----

| TABLE OF CONTENTS |
|-------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                             | Page       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| THIS ANNUAL REPORT IS COMPRISED OF SECTION I CONTAINING THE FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS FUND L.P. FOR THE YEAR ENDED DECEMBER 31, 2010 AND THE PERIOD FROM AUGUST 1, 2009 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2009 AND SECTION II, CONTAINING THE FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS TRADING L.P. FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 |       |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| SECTION I                                                                                                                                                                                                                                                                                                                                                                                                                   |       |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION                                                                                                                                                                                                                                                                                                                                                                                   |       |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                                                                                                                                                                                                                                                                                                                                                          | 1          |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2010                                                                                                                                                                                                                                                                                                                                                                   |       |
| AND THE PERIOD FROM AUGUST 1, 2009 (COMMENCEMENT OF OPERATIONS)                                                                                                                                                                                                                                                                                                                                                             |       |
| TO DECEMBER 31, 2009:                                                                                                                                                                                                                                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| Statements of Financial Condition                                                                                                                                                                                                                                                                                                                                                                                                | 2          |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| Statements of Operations                                                                                                                                                                                                                                                                                                                                                                                                         | 3          |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| Statements of Changes in Partners’ Capital                                                                                                                                                                                                                                                                                                                                                                                 | 4          |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| Statements of Financial Highlights                                                                                                                                                                                                                                                                                                                                                                                               | 5–6  |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |       |
| Notes to Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                    | 7–10 |

----

----

----

| MILLBURN MULTI-MARKETS FUND L.P.               |
|------------------------------------------------|
|                                           |
| STATEMENTS OF FINANCIAL CONDITION              |
| AS OF DECEMBER 31, 2010 AND 2009     |

|                                                                              |   | 2010   |        |   | 2009   |   |
|-----------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| ASSETS                                                                            |   |   |        |   |   |   |
|                                                                              |   |   |        |   |   |   |
| INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. (THE “MASTER FUND”) |   | $      | 111,327,838 |   |   | $      | 9,284,552 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| DUE FROM THE MASTER FUND                                                          |   |   | 233,876     |   |   |   | - |   |
|                                                                              |   |   |        |   |   |   |   |   |
| CASH                                                                              |   |   | 7,916,721   |   |   |   | 2,286,958 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| TOTAL                                                                             |   | $      | 119,478,435 |   |   | $      | 11,571,510 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                           |   |   |        |   |   |   |   |   |
|                                                                              |   |   |        |   |   |   |   |   |
| LIABILITIES:                                                                      |   |   |        |   |   |   |   |   |
| Capital contributions received in advance                                         |   | $      | 7,766,045   |   |   | $      | 2,286,118 |   |
| Capital withdrawal payable                                                        |   |   | 233,876     |   |   |   | - |   |
| Due to the Master Fund                                                            |   |   | 150,676     |   |   |   | - |   |
| Other liabilities                                                                 |   |   | -           |   |   |   | 840 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| Total liabilities                                                                 |   |   | 8,150,597   |   |   |   | 2,286,958 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| PARTNERS’ CAPITAL:                                                          |   |   |        |   |   |   |   |   |
| General Partner                                                                   |   |   | 1,447,561   |   |   |   | 10,159 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| Limited partners:                                                                 |   |   |        |   |   |   |   |   |
| Series A (64,756.6985 and 8,081.4364 units outstanding)                           |   |   | 71,988,161  |   |   |   | 8,589,976 |   |
| Series B (5,662.0645 and 357.9807 units outstanding)                              |   |   | 6,405,290   |   |   |   | 381,711 |   |
| Series C (27,731.8983 and 283.6015 units outstanding)                             |   |   | 31,486,826  |   |   |   | 302,706 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| Total limited partners                                                            |   |   | 109,880,277 |   |   |   | 9,274,393 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| Total partners’ capital                                                     |   |   | 111,327,838 |   |   |   | 9,284,552 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| TOTAL                                                                             |   | $      | 119,478,435 |   |   | $      | 11,571,510 |   |
|                                                                              |   |   |        |   |   |   |   |   |
| NET ASSET VALUE PER UNIT OUTSTANDING:                                             |   |   |        |   |   |   |   |   |
| Series A                                                                          |   | $      | 1,111.67    |   |   | $      | 1,062.93 |   |
| Series B                                                                          |   | $      | 1,131.26    |   |   | $      | 1,066.29 |   |
| Series C                                                                          |   | $      | 1,135.40    |   |   | $      | 1,067.37 |   |

----

| MILLBURN MULTI-MARKETS FUND L.P.                                |
|-----------------------------------------------------------------|
|                                                            |
| STATEMENTS OF OPERATIONS                                        |
| YEAR ENDED DECEMBER 31, 2010 AND THE PERIOD FROM AUGUST 1, 2009 |
| (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2009     |

|                                                             |   | 2010   |       |   | 2009   |   |
|-----------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| NET INVESTMENT LOSS ALLOCATED FROM THE MASTER FUND                    |   |   |       |   |   |   |
| Income — interest income                                        |   | $      | 139,079    |   |   | $      | 8,163 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Expenses:                                                             |   |   |       |   |   |   |   |   |
| Management fees                                                       |   |   | 1,005,729  |   |   |   | 40,605 |   |
| Brokerage commissions                                                 |   |   | 178,062    |   |   |   | 6,536 |   |
| Selling commissions and platform fees                                 |   |   | 774,365    |   |   |   | 38,527 |   |
| Administrative and operating expenses                                 |   |   | 420,277    |   |   |   | 61,140 |   |
| Custody fee                                                           |   |   | 7,378      |   |   |   | 181 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Total expenses                                                        |   |   | 2,385,811  |   |   |   | 146,989 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Operating expenses borne by General Partner                           |   |   | (142,136   | )      |   |   | (49,520 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Net expenses                                                          |   |   | 2,243,675  |   |   |   | 97,469 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Net investment loss allocated from Master Fund                        |   |   | (2,104,596 | )      |   |   | (89,306 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| REALIZED AND UNREALIZED GAINS (LOSSES) ALLOCATED FROM THE MASTER FUND |   |   |       |   |   |   |   |   |
| Net realized gains (losses) on closed positions:                      |   |   |       |   |   |   |   |   |
| Futures and forward currency contracts                                |   |   | 3,742,539  |   |   |   | 634,051 |   |
| Foreign exchange translation                                          |   |   | (32,977    | )      |   |   | - |   |
| Net change in unrealized:                                             |   |   |       |   |   |   |   |   |
| Futures and forward currency contracts                                |   |   | 4,689,239  |   |   |   | (307,956 | ) |
| Foreign exchange translation                                          |   |   | (35,430    | )      |   |   | (1,364 | ) |
| Net gains (losses) from U.S. Treasury notes:                          |   |   |       |   |   |   |   |   |
| Realized                                                              |   |   | 2,500      |   |   |   | - |   |
| Net change in unrealized                                              |   |   | 4,631      |   |   |   | (3,894 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Net realized and unrealized gains allocated from Master Fund          |   |   | 8,370,502  |   |   |   | 320,837 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| NET INCOME                                                            |   |   | 6,265,906  |   |   |   | 231,531 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| LESS PROFIT SHARE ALLOCATION FROM MASTER FUND                         |   |   | 1,254,093  |   |   |   | 46,274 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| NET INCOME AFTER PROFIT SHARE                                         |   | $      | 5,011,813  |   |   | $      | 185,257 |   |

