<Page>

                        ML GLOBAL HORIZONS L.P.
                        (A DELAWARE LIMITED PARTNERSHIP)

                        Financial Statements for the years ended
                        December 31, 2004, 2003 and 2002 And Report
                        of Independent Registered Public Accounting
                        Firm

[MERRILL LYNCH LOGO]

<Page>

ML GLOBAL HORIZONS L.P.
(A DELAWARE LIMITED PARTNERSHIP)

TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                     PAGE
                                                                                                     ----
<S>                                                                                                   <C>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                                  1

FINANCIAL STATEMENTS:

  Statements of Financial Condition as of December 31, 2004 and 2003                                     2

  Statements of Income for the years ended December 31, 2004, 2003 and 2002                              3

  Statements of Changes in Partners' Capital for the years ended December 31, 2004, 2003 and 2002        4

  Financial Data Highlights for the year ended December 31, 2004                                         5

  Notes to Financial Statements                                                                       6-13
</Table>

<Page>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Partners of
 ML Global Horizons L.P.:

We have audited the accompanying statements of financial condition of ML Global
Horizons L.P. (the "Partnership") as of December 31, 2004 and 2003, and the
related statements of income and changes in partners' capital for each of the
three years in the period ended December 31, 2004 and the financial data
highlights for the year ended December 31, 2004. 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 the standards of the Public
Company Accounting Oversight Board (United States). 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. The Partnership is not required to have nor were we
engaged to perform, an audit of its internal control over financial
reporting. An audit includes consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Partnership's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also 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 ML Global
Horizons L.P. as of December 31, 2004 and 2003, and the results of its
operations, changes in its partners' capital and financial data highlights
for each of the periods presented in conformity with accounting principles
generally accepted in the United States of America.

New York, New York
March 28, 2005

<Page>

ML GLOBAL HORIZONS L.P.
(A DELAWARE LIMITED PARTNERSHIP)

STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2004 AND 2003

<Table>
<Caption>
                                                                  2004              2003
                                                            ---------------   ---------------
<S>                                                         <C>               <C>
ASSETS:

Equity in commodity futures trading accounts:
   Cash                                                     $   148,295,862   $    47,688,150
   Net unrealized profit on open contracts                        3,149,341         3,851,353
Accrued interest and other assets                                   238,759            36,517
                                                            ---------------   ---------------

             TOTAL                                          $   151,683,962   $    51,576,020
                                                            ===============   ===============

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
   Profit Shares payable                                    $     1,107,931   $     1,302,507
   Brokerage commissions payable                                    862,605           311,605
   Redemptions payable                                              331,608           535,943
   Administrative fees payable                                       31,446            10,745
   Incentive Override payable                                             -           759,948
                                                            ---------------   ---------------

        Total liabilities                                         2,333,590         2,920,748
                                                            ---------------   ---------------

PARTNERS' CAPITAL:
   General Partner (756,618 Units and 2,131 Units)                1,215,470           496,775
   Limited Partners (108,712,438 Units and 206,583 Units)       148,134,903        48,158,497
                                                            ---------------   ---------------

        Total partners' capital                                 149,350,372        48,655,272
                                                            ---------------   ---------------

             TOTAL                                          $   151,683,962   $    51,576,020
                                                            ===============   ===============
</Table>

NET ASSET VALUE PER UNIT (Note 6)

See notes to financial statements.

                                        2
<Page>

ML GLOBAL HORIZONS L.P.
(A DELAWARE LIMITED PARTNERSHIP)

STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002

<Table>
<Caption>
                                                      2004              2003              2002
                                                  --------------    --------------    --------------
<S>                                               <C>               <C>               <C>
TRADING REVENUES:

Trading profit (loss):
   Realized                                       $    8,179,826    $   13,824,221    $    3,063,425
   Change in unrealized                                 (700,154)          (44,489)        2,373,002
   Settlement proceeds (Note 7)                                -                 -         1,346,689
                                                  --------------    --------------    --------------

