on the terms on which the Partnership's
     transactions were executed.

     Many of the multi-advisor funds (the "Multi-Advisor Funds") sponsored by
     MLIM AS LLC, including the Partnership, allocate their assets to a number
     of the same independent advisors (the "Advisors"). These Multi-Advisor
     Funds invest in a limited liability company, ML Multi-Manager Portfolio LLC
     ("MM LLC"), a Delaware limited liability company, which operates a single
     account with each Advisor selected. MM LLC is managed by MLIM AS LLC, has
     no investors other than the Multi-Advisor Funds and serves solely as the
     vehicle through which the assets of such Multi-Advisor Funds are combined
     in order to be managed through single rather than multiple accounts. As of
     September 2000, two additional Multi-Advisor Funds were added to MM LLC.
     The placement of assets into MM LLC did not change the operations or fee
     structure of the Partnership. The following notes relate to the operation
     of the Partnership through its investment in MM LLC. The administrative
     authority over the Partnership remains with MLIM AS LLC. MLIM AS LLC, on an
     ongoing basis, may change the number of Multi-Advisor Funds investing in MM
     LLC. As of December 31, 2001, 2000, and 1999, the Partnership's percentage
     ownership share of MM LLC was 5.51%, 5.04%, and 15.61%, respectively.

     MLIM AS LLC selects the advisors to manage MM LLC's assets, and allocates
     and reallocates such trading assets among existing, replacement and
     additional Advisors.


                                       6
<Page>

     ESTIMATES

     The preparation of financial statements in conformity with accounting
     principles generally accepted in the United States of America requires
     management to make estimates and assumptions that affect the reported
     amounts of assets and liabilities and disclosure of contingent assets and
     liabilities at the date of the financial statements and the reported
     amounts of revenues and expenses during the reporting period. Actual
     results could differ from those estimates.

     CASH MANAGEMENT

     As of June 2000, the Partnership, through MM LLC, began an Income
     Enhancement Program, whereas, a portion of its assets could be invested in
     Commercial Paper. This was done to improve the yield on the cash assets not
     required for margin for trading purposes at MLPF&S. These holdings
     generally have maturities of 30, 60 or 90 days and are held to maturity. As
     of December 31, 2001, the Income Enhancement Program is inactive.

     REVENUE RECOGNITION

     Commodity futures, options on futures, forwards and options on forward
     contracts are recorded on the trade date and open contracts are reflected
     in net unrealized profit (loss) on open contracts in the Statements of
     Financial Condition of MM LLC at the difference between the original
     contract value and the market value (for those commodity interests for
     which market quotations are readily available) or at fair value. The change
     in unrealized profit (loss) on open contracts from one period to the next
     is reflected in Change in unrealized under Trading (loss) profit in the
     Statements of Operations of MM LLC. See Note 7 for discussion of revenue
     recognition for the Partnership's investment in MM LLC.

     FOREIGN CURRENCY TRANSACTIONS

     The Partnership's functional currency is the U.S. dollar; however, it
     transacts business in currencies other than the U.S. dollar through MM LLC.
     Assets and liabilities denominated in currencies other than the U.S. dollar
     are translated into U.S. dollars at the rates in effect at the dates of the
     Statements of Financial Condition. Income and expense items denominated in
     currencies other than the U.S. dollar are translated into U.S. dollars at
     the rates in effect during the period. Gains and losses resulting from the
     translation to U.S. dollars are reported in total trading results.

     OPERATING EXPENSES

     MLIM AS LLC pays for all routine operating costs (including legal,
     accounting, printing, postage and similar administrative expenses) of the
     Partnership. MLIM AS LLC receives an administrative fee as well as a
     portion of the brokerage commissions paid to MLPF&S, by the Partnership,
     through MM LLC (see Note 3).

     No selling commissions have been or are paid directly by Limited Partners.
     All selling commissions are paid by MLIM AS LLC.

     INCOME TAXES

     No provision for income taxes has been made in the accompanying financial
     statements as each Partner is individually responsible for reporting income
     or loss based on such Partner's respective share of the Partnership's
     income and expenses as reported for income tax purposes.


                                       7
<Page>

     DISTRIBUTIONS

     The Limited Partners are entitled to receive, equally per Unit, any
     distribution which may be made by the Partnership. No such distributions
     have been declared for the years ended December 31, 2001, 2000 or 1999.

     REDEMPTIONS

     A Limited Partner may redeem some or all of such Partner's Units at the Net
     Asset Value as of the close of business on the last business day of any
     month upon ten calendar days' notice.