----

| MILLBURN MULTI-MARKETS FUND L.P.                                |
|-----------------------------------------------------------------|
|                                                            |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL                |
| YEAR ENDED DECEMBER 31, 2010 AND THE PERIOD FROM AUGUST 1, 2009 |
| (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2009               |

|                                         |   |    |      |   | Limited Partners |   |       |     |   |   |        |   |
|---------------------------------------------------|--------|---------|-----------|--------|------------------|--------|------------|----------|--------|--------|-------------|--------|
|                                              |   | General |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   | Partner |      |   | Series A         |   |       | Series B |   |   | Series C    |   |   | Total |   |
|                                              |   | Amount  |      |   | Amount           |   |       | Units    |   |   | Amount      |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |
|                                              |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — August 1, 2009    |   | $       | -         |   |             | $      | -          |     |   |   | -           |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |
|                                              |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital contributions                             |   |    | 10,000    |   |             |   | 8,412,250  |     |   |   | 8,081.4364  |   |   |   | 381,045 |   |   |   | 357.9807 |   |   |   | 296,000 |   |   |   | 283.6015 |   |   |   | 9,099,295 |   |   |   | 8,723.0186 |   |
|                                              |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                        |   |    | 159       |   |             |   | 177,726    |     |   |   | -           |   |   |   | 666 |   |   |   | - |   |   |   | 6,706 |   |   |   | - |   |   |   | 185,257 |   |   |   | - |   |
|                                              |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — December 31, 2009 |   |    | 10,159    |   |             |   | 8,589,976  |     |   |   | 8,081.4364  |   |   |   | 381,711 |   |   |   | 357.9807 |   |   |   | 302,706 |   |   |   | 283.6015 |   |   |   | 9,284,552 |   |   |   | 8,723.0186 |   |
|                                              |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital contributions                             |   |    | 1,400,000 |   |             |   | 61,190,978 |     |   |   | 57,691.0251 |   |   |   | 5,855,288 |   |   |   | 5,460.6179 |   |   |   | 30,099,201 |   |   |   | 27,709.9918 |   |   |   | 98,545,467 |   |   |   | 90,861.6348 |   |
| Capital withdrawals                               |   |    | -         |   |             |   | (1,073,575 | )        |   |   | (1,015.7630 | )      |   |   | (166,243 | ) |   |   | (156.5341 | ) |   |   | (274,176 | ) |   |   | (261.6950 | ) |   |   | (1,513,994 | ) |   |   | (1,433.9921 | ) |
| Net income                                        |   |    | 37,402    |   |             |   | 3,280,782  |     |   |   | -           |   |   |   | 334,534 |   |   |   | - |   |   |   | 1,359,095 |   |   |   | - |   |   |   | 5,011,813 |   |   |   | - |   |
|                                              |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — December 31, 2010 |   | $       | 1,447,561 |   |             | $      | 71,988,161 |     |   |   | 64,756.6985 |   |   | $ | 6,405,290 |   |   |   | 5,662.0645 |   |   | $ | 31,486,826 |   |   |   | 27,731.8983 |   |   | $ | 111,327,838 |   |   |   | 98,150.6613 |   |
|                                              |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET ASSET VALUE PER                               |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| UNIT — December 31, 2009                    |   |    |      |   |             | $      | 1,062.93   |     |   |   |        |   |   | $ | 1,066.29 |   |   |   |   |   |   | $ | 1,067.37 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET ASSET VALUE PER                               |   |    |      |   |             |   |       |     |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| UNIT — December 31, 2010                    |   |    |      |   |             | $      | 1,111.67   |     |   |   |        |   |   | $ | 1,131.26 |   |   |   |   |   |   | $ | 1,135.40 |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| MILLBURN MULTI-MARKETS FUND L.P.                                                                                                                                                                                       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                   |
| STATEMENT OF FINANCIAL HIGHLIGHTS                                                                                                                                                                                      |
| FOR THE YEAR ENDED DECEMBER 31, 2010                                                                                                                                                                                   |
|                                                                                                                                                                                                                   |
| The following information presents per unit operating performance data for each series for the year ended December 31, 2010. This information has been derived from information presented in the financial statements. |

| Per Unit Performance                                                          |   |     |     |   |     |   |     |     |   |
|-------------------------------------------------------------------------------|--------|----------|----------|--------|----------|--------|----------|----------|--------|
| (For a Unit Outstanding Throughout the Year)                                  |   | Series A |     |   | Series B |   |     | Series C |   |
|                                                                          |   |     |     |   |     |   |     |     |   |
| NET ASSET VALUE PER UNIT — Beginning of year                            |   | $        | 1,062.93 |   |     | $      | 1,066.29 |     |   | $ | 1,067.37 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:                                 |   |     |     |   |     |   |     |     |   |   |   |   |
| Net investment loss (1)                                                       |   |     | (49.55   | )      |     |   | (31.04   | )        |   |   | (31.82 | ) |
| Total trading and investing gains (1)                                         |   |     | 121.21   |   |     |   | 123.74   |     |   |   | 144.18 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Net income before profit share allocation from the Master Fund                |   |     | 71.66    |   |     |   | 92.70    |     |   |   | 112.36 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Profit share allocation from the Master Fund (1)                              |   |     | (22.92   | )      |     |   | (27.73   | )        |   |   | (44.33 | ) |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Net income from operations after profit share allocation from the Master Fund |   |     | 48.74    |   |     |   | 64.97    |     |   |   | 68.03 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| NET ASSET VALUE PER UNIT — End of year                                  |   | $        | 1,111.67 |   |     | $      | 1,131.26 |     |   | $ | 1,135.40 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND              |   |     | 6.40     | %      |     |   | 8.27     | %        |   |   | 8.54 | % |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| PROFIT SHARE ALLOCATION FROM THE MASTER FUND                                  |   |     | (1.81    | )      |     |   | (2.18    | )        |   |   | (2.17 | ) |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND               |   |     | 4.59     | %      |     |   | 6.09     | %        |   |   | 6.37 | % |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| RATIOS TO AVERAGE NET ASSET VALUE:                                            |   |     |     |   |     |   |     |     |   |   |   |   |
| Expenses (3) (4) (5)                                                          |   |     | 4.92     | %      |     |   | 3.17     | %        |   |   | 2.92 | % |
| Profit share allocation from Master Fund (2)                                  |   |     | 2.16     |   |     |   | 2.75     |     |   |   | 3.98 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Total expenses                                                                |   |     | 7.08     | %      |     |   | 5.92     | %        |   |   | 6.90 | % |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Net investment loss (3) (4) (5) (6)                                           |   |     | (4.65    | )%     |     |   | (2.87    | )%       |   |   | (2.67 | )% |

| (1) | The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding during the period. Total trading and investing gains is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Not annualized. |
|-----|-----------------|

| (3) | Annualized. |
|-----|-------------|

| (4) | Ratios are computed net of voluntary waivers of operating expenses borne by the General Partner of the Partnership and General Partner of the Master Fund. For the year ended December 31, 2010, the ratios are net of the 0.28% effect of the voluntary waivers of operating expenses (not annualized). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund. |
|-----|------------------------------------------------------------------------------------------------------------|

| (6) | Excludes profit share allocation from the Master Fund and includes interest income. |
|-----|-------------------------------------------------------------------------------------|