        Total trading revenues                         7,479,672        13,779,732         6,783,116
                                                  --------------    --------------    --------------

INVESTMENT INCOME:

   Interest                                            1,297,826           496,656           801,151
                                                  --------------    --------------    --------------

EXPENSES:

Brokerage commissions                                  5,725,678         3,601,088         3,571,969
Profit Shares                                          1,581,140         1,998,129           746,510
Administrative fees                                      205,144           124,175           123,171
Incentive Override                                             -           805,634            68,966
                                                  --------------    --------------    --------------

        Total expenses                                 7,511,962         6,529,026         4,510,616
                                                  --------------    --------------    --------------

NET INVESTMENT LOSS                                   (6,214,136)       (6,032,370)       (3,709,465)
                                                  --------------    --------------    --------------

NET INCOME                                        $    1,265,536    $    7,747,362    $    3,073,651
                                                  ==============    ==============    ==============

NET INCOME PER UNIT:

   Weighted average number of General Partner
   and Limited Partner Units outstanding              42,903,351           222,625           261,947
                                                  ==============    ==============    ==============

   Net income per weighted average General
    Partner and Limited Partner Unit              $       0.0295    $        34.80    $        11.73
                                                  ==============    ==============    ==============
</Table>

See notes to financial statements.

                                        3
<Page>

ML GLOBAL HORIZONS L.P.
(A DELAWARE LIMITED PARTNERSHIP)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002

<Table>
<Caption>
                                                             GENERAL           LIMITED
                                            UNITS            PARTNER           PARTNERS           TOTAL
                                       --------------    --------------    --------------    --------------

<S>                                       <C>            <C>               <C>               <C>
PARTNERS' CAPITAL, DECEMBER 31, 2001          278,468    $      562,414    $   51,211,046    $   51,773,460

Net income                                          -            37,151         3,036,500         3,073,651

Redemptions                                   (41,959)          (99,596)       (7,805,238)       (7,904,834)
                                       --------------    --------------    --------------    --------------

PARTNERS' CAPITAL, DECEMBER 31, 2002          236,509           499,969        46,442,308        46,942,277

Net income                                          -            87,257         7,660,105         7,747,362

Redemptions                                   (27,795)          (90,451)       (5,943,916)       (6,034,367)
                                       --------------    --------------    --------------    --------------

PARTNERS' CAPITAL, DECEMBER 31, 2003          208,714           496,775        48,158,497        48,655,272

Additions                                 109,835,116           698,374       102,941,546       103,639,920

Net income                                          -            20,321         1,245,215         1,265,536

Redemptions                                  (574,774)                -        (4,210,356)       (4,210,356)
                                       --------------    --------------    --------------    --------------

PARTNERS' CAPITAL, DECEMBER 31, 2004      109,469,056    $    1,215,470    $  148,134,902    $  149,350,372
                                       ==============    ==============    ==============    ==============
</Table>

See notes to financial statements.

                                        4
<Page>

ML GLOBAL HORIZONS L.P.
(A DELAWARE LIMITED PARTNERSHIP)

FINANCIAL DATA HIGHLIGHTS
FOR THE YEAR ENDED DECEMBER 31, 2004

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

<Table>
<Caption>
                                       SERIES F       SERIES A         SERIES I
                                      ----------     ----------       ----------
<S>                                   <C>            <C>              <C>
PER UNIT OPERATING PERFORMANCE:

Net asset value, beginning of year    $   233.12     $   1.0000       $   1.0000

Realized trading profit                    24.78         0.0367           0.0109
Change in unrealized trading profit       (11.10)       (0.0056)         (0.0315)
Interest income                             3.05         0.0120           0.0110
Expenses                                  (19.75)       (0.0816)         (0.0426)
                                      ----------     ----------       ----------

Net asset value, end of year          $   230.10     $   0.9615       $   0.9478
                                      ==========     ==========       ==========

TOTAL RETURN:
Total return, before Profit Shares          0.32%         -2.21%           -4.02%
Profit Shares                              -1.72%         -2.23%           -1.30%
Total return                               -1.29%         -4.32%           -5.22%

RATIOS TO AVERAGE NET ASSETS:

Expenses (excluding Profit Shares)          6.92%          6.90%(a)         4.21(a)
Profit Shares                               1.73%          1.89%(a)         4.73%(a)
                                      ----------     ----------       ----------
Expenses                                    8.65%          8.79%            8.94%
                                      ==========     ==========       ==========

Net investment loss                        -7.32%         -7.09%(a)        -6.98%(a)
                                      ==========     ==========       ==========

</Table>

(a)  The ratios for the Classes operating for less than one year have been
     annualized.