     DISSOLUTION OF THE PARTNERSHIP

     The Partnership will terminate on December 31, 2023 or at an earlier date
     if certain conditions occur, as well as under certain other circumstances
     as set forth in the Limited Partnership Agreement.

2.   CONDENSED SCHEDULE OF INVESTMENTS

     In March 2001, the American Institute of Certified Public Accountants'
     Accounting Standards Executive Committee issued Statement of Position
     ("SOP") 01-1, "Amendment to Scope of Statement of Position 95-2, Financial
     Reporting by Nonpublic Investment Partnerships, to Include Commodity Pools"
     effective for fiscal years ending after December 15, 2001. Accordingly,
     commodity pools are now required to include a condensed schedule of
     investments identifying those investments, which constitute more than 5% of
     net assets, taking long and short positions into account separately.

     The Partnership's investments through MM LLC, defined as Net unrealized
     profit on open contracts on the Statement of Financial Condition of MM
     LLC, as of December 31, 2001 is as follows.

<Table>
<Caption>
                                         LONG POSTIONS                 SHORT POSITIONS
                                         -------------                 ---------------          NET UNREALIZED
                                    UNREALIZED     PERCENT OF      UNREALIZED     PERCENT OF    PROFIT (LOSS) ON   PERCENT OF
    COMMODITY INDUSTRY SECTOR      PROFIT (LOSS)   NET ASSETS     PROFIT (LOSS)   NET ASSETS     OPEN POSITIONS    NET ASSETS
    -------------------------      -------------   ----------     -------------   ----------     --------------    ----------
<S>                                <C>             <C>            <C>             <C>           <C>                <C>
Agriculture                           $   (98,523)   -0.05%          $   278,886    0.14%             $   180,363     0.09%
Currencies                               (518,547)   -0.26%            3,164,842    1.57%               2,646,295     1.31%
Energy                                     (8,555)    0.00%             (109,665)  -0.05%                (118,220)   -0.06%
Interest rates                           (310,862)   -0.15%              159,725    0.08%                (151,137)   -0.08%
Metals                                   (227,476)   -0.11%             (421,110)  -0.21%                (648,586)   -0.32%
Stock indices                             151,168     0.08%               17,656    0.01%                 168,824     0.08%
                                  ----------------               ----------------               ------------------

Total                                 $(1,012,795)   -0.50%          $ 3,090,334    1.53%             $ 2,077,539     1.03%
                                  ================               ================               ==================
</Table>

3.   RELATED PARTY TRANSACTIONS

     The Partnership's U.S. dollar assets invested in MM LLC are maintained at
     MLPF&S. On assets held in U.S. dollars, Merrill Lynch credits MM LLC with
     interest at the prevailing 91-day U.S. Treasury bill rate. MM LLC is
     credited with interest on any of its assets and net gains actually held by
     Merrill Lynch in non-U.S. dollar currencies at a prevailing local rate
     received by Merrill Lynch. Merrill Lynch may derive certain economic
     benefit, in excess of the interest which Merrill Lynch pays to MM LLC, from
     possession of such assets.

     Merrill Lynch charges the Partnership, through MM LLC, Merrill Lynch's cost
     of financing realized and unrealized losses on MM LLC's non-U.S.
     dollar-denominated positions.

     Through its investment in MM LLC, the Partnership pays brokerage
     commissions to MLPF&S, at a flat monthly rate equal to .729 of 1% (an 8.75%
     annual rate) and pays MLIM AS LLC a monthly administrative fee of .021 of
     1% (a 0.25% annual rate) of the Partnership's month-end assets invested in
     MM LLC. Month-end assets are not reduced for purposes of calculating
     brokerage commissions and administrative fees by any accrued brokerage
     commissions, administrative fees, Profit Shares or other fees or charges.

     MLIM AS LLC estimates that the aggregate round-turn commission rates for MM
     LLC for the years ended December 31, 2001, 2000 and 1999 are $64, $82 and
     $136, respectively.


                                       8
<Page>

     MLPF&S currently pays the Advisors, through MM LLC, annual Consulting Fees
     up to 2.00% of the Partnership's average month-end assets allocated to them
     for management, after reduction for a portion of the brokerage commissions.

4.   ADVISORY AGREEMENTS

     Pursuant to the Advisory Agreements among the Advisors, MM LLC and MLIM AS
     LLC, the Advisors determine the commodity futures, options on futures,
     forwards and options on forward contracts traded on behalf of MM LLC,
     subject to certain rights reserved by MLIM AS LLC. The Advisory Agreements
     generally renew annually after they are entered into, subject to certain
     renewal rights.

