<Page>

                                                             Exhibit 99.13.01(a)

                       ML MILLBURN GLOBAL L.L.C.
                       (A DELAWARE LIMITED LIABILITY COMPANY)

                       Financial Statements for the years ended
                       December 31, 2004 and 2003 and Independent
                       Auditors' Report


[MERRILL LYNCH LOGO]

<Page>

ML MILLBURN GLOBAL L.L.C.
(A Delaware Limited Liability Company)

TABLE OF CONTENTS

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

FINANCIAL STATEMENTS FOR THE YEARS ENDED
  DECEMBER 31, 2004 AND 2003:

  Statements of Financial Condition                                 2

  Statements of Operations                                          3

  Statements of Changes in Member's Capital                         4

  Notes to Financial Statements                                  5-10
</Table>

<Page>

INDEPENDENT AUDITORS' REPORT

To the Member of
  ML Millburn Global L.L.C.:

We have audited the accompanying statements of financial condition of ML
Millburn Global L.L.C. (the "Company") as of December 31, 2004 and 2003, and the
related statements of operations and changes in member's capital for the years
then ended. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes consideration
of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Company's internal
control over financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of ML Millburn Global L.L.C. as of December 31,
2004 and 2003, and the results of its operations and changes in its member's
capital for the years then ended in conformity with accounting principles
generally accepted in the United States of America.


New York, New York
March 28, 2005

<Page>

ML MILLBURN GLOBAL L.L.C.
(A Delaware Limited Liability Company)

STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2004 AND 2003

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

Equity in commodity futures trading accounts:
  Cash                                              $  12,848,919  $  14,851,658
  Net unrealized profit on open contracts                 278,141        905,882
Due from invested funds                                   773,769        605,436
Accrued interest                                           22,899         11,365
                                                    -------------  -------------

       TOTAL                                        $  13,923,728  $  16,374,341
                                                    =============  =============

LIABILITIES AND MEMBER'S CAPITAL

LIABILITIES:

  Brokerage commissions payable                     $     103,475  $     111,679
  Profit Shares payable                                         -        270,959
  Administrative fees payable                               2,737          3,284

    total liabilities                                     106,212        385,922
                                                    -------------  -------------
MEMBER'S CAPITAL:

  Voting Member                                        13,817,516     15,988,419
                                                    -------------  -------------

    Total Member's capital                             13,817,516     15,988,419
                                                    -------------  -------------

       TOTAL                                        $  13,923,728  $  16,374,341
                                                    =============  =============
</Table>

See notes to financial statements.

                                        2
<Page>

ML MILLBURN GLOBAL L.L.C.
(A Delaware Limited Liability Company)

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

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

Trading profit (loss):
  Realized                                          $     321,008  $   2,513,085
  Change in unrealized                                   (627,730)      (142,930)
                                                    -------------  -------------

    Total trading revenues                               (306,722)     2,370,155

INVESTMENT INCOME:

Interest                                                  180,133        171,290
                                                    -------------  -------------

EXPENSES:

Brokerage commissions                                   1,137,319      1,400,367
Profit Shares                                               5,427        310,215
Administrative fees                                        33,451         41,187
                                                    -------------  -------------

    Total expenses                                      1,176,197      1,751,769
                                                    -------------  -------------

NET INVESTMENT LOSS                                      (996,064)    (1,580,479)
                                                    -------------  -------------

NET INCOME (LOSS)                                   $  (1,302,786) $     789,676
                                                    =============  =============
</Table>

See notes to financial statements.

                                        3
<Page>

ML MILLBURN GLOBAL L.L.C.
(A Delaware Limited Liability Company)

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

<Table>
<S>                                                                <C>
                                                                   VOTING MEMBER
                                                                   -------------
MEMBER'S CAPITAL,
  DECEMBER 31, 2002                                                $  15,464,388

Net income                                                               789,676

Withdrawals                                                           (1,268,287)

Additions                                                              1,002,642
                                                                   -------------

MEMBER'S CAPITAL,
  DECEMBER 31, 2003                                                   15,988,419

Net loss                                                              (1,302,786)

Withdrawals                                                           (1,770,347)

Additions                                                                902,230
                                                                   -------------

MEMBER'S CAPITAL,
  DECEMBER 31, 2004                                                $  13,817,516
                                                                   =============
</Table>

See notes to financial statements.