See notes to financial statements.

                                        5
<Page>

ML GLOBAL HORIZONS L.P.
(A DELAWARE LIMITED PARTNERSHIP)

NOTES TO FINANCIAL STATEMENTS

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     ORGANIZATION

     ML Global Horizons L.P. (the "Partnership") was organized as an open-end
     fund under the Delaware Revised Uniform Limited Partnership Act on May 11,
     1993 and commenced trading activities on January 4, 1994. The Partnership
     engages in the speculative trading of futures, options on futures and
     forward contracts on a wide range of commodities. The Partnership issues
     units of limited partnership interest ("Units") at Net Asset Value as of
     the beginning of each month. Merrill Lynch Investment Managers, LLC ("MLIM
     LLC") is the general partner of the Partnership, and is 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"). Merrill Lynch, Pierce, Fenner & Smith Incorporated
     ("MLPF&S"), a wholly-owned subsidiary of Merrill Lynch, is the
     Partnership's commodity broker. MLIM LLC has agreed to maintain a general
     partner's interest of at least 1% of the total capital in the Partnership
     (see Note 9). MLIM LLC and each Limited Partner share in the profits and
     losses of the Partnership in proportion to their respective interests in
     it.

     MLIM LLC selects independent advisors (the "Advisors") to manage the
     Partnership's assets, and allocates and reallocates the Partnership'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 as well as the reported
     amounts of revenues and expenses during the reporting period. Actual
     results could differ from those estimates.

     REVENUE RECOGNITION

     Commodity futures, options on futures and forward contract transactions are
     recorded on 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 (loss) on open
     contracts from one period to the next is reflected in "change in
     unrealized" in the Statements of Income.

                                        6
<Page>

     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. 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 "realized" in the Statements of
     Income.

     OPERATING EXPENSES, ONGOING OFFERING COSTS AND SELLING COMMISSIONS

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

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

     INCOME TAXES

     No provision for income taxes has been made in these 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.

     DISTRIBUTIONS

     The Limited Partners are entitled to receive, equally per Unit, any
     distributions which may be made by the Partnership. No such distributions
     have been declared for the years ended December 31, 2004, 2003 or 2002.

     SUBSCRIPTIONS

     Units are offered as of the close of business at the end of each month.
     Units are purchased as of the first business day of any month at Net Asset
     Value, but the subscription request must be submitted at least ten calendar
     days before the end of the preceding month. Subscriptions submitted less
     than ten days before the end of a month will be applied to Unit
     subscriptions as of the beginning of the second month after receipt, unless
     revoked by MLIM LLC.

     REDEMPTIONS

     A Limited Partner may redeem some or all of such Partner's Units at Net
     Asset Value as of the close of business on the last business day of any
     calendar month upon ten calendar days' notice. Units redeemed on or prior
     to the end of the twelfth full month after purchase are assessed an early
     redemption charge of 3% of their Net Asset Value as of the date of
     redemption.