     Profit Shares, currently ranging from 20% to 23% of any New Trading Profit,
     as defined, recognized by each Advisor considered individually irrespective
     of the overall performance of the Partnership, either as of the end of each
     calendar quarter or year and upon the net reallocation of assets away from
     an Advisor, are paid by MM LLC to each of the Advisors. Profit Shares are
     also paid out in respect of Units redeemed as of the end of interim months,
     to the extent of the applicable percentage of any such New Trading Profit
     attributable to such Units.

5.   WEIGHTED AVERAGE UNITS

     The weighted average number of Units outstanding was computed for purposes
     of calculating net income per weighted average Unit. The weighted average
     number of Units outstanding for the years ended December 31, 2001, 2000 and
     1999 equals the Units outstanding as of such date, adjusted proportionately
     for Units redeemed based on the respective length of time each was
     outstanding during the year.

6.   MERRILL LYNCH & CO., INC. GUARANTEE

     Merrill Lynch had guaranteed to the Partnership that it would have
     sufficient Net Assets as of the Principal Assurance Date, that the Net
     Asset Value per Unit as of such Principal Assurance Date would equal, after
     adjustment for all liabilities to third parties, no less than the
     minimum assured Net Asset Value per Unit. On January 1, 1999, the
     Partnership restarted its trading program for an additional Time Horizon
     of two years duration and a new Principal Assurance Date of December 31,
     2000, with a minimum assured Net Asset Value per Unit of $98.27. On
     January 1, 2001, the Partnership did not renew its guarantee. Therefore,
     Limited Partners no longer have any assurance of a minimum Net Asset
     Value per Unit if they remain in the Partnership until a stated date in
     the future.

7.   INVESTMENT IN MM LLC

     The investment in MM LLC is reflected in the financial statements at fair
     value based upon the Partnership's interest in MM LLC. Fair value of the
     investment in MM LLC is equal to the market value of the net assets of MM
     LLC allocable to the Partnership as an investor. The resulting difference
     between cost and fair value is reflected on the Statements of Operations as
     Income (loss) from investment.


                                       9
<Page>

Total revenues and fees with respect to such investment were set forth as
follows:

<Table>
<Caption>
                                       FOR THE YEAR ENDED      FOR THE YEAR ENDED     FOR THE YEAR ENDED
                                       DECEMBER 31, 2001       DECEMBER 31, 2000      DECEMBER 31, 1999
                                      --------------------    --------------------   --------------------
<S>                                   <C>                     <C>                    <C>
Realized Profit                       $          1,790,257    $            532,120   $            529,105
Change in Unrealized Profit/(Loss)                (783,929)                743,381                 82,468
Interest Income                                    413,508                 756,520                818,925

Brokerage Commissions                            1,032,578               1,124,411              1,518,739
Administrative Fees                                 29,502                  32,126                 43,393
Profit Shares                                      231,657                 272,259                 81,728
                                      --------------------    --------------------   --------------------
Income/(Loss) from Investment         $            126,099    $            603,225   $           (213,362)
                                      ====================    ====================   ====================
</Table>

Condensed statements of financial condition and statements of operations for MM
LLC are set forth as follows:

<Table>
<Caption>
                        DECEMBER 31, 2001      DECEMBER 31, 2000
                       --------------------   --------------------
<S>                    <C>                    <C>
Assets                 $        207,788,190   $        252,995,756
                       ====================   ====================

Liabilities            $          6,324,407   $          5,383,789
Members' Capital                201,463,783            247,611,967
                       --------------------   --------------------

Total                  $        207,788,190   $        252,995,756
                       ====================   ====================
</Table>

<Table>
<Caption>
                        FOR THE YEAR ENDED     FOR THE YEAR ENDED     FOR THE YEAR ENDED
                        DECEMBER 31, 2001      DECEMBER 31, 2000      DECEMBER 31, 1999
                       --------------------   --------------------   --------------------
<S>                    <C>                    <C>                    <C>
Revenues               $         22,936,034   $         28,324,323   $          9,090,190

Expenses                         17,756,465             13,557,899             10,152,017
                       --------------------   --------------------   --------------------

Net Income (Loss)      $          5,179,569   $         14,766,424   $         (1,061,827)
                       ====================   ====================   ====================
</Table>


8.   FAIR VALUE AND OFF-BALANCE SHEET RISK

     The nature of this Partnership has certain risks, which cannot be
     presented on the financial statements. The following summarizes some of
     those risks.

