<PAGE>
 
                                JOHN W. HENRY & CO./ MILLBURN L.P.
                                (A Delaware Limited Partnership)

                                Financial Statements for the years ended
                                December 31, 1998, 1997 and 1996 and
                                Independent Auditors' Report





[LOGO] Merrill Lynch
<PAGE>
 
To:  The Limited Partners of
     John W. Henry & Co./Millburn L.P. -
     Series A


John W. Henry & Co./Millburn L.P. - Series A (the "Fund" or the "Partnership")
ended its ninth fiscal year of trading on December 31, 1998 with a Net Asset
Value ("NAV") per Unit of $296.13, representing an increase of 4.23% from the
December 31, 1997 NAV per Unit of $284.11.  During 1998, trading profits were
generated in the interest rate markets, while losses were incurred in the
metals, currency and stock index markets.

Global interest rate markets provided the Fund with its most profitable
positions for the first quarter, particularly in European bonds where an
extended bond market rally continued despite an environment of robust growth in
the United States, Canada and the United Kingdom, as well as a strong pick-up in
growth in continental Europe.  In the second quarter, swings in the U.S. dollar
and developments in Japan affected bond markets, causing the Fund's interest
rate trading to result in losses.  This was turned around in the third quarter,
as markets worldwide were turned upside down and the Fund's non-correlation with
general equity and debt markets was strongly exhibited.  Global investors staged
a major flight to quality, resulting in a significant widening of credit spreads
on a global basis.  In October, investors pushed the yields on U.S. Treasury
bonds to a 31-year low.  The long bond yield fell about 75 basis points in 1998
as the world economy slowed more than expected, inflation continued to fall, the
anticipated small U.S. budget deficit turned into substantial surplus, and the
Federal Reserve lowered interest rates.

Gold prices began the year drifting sideways, and continued to weaken following
news in the second quarter of a European Central Bank consensus that ten to
fifteen percent of reserves should be made up of gold bullion, which was at the
low end of expectations.  Gold was unable to extend third quarter rallies or to
build any significant upside momentum, resulting in a trendless environment.
This was also the case in the fourth quarter, as gold's cost of production
declined.  Also, silver markets remained range-bound, while also experiencing a
significant selloff in November, and aluminum traded at its lowest levels since
1994, with many aluminum smelters operating at a loss.

In currency markets, results early in the year were mixed, although marginally
unprofitable.  During the second quarter, the Japanese yen weakened during June
to an eight-year low versus the U.S. dollar.  In the third quarter, Japan's
problems spread to other sectors of the global economy, causing commodities
prices to decline as demand from the Asian economies weakened, and Japan's
deepening recession and credit crunch continued through the fourth quarter.

Trading results in stock index markets were also mixed in early 1998, despite a
strong first-quarter performance by the U.S. equity market as several
consecutive weekly gains were recorded with most market averages setting new
highs.  Second quarter results were profitable as the Asia-Pacific region's
equity markets weakened across the board.  In particular, Hong Kong's Hang Seng
index trended downward during most of the second quarter and traded at a three-
year low.  As U.S. equity markets declined in July and August, the Fund profited
from short positions in the S&P 500, most notably during August, when the index
dropped 14.5%.  Volatility in September made for a difficult trading environment
in the stock index sector, and the Fund incurred modest losses, although results
remained profitable for the quarter and the year overall in these markets.
<PAGE>
 
Despite a year of unprecedented volatility in key global markets, we were
pleased with the Fund's ability to generate a profit by trading both the long
and short side of a variety of markets, demonstrating its value as an element of
diversification in an investor's portfolio.  We look forward to 1999 and the
opportunities it may present.


                              Sincerely,
                              John R. Frawley, Jr.
                              President
                              Merrill Lynch Investment Partners Inc.
                              (General Partner)


FUTURES TRADING IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
<PAGE>
 
To:  The Limited Partners of
     John W. Henry & Co./Millburn L.P. -
     Series B



John W. Henry & Co./Millburn L.P. - Series B (the "Fund" or the "Partnership")
ended its eighth fiscal year of trading on December 31, 1998 with a Net Asset
Value ("NAV") per Unit of $240.61, representing an increase of 4.22% from the
December 31, 1997 NAV per Unit of $230.87.  During 1998, trading profits were
generated in the interest rate markets, while losses were incurred in the
metals, currency and stock index markets.

Global interest rate markets provided the Fund with its most profitable
positions for the first quarter, particularly in European bonds where an
extended bond market rally continued despite an environment of robust growth in
the United States, Canada and the United Kingdom, as well as a strong pick-up in
growth in continental Europe.  In the second quarter, swings in the U.S. dollar
and developments in Japan affected bond markets, causing the Fund's interest
rate trading to result in losses.  This was turned around in the third quarter,
as markets worldwide were turned upside down and the Fund's non-correlation with
general equity and debt markets was strongly exhibited.  Global investors staged
a major flight to quality, resulting in a significant widening of credit spreads
on a global basis.  In October, investors pushed the yields on U.S. Treasury
bonds to a 31-year low.  The long bond yield fell about 75 basis points in 1998
as the world economy slowed more than expected, inflation continued to fall, the
anticipated small U.S. budget deficit turned into substantial surplus, and the
Federal Reserve lowered interest rates.

Gold prices began the year drifting sideways, and continued to weaken following
news in the second quarter of a European Central Bank consensus that ten to
fifteen percent of reserves should be made up of gold bullion, which was at the
low end of expectations.  Gold was unable to extend third quarter rallies or to
build any significant upside momentum, resulting in a trendless environment.
This was also the case in the fourth quarter, as gold's cost of production
declined.  Also, silver markets remained range-bound, while also experiencing a
significant selloff in November, and aluminum traded at its lowest levels since
1994, with many aluminum smelters operating at a loss.