                                        7
<Page>

     The Financial Accounting Standards Board ("FASB") has issued Statement
     No. 150, ACCOUNTING FOR CERTAIN FINANCIAL INSTRUMENTS WITH
     CHARACTERISTICS OF BOTH LIABILITIES AND EQUITY, ("FAS 150") and is
     effective for mandatorily redeemable financial instruments of entities
     that are public entities for the first interim period beginning after
     June 15, 2003. FAS 150 requires that a mandatorily redeemable financial
     instrument shall be classified as a liability if the financial interest
     is required be redeemed at a specified date or upon an event certain to
     occur. The limited partners' financial interests are not required to be
     redeemed at a specified date or upon an event certain to occur and thus
     are not considered mandatorily redeemable financial instruments.
     However, the limited partner may give 10 days notice for redemption of
     their units and redeem at that month's net asset value. The Partnership
     records the financial interests redeemed as a liability once the notice
     of redemption is received from the limited partner. The adoption of FAS
     150 will have no impact on the financial statements of the Partnership.

     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.

                                        8
<Page>

2. CONDENSED SCHEDULE OF INVESTMENTS

     The Partnership's investments, defined as Net unrealized profit on open
     contracts on the Statements of Financial Condition, as of December 31,
     2004, and 2003, are as follows:

          2004

<Table>
<Caption>
                                LONG POSITIONS                               SHORT POSITIONS
                  -----------------------------------------   -----------------------------------------
  COMMODITY          NUMBER       UNREALIZED     PERCENT OF      NUMBER       UNREALIZED     PERCENT OF
INDUSTRY SECTOR   OF CONTRACTS   PROFIT (LOSS)   NET ASSETS   OF CONTRACTS   PROFIT (LOSS)   NET ASSETS
---------------   ------------   -------------   ----------   ------------   -------------   ----------
<S>                  <C>         <C>                  <C>       <C>          <C>                  <C>
Agriculture                543   $     444,685       0.30%          (914)  $    (220,473)       0.15%
Currencies           6,483,273       3,673,444       2.46%    (8,601,780)     (2,712,818)       1.82%
Energy                      26        (119,651)     -0.08%          (175)        170,020        0.11%
Interest rates           3,809         222,329       0.15%        (4,491)        640,930        0.43%
Metals                   1,113      1,227,276        0.82%          (715)       (978,357)      -0.65%
Stock indices              955        830,596        0.56%            (6)        (28,640)      -0.02%
                                 -------------                               -------------

Total                            $   6,278,679       4.21%                 $  (3,129,338)      -2.10%
                                 =============                               =============

<Caption>
                   NET UNREALIZED
   COMMODITY        PROFIT (LOSS)     PERCENT OF
INDUSTRY SECTOR   ON OPEN POSITIONS   NET ASSETS   MATURITY DATES
---------------   -----------------   ----------   --------------
<S>               <C>                        <C>   <C>
Agriculture       $         224,212        0.15%   January 05 - December 06
Currencies                  960,626        0.64%   January 05 - March 05
Energy                       50,369        0.03%   January 05 - April 05
Interest rates              863,259        0.58%   March 05 - December 06
Metals                      248,919        0.17%   January 05 - March 05
Stock indices               801,956        0.54%   January 05 - March 05
                  -----------------

Total             $       3,149,341        2.11%
                  =================
</Table>

          2003

<Table>
<Caption>
                                LONG POSITIONS                              SHORT POSITIONS
                  -----------------------------------------   -----------------------------------------
   COMMODITY         NUMBER        UNREALIZED    PERCENT OF      NUMBER        UNREALIZED    PERCENT OF
INDUSTRY SECTOR   OF CONTRACTS   PROFIT ASSETS   NET ASSETS   OF CONTRACTS   PROFIT (LOSS)   NET ASSETS
---------------   ------------   -------------   ----------   ------------   -------------   ----------
<S>                  <C>         <C>                  <C>       <C>          <C>                  <C>
Agriculture                338   $    (237,353)       -0.49%          (274)  $     (28,616)       -0.06%
Currencies           2,581,185       3,254,887         6.69%    (1,489,024)     (1,500,757)       -3.08%
Energy                     175         (33,577)       -0.07%             -               -         0.00%
Interest rates           1,029         350,954         0.72%          (438)       (367,585)       -0.76%
Metals                     563       2,461,989         5.06%           (67)  $    (407,230)       -0.84%
Stock indices              202         362,738         0.75%            (1)         (4,097)       -0.01%
                                 -------------                               -------------
Total                            $   6,159,638        12.66%                 $  (2,308,285)       -4.75%
                                 =============                               =============