     MARKET RISK

     Derivative financial instruments involve varying degrees of off-balance
     sheet market risk. Changes in the level or volatility of interest rates,
     foreign currency exchange rates or the market values of the underlying
     financial instruments or commodities underlying such derivative instruments
     frequently resulted in changes in the Partnership's net unrealized profit
     on such derivative instruments as reflected in the Statements of Financial
     Condition or, with respect to Partnership assets invested in MM LLC, the
     net unrealized profit (loss) as reflected in the respective Statements of
     Financial Condition of MM LLC. The Partnership's exposure to market risk is
     influenced by a number of factors, including the relationships


                                       10
<Page>

     among the derivative instruments held by the Partnership and MM LLC, as
     well as the volatility and liquidity of such markets in which such
     derivative instruments are traded.

     MLIM AS LLC has procedures in place intended to control market risk
     exposure, although there can be no assurance that they will, in fact,
     succeed in doing so. These procedures focus primarily on monitoring the
     trading of the Advisors selected from time to time by the Partnership or MM
     LLC, and include calculating the Net Asset Value of their respective
     Partnership accounts and MM LLC accounts, as of the close of business on
     each day and reviewing outstanding positions for over-concentrations both
     on an Advisor-by-Advisor and on an overall Partnership basis. While MLIM AS
     LLC does not itself intervene in the markets to hedge or diversify the
     Partnership's market exposure, MLIM AS LLC may urge Advisors to reallocate
     positions, or itself reallocate Partnership assets among Advisors (although
     typically only as of the end of a month) in an attempt to avoid
     over-concentrations. However, such interventions are unusual. Except in
     cases in which it appears that an Advisor has begun to deviate from past
     practice or trading policies or to be trading erratically, MLIM AS LLC's
     basic risk control procedures consist simply of the ongoing process of
     advisor monitoring and selection with the market risk controls being
     applied by the Advisors themselves.

     CREDIT RISK

     The risks associated with exchange-traded contracts are typically perceived
     to be less than those associated with over-the-counter
     (non-exchange-traded) transactions, because exchanges typically (but not
     universally) provide clearinghouse arrangements in which the collective
     credit (in some cases limited in amount, in some cases not) of the members
     of the exchange is pledged to support the financial integrity of the
     exchange. In over-the-counter transactions, on the other hand, traders must
     rely solely on the credit of their respective individual counterparties.
     Margins, which may be subject to loss in the event of a default, are
     generally required in exchange trading, and counterparties may require
     margin in the over-the-counter markets.

     The Partnership, through MM LLC, has credit risk in respect of its
     counterparties and brokers, but attempts to mitigate this risk by dealing
     almost exclusively with Merrill Lynch entities as clearing brokers.

     The Partnership, through MM LLC, in its normal course of business, enters
     into various contracts, with MLPF&S acting as its commodity broker.
     Pursuant to the brokerage agreement with MLPF&S (which includes a netting
     arrangement), to the extent that such trading results in receivables from
     and payables to MLPF&S, these receivables and payables are offset and
     reported as a net receivable or payable in the financial statements of MM
     LLC in the Equity in commodity futures trading accounts in the Statements
     of Financial Condition.

                            * * * * * * * * * * * * *

                 To the best of the knowledge and belief of the
                 undersigned, the information contained in this
                        report is accurate and complete.



                               Michael L. Pungello
                             Chief Financial Officer
                         MLIM Alternative Strategies LLC
                               General Partner of
                       The SECTOR Strategy Fund(SM) VI L.P.


                                       11
<Page>

                    ML MULTI-MANAGER PORTFOLIO LLC
                    (A DELAWARE LIMITED LIABILITY COMPANY)




                    Financial Statements for the years ended
                    December 31, 2001 and 2000
                    and Independent Auditors' Report




[MERRILL LYNCH LOGO]

<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)


TABLE OF CONTENTS

<Table>
<Caption>
                                                      PAGE
                                                     -----
<S>                                                  <C>
INDEPENDENT AUDITORS' REPORT                             1

FINANCIAL STATEMENTS FOR THE YEARS ENDED
DECEMBER 31, 2001 AND 2000:

Statements of Financial Condition                        2

Statements of Income                                     3

Statements of Changes in Members' Capital                4

Notes to Financial Statements                          5-9
</Table>

<Page>

INDEPENDENT AUDITORS' REPORT



To the Members of
  ML Multi-Manager Portfolio LLC:

We have audited the accompanying statements of financial condition of ML
Multi-Manager Portfolio LLC (the "Company") as of December 31, 2001 and 2000 and
the related statements of income and of changes in members' capital for the
years then ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards 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. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of ML Multi-Manager Portfolio LLC as of
December 31, 2001 and 2000, and the results of its operations and changes in its
members' capital for the years then ended in conformity with accounting
principles generally accepted in the United States of America.