In currency markets, results early in the year were mixed, although marginally
unprofitable.  During the second quarter, the Japanese yen weakened during June
to an eight-year low versus the U.S. dollar. In the third quarter, Japan's
problems spread to other sectors of the global economy, causing commodities
prices to decline as demand from the Asian economies weakened, and Japan's
deepening recession and credit crunch continued through the fourth quarter.

Trading results in stock index markets were also mixed in early 1998, despite a
strong first-quarter performance by the U.S. equity market as several
consecutive weekly gains were recorded with most market averages setting new
highs.  Second quarter results were profitable as the Asia-Pacific region's
equity markets weakened across the board.  In particular, Hong Kong's Hang Seng
index trended downward during most of the second quarter and traded at a three-
year low.  As U.S. equity markets declined in July and August, the Fund profited
from short positions in the S&P 500, most notably during August, when the index
dropped 14.5%.  Volatility in September made for a difficult trading environment
in the stock index sector, and the Fund incurred modest losses, although results
remained
<PAGE>
 
profitable for the quarter and the year overall in these markets.


Despite a year of unprecedented volatility in key global markets, we were
pleased with the Fund's ability to generate a profit by trading both the long
and short side of a variety of markets, demonstrating its value as an element of
diversification in an investor's portfolio.  We look forward to 1999 and the
opportunities it may present.


                              Sincerely,
                              John R. Frawley, Jr.
                              President
                              Merrill Lynch Investment Partners Inc.
                              (General Partner)


FUTURES TRADING IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
<PAGE>
 
To:  The Limited Partners of
     John W. Henry & Co./Millburn L.P. -
     Series C


John W. Henry & Co./Millburn L.P. - Series C (the "Fund" or the "Partnership")
ended its seventh fiscal year of trading on December 31, 1998 with a Net Asset
Value ("NAV") per Unit of $187.52, representing an increase of 4.22% from the
December 31, 1997 NAV per Unit of $179.92.  During 1998, trading profits were
generated in the interest rate markets, while losses were incurred in the
metals, currency and stock index markets.

Global interest rate markets provided the Fund with its most profitable
positions for the first quarter, particularly in European bonds where an
extended bond market rally continued despite an environment of robust growth in
the United States, Canada and the United Kingdom, as well as a strong pick-up in
growth in continental Europe.  In the second quarter, swings in the U.S. dollar
and developments in Japan affected bond markets, causing the Fund's interest
rate trading to result in losses.  This was turned around in the third quarter,
as markets worldwide were turned upside down and the Fund's non-correlation with
general equity and debt markets was strongly exhibited.  Global investors staged
a major flight to quality, resulting in a significant widening of credit spreads
on a global basis.  In October, investors pushed the yields on U.S. Treasury
bonds to a 31-year low.  The long bond yield fell about 75 basis points in 1998
as the world economy slowed more than expected, inflation continued to fall, the
anticipated small U.S. budget deficit turned into substantial surplus, and the
Federal Reserve lowered interest rates.

Gold prices began the year drifting sideways, and continued to weaken following
news in the second quarter of a European Central Bank consensus that ten to
fifteen percent of reserves should be made up of gold bullion, which was at the
low end of expectations.  Gold was unable to extend third quarter rallies or to
build any significant upside momentum, resulting in a trendless environment.
This was also the case in the fourth quarter, as gold's cost of production
declined.  Also, silver markets remained range-bound, while also experiencing a
significant selloff in November, and aluminum traded at its lowest levels since
1994, with many aluminum smelters operating at a loss.

In currency markets, results early in the year were mixed, although marginally
unprofitable.  During the second quarter the Japanese yen weakened during June
to an eight-year low versus the U.S. dollar.  In the third quarter, Japan's
problems spread to other sectors of the global economy, causing commodities
prices to decline as demand from the Asian economies weakened, and Japan's
deepening recession and credit crunch continued through the fourth quarter.

Trading results in stock index markets were also mixed in early 1998, despite a
strong first-quarter performance by the U.S. equity market as several
consecutive weekly gains were recorded with most market averages setting new
highs.  Second quarter results were profitable as the Asia-Pacific region's
equity markets weakened across the board.  In particular, Hong Kong's Hang Seng
index trended downward during most of the second quarter and traded at a three-
year low.  As U.S. equity markets declined in July and August, the Fund profited
from short positions in the S&P 500, most notably during August, when the index
dropped 14.5%.  Volatility in September made for a difficult trading environment
in the stock index sector, and the Fund incurred modest losses, although results
remained
<PAGE>
 
profitable for the quarter and the year overall in these markets.

Despite a year of unprecedented volatility in key global markets, we were
pleased with the Fund's ability to generate a profit by trading both the long
and short side of a variety of markets, demonstrating its value as an element of
diversification in an investor's portfolio.  We look forward to 1999 and the
opportunities it may present.


                              Sincerely,
                              John R. Frawley, Jr.
                              President
                              Merrill Lynch Investment Partners Inc.
                              (General Partner)


FUTURES TRADING IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
<PAGE>
 
JOHN W. HENRY & CO./MILLBURN L.P.
(A Delaware Limited Partnership)
 ------------------------------ 



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

                                                                     Page
                                                                     ----

INDEPENDENT AUDITORS' REPORT                                            1


FINANCIAL STATEMENTS FOR THE YEARS ENDED
 DECEMBER 31, 1998, 1997 AND 1996:


 Statements of Financial Condition                                      2



 Statements of Income                                                   3



 Statements of Changes in Partners' Capital                             4



 Notes to Financial Statements                                       5-15
<PAGE>
 
INDEPENDENT AUDITORS' REPORT
----------------------------


To the Partners of
 John W. Henry & Co./Millburn L.P.:

We have audited the accompanying statements of financial condition of John W.
Henry & Co./Millburn L.P. (the "Partnership") as of December 31, 1998 and 1997,
and the related statements of income and of changes in partners' capital for
each of the three years in the period ended December 31, 1998.  These financial
statements are the responsibility of the Partnership's management.  Our
responsibility is to express an opinion on these financial statements based on
our audits.