                                        4
<Page>

ML MILLBURN GLOBAL L.L.C.
(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     ORGANIZATION

     ML Millburn Global L.L.C. (the "Company") was organized under the Delaware
     Limited Liability Company Act on November 22, 1996 and commenced trading
     activities on December 2, 1996. The Company engages in the speculative
     trading of futures, options on futures and forward contracts on a wide
     range of commodities. Millburn Ridgefield Corporation ("Millburn") is the
     trading advisor to the Company. Merrill Lynch Alternative Investments LLC
     ("MLAI"), a wholly-owned subsidiary of Merrill Lynch Investment Managers
     L.P. ("MLIM") which in turn, is an indirect wholly-owned subsidiary of
     Merrill Lynch & Co., Inc. ("Merrill Lynch"), has been delegated
     administrative authority of the Company. Merrill Lynch, Pierce Fenner &
     Smith Incorporated ("MLPF&S"), a wholly-owned subsidiary of Merrill Lynch,
     is the Company's commodity broker.

     The Company has authorized two classes of Membership Interests: Non-Voting
     Interests and Voting Interests (collectively, "Interests"). These two
     classes of Interests have common economic interests in the Company. The
     Non-Voting Interests, which can be held by non-United States investment
     funds sponsored by MLAI, would not participate in the management of the
     Company, or engage, directly or indirectly in, participate in or control
     any portion of the business activities or affairs of the Company.
     Currently, there are no Non-Voting Members. Management of the Company is
     vested solely in the Voting Interests, which can be held by United States
     limited partnerships. Currently, there is only one Voting Member of the
     Company (the "Member"). The Member controls all business activities and
     affairs of the Company, subject to the trading authority vested in and
     delegated to Millburn and the administrative authority vested in and
     delegated to MLAI. The Member is a "commodity pool" sponsored and managed
     by MLAI.

     ESTIMATES

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

     REVENUE RECOGNITION

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

                                        5
<Page>

     FOREIGN CURRENCY TRANSACTIONS

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

     OPERATING EXPENSES

     MLAI pays for all operating costs (including all legal, accounting,
     printing, postage and similar administrative expenses) of the Company.

     INCOME TAXES

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

     DISTRIBUTIONS

     The Company has made no distributions for the years ended December 31, 2004
     or 2003.

     WITHDRAWALS

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

     DISSOLUTION

     The Company will terminate on December 31, 2046 or at an earlier date if
     certain conditions occur, as well as under certain other circumstances as
     set forth in the Organization Agreement.

                                        6
<Page>

2.   CONDENSED SCHEDULES OF INVESTMENTS

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

<Table>
<Caption>
2004                               LONG POSITIONS                                 SHORT POSITIONS
----                 ------------------------------------------   -----------------------------------------------
                                                                                    UNREALIZED
   COMMODITY         NUMBER OF      UNREALIZED       PERCENT OF    NUMBER OF       PROFIT (LOSS)       PERCENT OF
INDUSTRY SECTOR      CONTRACTS     PROFIT (LOSS)     NET ASSETS    CONTRACTS     ON OPEN POSITIONS     NET ASSETS
---------------      ---------    --------------     ----------   ----------     -----------------     ----------
<S>                  <C>          <C>                     <C>     <C>            <C>                        <C>
Currencies           5,631,733    $      611,652           4.43%  (2,670,197)    $        (457,560)         -3.31%
Interest rates             201            (4,731)         -0.03%        (147)                3,971           0.03%
Metals                      66             1,410           0.00%          (6)                6,128           0.04%
Stock indices              172           117,271           0.85%           -                     -           0.00%
                                  --------------                                 -----------------

Total                             $      725,602           5.25%                 $        (447,461)         -3.24%
                                  ==============                                 =================