----

| MILLBURN MULTI-MARKETS FUND L.P.                                                                                                                                                                                                                                       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                   |
| STATEMENT OF FINANCIAL HIGHLIGHTS                                                                                                                                                                                                                                      |
| FOR THE PERIOD FROM AUGUST 1, 2009 (COMMENCEMENT OF OPERATIONS)                                                                                                                                                                                                        |
| TO DECEMBER 31, 2009                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                              |
| The following information presents per unit operating performance data for each series for the period from August 1, 2009 (commencement of operations) to December 31, 2009. This information has been derived from information presented in the financial statements. |

| Per Unit Performance                                                          |   |     |     |   |     |   |     |     |   |
|-------------------------------------------------------------------------------|--------|----------|----------|--------|----------|--------|----------|----------|--------|
| (For a Unit Outstanding Throughout the Period)                                |   | Series A |     |   | Series B |   |     | Series C |   |
|                                                                          |   |     |     |   |     |   |     |     |   |
| NET ASSET VALUE PER UNIT — Beginning of period                          |   | $        | 1,000.00 |   |     | $      | 1,000.00 |     |   | $ | 1,000.00 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:                                 |   |     |     |   |     |   |     |     |   |   |   |   |
| Net investment loss (1)                                                       |   |     | (11.11   | )      |     |   | (11.01   | )        |   |   | (11.23 | ) |
| Total trading and investing gains (1)                                         |   |     | 84.37    |   |     |   | 80.49    |     |   |   | 90.31 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Net income before profit share allocation from the Master Fund                |   |     | 73.26    |   |     |   | 69.48    |     |   |   | 79.08 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Profit share allocation from the Master Fund (1)                              |   |     | (10.33   | )      |     |   | (3.19    | )        |   |   | (11.71 | ) |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Net income from operations after profit share allocation from the Master Fund |   |     | 62.93    |   |     |   | 66.29    |     |   |   | 67.37 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| NET ASSET VALUE PER UNIT — End of period                                |   | $        | 1,062.93 |   |     | $      | 1,066.29 |     |   | $ | 1,067.37 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND              |   |     | 7.33     | %      |     |   | 6.95     | %        |   |   | 7.91 | % |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| PROFIT SHARE ALLOCATION FROM THE MASTER FUND                                  |   |     | (1.04    | )      |     |   | (0.32    | )        |   |   | (1.17 | ) |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND               |   |     | 6.29     | %      |     |   | 6.63     | %        |   |   | 6.74 | % |
|                                                                     |   |     |     |   |     |   |     |     |   |   |   |   |
| RATIOS TO AVERAGE NET ASSET VALUE:                                            |   |     |     |   |     |   |     |     |   |   |   |   |
| Expenses (3) (4) (5)                                                          |   |     | 4.94     | %      |     |   | 3.11     | %        |   |   | 2.88 | % |
| Profit share allocation from the Master Fund (2)                              |   |     | 0.97     |   |     |   | 0.30     |     |   |   | 1.09 |   |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Total expenses                                                                |   |     | 5.91     | %      |     |   | 3.41     | %        |   |   | 3.97 | % |
|                                                                          |   |     |     |   |     |   |     |     |   |   |   |   |
| Net investment loss (3) (4) (5) (6)                                           |   |     | (4.53    | )%     |     |   | (2.74    | )%       |   |   | (2.52 | )% |

| (1) | The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding during the period. Total trading and investing gains is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Not annualized. |
|-----|-----------------|

| (3) | Annualized. |
|-----|-------------|

| (4) | Ratios are computed net of voluntary waivers of operating expenses borne by the General Partner of the Partnership and General Partner of the Master Fund. For the period ended December 31, 2009, the ratios are net of the 0.88% effect of the voluntary waivers of operating expenses (not annualized). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund. |
|-----|------------------------------------------------------------------------------------------------------------|

| (6) | Excludes profit share allocation from the Master Fund and includes interest income. |
|-----|-------------------------------------------------------------------------------------|

----

| MILLBURN MULTI-MARKETS FUND L.P.                                              |
|------------------------------------------------------------------------------------|
|                                                                               |
| NOTES TO FINANCIAL STATEMENTS                                                      |
| FOR THE YEAR ENDED DECEMBER 31, 2010, AND THE PERIOD FROM AUGUST 1, 2009 |
| (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2009                             |

| 1. | ORGANIZATION |
|----|--------------|

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|--------------------------------------------|

----

| 3. | INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. |
|----|--------------------------------------------------------|

| 4. | MANAGEMENT FEE, SELLING COMMISSION, PLATFORM FEES AND PROFIT SHARE |
|----|--------------------------------------------------------------------|

----

| 5. | OPERATING EXPENSES AND ADMINISTRATION FEE |
|----|-------------------------------------------|

| 6. | DERIVATIVE INSTRUMENTS |
|----|------------------------|

----

| 7. | INDEMNIFICATIONS |
|----|------------------|

| 8. | ADMINISTRATOR AGREEMENT |
|----|-------------------------|

| 9. | FINANCIAL HIGHLIGHTS |
|----|----------------------|

| 10. | SUBSEQUENT EVENTS |
|-----|-------------------|

----

----

----

| MILLBURN MULTI-MARKETS TRADING L.P. |
|-------------------------------------|
|                                |
| TABLE OF CONTENTS                   |

|                                                                 | Page        |
|----------------------------------------------------------------------|-------------|
|                                                                 |        |
| AFFIRMATION OF THE COMMODITY POOL OPERATOR                           |        |
|                                                                 |        |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM              |        |
|                                                                 |        |
| FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009: |        |
|                                                                 |        |
| Statements of Financial Condition                                    | 2           |
|                                                                 |        |
| Condensed Schedules of Investments                                   | 3–6   |
|                                                                 |        |
| Statements of Operations                                             | 7           |
|                                                                 |        |
| Statements of Changes in Partners’ Capital                     | 8           |
|                                                                 |        |
| Statements of Financial Highlights                                   | 9–10  |
|                                                                 |        |
| Notes to Financial Statements                                        | 11–24 |

----

----

----

| MILLBURN MULTI-MARKETS TRADING L.P. |
|-------------------------------------|
|                                |
| STATEMENTS OF FINANCIAL CONDITION   |
| AS OF DECEMBER 31, 2010 AND 2009    |

|                                                                                                   |   | 2010   |        |   | 2009   |   |
|--------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| ASSETS                                                                                                 |   |   |        |   |   |   |
|                                                                                                   |   |   |        |   |   |   |
| EQUITY IN TRADING ACCOUNTS:                                                                            |   |   |        |   |   |   |
| Investments in U.S. Treasury notes — at fair value (amortized cost $51,569,250 and $13,328,155)  |   | $      | 51,585,010  |   |   | $      | 13,337,020 |   |
| Net unrealized appreciation on open futures and forward currency contracts                             |   |   | 13,312,178  |   |   |   | 873,845 |   |
| Due from brokers                                                                                       |   |   | 3,146,214   |   |   |   | 282,393 |   |
| Cash denominated in foreign currencies (cost  $2,353,889 and $753,432)                       |   |   | 2,324,160   |   |   |   | 789,097 |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| Total equity in trading accounts                                                                       |   |   | 70,367,562  |   |   |   | 15,282,355 |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $218,631,689 and $47,085,777) |   |   | 218,671,298 |   |   |   | 47,110,542 |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                              |   |   | 14,383,754  |   |   |   | 3,234,663 |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| ACCRUED INTEREST RECEIVABLE                                                                            |   |   | 476,291     |   |   |   | 550,772 |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| DUE FROM MILLBURN MULTI-MARKETS LTD.                                                                   |   |   | 712         |   |   |   | - |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| DUE FROM MILLBURN MULTI-MARKETS FUND L.P.                                                              |   |   | 150,676     |   |   |   | - |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| TOTAL                                                                                                  |   | $      | 304,050,293 |   |   | $      | 66,178,332 |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| LIABILITIES AND PARTNERS' CAPITAL                                                                      |   |   |        |   |   |   |   |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| LIABILITIES:                                                                                           |   |   |        |   |   |   |   |   |
| Net unrealized depreciation on open futures and forward currency contracts                             |   | $      | -           |   |   | $      | 963,342 |   |
| Cash denominated in foreign currencies (cost -$251,028 and -$10,918)                              |   |   | 248,557     |   |   |   | 10,747 |   |
| Capital contributions received in advance                                                              |   |   | 884,835     |   |   |   | - |   |
| Capital withdrawal payable                                                                             |   |   | 4,726,525   |   |   |   | 157,898 |   |
| Management fee payable                                                                                 |   |   | 418,270     |   |   |   | 48,951 |   |
| Selling commissions payable                                                                            |   |   | 122,477     |   |   |   | 14,519 |   |
| Accrued expenses                                                                                       |   |   | 122,002     |   |   |   | 19,522 |   |
| Due to brokers                                                                                         |   |   | -           |   |   |   | 236,795 |   |
| Commissions and other trading fees on open futures contracts                                           |   |   | 67,334      |   |   |   | 14,296 |   |
| Due to General Partner                                                                                 |   |   | 684         |   |   |   | - |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| Total liabilities                                                                                      |   |   | 6,590,684   |   |   |   | 1,466,070 |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| PARTNERS' CAPITAL                                                                                      |   |   | 297,459,609 |   |   |   | 64,712,262 |   |
|                                                                                                   |   |   |        |   |   |   |   |   |
| TOTAL                                                                                                  |   | $      | 304,050,293 |   |   | $      | 66,178,332 |   |