<Caption>
                    NET UNREALIZED
   COMMODITY        PROFIT (LOSS)     PERCENT OF
INDUSTRY SECTOR   ON OPEN POSITIONS   NET ASSETS   MATURITY DATES
---------------   -----------------   ----------   --------------
<S>               <C>                      <C>     <C>
Agriculture       $        (265,969)       -0.55%  February 04 - May 04
Currencies                1,754,130         3.61%  January 04 - March 04
Energy                      (33,577)       -0.07%  January 04 - March 04
Interest rates              (16,631)       -0.04%  March  04 - December 05
Metals                    2,054,759         4.22%  January 04 - April 04
Stock indices               358,641         0.74%  January 04 - March 04
                  -----------------
                  $       3,851,353         7.91%
                  =================
</Table>

No individual contract's unrealized gain or loss comprised greater than 5% of
the Partner's capital at December 31, 2004 or 2003.

                                        9
<Page>

3.   RELATED PARTY TRANSACTIONS

     The Partnership's U.S. dollar assets are maintained at MLPF&S. On assets
     held in U.S. dollars, Merrill Lynch credits the Partnership with interest
     at the prevailing 91-day U.S. Treasury bill rate. The Partnership is
     credited with interest on any of its net gains actually held by MLPF&S 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 Partnership, from possession of
     such assets.

     Merrill Lynch charges the Partnership Merrill Lynch's cost of financing
     realized and unrealized losses on the Partnership's non-U.S. dollar
     denominated positions. Such amounts are netted against interest income due
     to the insignificance of such amounts.

     As of February 1, 2004, the Partnership was made available for new
     investment. Series A and F units pay brokerage commissions to MLPF&S at a
     flat monthly rate of .583 of 1% (a 7.00% annual rate) of the Series'
     month-end trading assets. Series I pays brokerage commissions to MLPF&S at
     a flat monthly rate of .333 of 1% (a 4.00% annual rate) of the Series'
     month-end trading assets. The Partnership pays MLIM LLC a monthly
     administrative fee of .021 of 1% (a 0.25% annual rate) of the Partnership's
     month-end trading assets. Month-end trading 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. Prior to February 1, 2004 the brokerage commissions
     on Series F was a monthly rate of .604 of 1% (a 7.25% annual rate).

     MLIM LLC estimates that the round-turn equivalent commission rate charged
     to the Partnership by MLPF&S during the years ended December 31, 2004, 2003
     and 2002 was approximately $90, $84 and $73, respectively (not including,
     in calculating round-turn equivalents, forward contracts on a
     futures-equivalent basis).

     MLPF&S pays the Advisors annual consulting fees ranging 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 accrued with
     respect to such assets.

     Prior to January 1, 2004, the Partnership paid to MLIM LLC an Incentive
     Override equal to 10% of the Net New Gain, as defined. Such payments were
     also made to MLIM LLC from the redemption value of Units redeemed as of the
     end of interim months during a year, to the extent of any Net New Gain
     attributable to such Units when redeemed. For the years ended December 31,
     2003 and 2002, an Incentive Override of $805,634 and $68,966 was accrued,
     respectively.

     The methods by which Incentive Overrides were calculated may have resulted
     in certain disproportionate allocations of such fees and possible dilution
     among Partners that purchased Units at different times.

4.   ADVISORY AGREEMENTS

     The Partnership and the Advisors have each entered into Advisory
     Agreements. These Advisory Agreements generally renew one year after they
     are entered into, subject to certain renewal rights exercisable by the
     Partnership. The Advisors determine the commodity futures, options on
     futures and forward contract trades to be made on behalf of their
     respective Partnership accounts, subject to certain trading policies and to
     certain rights reserved by MLIM LLC.