<Caption>
2004
----
                        NET UNREALIZED
   COMMODITY           PROFIT (LOSS) ON   PERCENT OF
INDUSTRY SECTOR         OPEN POSITIONS    NET ASSETS          MATURITY DATES
---------------        ----------------   ----------    -------------------------
<S>                    <C>                      <C>     <C>
Currencies             $        154,092         1.12%   March 05
Interest rates                     (760)        0.00%   March 05 - December 05
Metals                            7,538         0.04%   February 05 - December 05
Stock indices                   117,271         0.85%   January 05 - March 05
                       ----------------

Total                  $        278,141         2.01%
                       ================
</Table>

<Table>
<Caption>
2003                               LONG POSITIONS                                 SHORT POSITIONS
----                ------------------------------------------   -----------------------------------------------
                                                                                    UNREALIZED
   COMMODITY         NUMBER OF      UNREALIZED      PERCENT OF     NUMBER OF       PROFIT (LOSS)      PERCENT OF
INDUSTRY SECTOR      CONTRACTS     PROFIT (LOSS)    NET ASSETS     CONTRACTS     ON OPEN POSITIONS    NET ASSETS
---------------     ----------    --------------    ----------   ------------    -----------------    ----------
<S>                 <C>           <C>                     <C>     <C>            <C>                       <C>
Currencies          22,422,705    $    1,632,249         10.21%   (32,100,949)   $        (938,300)         -5.87%
Interest rates             443             9,780          0.06%           (35)              (3,213)         -0.02%
Metals                     107           119,265          0.74%             -                    -           0.00%
Stock indices               95            86,101          0.54%             -                    -           0.00%
                                  --------------                                 -----------------

Total                             $    1,847,395         11.55%                  $        (941,513)         -5.89%
                                  ==============                                 =================

<Caption>
2003
----
   COMMODITY          NET UNREALIZED    PERCENT OF
INDUSTRY SECTOR        PROFIT (LOSS)    NET ASSETS         MATURITY DATES
---------------      ----------------   ----------    ----------------------
<S>                  <C>                      <C>     <C>
Currencies           $        693,949         4.34%   March 04
Interest rates                  6,567         0.04%   March 04 - June 04
Metals                        119,265         0.74%   February 04 - March 04
Stock indices                  86,101         0.54%   January 04 - March 04
                     ----------------

Total                $        905,882         5.66%
                     ================
</Table>

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

                                        7
<Page>

3.   FINANCIAL DATA HIGHLIGHTS

     The following ratios have been derived from information provided in the
     financial statements for the year ended December 31, 2004.

<Table>
     <S>                                                  <C>
     TOTAL INVESTMENT RETURN:

     Total return before Profit Shares                    -8.43%
     Profit shares                                         0.01%
     Total return                                         -8.36%
                                                      =========
     RATIOS TO AVERAGE MEMBER'S CAPITAL:

     Expenses (excluding Profit Shares)                    8.74%
     Profit Shares                                         0.04%
                                                      ---------
     Expenses                                              8.78%
                                                      =========

     Net investment loss                                  -7.43%
                                                      =========
</Table>

4.   RELATED PARTY TRANSACTIONS

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

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

     Following the allocation of the Company's trading profit (loss) and
     interest income to the Member's capital account, MLAI calculates the
     brokerage commissions, administrative fees, Profit Shares and other
     expenses due from the Company to third parties. Such commissions, fees and
     expenses are specifically calculated for the Member as of the end of each
     accounting period and deducted from the Member's capital account and paid
     out by the Company. The Company currently pays brokerage commissions to
     MLPF&S at flat monthly rate of .708 of 1% (a 8.50% annual rate) of the
     Member's month-end trading assets, reflecting the fee arrangement between
     the Member and MLPF&S.

     The Company pays MLPF&S a monthly administrative fee of .021 of 1% (a .25%
     annual rate) of the Member's month-end trading assets. Month-end trading
     assets are not reduced for purposes of calculating brokerage commissions
     and administrative fees by any accrued brokerage commissions,
     administrative fees, Profit Shares or other fees or charges.

     MLPF&S pays Millburn an annual consulting fee of 2% of the Company's
     average month-end trading assets, after reduction for a portion of
     brokerage commissions.