----

| MILLBURN MULTI-MARKETS TRADING L.P. |
|-------------------------------------|
|                                |
| CONDENSED SCHEDULE OF INVESTMENTS   |
| AS OF DECEMBER 31, 2010             |

|                                                                  |   | Net Unrealized      |   |   |                |   |
|-----------------------------------------------------------------------|--------|--------------------------|--------|--------|---------------------|--------|
|                                                                  |   | Appreciation             |   |   |                |   |
|                                                                  |   | (Depreciation)           |   |   | Net Unrealized |   |
|                                                                  |   | as a % of |   |   | Appreciation        |   |
| FUTURES AND FORWARD CURRENCY CONTRACTS            |   | Partners' Capital   |   |   | (Depreciation)      |   |
|                                                                  |   |                     |   |   |                |   |
| FUTURES CONTRACTS                                                     |   |                     |   |   |                |   |
| Long futures contracts:                                               |   |                     |   |   |                |   |
| Energies                                                              |   |                     | 0.35   | %      |                | $      | 1,050,235 |   |
| Grains                                                                |   |                     | 1.09   |   |                |   | 3,239,089 |   |
| Interest rates:                                                       |   |                     |   |   |                |   |   |   |
| 2 Year U.S. Treasury Note (244 contracts, settlement date 03/31/2011) |   |                     | 0.00   |   |                |   | 11,712 |   |
| Other interest rates                                                  |   |                     | 0.14   |   |                |   | 407,761 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| Total interest rates                                                  |   |                     | 0.14   |   |                |   | 419,473 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| Livestock                                                             |   |                     | 0.23   |   |                |   | 684,170 |   |
| Metals                                                                |   |                     | 1.37   |   |                |   | 4,074,267 |   |
| Softs                                                                 |   |                     | 0.76   |   |                |   | 2,260,705 |   |
| Stock indices                                                         |   |                     | 0.53   |   |                |   | 1,573,129 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| Total long futures contracts                                          |   |                     | 4.47   |   |                |   | 13,301,068 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| Short futures contracts:                                              |   |                     |   |   |                |   |   |   |
| Energies                                                              |   |                     | (0.21  | )      |                |   | (616,642 | ) |
| Grains                                                                |   |                     | (0.40  | )      |                |   | (1,199,300 | ) |
| Interest rates                                                        |   |                     | (0.07  | )      |                |   | (215,100 | ) |
| Livestock                                                             |   |                     | (0.22  | )      |                |   | (636,480 | ) |
| Metals                                                                |   |                     | (0.12  | )      |                |   | (362,273 | ) |
| Softs                                                                 |   |                     | (0.19  | )      |                |   | (565,117 | ) |
| Stock indices                                                         |   |                     | 0.05   |   |                |   | 142,434 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| Total short futures contracts                                         |   |                     | (1.16  | )      |                |   | (3,452,478 | ) |
|                                                                  |   |                     |   |   |                |   |   |   |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net                    |   |                     | 3.31   |   |                |   | 9,848,590 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| FORWARD CURRENCY CONTRACTS                                            |   |                     |   |   |                |   |   |   |
| Total long forward currency contracts                                 |   |                     | 1.53   |   |                |   | 4,559,059 |   |
| Total short forward currency contracts                                |   |                     | (0.36  | )      |                |   | (1,095,471 | ) |
|                                                                  |   |                     |   |   |                |   |   |   |
| TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net           |   |                     | 1.17   |   |                |   | 3,463,588 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| TOTAL                                                                 |   |                     | 4.48   | %      |                | $      | 13,312,178 |   |

----

| MILLBURN MULTI-MARKETS TRADING L.P. |
|-------------------------------------|
|                                |
| CONDENSED SCHEDULE OF INVESTMENTS   |
| AS OF DECEMBER 31, 2010             |

| U.S. TREASURY NOTES |       |   |                                                                   |   |                                                    |   |
|-------------------------------|------------|--------|------------------------------------------------------------------------|--------|---------------------------------------------------------|--------|
|                          | FaceAmount |   | Description                                                            |   | Fair Valueas a % ofPartners'Capital |   |   | Fair Value |   |
|                          |       |   |                                                                   |   |                                                    |   |   |   |   |
| $                             | 67,330,000 |   | U.S. Treasury notes, 0.875%, 03/31/2011                                |   |                                                    | 22.67  | % |   | $ | 67,445,723 |   |
|                          | 67,330,000 |   | U.S. Treasury notes, 0.875%, 05/31/2011                                |   |                                                    | 22.70  |   |   |   | 67,529,886 |   |
|                          | 67,330,000 |   | U.S. Treasury notes, 1.000%, 08/31/2011                                |   |                                                    | 22.75  |   |   |   | 67,677,170 |   |
|                          | 67,330,000 |   | U.S. Treasury notes, 0.750%, 11/30/2011                                |   |                                                    | 22.73  |   |   |   | 67,603,529 |   |
|                          |       |   |                                                                   |   |                                                    |   |   |   |   |   |   |
|                          |       |   | TOTAL INVESTMENTS IN U.S. TREASURY NOTES (amortized cost $270,200,939) |   |                                                    | 90.85  | % |   | $ | 270,256,308 |   |

| See notes to financial statements | (Concluded) |
|-----------------------------------|-------------|

----

| MILLBURN MULTI-MARKETS TRADING L.P. |
|-------------------------------------|
|                                |
| CONDENSED SCHEDULE OF INVESTMENTS   |
| AS OF DECEMBER 31, 2009             |