DELOITTE & TOUCHE LLP


New York, New York
February 5, 2002

<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)


STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2001 AND 2000


<Table>
<Caption>
ASSETS
                                                          2001              2000
                                                     ---------------   ---------------
<S>                                                  <C>               <C>
Equity in commodity futures trading accounts:
  Cash and option premiums                           $   205,396,650   $   139,346,615
  Net unrealized profit on open contracts (Note 2)         2,077,539        13,995,141
Cash                                                               -         2,835,198
Commercial Paper (Cost $95,200,766)                                -        95,200,766
Accrued interest (Note 4)                                    314,001         1,618,036
                                                     ---------------   ---------------
        TOTAL                                        $   207,788,190   $   252,995,756
                                                     ===============   ===============

LIABILITIES AND MEMBERS' CAPITAL

LIABILITIES:

  Brokerage commissions payable (Note 4)             $       967,361   $     1,265,023
  Profit Shares payable (Note 5)                             685,683         3,036,430
  Administrative fees payable (Note 4)                        32,650            41,341
  Due to Invested Funds                                    4,638,713         1,040,995
                                                     ---------------   ---------------
      Total liabilities                                    6,324,407         5,383,789
                                                     ---------------   ---------------

MEMBERS' CAPITAL:

  Voting Members                                         201,463,783       247,611,967
                                                     ---------------   ---------------
      Total Members' capital                             201,463,783       247,611,967
                                                     ---------------   ---------------
        TOTAL                                        $   207,788,190   $   252,995,756
                                                     ===============   ===============
</Table>


See notes to financial statements.


                                       2
<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)

STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000


<Table>
<Caption>
REVENUES                                                        2001               2000
                                                     ---------------    ---------------
<S>                                                  <C>                <C>
Trading profit:
    Realized                                         $    26,679,581    $     8,646,046
    Change in unrealized                                 (11,977,991)        11,538,356
                                                     ---------------    ---------------

        Total trading results                             14,701,590         20,184,402

Interest income (Note 1 & Note 4)                          8,234,444          8,139,921
                                                     ---------------    ---------------

        Total revenues                                    22,936,034         28,324,323
                                                     ---------------    ---------------

EXPENSES

Brokerage commissions (Note 4)                            14,316,819         10,015,693
Profit Shares (Note 5)                                     2,968,452          3,201,454
Administrative fees (Note 4)                                 471,194            340,752
                                                     ---------------    ---------------

        Total expenses                                    17,756,465         13,557,899
                                                     ---------------    ---------------

NET INCOME                                           $     5,179,569    $    14,766,424
                                                     ===============    ===============
</Table>


See notes to financial statements.


                                       3
<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)


STATEMENTS OF CHANGES IN MEMBERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000


<Table>
<Caption>
                                  VOTING MEMBERS
                                 ---------------
<S>                              <C>
MEMBERS' CAPITAL,
  DECEMBER 31, 1999              $    97,995,285

Additions                            175,347,578

Net income                            14,766,424

Withdrawals                          (40,497,320)
                                 ---------------

MEMBERS' CAPITAL,
  DECEMBER 31, 2000                  247,611,967

Additions                              1,788,034

Net income                             5,179,569

Withdrawals                          (53,115,787)
                                 ---------------

MEMBERS' CAPITAL,
  DECEMBER 31, 2001              $   201,463,783
                                 ===============
</Table>


See notes to financial statements.


                                       4
<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)


NOTES TO FINANCIAL STATEMENTS


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     ORGANIZATION

     ML Multi-Manager Portfolio LLC (the "Company") was organized under the
     Delaware Limited Liability Company Act on May 11, 1998 and commenced
     trading activities on June 1, 1998. The Company engages in the speculative
     trading of futures, options on futures, forwards and options on forward
     contracts on a wide range of commodities. MLIM Alternative Strategies LLC
     ("MLIM AS LLC"), formerly Merrill Lynch Investment Partners Inc. ("MLIP"),
     a wholly-owned subsidiary of Merrill Lynch Investment Managers, LP ("MLIM")
     which, in turn, is an indirect wholly-owned subsidiary of Merrill
     Lynch & Co., Inc. ("Merrill Lynch"), has been delegated administrative
     authority over the Company. Merrill Lynch, Pierce, Fenner & Smith
     Incorporated ("MLPF&S"), the successor to Merrill Lynch Futures Inc.
     ("MLF") by merger, is the Company's commodity broker. The Company has
     one class of Membership Interests, Voting Interests. Voting Interests
     are held by multi advisor funds managed by MLIM AS LLC ("Members"). The
     Members control all business activities and affairs of the Company by
     agreement of the majority interest of the Members, subject to the
     discretionary trading authority vested in and delegated to the
     independent trading advisors (the "Advisors") and the administrative
     authority vested in and delegated to MLIM AS LLC. Each Member is a
     "commodity pool" sponsored and controlled by MLIM AS LLC and shares in the
     Trading results of the Company in proportion to their respective capital
     accounts.