                                        8
<Page>

5.   ADVISORY AGREEMENT

     The Advisory Agreement between the Company and Millburn has remained
     essentially unchanged since the inception of the Company. This Agreement is
     in effect for successive one-year terms, but, in fact, given the single
     advisor structure of the Company, the Company would terminate were Millburn
     to withdraw. Millburn determines the commodity futures, options on futures
     and forward contract trades to be made on behalf of the Company, subject to
     certain rights reserved by MLAI.

     The Company pays to Millburn an annual Profit Share equal to 20% of any New
     Trading Profit, as defined, attributable to the Member's respective capital
     accounts. Profit Shares are calculated separately in respect of the
     Member's respective capital accounts. Profit Shares are also paid to
     Millburn upon the withdrawal of capital from the Company by the Member.

6.   FAIR VALUE AND OFF-BALANCE SHEET RISK

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

     MARKET RISK

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

     MLAI has procedures in place intended to control market risk exposure,
     although there can be no assurance that they will, in fact, succeed in
     doing so. These procedures focus primarily on monitoring the trading of
     Millburn, calculating the Member's capital account as of the close of
     business each day and reviewing outstanding positions for
     over-concentrations. While MLAI does not itself intervene in the markets to
     hedge or diversify the Company's market exposure; MLAI may consult with
     Millburn concerning the possibility of Millburn reducing trading leverage
     or market concentrations. However, such interventions are unusual. Except
     in cases in which it appears that Millburn has begun to deviate from past
     practice and trading policies or to be trading erratically, MLAI's basic
     risk control procedures consist simply of the ongoing process of advisor
     monitoring with the market risk controls being applied by Millburn.

                                        9
<Page>

     CREDIT RISK

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

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

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


                          *  *  *  *  *  *  *  *  *  *

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


                               Michael L. Pungello
                             Chief Financial Officer
                    Merrill Lynch Alternative Investments LLC
                           Commodity Pool Operator of
                            ML Millburn Global L.L.C.

                                       10

<Page>

                       ML JWH FINANCIAL AND
                       METALS PORTFOLIO L.L.C.
                       (A DELAWARE LIMITED LIABILITY COMPANY)


                       Financial Statements for the years ended
                       December 31, 2004 and 2003 and Independent
                       Auditors' Report


[MERRILL LYNCH LOGO]

<Page>

ML JWH FINANCIAL AND METALS PORTFOLIO L.L.C.
(A Delaware Limited Liability Company)

TABLE OF CONTENTS

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

FINANCIAL STATEMENTS FOR THE YEARS ENDED
  DECEMBER 31, 2004 AND 2003:

  Statements of Financial Condition                                         2

  Statements of Income                                                      3

  Statements of Changes in Member's Capital                                 4

  Notes to Financial Statements                                          5-10
</Table>

<Page>

INDEPENDENT AUDITORS' REPORT

To the Member of
 ML JWH Financial and Metals Portfolio L.L.C.:

We have audited the accompanying statements of financial condition of ML JWH
Financial and Metals Portfolio L.L.C. (the "Company") as of December 31, 2004
and 2003, and the related statements of income and changes in member's capital
for the years then ended. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
consideration of internal control as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company's internal control
over financial reporting. Accordingly, we express no such opinion. An audit
also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of ML JWH Financial and Metals Portfolio L.L.C.
as of December 31, 2004 and 2003, and the results of its operations and changes
in its member's capital for the years then ended in conformity with accounting
principles generally accepted in the United States of America.


New York, New York
March 28, 2005

<Page>

ML JWH FINANCIAL AND METALS PORTFOLIO L.L.C.
(A Delaware Limited Liability Company)

STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2004 AND 2003

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

Equity in commodity futures trading accounts:
  Cash                                                    $       14,132,131   $       16,043,538
  Net unrealized profit on open contracts                          1,257,649              911,789
Accrued interest                                                      25,078               11,586
                                                          ------------------   ------------------

      TOTAL                                               $       15,414,858   $       16,966,913
                                                          ==================   ==================

LIABILITIES AND MEMBER'S CAPITAL

LIABILITIES:

  Brokerage commissions payable                           $           98,699   $          120,040
  Administrative fees payable                                          3,209                3,530
  Profit Shares payable                                               97,526                    -
  Due to Member                                                    1,397,907              854,923
                                                          ------------------   ------------------

    Total liabilities                                              1,597,341              978,493
                                                          ------------------   ------------------

MEMBER'S CAPITAL:

  Voting Member                                                   13,817,517           15,988,420
                                                          ------------------   ------------------

    Total Member's capital                                        13,817,517           15,988,420
                                                          ------------------   ------------------

      TOTAL                                               $       15,414,858   $       16,966,913
                                                          ==================   ==================
</Table>

See notes to financial statements.