|                                                                  |   | Net Unrealized      |   |   |                |   |
|-----------------------------------------------------------------------|--------|--------------------------|--------|--------|---------------------|--------|
|                                                                  |   | Appreciation             |   |   |                |   |
|                                                                  |   | (Depreciation)           |   |   | Net Unrealized |   |
|                                                                  |   | as a % of |   |   | Appreciation        |   |
| FUTURES AND FORWARD CURRENCY CONTRACTS                 |   | Partners' Capital   |   |   | (Depreciation)      |   |
|                                                                  |   |                     |   |   |                |   |
| FUTURES CONTRACTS                                                     |   |                     |   |   |                |   |
| Long futures contracts:                                               |   |                     |   |   |                |   |
| Energies                                                              |   |                     | 1.58   | %      |                | $      | 1,021,376 |   |
| Grains                                                                |   |                     | 0.25   |   |                |   | 164,455 |   |
| Interest rates:                                                       |   |                     |   |   |                |   |   |   |
| 2 Year U.S. Treasury Note (113 contracts, settlement date 03/31/2010) |   |                     | (0.19  | )      |                |   | (124,672 | ) |
| 5 Year U.S. Treasury Note (50 contracts, settlement date 03/31/2010)  |   |                     | (0.17  | )      |                |   | (107,851 | ) |
| 10 Year U.S. Treasury Note (28 contracts, settlement date 03/31/2010) |   |                     | (0.07  | )      |                |   | (43,703 | ) |
| Other interest rates                                                  |   |                     | (0.77  | )      |                |   | (498,662 | ) |
|                                                                  |   |                     |   |   |                |   |   |   |
| Total interest rates                                                  |   |                     | (1.20  | )      |                |   | (774,888 | ) |
|                                                                  |   |                     |   |   |                |   |   |   |
| Livestock                                                             |   |                     | 0.05   |   |                |   | 32,630 |   |
| Metals                                                                |   |                     | 0.39   |   |                |   | 249,673 |   |
| Softs                                                                 |   |                     | 0.60   |   |                |   | 385,439 |   |
| Stock indices                                                         |   |                     | 1.19   |   |                |   | 772,225 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| Total long futures contracts                                          |   |                     | 2.86   |   |                |   | 1,850,910 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| Short futures contracts:                                              |   |                     |   |   |                |   |   |   |
| Energies                                                              |   |                     | (1.32  | )      |                |   | (852,085 | ) |
| Grains                                                                |   |                     | (0.18  | )      |                |   | (115,673 | ) |
| Interest rates                                                        |   |                     | 0.01   |   |                |   | 2,895 |   |
| Livestock                                                             |   |                     | (0.06  | )      |                |   | (41,890 | ) |
| Metals                                                                |   |                     | (0.14  | )      |                |   | (88,094 | ) |
| Softs                                                                 |   |                     | (0.03  | )      |                |   | (16,462 | ) |
| Stock indices                                                         |   |                     | (0.00  | )      |                |   | (1,870 | ) |
|                                                                  |   |                     |   |   |                |   |   |   |
| Total short futures contracts                                         |   |                     | (1.72  | )      |                |   | (1,113,179 | ) |
|                                                                  |   |                     |   |   |                |   |   |   |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net                    |   |                     | 1.14   |   |                |   | 737,731 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| FORWARD CURRENCY CONTRACTS                                            |   |                     |   |   |                |   |   |   |
| Total long forward currency contracts                                 |   |                     | (1.49  | )      |                |   | (966,560 | ) |
| Total short forward currency contracts                                |   |                     | 0.21   |   |                |   | 139,332 |   |
|                                                                  |   |                     |   |   |                |   |   |   |
| TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net           |   |                     | (1.28  | )      |                |   | (827,228 | ) |
|                                                                  |   |                     |   |   |                |   |   |   |
| TOTAL                                                                 |   |                     | (0.14  | )%     |                | $      | (89,497 | ) |

----

| MILLBURN MULTI-MARKETS TRADING L.P. |
|-------------------------------------|
|                                |
| CONDENSED SCHEDULE OF INVESTMENTS   |
| AS OF DECEMBER 31, 2009             |

| U.S. TREASURY NOTES |       |        |                                                                  |                     |   |   |
|-------------------------------|------------|-------------|-----------------------------------------------------------------------|--------------------------|--------|--------|
|                          |       |        |                                                                  | Fair Value          |   |   |   |   |
|                          |       |        |                                                                  | as a % of |   |   |   |   |
| Face                          |       |        |                                                                  | Partners’          |   |   | Fair |   |
| Amount                        |       | Description |                                                                  | Capital                  |   |   | Value |   |
|                          |       |        |                                                                  |                     |   |   |   |   |
| $                             | 8,500,000  |        | U.S. Treasury notes, 1.750%, 03/31/2010                               |                     |   | 13.19  | % |   | $ | 8,534,530 |   |
|                          | 16,300,000 |        | U.S. Treasury notes, 2.625%, 05/31/2010                               |                     |   | 25.44  |   |   |   | 16,463,000 |   |
|                          | 18,200,000 |        | U.S. Treasury notes, 3.875%, 07/15/2010                               |                     |   | 28.67  |   |   |   | 18,555,469 |   |
|                          | 16,400,000 |        | U.S. Treasury notes, 4.250%, 10/15/2010                               |                     |   | 26.11  |   |   |   | 16,894,563 |   |
|                          |       |        |                                                                  |                     |   |   |   |   |   |   |   |
|                          |       |        | TOTAL INVESTMENTS IN U.S. TREASURY NOTES (amortized cost $60,413,932) |                     |   | 93.41  | % |   | $ | 60,447,562 |   |

| See notes to financial statements | (Concluded) |
|-----------------------------------|-------------|

----

| MILLBURN MULTI-MARKETS TRADING L.P.                         |
|-------------------------------------------------------------|
|                                                        |
| STATEMENTS OF OPERATIONS                                    |
| YEARS ENDED DECEMBER 31, 2010 AND 2009       |

|                                                              |   | 2010   |       |   | 2009   |   |
|-------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                              |   |   |       |   |   |   |
| INVESTMENT INCOME — Interest income                         |   | $      | 414,798    |   |   | $      | 447,081 |   |
|                                                              |   |   |       |   |   |   |   |   |
| EXPENSES:                                                         |   |   |       |   |   |   |   |   |
| Brokerage commissions                                             |   |   | 499,876    |   |   |   | 148,709 |   |
| Management fees                                                   |   |   | 2,072,410  |   |   |   | 415,845 |   |
| Selling commissions and platform fees                             |   |   | 774,365    |   |   |   | 38,527 |   |
| Administrative and operating expenses                             |   |   | 815,543    |   |   |   | 353,810 |   |
| Custody fees                                                      |   |   | 20,810     |   |   |   | 9,787 |   |
|                                                              |   |   |       |   |   |   |   |   |
| Total expenses                                                    |   |   | 4,183,004  |   |   |   | 966,678 |   |
|                                                              |   |   |       |   |   |   |   |   |
| Operation expenses borne by General Partner of Investment Adviser |   |   | (297,108   | )      |   |   | (232,249 | ) |
|                                                              |   |   |       |   |   |   |   |   |
| Net expenses                                                      |   |   | 3,885,896  |   |   |   | 734,429 |   |
|                                                              |   |   |       |   |   |   |   |   |
| NET INVESTMENT LOSS                                               |   |   | (3,471,098 | )      |   |   | (287,348 | ) |
|                                                              |   |   |       |   |   |   |   |   |
| REALIZED AND UNREALIZED GAINS (LOSSES):                           |   |   |       |   |   |   |   |   |
| Net realized gains (losses) on closed positions:                  |   |   |       |   |   |   |   |   |
| Futures and forward currency contracts                            |   |   | 8,964,691  |   |   |   | 1,344,264 |   |
| Foreign exchange translation                                      |   |   | (36,326    | )      |   |   | (64,965 | ) |
| Net change in unrealized:                                         |   |   |       |   |   |   |   |   |
| Futures and forward currency contracts                            |   |   | 13,401,675 |   |   |   | (218,844 | ) |
| Foreign exchange translation                                      |   |   | (63,094    | )      |   |   | 68,877 |   |
| Net gains (losses) from U.S. Treasury notes:                      |   |   |       |   |   |   |   |   |
| Realized                                                          |   |   | 5,806      |   |   |   | - |   |
| Net change in unrealized                                          |   |   | 21,739     |   |   |   | (237,983 | ) |
|                                                              |   |   |       |   |   |   |   |   |
| Total net realized and unrealized gains                           |   |   | 22,294,491 |   |   |   | 891,349 |   |
|                                                              |   |   |       |   |   |   |   |   |
| NET INCOME                                                        |   |   | 18,823,393 |   |   |   | 604,001 |   |
|                                                              |   |   |       |   |   |   |   |   |
| LESS PROFIT SHARE TO GENERAL PARTNER                              |   |   | 2,949,717  |   |   |   | 157,898 |   |
|                                                              |   |   |       |   |   |   |   |   |
| NET INCOME AFTER PROFIT SHARE TO GENERAL PARTNER                  |   | $      | 15,873,676 |   |   | $      | 446,103 |   |