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

In our opinion, such financial statements present fairly, in all material
respects, the financial position of John W. Henry & Co./Millburn L.P. as of
December 31, 1998 and 1997, and the results of its operations for each of the
three years in the period ended December 31, 1998 in conformity with generally
accepted accounting principles.


DELOITTE & TOUCHE LLP



New York, New York
February 4, 1999
<PAGE>
 
JOHN W. HENRY & CO./MILLBURN L.P.
(A Delaware Limited Partnership)
 ------------------------------ 

STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 1998 AND 1997
--------------------------------------------------------------------------------

<TABLE> 
<CAPTION> 
                                                                     1998        1997
                                                                ------------  -----------
<S>                                                          <C>            <C> 
ASSETS                                                
 Investments (Note 6)                                          $ 56,163,313  $ 63,024,164
 Receivable from investments (Note 6)                               259,704       514,158
                                                                ------------  -----------
                                                      
        TOTAL                                                  $ 56,423,017  $ 63,538,322
                                                               ============  ============
                                                      
LIABILITIES AND PARTNERS' CAPITAL                    
                                                      
LIABILITIES:                                          
  Redemptions payable                                          $    259,704  $    514,158
                                                               ------------  ------------
                                                      
        Total liabilities                                           259,704       514,158
                                                               ------------   -----------

PARTNERS' CAPITAL:                                    
  General Partner:                                    
   (504 and 780 Series A Units outstanding)                         149,246       221,605
   (1,338 and 1,976 Series B Units outstanding)                     321,921       456,174
   (926 and 1,439 Series C Units outstanding)                       173,635       258,899
  Limited Partners:                                   
   (44,678 and 50,992 Series A Units outstanding)                13,230,285    14,487,473
   (115,421 and 135,244 Series B Units outstanding)              27,771,959    31,223,304
   (77,411 and 91,020 Series C Units outstanding)                14,516,267    16,376,709
                                                               ------------   -----------
                                                      
        Total partners' capital                                  56,163,313    63,024,164
                                                               ------------   -----------
                                                      
        TOTAL                                                  $ 56,423,017  $ 63,538,322
                                                               ============   ===========
NET ASSET VALUE PER UNIT                              
  Series A                                                     $     296.13  $     284.11
                                                               ============  ============
  Series B                                                     $     240.61  $     230.87
                                                               ============  ============
  Series C                                                     $     187.52  $     179.92
                                                               ============  ============
</TABLE>
See notes to financial statements.

                                       2
<PAGE>
 
JOHN W. HENRY & CO./MILLBURN L.P.
(A Delaware Limited Partnership)
 ------------------------------ 

STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                                 1998                   1997                  1996
                                                           ------------------     ------------------    ------------------
<S>                                                     <C>                      <C>                  <C>     
REVENUES:
    Trading profit (loss):
      Realized                                             $               -      $               -     $       8,749,410
      Change in unrealized                                                 -                      -            (1,760,218)
                                                           ------------------     ------------------    ------------------

            Total trading results                                          -                      -             6,989,192

    Interest income (Note 2)                                               -                      -             1,842,887
                                                           ------------------     ------------------    ------------------

            Total revenues                                                 -                      -             8,832,079
                                                           ------------------     ------------------    ------------------

EXPENSES:
    Brokerage commissions (Note 2)                                         -                      -             5,406,851
    Profit Shares (Note 3)                                                 -                      -                97,468
    Administrative fees (Note 2)                                           -                      -               115,039
                                                           ------------------     ------------------    ------------------

            Total expenses                                                 -                      -             5,619,358
                                                           ------------------     ------------------    ------------------

INCOME FROM INVESTMENTS (Note 6)                                   1,867,451              7,357,688             7,171,609
                                                           ------------------     ------------------    ------------------

NET INCOME                                                 $       1,867,451      $       7,357,688     $      10,384,330
                                                           ==================     ==================    ==================

NET INCOME PER UNIT:
    Weighted average number of General Partner
        and Limited Partner Units outstanding (Note 5)               264,787                294,640               327,875
                                                           ==================     ==================    ==================

 Net income per weighted average
     General Partner and Limited
     Partner Unit                                          $            7.05      $           24.97     $           31.67
                                                           ==================     ==================    ==================
</TABLE>

See notes to financial statements.


                                       3
<PAGE>
 
JOHN W. HENRY & CO./MILLBURN L.P.
(A Delaware Limited Partnership)
 ------------------------------ 

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
  
                              Series   Series    Series                   Limited Partners
                              ------   -------   -------   ------------------------------------------
                                A        B         C         Series         Series         Series
                              Units    Units     Units         A              B              C
                              ------   -------   -------   ------------   ------------   ------------
<S>                         <C>      <C>        <C>       <C>           <C>             <C> 
PARTNERS'  CAPITAL,
  DECEMBER 31, 1995           63,573   168,337   117,797    $13,205,024    $28,450,897    $15,571,401
 
Redemptions                   (7,197)  (19,809)  (17,102)    (1,650,602)    (3,458,479)    (2,362,995)
 
Net income                    -         -         -           2,486,057      5,090,066      2,669,950
                              ------   -------   -------   ------------   ------------   ------------
 
PARTNERS' CAPITAL,
  DECEMBER 31, 1996           56,376   148,528   100,695     14,040,479     30,082,484     15,878,356

Redemptions                   (4,604)  (11,308)   (8,236)    (1,255,814)    (2,498,029)    (1,413,769)
           