                                       10
<Page>

     Profit Shares, generally ranging from 20% to 25% of any New Trading Profit,
     as defined, recognized by each Advisor considered individually,
     irrespective of the overall performance of the Partnership, as of either
     the end of each calendar quarter or year and upon the net reallocation of
     assets away from an Advisor, are paid by the Partnership to each Advisor.
     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 New
     Trading Profit attributable to such Units.

5.   WEIGHTED AVERAGE UNITS

     The weighted average number of Units outstanding is computed for purposes
     of disclosing net income per weighted average Unit. The weighted average
     number of Units outstanding for the years ended December 31, 2004, 2003 and
     2002 equals the Units outstanding as of such date, adjusted proportionately
     for Units sold and redeemed based on the respective length of time each was
     outstanding during the year.

6.   NET ASSET VALUE PER UNIT

     As of December 31, 2004, and December 31, 2003 the Net Asset Values of the
     different series of Units were as follows:

     December 31, 2004

<Table>
<Caption>
                                                             NET ASSET
                                           NUMBER OF         VALUE PER
                      NET ASSET VALUE        UNITS             UNIT
                      ---------------   ---------------   ---------------
     <S>              <C>                   <C>           <C>
     Series A         $   100,146,503       104,152,884   $        0.9615
     Series F              44,347,994           192,730   $        230.10
     Series I               4,855,875         5,123,442   $        0.9478
                      ---------------   ---------------
                      $   149,350,372       109,469,056
                      ===============   ===============
</Table>

Series X Units represent proceeds from ML Multi-Manager LLC liquidation and are
not unitized.

December 31, 2003

<Table>
<Caption>
                                                        NET ASSET
                                      NUMBER OF         VALUE PER
                 NET ASSET VALUE        UNITS             UNIT
                 ---------------   ---------------   ---------------
<S>              <C>                       <C>       <C>
Series F         $    48,655,272           208,714   $        233.12
                 ===============   ===============
</Table>

7.   COPPER SETTLEMENT

     The Partnership, as a member of a class of plaintiffs, received a
     settlement payment in August 2002 relating to certain copper trades made by
     a number of investors, including the Partnership, during a period in the
     mid-1990s. Members of the class were those who purchased or sold Comex
     copper futures or options contracts between June 24, 1993 and June 15,
     1996. The effect of the settlement payment was included in the
     Partnership's performance in August 2002.

                                       11
<Page>

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 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 Partnership's net unrealized profit (loss) on such
     derivative instruments as reflected in the Statements of Financial
     Condition. The Partnership's exposure to market risk is influenced by a
     number of factors, including the relationships among the derivative
     instruments held by the Partnership as well as the volatility and liquidity
     of the markets in which the derivative instruments are traded.

     MLIM 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 Partnership as of the
     close of business on each day and reviewing outstanding positions for
     over-concentrations. While MLIM LLC does not itself intervene in the
     markets to hedge or diversify the Partnership's market exposure; MLIM LLC
     may urge the Advisors to reallocate positions in an attempt to avoid
     over-concentrations. However, such interventions are unusual and unless it
     appears that the Advisors have begun to deviate from past practice or
     trading policies or to be trading erratically, MLIM 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.

     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 Partnership attempts
     to mitigate this risk by dealing exclusively with Merrill Lynch entities as
     clearing brokers.

     The Partnership, 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 Net unrealized profit on open
     contracts on the Statements of Financial Condition under Equity in
     commodity futures trading accounts.

                                       12
<Page>

9.   SUBSEQUENT EVENTS

     Effective December 31, 2004, after the close of business, ML Multi-Manager
     liquidated and placed all of its assets into the Partnership in the sum of
     $97,076,618.

     As of January 15, 2005, the Partnership changed its name from ML Global
     Horizons L.P. to Global Horizons I L.P. No changes have occurred to the
     Partnership's investment objective or to the Partnership's structure. On
     March 1, 2005, MLIM LLC contributed $430,000 to the Partnership in order to
     maintain its 1% general partner interest in the Partnership.


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

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

                                 Patrick Hayward
                             Chief Financial Officer
                      Merrill Lynch Investment Managers LLC
                               General Partner of
                             ML Global Horizons L.P.

                                       13