----

| MILLBURN MULTI-MARKETS TRADING L.P.        |
|--------------------------------------------|
|                                       |
| STATEMENTS OF CHANGES IN PARTNERS' CAPITAL |
| YEARS ENDED DECEMBER 31, 2010 AND 2009     |

|                                                        |   | LimitedPartners |        |   | New ProfitMemoAccount |   |       | GeneralPartner |   |   | Total      |   |
|-------------------------------------------------------------|--------|-----------------|-------------|--------|----------------------------|--------|------------|----------------|--------|--------|------------|--------|
|                                                        |   |            |        |   |                       |   |       |           |   |   |       |   |
| PARTNERS' CAPITAL — January 1, 2009                   |   | $               | 40,946,449  |   |                       | $      | -          |           |   | $      | 50,423     |   |   | $ | 40,996,872 |   |
| Contributions                                               |   |            | 30,310,744  |   |                       |   | -          |           |   |   | -          |   |   |   | 30,310,744 |   |
| Withdrawals                                                 |   |            | (7,041,457  | )      |                       |   | -          |           |   |   | (157,898   | )      |   |   | (7,199,355 | ) |
| Transfers                                                   |   |            | 3,000       |   |                       |   | -          |           |   |   | (3,000     | )      |   |   | - |   |
| Net income (loss)                                           |   |            | 446,399     |   |                       |   | -          |           |   |   | (296       | )      |   |   | 446,103 |   |
| General Partner's allocation — profit share           |   |            | -           |   |                       |   | 157,898    |           |   |   | -          |   |   |   | 157,898 |   |
| Transfer of New Profit Memo Account to General Partner |   |            | -           |   |                       |   | (157,898   | )              |   |   | 157,898    |   |   |   | - |   |
| PARTNERS' CAPITAL — December 31, 2009                 |   |            | 64,665,135  |   |                       |   | -          |           |   |   | 47,127     |   |   |   | 64,712,262 |   |
|                                                        |   |            |        |   |                       |   |       |           |   |   |       |   |   |   |   |   |
| Contributions                                               |   |            | 256,490,244 |   |                       |   | -          |           |   |   | 1,600,000  |   |   |   | 258,090,244 |   |
| Withdrawals                                                 |   |            | (41,207,956 | )      |                       |   | -          |           |   |   | (2,958,334 | )      |   |   | (44,166,290 | ) |
| Net income                                                  |   |            | 18,724,527  |   |                       |   | 8,617      |           |   |   | 90,249     |   |   |   | 18,823,393 |   |
| General Partner's allocation — profit share           |   |            | (2,949,717  | )      |                       |   | 2,949,717  |           |   |   | -          |   |   |   | - |   |
| Transfer of New Profit Memo Account to General Partner      |   |            | -           |   |                       |   | (2,958,334 | )              |   |   | 2,958,334  |   |   |   | - |   |
| PARTNERS' CAPITAL- December 31, 2010                        |   | $               | 295,722,233 |   |                       | $      | -          |           |   | $      | 1,737,376  |   |   | $ | 297,459,609 |   |

----

| MILLBURN MULTI-MARKETS TRADING L.P.    |
|----------------------------------------|
|                                   |
| STATEMENTS OF FINANCIAL HIGHLIGHTS     |
| YEARS ENDED DECEMBER 31, 2010 AND 2009 |

|                                                        |   | 2010   |   |   | 2009   |   |
|-------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                        |   |   |   |   |   |   |
| Total return before General Partner profit share allocation |   |   | 8.74   | %      |   |   | (1.98 | )% |
| General Partner profit share allocation                     |   |   | (1.24  | )      |   |   | - |   |
|                                                        |   |   |   |   |   |   |   |   |
| Total return after General Partner profit share allocation  |   |   | 7.50   | %      |   |   | (1.98 | )% |
|                                                        |   |   |   |   |   |   |   |   |
| Ratios to average net asset value:                          |   |   |   |   |   |   |   |   |
| Expenses (1) (2)                                            |   |   | 2.62   | %      |   |   | 2.47 | % |
| General Partner profit share allocation                     |   |   | 1.35   |   |   |   | - |   |
|                                                        |   |   |   |   |   |   |   |   |
| Total expenses (1) (2)                                      |   |   | 3.97   | %      |   |   | 2.47 | % |
|                                                        |   |   |   |   |   |   |   |   |
| Net investment loss (1) (2) (3)                             |   |   | (2.32  | )%     |   |   | (1.59 | )% |

----

| MILLBURN MULTI-MARKETS TRADING L.P.    |
|----------------------------------------|
|                                   |
| STATEMENTS OF FINANCIAL HIGHLIGHTS     |
| YEARS ENDED DECEMBER 31, 2010 AND 2009 |

|                                                        |   | 2010   |   |   | 2009   |   |
|-------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                        |   |   |   |   |   |   |
| Total return before General Partner profit share allocation |   |   | 8.94   | %      |   |   | (0.78 | )% |
| General Partner profit share allocation                     |   |   | (1.52  | )      |   |   | (0.80 | ) |
|                                                        |   |   |   |   |   |   |   |   |
| Total return after General Partner profit share allocation  |   |   | 7.42   | %      |   |   | (1.58 | )% |
|                                                        |   |   |   |   |   |   |   |   |
| Ratios to average net asset value:                          |   |   |   |   |   |   |   |   |
| Expenses (1) (2)                                            |   |   | 2.66   | %      |   |   | 1.34 | % |
| General Partner profit share allocation                     |   |   | 2.03   |   |   |   | 0.29 |   |
|                                                        |   |   |   |   |   |   |   |   |
| Total expenses (1) (2)                                      |   |   | 4.69   | %      |   |   | 1.63 | % |
|                                                        |   |   |   |   |   |   |   |   |
| Net investment loss (1) (2) (3)                             |   |   | (2.37  | )%     |   |   | (0.52 | )% |

----

| MILLBURN MULTI-MARKETS TRADING L.P.    |
|----------------------------------------|
|                                   |
| NOTES TO FINANCIAL STATEMENTS          |
| YEARS ENDED DECEMBER 31, 2010 AND 2009 |

| 1. | ORGANIZATION |
|----|--------------|

----

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|--------------------------------------------|

----

| Fund                                             |   | OperatingExpenses |     |   | AdministrationFee |   |    | Total(1) |   |
|--------------------------------------------------|--------|-------------------|----------|--------|-------------------|--------|---------|----------|--------|
|                                             |   |              |     |   |              |   |    |     |   |
| Partnership                                      |   | $                 | 253,550  |   |              | $      | 73,244  |     |   | $ | 326,794 |   |
| U.S. Feeder                                      |   |              | 420,277  |   |              |   | -       |     |   |   | 420,277 |   |
| Cayman Feeder                                    |   |              | 68,472   |   |              |   | -       |     |   |   | 68,472 |   |
| Total                                            |   | $                 | 742,299  |   |              | $      | 73,244  |     |   | $ | 815,543 |   |
| Borne by General Partner or Investment Adviser * |   | $                 | (223,864 | )      |              | $      | (73,244 | )        |   | $ | (297,108 | ) |

| Fund                                             |   | OperatingExpenses |     |   | AdministrationFee |   |    | Total(1) |   |
|--------------------------------------------------|--------|-------------------|----------|--------|-------------------|--------|---------|----------|--------|
|                                             |   |              |     |   |              |   |    |     |   |
| Partnership                                      |   | $                 | 155,303  |   |              | $      | 92,836  |     |   | $ | 248,139 |   |
| U.S. Feeder                                      |   |              | 48,785   |   |              |   | -       |     |   |   | 48,785 |   |
| Cayman Feeder                                    |   |              | 56,886   |   |              |   | -       |     |   |   | 56,886 |   |
| Total                                            |   | $                 | 260,974  |   |              | $      | 92,836  |     |   | $ | 353,810 |   |
| Borne by General Partner or Investment Adviser * |   | $                 | (210,896 | )      |              | $      | (21,353 | )        |   | $ | (232,249 | ) |