Net income                    -         -          -          1,702,808      3,638,849      1,912,122
                              ------   -------   -------   ------------   ------------   ------------
PARTNERS' CAPITAL,
  DECEMBER 31, 1997           51,772   137,220    92,459     14,487,473     31,223,304     16,376,709

Redemptions                   (6,590)  (20,461)  (14,122)    (1,665,001)    (4,413,933)    (2,362,377)               

Net income (loss)             -         -        -              407,813        962,588        501,935
                              ------   -------   -------   ------------   ------------   ------------
PARTNERS' CAPITAL,
  DECEMBER 31, 1998           45,182   116,759    78,337  $  13,230,285   $ 27,771,959    $14,516,267
                              ======   =======   =======  =============   ============    ===========
<CAPTION> 
 
                                                  General Partner
                                 -------------------------------------------------
                                   Series      Series      Series
                                     A           B           C           Total
                                 ----------  ----------  ----------  -------------
<S>                           <C>            <C>         <C>          <C> 
PARTNERS' CAPITAL,           
  DECEMBER 31, 1995               $164,028   $ 337,920    $192,564    $57,921,834
                              
Redemptions                              -           -           -     (7,472,076)
                              
Net income                          32,955      67,674      37,628     10,384,330
                                  --------   ---------    --------    -----------
                              
PARTNERS' CAPITAL,            
  DECEMBER 31, 1996                196,983     405,594     230,192     60,834,088
                              
                              
Redemptions                              -           -           -     (5,167,612)
                              
Net income                          24,622      50,580      28,707      7,357,688
                                  --------   ---------    --------    -----------
                              
PARTNERS' CAPITAL,            
  DECEMBER 31, 1997                221,605     456,174     258,899     63,024,164
                              
                              
Redemptions                        (70,937)   (133,279)    (82,775)    (8,728,302)
                              
Net income (loss)                   (1,422)       (974)     (2,489)     1,867,451
                                  --------   ---------    --------    -----------
                              
PARTNERS' CAPITAL,            
  DECEMBER 31, 1998               $149,246   $ 321,921    $173,635    $56,163,313
                                  ========   =========    ========    ===========
</TABLE>

See notes to financial statements.


                                       4
<PAGE>
 
JOHN W. HENRY & CO./MILLBURN L.P.
(A Delaware Limited Partnership)
 ------------------------------ 

NOTES TO FINANCIAL STATEMENTS



1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Organization
   ------------


   John W. Henry & Co./Millburn L.P. (the "Partnership") was organized
   under the Delaware Revised Uniform Limited Partnership Act on August 29,
   1989.  The Partnership raised $18,182,000 in its initial offering of Units of
   limited partnership interest ("Series A Units") and commenced trading
   activities on January 5, 1990.  The Partnership raised an additional
   $50,636,000 in a second offering of Units of limited partnership interest
   ("Series B Units") and commenced trading activities with respect to the
   Series B Units on January 28, 1991.  The Partnership raised an additional
   $40,000,000 in a third offering of Units of limited partnership interest
   ("Series C Units") and commenced trading activities with respect to the
   Series C Units on January 2, 1992.  (Series A, B and C units are,
   hereinafter, collectively referred to as "Units.")  The Partnership engages
   (currently, through investments in limited liability companies (see below))
   in the speculative trading of futures, options on futures and forward
   contracts on a wide range of commodities.  Merrill Lynch Investment Partners
   Inc. ("MLIP" or the "General Partner"), a wholly-owned subsidiary of Merrill
   Lynch Group, Inc., which, in turn, is a wholly-owned subsidiary of Merrill
   Lynch & Co., Inc. ("Merrill Lynch"), is the general partner of the
   Partnership.  Merrill Lynch Futures Inc. ("MLF"), an affiliate of Merrill
   Lynch, is the Partnership's commodity broker.  MLIP has agreed to maintain a
   general partner's interest of at least 1% of total capital of each Series of
   Units.  MLIP and each Limited Partner share in the profits and losses of such
   Series in proportion to their respective interests in it.

   John W. Henry & Company, Inc. and Millburn Ridgefield Corporation (each an
   "Advisor", together, "Advisors") have been the Partnership's only trading
   advisors since inception.  Each Advisor was allocated 50% of the total assets
   of each Series as of the date such Series began trading.  Subsequently, these
   allocations have varied over time.  MLIP may, in its discretion, reallocate
   assets as of any month-end.  As of December 1, 1996, the Partnership placed
   all of its assets under the management of the Advisors through investing in
   private limited liability companies ("Trading LLCs" or "LLCs"), as described
   in Note 6.  Certain of the following notes to financial statements are
   directly related to Partnership assets managed directly by the Advisors.
   However, from December 1, 1996 on, references are to the Partnership's
   investment in the Trading LLCs.  The placement of assets into the LLCs did
   not change the operation or fee structure of the Partnership.  The
   administrative authority over the Partnership remains with MLIP.

   Estimates
   ---------

   The preparation of financial statements in conformity with generally accepted
   accounting principles 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.


                                       5
<PAGE>
 
   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
   at the difference between the original contract value and the market value
   (for those commodity interests for which market quotations are readily
   available) or at fair value.  The change in unrealized profit on open
   contracts from one period to the next is reflected in change in unrealized in
   the Statements of Income.  Fair value is based on quoted market prices on the
   exchange or market on which the contract is traded.  (There were no open
   contracts as of December 31, 1998, 1997 and 1996.)  As of December 31, 1998,
   1997 and 1996, revenue is recognized only from investments (See Note 6).