     Effective May 31, 2001, MLIP converted to a Delaware limited liability
     company and changed its name. Effective August 14, 2001, Merrill Lynch
     Group, Inc. contributed all of the issued and outstanding shares of MLIM AS
     LLC to its affiliate MLIM in a tax-free reorganization. All of the officers
     of MLIP at the time continued with their former roles with MLIM AS LLC. The
     changes had no impact on the Company's investors. Effective November 2,
     2001, MLF merged into its affiliate, MLPF&S, a wholly owned subsidiary of
     Merrill Lynch. MLPF&S became the successor party to the agreements between
     MLF and the Company. The terms of the agreements remained unchanged and the
     merger had no effect on the terms on which the Company's transactions were
     executed.

     MLIM AS LLC selects independent advisors to manage the Company's assets,
     and allocates and reallocates the Company's assets among existing,
     replacement and additional Advisors.

     ESTIMATES

     The preparation of financial statements in conformity with accounting
     principles generally accepted in the United States of America requires
     management to make estimates and assumptions that affect the reported
     amounts of assets and liabilities and disclosure of contingent assets and
     liabilities at the date of the financial statements and the reported
     amounts of revenues and expenses during the reporting period. Actual
     results could differ from those estimates.

     CASH MANAGEMENT

     As of June 2000, the Company began an Income Enhancement Program, whereas,
     a portion of its assets could be invested in Commercial Paper. This was
     done to improve the yield on the cash assets not required for margin for
     trading purposes. These holdings generally have maturities of 30, 60, or 90
     days and are held to maturity. As of December 31, 2001, the Income
     Enhancement Program is inactive.


                                       5
<Page>

     One Member may invest assets that are not allocated to any Advisor directly
     into the Income Enhancement Program. This member would receive a priority
     allocation of interest income earned on these assets before the allocation
     of interest income in proportion to those Members whose assets are
     allocated for trading purposes.

     REVENUE RECOGNITION

     Commodity futures, options on futures, forwards and options on forward
     contracts are recorded on the trade date and open contracts are reflected
     in Net unrealized profit on open contracts in the Statements of Financial
     Condition at the difference between the original contract value and the
     market value (for those commodity interests for which market quotations are
     readily available) or at fair value. The Change in unrealized profit on
     open contracts from one period to the next is reflected in Change in
     unrealized under Trading profit in the Statements of Income.

     FOREIGN CURRENCY TRANSACTIONS

     The Company's functional currency is the U.S. dollar; however, it transacts
     business in currencies other than the U.S. dollar. Assets and liabilities
     denominated in currencies other than the U.S. dollar are translated into
     U.S. dollars at the rates in effect at the date of the Statements of
     Financial Condition. Income and expense items denominated in currencies
     other than the U.S. dollar are translated into U.S. dollars at the rates in
     effect during the period. Gains and losses resulting from the translation
     to U.S. dollars are reported in total trading results.

     INCOME TAXES

     No provision for income taxes has been made in the accompanying financial
     statements as each Member is individually responsible for reporting income
     or loss based on such Member's respective share of the Company's income and
     expenses as reported for income tax purposes.

     DISTRIBUTIONS

     The Members are entitled to receive any distributions which may be made by
     the Company in proportion to their respective capital accounts. No such
     distributions have been declared for the years ended December 31, 2001 or
     2000.

     WITHDRAWALS

     Each Member may withdraw some or all of such Members' capital at the Net
     Asset Value as of the close of business on any business day. There are no
     withdrawal fees or charges.

     DISSOLUTION OF THE COMPANY

     The Company will terminate on December 31, 2028 or at an earlier date if
     certain conditions occur, as well as under certain other circumstances as
     set forth in the Organization Agreement.