----

----

----

| Financial assets at fair value as of December 31, 2010 |   |
|-----------------------------------------------------------------------------------------------------|--------|
|                                                                                                |   |   |   |   |   |   |   |   |   |
|                                                                                                |   | Level 1 |   |   | Level 2 |   |   | Total |   |
| Exchange-traded futures contracts                                                                   |   |   |   |   |   |   |   |   |   |
| Energies                                                                                            |   | $ | 433,593 |   |   | $ | - |   |   | $ | 433,593 |   |
| Grains                                                                                              |   |   | 2,039,789 |   |   |   | - |   |   |   | 2,039,789 |   |
| Interest rates                                                                                      |   |   | 204,373 |   |   |   | - |   |   |   | 204,373 |   |
| Livestock                                                                                           |   |   | 47,690 |   |   |   | - |   |   |   | 47,690 |   |
| Metals                                                                                              |   |   | 3,711,994 |   |   |   | - |   |   |   | 3,711,994 |   |
| Softs                                                                                               |   |   | 1,695,588 |   |   |   | - |   |   |   | 1,695,588 |   |
| Stock indices                                                                                       |   |   | 1,715,563 |   |   |   | - |   |   |   | 1,715,563 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Total exchange-traded futures contracts                                                             |   |   | 9,848,590 |   |   |   | - |   |   |   | 9,848,590 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Over-the-counter forward currency contracts                                                         |   |   | - |   |   |   | 3,463,588 |   |   |   | 3,463,588 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures and forward currency contracts                                                        |   |   | 9,848,590 |   |   |   | 3,463,588 |   |   |   | 13,312,178 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                                                                                                |   |   | 851,071 |   |   |   | - |   |   |   | 851,071 |   |
| Short-term money market fund                                                                        |   |   | 13,532,683 |   |   |   | - |   |   |   | 13,532,683 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Total cash and cash equivalents                                                                     |   |   | 14,383,754 |   |   |   | - |   |   |   | 14,383,754 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Treasury notes                                                                                 |   |   | 270,256,308 |   |   |   | - |   |   |   | 270,256,308 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Total financial assets at fair value                                                                |   | $ | 294,488,652 |   |   | $ | 3,463,588 |   |   | $ | 297,952,240 |   |

| Financial assets at fair value as of December 31, 2009 |   |
|-----------------------------------------------------------------------------------------------------|--------|
|                                                                                                |   |   |   |   |   |   |   |   |   |
|                                                                                                |   | Level 1 |   |   | Level 2 |   |   | Total |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |
| U.S. Treasury notes                                                                                 |   | $ | 60,447,562 |   |   | $ | - |   |   | $ | 60,447,562 |   |
| Short-term money market fund                                                                        |   |   | 3,109,663 |   |   |   | - |   |   |   | 3,109,663 |   |
| Exchange-traded futures contracts                                                                   |   |   | 737,731 |   |   |   |   |   |   |   | 737,731 |   |
| Over-the-counter forward currency contracts                                                         |   |   | - |   |   |   | (827,228 | ) |   |   | (827,228 | ) |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Total financial assets at fair value                                                                |   | $ | 64,294,956 |   |   | $ | (827,228 | ) |   | $ | 63,467,728 |   |

| 3. | ADMINISTRATOR AGREEMENT |
|----|-------------------------|

----

| 4. | PROFIT SHARE ALLOCATION |
|----|-------------------------|

| 5. | DUE FROM/TO BROKERS |
|----|---------------------|

| 6. | TRADING ACTIVITIES |
|----|--------------------|

----

| 7. | DERIVATIVE INSTRUMENTS |
|----|------------------------|

----

----

|               |   | December 31, |       |
|--------------------|--------|-------------------|------------|
|               |   | 2010              |       |   | 2009 |   |
|               |   | Total Net    |       |   |   |   |   | Total Net |   |   |   |   |
|               |   | Unrealized        |       |   |   |   |   | Unrealized |   |   |   |   |
|               |   | Appreciation      |       |   | Percent |   |   | Appreciation |   |   | Percent |   |
| Currency Type |   | (Depreciation)    |       |   | of Total |   |   | (Depreciation) |   |   | of Total |   |
|               |   |              |       |   |   |   |   |   |   |   |   |   |
| Australian dollar  |   | $                 | 409,632    |   |   |   | 3.08 | % |   | $ | 163,865 |   |   |   | (183.10 | )% |
| British pound      |   |              | 236,867    |   |   |   | 1.78 |   |   |   | (34,192 | ) |   |   | 38.20 |   |
| Canadian dollar    |   |              | 417,753    |   |   |   | 3.14 |   |   |   | (178,694 | ) |   |   | 199.66 |   |
| Czech koruna       |   |              | (40,847    | ) |   |   | (0.31 | ) |   |   | (25,925 | ) |   |   | 28.97 |   |
| Euro               |   |              | (100,590   | ) |   |   | (0.76 | ) |   |   | (59,317 | ) |   |   | 66.28 |   |
| Hong Kong dollar   |   |              | 165,449    |   |   |   | 1.24 |   |   |   | 40,329 |   |   |   | (45.06 | ) |
| Hungarian forint   |   |              | 9,357      |   |   |   | 0.07 |   |   |   | (19,884 | ) |   |   | 22.22 |   |
| Japanese yen       |   |              | (205,060   | ) |   |   | (1.54 | ) |   |   | 23,436 |   |   |   | (26.19 | ) |
| Korean won         |   |              | 601,359    |   |   |   | 4.52 |   |   |   | 41,014 |   |   |   | (45.83 | ) |
| Malaysian ringgit  |   |              | 240,684    |   |   |   | 1.81 |   |   |   | 26,015 |   |   |   | (29.07 | ) |
| Mexican peso       |   |              | 15,281     |   |   |   | 0.11 |   |   |   | 1,123 |   |   |   | (1.25 | ) |
| New Zealand dollar |   |              | 76,227     |   |   |   | 0.57 |   |   |   | - |   |   |   | - |   |
| Norwegian krone    |   |              | 342,134    |   |   |   | 2.57 |   |   |   | (44,210 | ) |   |   | 49.40 |   |
| Polish zloty       |   |              | 55,902     |   |   |   | 0.42 |   |   |   | (20,728 | ) |   |   | 23.16 |   |
| Romanian leu       |   |              | 26,278     |   |   |   | 0.20 |   |   |   | - |   |   |   | - |   |
| Singapore dollar   |   |              | 52,824     |   |   |   | 0.40 |   |   |   | 33,227 |   |   |   | (37.12 | ) |
| South African rand |   |              | 118,331    |   |   |   | 0.89 |   |   |   | 55,457 |   |   |   | (61.97 | ) |
| Swedish krona      |   |              | 238,833    |   |   |   | 1.79 |   |   |   | 108,177 |   |   |   | (120.87 | ) |
| Swiss franc        |   |              | (326,784   | ) |   |   | (2.45 | ) |   |   | 87,624 |   |   |   | (97.91 | ) |
| Taiwan dollar      |   |              | 214,590    |   |   |   | 1.61 |   |   |   | 72,648 |   |   |   | (81.17 | ) |
| Thai baht          |   |              | 5,107      |   |   |   | 0.04 |   |   |   | 195 |   |   |   | (0.22 | ) |
| Turkish lira       |   |              | (367,360   | ) |   |   | (2.76 | ) |   |   | 51,168 |   |   |   | (57.17 | ) |
| U.S. dollar        |   |              | 11,126,211 |   |   |   | 83.58 |   |   |   | (410,825 | ) |   |   | 459.04 |   |
|               |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total              |   | $                 | 13,312,178 |   |   |   | 100.00 | % |   | $ | (89,497 | ) |   |   | 100.00 | % |