   Foreign Currency Transactions
   -----------------------------

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

   Operating Expenses
   ------------------

   The General Partner pays all routine operating expenses, including legal,
   accounting, printing, postage and similar administrative expenses.   The
   General Partner receives an administrative fee as well as a portion of the
   brokerage commissions paid to MLF by the Partnership.


   Income Taxes
   ------------

   No provision for income taxes has been made in the accompanying financial
   statements as each Partner is individually responsible for such Partner's
   respective share of the income and expenses of the series in which such
   partner is invested as reported for income tax purposes.

   Redemptions
   -----------

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

   Dissolution of the Partnership
   ------------------------------

   The Partnership will terminate on December 31, 2016 or at an earlier date if
   certain conditions occur, as well as under certain other circumstances as set
   forth in the Limited Partnership Agreement.


   Recently Issued Accounting Pronouncements
   -----------------------------------------

   In June 1998, the Financial Accounting Standards Board issued Statement of
   Financial Accounting standard No. 133, "Accounting for Derivative Instrument
   and Hedging Activities" (the "Statement"). Such Statement is effective for
   fiscal years commencing after June 15, 1999. The General Partner does not
   believe that the Statement will have a significant effect on the financial
   statements of the Partnership.



                                       6
<PAGE>
 
2. RELATED PARTY TRANSACTIONS


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

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

   The General Partner determined that there may have been a miscalculation in
   the interest credited to the Partnership for a period prior to November 1996
   (such period may extend prior to that covered by these financial statements).
   Accordingly, the General Partner credited current and former investors who
   maintained a Merrill Lynch customer account in December 1997 with interest
   which was compounded. Former investors who do not maintain a Merrill Lynch
   customer account have been credited as their response forms are processed.
   The total amount of the adjustment was approximately $779,000 for Series A
   Units, $1,739,000 for Series B Units and $773,000 for Series C Units. Since
   this amount was paid directly to investors by the General Partner, it is not
   reflected in these financial statements. The General Partner determined that
   interest was calculated appropriately since November 1996.

   Prior to January 1, 1996, the Partnership paid brokerage commissions to MLF
   at a flat monthly rate of 1% (a 12% annual rate) of the Partnership's month-
   end assets. Effective January 1, 1996, the percentage was reduced to .979 of
   1% (an 11.75% annual rate) of the Partnership's month-end assets, and the
   Partnership began to pay MLIP a monthly administrative fee of .021 of 1% (a
   .25% annual rate) of the Partnership's month-end assets (this
   recharacterization had no economic effect on the Partnership). Effective
   February 1, 1997, the Partnership's brokerage commission percentage was
   reduced to .792 of 1% (a 9.50% annual rate). Month-end assets are not
   reduced, for purposes of calculating brokerage commissions and administrative
   fees, by any accrued brokerage commissions, administrative fees, Profit
   Shares or other fees or charges.

   MLIP estimates that the round-turn equivalent commission rate charged to the
   Partnership during the year ended 1996 was approximately $143 (not including,
   in calculating round-turn equivalents, forward contracts on a future-
   equivalent basis).  MLIP estimates that the round-turn equivalent rates
   charged to ML Millburn Global L.L.C. ("Millburn LLC") (See Note 6) during the
   years ended 1998 and 1997 were approximately $151 and $162, respectively.
   MLIP estimates that the round-turn equivalent rates charged to ML JWH
   Financial and Metals Portfolio L.L.C. ("JWH LLC") (See Note 6) during the
   years ended 1998 and 1997 were approximately $133 and $198, respectively.

   MLF pays the Advisors annual consulting fees up to 4% of the average 
   month-end assets allocated to them for management.

   Many of the Partnership's currency trades are executed in the spot
   and forward foreign exchange markets (the "FX Markets") where there are no
   direct execution costs.  Instead, the participants, banks and dealers,
   including Merrill Lynch International Bank ("MLIB"), in the FX Markets take a
   "spread" between the prices at which they are prepared to buy and sell a
   particular currency and such spreads are built into the pricing of the spot
   or forward contracts with the Partnership.  The General Partner anticipates
   that some of the Partnership's foreign currency trades will be executed
   through MLIB, an affiliate of the General Partner.  MLIB has discontinued the
   operation of the foreign exchange service desk, which included seeking
   multiple quotes from counterparties unrelated to MLIB for a service fee and
   trade execution.


                                       7
<PAGE>
 
   In its exchange of futures for physical ("EFP") trading, the Partnership
   acquires cash currency positions through banks and dealers, including Merrill
   Lynch.  The Partnership pays a spread when it exchanges these positions for
   futures.  This spread reflects, in part, the different settlement dates of
   the cash and the futures contracts, as well as prevailing interest rates, but
   also includes a pricing spread in favor of the banks and dealers, which may
   include a Merrill Lynch entity.

3. AGREEMENTS

   The Partnership entered into Advisory Agreements. The Advisory Agreements
   with each Trading Advisor for each series of Units are largely identical.

   In the case of Trading LLCs, as defined in Note 6, the Trading LLCs entered
   the Advisory Agreements with the Advisors.

   Profit Shares of either 15% or 20%, of any New Trading Profit, as defined,
   either as of the end of each calendar quarter or year, were paid to each
   Advisor based on the performance of the Partnership account managed by such
   Advisor, irrespective of the overall performance of the Partnership. Profit
   Shares are also paid out in respect of Units redeemed as of the end of
   interim months, to the extent the applicable percentage of any New Trading
   Profits attributable to such Units.