                                        2
<Page>

ML JWH FINANCIAL AND METALS PORTFOLIO L.L.C.
(A Delaware Limited Liability Company)

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

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

Trading profit (loss):
  Realized                                                $        1,375,796   $        4,981,174
  Change in unrealized                                               345,861             (481,197)
                                                          ------------------   ------------------

    Total trading revenues                                         1,721,657            4,499,977

INVESTMENT INCOME

Interest income                                                      187,686              167,813
                                                          ------------------   ------------------

EXPENSES

Brokerage commissions                                              1,172,113            1,423,539
Profit Shares                                                        126,184              400,765
Administrative fees                                                   34,474               41,869
                                                          ------------------   ------------------

    Total expenses                                                 1,332,771            1,866,173
                                                          ------------------   ------------------

NET INVESTMENT LOSS                                               (1,145,085)          (1,698,360)
                                                          ------------------   ------------------

NET INCOME                                                $          576,572   $        2,801,617
                                                          ==================   ==================
</Table>

See notes to financial statements.

                                        3
<Page>

ML JWH FINANCIAL AND METALS PORTFOLIO L.L.C.
(A Delaware Limited Liability Company)

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

<Table>
<Caption>
                                                            VOTING MEMBER
                                                          ------------------
<S>                                                       <C>
MEMBER'S CAPITAL,
  DECEMBER 31, 2002                                       $       15,464,388

Net income                                                         2,801,617

Withdrawals                                                       (2,277,585)
                                                          ------------------

MEMBER'S CAPITAL,
  DECEMBER 31, 2003                                               15,988,420

Net income                                                           576,572

Withdrawals                                                       (2,747,475)
                                                          ------------------

MEMBER'S CAPITAL,
  DECEMBER 31, 2004                                       $       13,817,517
                                                          ==================
</Table>

See notes to financial statements.

                                        4
<Page>

ML JWH FINANCIAL AND METALS PORTFOLIO L.L.C.
(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     ORGANIZATION

     ML JWH Financial and Metals Portfolio L.L.C. (the "Company") was organized
     under the Delaware Limited Liability Company Act on September 19, 1996 and
     commenced trading activities on October 1, 1996. The Company engages in the
     speculative trading of futures, options on futures and forward contracts on
     a wide range of commodities. John W. Henry & Company, Inc. ("JWH(R)") is
     the trading advisor to the Company. Merrill Lynch Alternative Investments
     LLC ("MLAI"), a wholly-owned subsidiary of Merrill Lynch Investment
     Managers ("MLIM") which in turn, is an indirect wholly-owned subsidiary of
     Merrill Lynch & Co., Inc. ("Merrill Lynch") has been delegated
     administrative authority of the Company. Merrill Lynch, Pierce, Fenner &
     Smith Incorporated ("MLPF&S"), a wholly-owned subsidiary of Merrill Lynch,
     is the Company's commodity broker.

     The Company has authorized two classes of Membership Interests: Non-Voting
     Interests and Voting Interests (collectively, "Interests"). These two
     classes of Interests have common economic interests in the Company, but the
     Non-Voting Interests, which can be held by non-United States investment
     funds sponsored by MLAI, would not participate in the management of the
     Company, or engage in, directly or indirectly, participate in or control
     any portion of the business activities or affairs of the Company.
     Currently, there are no Non-Voting Members. Management of the Company is
     vested solely in the Voting Interests, which are held by United States
     limited partnerships. Currently, there is only one Voting Member of the
     Company (the "Member"). The Member controls all business activities and
     affairs of the Company subject to the trading authority vested in and
     delegated to JWH(R) and the administrative authority vested in and
     delegated to MLAI. The Member is a "commodity pool" sponsored and managed
     by MLAI.