                                       6
<Page>

2.   CONDENSED SCHEDULE OF INVESTMENTS

     In March 2001, the American Institute of Certified Public Accountants'
     Accounting Standards Executive Committee issued Statement of Position
     ("SOP") 01-1, "Amendment to Scope of Statement of Position 95-2, Financial
     Reporting by Nonpublic Investment Partnerships, to Include Commodity Pools"
     effective for fiscal years ending after December 15, 2001. Accordingly,
     commodity pools are now required to include a condensed schedule of
     investments identifying those investments, which constitute more than 5% of
     net assets, taking long and short positions into account separately.

     The Company's investments, defined as Net unrealized profit on open
     contracts on the Statement of Financial Condition, as of December 31, 2001
     is as follows.

<Table>
<Caption>
                                             LONG POSTIONS                  SHORT POSITIONS
                                             -------------                  ---------------           NET UNREALIZED
                                       UNREALIZED    PERCENT OF       UNREALIZED     PERCENT OF     PROFIT (LOSS) ON   PERCENT OF
COMMODITY INDUSTRY SECTOR            PROFIT (LOSS)   NET ASSETS      PROFIT (LOSS)   NET ASSETS      OPEN POSITIONS    NET ASSETS
-------------------------            -------------   ----------      -------------   ----------      --------------    ----------
<S>                                  <C>             <C>             <C>             <C>            <C>                <C>
Agriculture                            $    (98,523)      -0.05%        $   278,886         0.14%         $   180,363         0.09%
Currencies                                 (518,547)      -0.26%          3,164,842         1.57%           2,646,295         1.31%
Energy                                       (8,555)       0.00%           (109,665)       -0.05%            (118,220)       -0.06%
Interest rates                             (310,862)      -0.15%            159,725         0.08%            (151,137)       -0.08%
Metals                                     (227,476)      -0.11%           (421,110)       -0.21%            (648,586)       -0.32%
Stock indices                               151,168        0.08%             17,656         0.01%             168,824         0.08%
                                     ---------------                ----------------                ------------------

Total                                  $ (1,012,795)      -0.50%        $ 3,090,334         1.53%         $ 2,077,539         1.03%
                                     ===============                ================                ==================
</Table>

3.   FINANCIAL DATA HIGHLIGHTS

     The following ratios have been derived from information provided in the
     financial statements for the year ended December 31, 2001.


<Table>
<S>                              <C>
Total investment return,
compounded monthly                     2.09%
                                 ==========
<Caption>
RATIO TO AVERAGE NET ASSETS:
-------------------------------------------
<S>                              <C>
Expenses                               7.91%
                                 ==========

Net income                             2.31%
                                 ==========
</Table>


4.   RELATED PARTY TRANSACTIONS

     Currently, all of the Company's U.S. dollar assets are maintained at
     MLPF&S. On assets held in U.S. dollars, Merrill Lynch credits the Company
     with interest at the prevailing 91-day U.S. Treasury bill rate. The Company
     is credited with interest on any of its assets and net gains actually held
     by Merrill Lynch in non-U.S. dollar currencies at a prevailing local rate
     received by Merrill Lynch. Merrill Lynch may derive certain economic
     benefit, in excess of the interest, which Merrill Lynch pays to the Company
     from the possession of such assets.

     Merrill Lynch charges the Company Merrill Lynch's cost of financing
     realized and unrealized losses on the Company's non-U.S. dollar-denominated
     positions.

     As of June 2000, the Company can invest in Commercial Paper. MLPF&S acts as
     custodian for these assets. As of December 31, 2001, no Commercial Paper
     was held.

     Following the allocation of the Company's trading profit and interest
     income among the Members' Capital Accounts, MLIM AS LLC calculates the
     brokerage commissions, Profit Shares, administrative fees and other
     expenses due from the Company to third parties, relating to the Company's
     trading on behalf of the Members. Such brokerage commissions, fees and
     expenses are specifically allocated to each member as of the end of each
     accounting period (not pro rata based on the Members' respective capital
     accounts) to, and deducted from, the Members' capital accounts and paid out
     by the Company. The Company pays brokerage commissions to MLPF&S at a flat
     monthly rate reflecting the fee arrangement between each Member and MLPF&S.
     For the years ended December 31, 2001 and 2000, the monthly rates for
     Members ranged from .291 of 1% (a 3.50% annual rate) to .729 of 1% (an
     8.75% annual rate) of each Member's month-end assets invested in the
     Company.


                                       7
<Page>

     The Company pays MLIM AS LLC a monthly administrative fee ranging from .021
     of 1% (a 0.25% annual rate) to .083 of 1% (a 1.00% annual rate) of each
     Member's month-end assets. Month-end assets are not reduced for purposes of
     calculating brokerage commissions and administrative fees by any accrued
     brokerage commissions, administrative fees, Profit Shares or other fees or
     charges.