                                       8
<PAGE>

 
4. STATEMENT OF INCOME BY SERIES


   The profit and loss of the Series A, Series B and Series C Units for the
   years ended December 31, 1998, 1997 and 1996 is as follows:



<TABLE>
<CAPTION>

                                                                        Series A                           
                                                ---------------------------------------------------------  
                                                     1998                1997                1996          
                                                ----------------    ----------------   ------------------  
<S>                                            <C>                <C>                 <C>    
     REVENUES:
       Trading profit (loss):
         Realized                                           $ -                 $ -          $ 2,029,650   
         Change in unrealized                                 -                   -             (382,321)  
                                                ----------------    ----------------   ------------------  

       Total trading results                                  -                   -            1,647,329   

         Interest income (Note 2)                             -                   -              417,739   
                                                ----------------    ----------------   ------------------  

           Total revenues                                     -                   -            2,065,068   
                                                ----------------    ----------------   ------------------  


     EXPENSES:
       Profit Shares (Note 3)                                 -                   -               26,690   
       Brokerage commissions (Note 2)                         -                   -            1,239,114   
       Administrative fees (Note 2)                           -                   -               26,364   
                                                ----------------    ----------------   ------------------  

           Total expenses                                     -                   -            1,292,168   
                                                ----------------    ----------------   ------------------  

     Income from investments (Note 6)                   406,391           1,727,430            1,746,113   
                                                ----------------    ----------------   ------------------  

     NET INCOME                                       $ 406,391         $ 1,727,430          $ 2,519,013   
                                                ================    ================   ==================  

     NET INCOME PER
     UNIT OF PARTNERSHIP
     INTEREST:

       Weighted average number
       of units outstanding (Note 5)                     45,584              54,036               59,766   
                                                ----------------    ----------------   ------------------  

     Net income per weighted
        Average General Partner and
       Limited Partner Unit                              $ 8.92             $ 31.97              $ 42.15   
                                                ================    ================   ==================  

<CAPTION>

                                                                          Series B                             
                                                 -----------------------------------------------------------   
                                                       1998                1997                 1996           
                                                 -----------------   ------------------   ------------------   
<S>                                            <C>                 <C>                  <C> 
     REVENUES:
       Trading profit (loss):
         Realized                                             $ -                  $ -          $ 4,349,607    
         Change in unrealized                                   -                    -             (877,666)   
                                                 -----------------   ------------------   ------------------   

       Total trading results                                    -                    -            3,471,941    

         Interest income (Note 2)                               -                    -              920,755    
                                                 -----------------   ------------------   ------------------   

           Total revenues                                       -                    -            4,392,696    
                                                 -----------------   ------------------   ------------------   


     EXPENSES:
       Profit Shares (Note 3)                                   -                    -               44,910    
       Brokerage commissions (Note 2)                           -                    -            2,695,105    
       Administrative fees (Note 2)                             -                    -               57,343    
                                                 -----------------   ------------------   ------------------   

           Total expenses                                       -                    -            2,797,358    
                                                 -----------------   ------------------   ------------------   

     Income from investments (Note 6)                     961,614            3,689,429            3,562,401    
                                                 -----------------   ------------------   ------------------   

     NET INCOME                                         $ 961,614          $ 3,689,429          $ 5,157,739    
                                                 =================   ==================   ==================   

     NET INCOME PER
     UNIT OF PARTNERSHIP
     INTEREST:

       Weighted average number
       of units outstanding (Note 5)                      119,686              143,414              158,197    
                                                 -----------------   ------------------   ------------------   

     Net income per weighted
        Average General Partner and
       Limited Partner Unit                                $ 8.03              $ 25.73              $ 32.60    
                                                 =================   ==================   ==================   


<CAPTION>

                                                                        Series C
                                                ---------------------------------------------------------
                                                     1998                1997                 1996
                                                ----------------    ----------------    -----------------
<S>                                             <C>              <C>                 <C>    
     REVENUES:
       Trading profit (loss):
         Realized                                           $ -                 $ -          $ 2,339,762
         Change in unrealized                                 -                   -             (469,840)
                                                ----------------    ----------------    -----------------

       Total trading results                                  -                   -            1,869,922

         Interest income (Note 2)                             -                   -              504,393
                                                ----------------    ----------------    -----------------

           Total revenues                                     -                   -            2,374,315
                                                ----------------    ----------------    -----------------


     EXPENSES:
       Profit Shares (Note 3)                                 -                   -               25,868
       Brokerage commissions (Note 2)                         -                   -            1,472,632
       Administrative fees (Note 2)                           -                   -               31,332
                                                ----------------    ----------------    -----------------

           Total expenses                                     -                   -            1,529,832
                                                ----------------    ----------------    -----------------

     Income from investments (Note 6)                   499,446           1,940,829            1,863,095
                                                ----------------    ----------------    -----------------

     NET INCOME                                       $ 499,446         $ 1,940,829          $ 2,707,578
                                                ================    ================    =================

     NET INCOME PER
     UNIT OF PARTNERSHIP
     INTEREST:

       Weighted average number
       of units outstanding (Note 5)                     81,849              97,190              109,912
                                                ----------------    ----------------    -----------------
     Net income per weighted
        Average General Partner and
       Limited Partner Unit                              $ 6.10             $ 19.97              $ 24.63
                                                ================    ================    =================
</TABLE>

                                       9
<PAGE>
 
5. WEIGHTED AVERAGE UNITS

   The weighted average number of Units of each series outstanding was computed
   for purposes of disclosing net income per weighted average Unit. The weighted
   average number of Units of each series outstanding at December 31, 1998, 1997
   and 1996 equals the Units of such series outstanding as of such date,
   adjusted proportionately for Units redeemed based on the respective length of
   time each was outstanding during the year.

6. INVESTMENTS

   The investments in the Trading LLCs are reflected in the financial statements
   at fair value based upon the interest of each series of Units in each Trading
   LLC.  Fair value is equal to the market value of the net assets of the
   Trading LLCs.  The resulting difference between cost and fair value is
   reflected on the Statements of Income as income from investments.