     ESTIMATES

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

     REVENUE RECOGNITION

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

                                        5
<Page>

     FOREIGN CURRENCY TRANSACTIONS

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

     OPERATING EXPENSES

     MLAI pays for all operating costs (including all legal, accounting,
     printing, postage and similar administrative expenses) of the Company.

     INCOME TAXES

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

     DISTRIBUTIONS

     The Company has made no distributions for the years ended December 31, 2004
     or 2003.

     WITHDRAWALS

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

     DISSOLUTION

     The Company will terminate on September 30, 2046 or at an earlier date if
     certain conditions occur, as well as under certain other circumstances as
     set forth in the Organization Agreement.

                                        6
<Page>

2.   CONDENSED SCHEDULES OF INVESTMENTS

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

<Table>
<Caption>
2004                                LONG POSITIONS                                SHORT POSITIONS
----                 ---------------------------------------------   -----------------------------------------
                                                                                    UNREALIZED
    COMMODITY         NUMBER OF     UNREALIZED PROFIT   PERCENT OF   NUMBER OF     PROFIT (LOSS)    PERCENT OF
 INDUSTRY SECTOR      CONTRACTS          (LOSS)         NET ASSETS   CONTRACTS   ON OPEN POSITIONS
------------------   ------------   -----------------   ----------   ----------  -----------------  ----------
<S>                     <C>         <C>                      <C>       <C>        <C>                    <C>
Currencies              1,981,921   $       1,365,771         9.88%    (817,690)  $       (222,105)      -1.61%
Interest rates                774             (68,051)       -0.49%        (144)           (25,200)      -0.18%
Metals                         99             205,656         1.49%         (10)           (72,350)      -0.52%
Stock indices                 189              73,928         0.53%           -                  -        0.00%
                                    -----------------                             ----------------

Total                               $       1,577,304        11.41%               $       (319,655)      -2.31%
                                    =================                             ================

<Caption>
2004
-----
                      NET UNREALIZED
    COMMODITY        PROFIT (LOSS) ON   PERCENT OF
 INDUSTRY SECTOR      OPEN POSITIONS    NET ASSETS          MATURITY DATES
------------------   ----------------   -----------     ------------------------
<S>                  <C>                      <C>       <C>
Currencies           $      1,143,666          8.27%    March 2005
Interest rates                (93,251)        -0.67%    March 05 - December 05
Metals                        133,306          0.97%    January 05 - February 05
Stock indices                  73,928          0.53%    March 2005
                     ----------------

Total                $      1,257,649          9.10%
                     ================
</Table>

<Table>
<Caption>
2003                                LONG POSITIONS                                SHORT POSITIONS
----                 ---------------------------------------------   -----------------------------------------
                                                                                    UNREALIZED
    COMMODITY         NUMBER OF     UNREALIZED PROFIT   PERCENT OF   NUMBER OF     PROFIT (LOSS)    PERCENT OF
 INDUSTRY SECTOR      CONTRACTS          (LOSS)         NET ASSETS   CONTRACTS   ON OPEN POSITIONS  NET ASSETS
------------------   ------------   -----------------   ----------   ----------  -----------------  ----------
<S>                     <C>         <C>                      <C>       <C>        <C>                    <C>
Currencies              2,064,614   $         775,452         4.85%    (855,900)  $        (33,570)      -0.21%
Interest rates                419             (35,078)       -0.22%           -                  -        0.00%
Metals                        111             273,979         1.71%           -                  -        0.00%
Stock indices                 111              96,935         0.61%         (27)          (165,929)      -1.04%
                                    -----------------                             ---------------

Total                               $       1,111,288         6.95%               $       (199,499)      -1.25%
                                    =================                             ===============

<Caption>
2003
----
                      NET UNREALIZED
    COMMODITY        PROFIT (LOSS) ON   PERCENT OF
 INDUSTRY SECTOR      OPEN POSITIONS    NET ASSETS         MATURITY DATES
------------------   ----------------   -----------    ----------------------
<S>                  <C>                      <C>      <C>
Currencies           $        741,882          4.64%   March 04
Interest rates                (35,078)        -0.22%   March 04 - December 04
Metals                        273,979          1.71%   February 04 - March 04
Stock indices                 (68,994)        -0.43%   March 04
                     ----------------

Total                $        911,789          5.70%
                     ================
</Table>

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

                                        7
<Page>

3.   FINANCIAL DATA HIGHLIGHTS

     The following ratios have been derived from information provided in the
     financial statements for the year ended December 31, 2004.