     MLPF&S pays the Advisors annual Consulting Fees up to 2% of the Company's
     average month-end assets allocated to them for management after reduction
     for a portion of the brokerage commissions.

5.   ADVISORY AGREEMENTS

     Pursuant to the Advisory Agreements among the Advisors, the Company and
     MLIM AS LLC, the Advisors determine the commodity futures, options on
     futures, forwards and options on forward contracts traded on behalf of the
     Company, subject to certain rights reserved by MLIM AS LLC. The Advisory
     Agreements generally renew one year after they are entered into, subject to
     certain renewal rights exercisable by the Company.

     The Company pays, from the Capital Account of each Member, to the Advisors
     quarterly or annual Profit Shares generally ranging from 20% to 23% of any
     New Trading Profit, as defined, recognized by each Advisor, attributable to
     each Member's Capital Account, considered individually irrespective of the
     overall performance of such Member's Capital Account. Profit Shares,
     which are calculated separately in respect of each Member's Capital
     Account, are determined as of the end of each calendar quarter or year and
     are also paid to each Advisor upon the withdrawal of capital from the
     Company by a Member for whatever purpose, other than to pay expenses and
     upon the reallocation of assets away from an Advisor.

6.   FAIR VALUE AND OFF-BALANCE SHEET RISK

     The nature of this Company has certain risks, which can not be presented
     on the financial statements. The following summarizes some of those
     risks.

     MARKET RISK

     Derivative instruments involve varying degrees of off-balance sheet market
     risk. Changes in the level or volatility of interest rates, foreign
     currency exchange rates or the market values of the financial instruments
     or commodities underlying such derivative instruments frequently result in
     changes in the Company's net unrealized profit on such derivative
     instruments as reflected in the Statements of Financial Condition. The
     Company's exposure to market risk is influenced by a number of factors,
     including the relationships among the derivative instruments held by the
     Company as well as the volatility and liquidity of the markets in which the
     derivative instruments are traded.

     MLIM AS LLC has procedures in place intended to control market risk
     exposure, although there can be no assurance that they will, in fact,
     succeed in doing so. These procedures focus primarily on monitoring the
     trading of the Advisors, calculating the Net Asset Value of the Company as
     of the close of business on each day and reviewing outstanding positions
     for over-concentrations. While MLIM AS LLC does not itself intervene in the
     markets to hedge or diversify the Company's market exposure, MLIM AS LLC
     may urge the Advisors to reallocate positions in an attempt to avoid
     over-concentrations. However, such interventions are unusual. Except in
     cases in which it appears that the Advisors have begun to deviate from past
     practice or trading policies or to be trading erratically, MLIM AS LLC's
     basic risk control procedures consist simply of the ongoing process of
     advisor monitoring, with the market risk controls being applied by the
     Advisors themselves.


                                       8
<Page>

     CREDIT RISK

     The risks associated with exchange-traded contracts are typically perceived
     to be less than those associated with over-the-counter
     (non-exchange-traded) transactions, because exchanges typically (but not
     universally) provide clearinghouse arrangements in which the collective
     credit (in some cases limited in amount, in some cases not) of the members
     of the exchange is pledged to support the financial integrity of the
     exchange. In over-the-counter transactions, on the other hand, traders must
     rely solely on the credit of their respective individual counterparties.
     Margins, which may be subject to loss in the event of a default, are
     generally required in exchange trading, and counterparties may also require
     margin in the over-the-counter markets.

     The credit risk associated with these instruments from counterparty
     nonperformance is the net unrealized profit on open contracts, if any,
     included in the Statements of Financial Condition. The Company attempts to
     mitigate this risk by dealing almost exclusively with Merrill Lynch
     entities as clearing brokers.

     The Company, in its normal course of business, enters into various
     contracts, with MLPF&S acting as its commodity broker. Pursuant to the
     brokerage agreement with MLPF&S (which includes a netting arrangement), to
     the extent that such trading results in receivables from and payables to
     MLPF&S, these receivables and payables are offset and reported as a net
     receivable or payable and included in the Equity in commodity futures
     trading accounts in the Statements of Financial Condition.



                                 * * * * * * * *

                 To the best of the knowledge and belief of the
                 undersigned, the information contained in this
                        report is accurate and complete.



                               Michael L. Pungello
                             Chief Financial Officer
                         MLIM Alternative Strategies LLC
                           Commodity Pool Operator of
                         ML Multi-Manager Portfolio LLC


                                       9