   At December 31, 1998 and 1997, the Partnership had investments in the JWH LLC
   and Millburn LLC as follows:


                             1998                 1997         
                      ----------------     ----------------  
                                                           
   JWH LLC                $ 28,886,199         $ 31,979,914   
   Millburn LLC             27,277,114           31,044,250   
                      ----------------     ----------------  
   Total                  $ 56,163,313         $ 63,024,164   
                      ================     ================  




                                      10
<PAGE>
 
Total revenues and fees with respect to such investments are set forth as
follows:


<TABLE>
<CAPTION>


      For the year ended        Total               Brokerage         Administrative            Profit            Income from
       December 31, 1998       Revenues            Commissions             Fees                 Shares            Investments
                           -----------------     ------------------------------------------------------------------------------
          Series A Units
------------------------
<S>                           <C>                  <C>                 <C>                   <C>                   <C>      
JWH LLC                         $   995,747          $   630,513          $ 16,592             $  76,657              $ 271,985
Millburn LLC                        829,825              633,628            16,674                45,117                134,406
                           -----------------     ----------------   ---------------     -----------------     -----------------

Total                           $ 1,825,572          $ 1,264,141          $ 33,266             $ 121,774              $ 406,391
                           =================     ================   ===============     =================     =================

          Series B Units
------------------------

JWH LLC                         $ 2,200,199          $ 1,356,787          $ 35,705             $ 167,835              $ 639,872
Millburn LLC                      1,832,991            1,374,689            36,176               100,384                321,742
                           -----------------     ----------------   ---------------     -----------------     -----------------

Total                           $ 4,033,190          $ 2,731,476          $ 71,881             $ 268,219              $ 961,614
                           =================     ================   ===============     =================     =================

          Series C Units
------------------------

JWH LLC                         $ 1,148,318            $ 712,552          $ 18,752              $ 88,069              $ 328,945
Millburn LLC                        962,693              721,776            18,994                51,422                170,501
                           -----------------     ----------------   ---------------     -----------------     -----------------

Total                           $ 2,111,011          $ 1,434,328          $ 37,746             $ 139,491              $ 499,446
                           =================     ================   ===============     =================     =================

      Total - All Series
------------------------

JWH LLC                         $ 4,344,264          $ 2,699,852          $ 71,049             $ 332,561            $ 1,240,802
Millburn LLC                      3,625,509            2,730,093            71,844               196,923                626,649
                           -----------------     ----------------   ---------------     -----------------     -----------------

Total                           $ 7,969,773          $ 5,429,945         $ 142,893             $ 529,484            $ 1,867,451
                           =================     ================   ===============     =================     =================

</TABLE>


                                      11
<PAGE>
 
<TABLE>
<CAPTION>


      For the year ended        Total               Brokerage      Administrative            Profit                Income from
       December 31, 1997       Revenues            Commissions          Fees                 Shares                Investments
                           -----------------     --------------------------------------------------------     -----------------
        Series A Units
----------------------
<S>                             <C>                    <C>                <C>                  <C>                    <C>      
JWH LLC                         $ 1,759,089            $ 690,201          $ 17,813             $ 103,624              $ 947,451
Millburn LLC                      1,758,987              751,834            19,390               207,784                779,979
                           -----------------     ----------------   ---------------     -----------------     -----------------

Total                           $ 3,518,076          $ 1,442,035          $ 37,203             $ 311,408            $ 1,727,430
                           =================     ================   ===============     =================     =================

        Series B Units
----------------------

JWH LLC                         $ 3,771,359          $ 1,484,456          $ 38,315             $ 221,754            $ 2,026,834
Millburn LLC                      3,773,695            1,625,922            41,942               443,236              1,662,595
                           -----------------     ----------------   ---------------     -----------------     -----------------

Total                           $ 7,545,054          $ 3,110,378          $ 80,257             $ 664,990            $ 3,689,429
                           =================     ================   ===============     =================     =================

        Series C Units
----------------------

JWH LLC                         $ 1,981,710            $ 783,770          $ 20,229             $ 116,818            $ 1,060,893
Millburn LLC                      1,995,533              858,854            22,154               234,589                879,936
                           -----------------     ----------------   ---------------     -----------------     -----------------

Total                           $ 3,977,243          $ 1,642,624          $ 42,383             $ 351,407            $ 1,940,829
                           =================     ================   ===============     =================     =================

      Total - All Series
------------------------

JWH LLC                         $ 7,512,158          $ 2,958,427          $ 76,357             $ 442,196            $ 4,035,178
Millburn LLC                      7,528,215            3,236,610            83,486               885,609              3,322,510
                           -----------------     ----------------   ---------------     -----------------     -----------------

Total                           $15,040,373          $ 6,195,037         $ 159,843           $ 1,327,805            $ 7,357,688
                           =================     ================   ===============     =================     =================
</TABLE>




                                      12
<PAGE>
 


<TABLE>
<CAPTION>

      For the year ended        Total               Brokerage      Administrative            Profit                Income from
       December 31, 1996       Revenues            Commissions          Fees                 Shares                Investments
                           -----------------     --------------------------------------------------------     -----------------
        Series A Units
----------------------
<S>                           <C>                    <C>                 <C>                 <C>                  <C>        
JWH LLC                         $ 2,234,606            $ 269,408           $ 5,732             $ 244,358            $ 1,715,108
Millburn LLC                         91,169               56,443             1,201                 2,520                 31,005
                           -----------------     ----------------   ---------------     -----------------     ------------------

Total                           $ 2,325,775            $ 325,851           $ 6,933             $ 246,878            $ 1,746,113
                           =================     ================   ===============     =================     ==================