<Table>
     <S>                                                        <C>
     TOTAL RETURN:

     Total return before Profit Shares                           5.19%
     Profit Shares                                              -0.89%
     Total return                                                4.49%

     RATIOS TO AVERAGE MEMBER'S CAPITAL:

     Expenses (excluding Profit Shares)                          8.86%
     Profit Shares                                               0.93%
                                                         ------------
     Expenses                                                    9.79%
                                                         ============

     Net investment loss                                        -8.41%
                                                         ============
</Table>

4.   RELATED PARTY TRANSACTIONS

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

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

     Following the allocation of the Company's trading profit (loss) and
     interest income among the Member's respective capital accounts, MLAI
     calculates the brokerage commissions, Profit Shares, administrative fees
     and other expenses due from the Company to third parties. Such commissions,
     fees, Profit Shares and expenses are specifically calculated for the Member
     as of the end of each accounting period and deducted from Member's capital
     account and paid out by the Company. The Company currently pays brokerage
     commissions to MLPF&S at a flat monthly rate of .708 of 1% (an 8.5% annual
     rate) of the Member's month-end trading assets reflecting the fee
     arrangement between the Member and MLPF&S.

     The Company pays MLPF&S a monthly administrative fee of .021 of 1% (a .25%
     annual rate) of the Member's month-end trading assets. Month-end trading
     assets are not reduced for purposes of calculating brokerage commissions
     and administrative fees by any accrued brokerage commissions,
     administrative fees, Profit Shares or other fees or charges.

     MLPF&S pays the Advisor an annual consulting fee of 2% of the Company's
     average month-end trading assets, after reduction for a portion of the
     brokerage commissions.

                                        8
<Page>

5.   ADVISORY AGREEMENT

     The Advisory Agreement between the Company and JWH(R) is in effect for
     successive one-year terms, but, in fact, given the single advisor structure
     of the Company, the Company would terminate were JWH(R) to withdraw. JWH(R)
     determines the commodity futures, options on futures and forward contract
     trades to be made on behalf of the Company, subject to certain Company
     trading policies and to certain rights reserved by MLAI.

     The Company pays to JWH(R) a quarterly Profit Share equal to 20% of any New
     Trading Profit, as defined, attributable to the Member's respective capital
     accounts. Profit Shares are calculated separately in respect of the
     Member's respective capital accounts. Profit Shares are determined as of
     the end of each calendar quarter and are also paid to JWH(R) upon the
     withdrawal of capital from the Company by the Member for whatever purpose,
     other than to pay expenses.

6.   FAIR VALUE AND OFF-BALANCE SHEET RISK

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

     MARKET RISK

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

     MLAI has procedures in place intended to control market risk exposure,
     although there can be no assurance that they will, in fact, succeed in
     doing so. These procedures focus primarily on monitoring the trading of
     JWH(R), calculating the Member's capital account as of the close of
     business each day and reviewing outstanding positions for
     over-concentrations. While MLAI does not itself intervene in the markets to
     hedge or diversify the Company's market exposure, MLAI may consult with
     JWH(R) concerning the possibility of JWH(R) reducing trading leverage or
     market concentrations. However, such interventions are unusual. Except in
     cases in which it appears that JWH(R) has begun to deviate from past
     practice and trading policies or to be trading erratically, MLAI's basic
     risk control procedures consist simply of the ongoing process of advisor
     monitoring with the market risk controls being applied by JWH(R).

                                        9
<Page>

     CREDIT RISK

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

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

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


                                * * * * * * * * *

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

                               Michael L. Pungello
                             Chief Financial Officer
                    Merrill Lynch Alternative Investments LLC
                             Commodity Pool Operator
                  ML JWH Financial and Metals Portfolio L.L.C.

                                       10