----

----

| Fair Value of Futures and Forward Currency Contracts at December 31, 2010 |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   | Net Unrealized |   |
|                                                                                                                             |   | Fair Value - Long Positions |   |   | Fair Value - Short Positions |   |   | Gain on Open |   |
| Sector                                                                                                                           |   | Gains |   |   | Losses |   |   | Gains |   |   | Losses |   |   | Positions |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts:                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energies                                                                                                                         |   | $ | 1,283,210 |   |   | $ | (232,975 | ) |   | $ | 65,500 |   |   | $ | (682,142 | ) |   | $ | 433,593 |   |
| Grains                                                                                                                           |   |   | 3,257,727 |   |   |   | (18,638 | ) |   |   | 11,863 |   |   |   | (1,211,163 | ) |   |   | 2,039,789 |   |
| Interest rates                                                                                                                   |   |   | 429,605 |   |   |   | (10,132 | ) |   |   | 25,283 |   |   |   | (240,383 | ) |   |   | 204,373 |   |
| Livestock                                                                                                                        |   |   | 684,170 |   |   |   | - |   |   |   | - |   |   |   | (636,480 | ) |   |   | 47,690 |   |
| Metals                                                                                                                           |   |   | 4,074,267 |   |   |   | - |   |   |   | - |   |   |   | (362,273 | ) |   |   | 3,711,994 |   |
| Softs                                                                                                                            |   |   | 2,268,915 |   |   |   | (8,210 | ) |   |   | 21,907 |   |   |   | (587,024 | ) |   |   | 1,695,588 |   |
| Stock indices                                                                                                                    |   |   | 2,018,157 |   |   |   | (445,028 | ) |   |   | 144,524 |   |   |   | (2,090 | ) |   |   | 1,715,563 |   |
| Total futures contracts                                                                                                          |   |   | 14,016,051 |   |   |   | (714,983 | ) |   |   | 269,077 |   |   |   | (3,721,555 | ) |   |   | 9,848,590 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward currency contracts                                                                                                       |   |   | 5,481,832 |   |   |   | (922,773 | ) |   |   | 1,621,068 |   |   |   | (2,716,539 | ) |   |   | 3,463,588 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures and forward currency contracts                                                                                     |   | $ | 19,497,883 |   |   | $ | (1,637,756 | ) |   | $ | 1,890,145 |   |   | $ | (6,438,094 | ) |   | $ | 13,312,178 |   |

| Fair Value of Futures and Forward Currency Contracts at December 31, 2009 |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   | Net Unrealized |   |
|                                                                                                                             |   | Fair Value - Long Positions |   |   | Fair Value – Short Positions |   |   | Gain (Loss) on |   |
| Sector                                                                                                                           |   | Gains |   |   | Losses |   |   | Gains |   |   | Losses |   |   | Open Positions |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts:                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energies                                                                                                                         |   | $ | 1,050,946 |   |   | $ | (29,570 | ) |   | $ | 16,470 |   |   | $ | (868,555 | ) |   | $ | 169,291 |   |
| Grains                                                                                                                           |   |   | 164,455 |   |   |   | - |   |   |   | 7,715 |   |   |   | (123,388 | ) |   |   | 48,782 |   |
| Interest rates                                                                                                                   |   |   | 37,627 |   |   |   | (812,515 | ) |   |   | 6,734 |   |   |   | (3,839 | ) |   |   | (771,993 | ) |
| Livestock                                                                                                                        |   |   | 32,630 |   |   |   | - |   |   |   | - |   |   |   | (41,890 | ) |   |   | (9,260 | ) |
| Metals                                                                                                                           |   |   | 320,974 |   |   |   | (71,301 | ) |   |   | 3,175 |   |   |   | (91,269 | ) |   |   | 161,579 |   |
| Softs                                                                                                                            |   |   | 390,464 |   |   |   | (5,025 | ) |   |   | 24,580 |   |   |   | (41,042 | ) |   |   | 368,977 |   |
| Stock indices                                                                                                                    |   |   | 801,792 |   |   |   | (29,567 | ) |   |   | - |   |   |   | (1,870 | ) |   |   | 770,355 |   |
| Total futures contracts                                                                                                          |   |   | 2,798,888 |   |   |   | (947,978 | ) |   |   | 58,674 |   |   |   | (1,171,853 | ) |   |   | 737,731 |   |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward currency contracts                                                                                                       |   |   | 338,792 |   |   |   | (1,305,352 | ) |   |   | 497,354 |   |   |   | (358,022 | ) |   |   | (827,228 | ) |
|                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures and forward currency contracts                                                                                     |   | $ | 3,137,680 |   |   | $ | (2,253,330 | ) |   | $ | 556,028 |   |   | $ | (1,529,875 | ) |   | $ | (89,497 | ) |

----

| Sector                                       |   | 2010   |       |   | 2009   |   |
|----------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                         |   |   |       |   |   |   |
| Futures contracts:                           |   |   |       |   |   |   |
| Currencies                                   |   | $      | -          |   |   | $      | 2,613 |   |
| Energies                                     |   |   | (2,739,964 | )      |   |   | (828,641 | ) |
| Grains                                       |   |   | 4,199,011  |   |   |   | (645,847 | ) |
| Interest rates                               |   |   | 6,412,216  |   |   |   | (649,119 | ) |
| Livestock                                    |   |   | (15,050    | )      |   |   | 123,860 |   |
| Metals                                       |   |   | 4,412,622  |   |   |   | 63,229 |   |
| Softs                                        |   |   | 4,303,320  |   |   |   | 256,945 |   |
| Stock indices                                |   |   | 1,149,187  |   |   |   | 1,568,837 |   |
|                                         |   |   |       |   |   |   |   |   |
| Total futures contracts                      |   |   | 17,721,342 |   |   |   | (108,123 | ) |
|                                         |   |   |       |   |   |   |   |   |
| Forward currency contracts                   |   |   | 4,645,024  |   |   |   | 1,233,543 |   |
|                                         |   |   |       |   |   |   |   |   |
| Total futures and forward currency contracts |   | $      | 22,366,366 |   |   | $      | 1,125,420 |   |

| 8. | FINANCIAL HIGHLIGHTS |
|----|----------------------|

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| 9. | INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. |
|----|--------------------------------------------------|

|          |   | 2010   |   |   | 2009   |   |
|---------------|--------|--------|--------|--------|--------|--------|
|          |   |   |   |   |   |   |
| U.S. Feeder   |   |   | 37.43  | %      |   |   | 14.35 | % |
| Cayman Feeder |   |   | 45.74  | %      |   |   | 35.32 | % |
|          |   |   |   |   |   |   |   |   |
| Total         |   |   | 83.17  | %      |   |   | 49.67 | % |

| 10. | SUBSEQUENT EVENTS |
|-----|-------------------|

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