        Series B Units
----------------------

JWH LLC                         $ 4,566,555            $ 550,526          $ 11,714             $ 509,549            $ 3,494,766
Millburn LLC                        198,835              123,083             2,619                 5,498                 67,635
                           -----------------     ----------------   ---------------     -----------------     ------------------

Total                           $ 4,765,390            $ 673,609          $ 14,333             $ 515,047            $ 3,562,401
                           =================     ================   ===============     =================     ==================

        Series C Units
----------------------

JWH LLC                         $ 2,388,921            $ 286,556           $ 6,097             $ 270,114            $ 1,826,154
Millburn LLC                        108,581               67,206             1,430                 3,004                 36,941
                           -----------------     ----------------   ---------------     -----------------     ------------------

Total                           $ 2,497,502            $ 353,762           $ 7,527             $ 273,118            $ 1,863,095
                           =================     ================   ===============     =================     ==================

    Total - All Series
----------------------

JWH LLC                         $ 9,190,082          $ 1,106,490          $ 23,543           $ 1,024,021            $ 7,036,028
Millburn LLC                        398,585              246,732             5,250                11,022                135,581
                           -----------------     ----------------   ---------------     -----------------     ------------------

Total                           $ 9,588,667          $ 1,353,222          $ 28,793           $ 1,035,043            $ 7,171,609
                           =================     ================   ===============     =================     ==================

</TABLE>

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

<TABLE>
<CAPTION>



                                    JWH                     Millburn                     JWH                      Millburn       
                                    LLC                       LLC                        LLC                        LLC          
                             December 31, 1998         December 31, 1998          December 31, 1997          December 31, 1997   
                          ------------------------- -------------------------  -------------------------  -----------------------
                                                                                                                                 
<S>                              <C>                       <C>                        <C>                        <C>             
Assets                                $ 29,277,397              $ 27,815,000               $ 65,048,564               $ 35,584,936
                          ========================= =========================  =========================  ========================
                                                                                                                                  
Liabilities                           $    391,198              $    537,886               $  3,689,658               $  1,454,658
Members' Capital                        28,886,199                27,277,114                 61,358,906                 34,130,278
                          ------------------------- -------------------------  -------------------------  ------------------------
                                                                                                                                  
Total                                 $ 29,277,397              $ 27,815,000               $ 65,048,564               $ 35,584,936
                          ========================= =========================  =========================  ========================
                                                                                                                                  

                                                                                                                                  
                             For the year ended        For the year ended         For the year ended         For the year ended 
                             December 31, 1998         December 31, 1998          December 31, 1997          December 31, 1997    
                          ------------------------- -------------------------  -------------------------  ------------------------
                                                                                                                                  
Revenues                              $  1,391,001               $ 3,593,650               $ 15,279,401                $ 8,303,430
                                                                                                                                  
Expenses                                 4,069,362                 3,108,411                  6,714,041                  4,600,706
                          ------------------------- -------------------------  -------------------------  ------------------------
                                                                                                                                  
Net (Loss) Income                     $ (2,678,361)              $   485,239               $  8,565,360                $ 3,702,724
                          ========================= =========================  =========================  ========================
</TABLE>







<TABLE> 
<CAPTION>
                                    JWH                       Millburn
                                    LLC                         LLC
                             For the period from        For the period from
                               October 1, 1996 to         December 2, 1996 to
                             December 31, 1996          December 31, 1996
                          -------------------------  -------------------------
<S>                      <C>                         <C> 
Revenues                              $ 19,365,949                  $ 450,619
                        
Expenses                                 4,426,261                    291,370
                          -------------------------  -------------------------
                        
Net (Loss) Income                     $ 14,939,688                  $ 159,249
                          =========================  =========================
</TABLE>



                                      13
<PAGE>
 
7.  FAIR VALUE AND OFF-BALANCE SHEET RISK

    As of December 1, 1996, the Partnership invested all of its assets in the
    Trading LLCs. Accordingly, the Partnership is invested indirectly in
    derivative instruments, but does not itself hold any derivative positions.
    Consequently, no such positions subsequent to November 30, 1996 are
    reflected in these financial statements or in this Note 7.
 
    For the period from January 1, 1996 to November 30, 1996, the Partnership
    traded futures, options on futures and forward contracts in interest rates,
    stock indices, currencies and metals. The Partnership's total trading
    results by reporting category were as follows:


                              Total Trading        
                                 Results           
                             -----------------     
                                   1996            
                             -----------------     
        Interest Rates       $      5,080,346      
        Stock Indices                (992,453)     
        Currencies                  2,659,762      
        Metals                        241,537      
                             -----------------     
                             $      6,989,192      
                             =================     

    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 financial instruments or
    commodities underlying such derivative instruments frequently result in
    changes in the Partnership's unrealized profit on such derivative
    instruments as would have been reflected in the Statements of Financial
    Condition had the Partnership not invested all of its assets in the Trading
    LLCs. The Partnership's exposure to market risk is influenced by a number of
    factors, including the relationships among the derivative instruments held
    by the Partnership as well as the volatility and liquidity of the markets in
    which such derivative instruments are traded.

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

    Credit Risk
    -----------

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

                                      14
<PAGE>
 
   are generally required in exchange trading, and counterparties may also
   require margin in the over-the-counter markets.

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

   The Partnership, in its normal course of business, entered into various
   contracts, with MLF acting as its commodity broker.  Pursuant to the
   brokerage arrangement with MLF (which included a netting arrangement), to the
   extent that such trading resulted in receivables from and payables to MLF,
   these receivables and payables were offset and reported as a net receivable
   or payable.

                      *     *     *     *     *     *    


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


                                /s/ Jo Ann Di Dario
                                    Jo Ann Di Dario
                            Chief Financial Officer
                     Merrill Lynch Investment Partners Inc.
                               General Partner of
                       John W. Henry & Co./Millburn L.P.



                                      15