| Man-AHL Diversified I L.P.                                              |   |        |
|-------------------------------------------------------------------------|--------|-------------|
| Financial Statements                                                    |   |        |
|                                                                    |   |        |
| Report of Independent Registered Public Accounting Firm                 |   |        |
| Statements of Financial Condition as of December 31, 2009 and 200       |   | F-2         |
| Statements of Operations For the Years Ended December 31, 2009 and 2008 |   | F-3         |
| Statements of Changes in Partner’s Capital                        |   | F-5         |
| For the Years Ended December 31, 2009 and 2008                          |   |        |
| Statements of Cash Flows For the Years Ended December 31, 2009 and 2008 |   | F-6         |
| Notes to Financial Statements                                           |   | F-7         |
|                                                                    |   | F-8         |
|                                                                    |   |        |
| Man-AHL Diversified Trading Company L.P.                                |   |        |
| Financial Statements                                                    |   |        |
|                                                                    |   |        |
| Report of Independent Registered Public Accounting Firm                 |   |   F-16 |
| Statements of Financial Condition as of December 31, 2009 and 2008      |   | F-14        |
| Condensed Schedule of Investments as of December 31, 2009 and 2008      |   | F-15        |
| Statements of Operations For the Years Ended December 31, 2009 and 2008 |   |        |
| Statements of Changes in Partner’s Capital                        |   | F-17        |
| For the Years Ended December 31, 2009 and 2008                          |   | F-18        |
| Statements of Cash Flows For the Years Ended December 31, 2009 and 2008 |   | F-19        |
| Notes to Financial Statements                                           |   | F-20        |
|                                                                    |   |        |
|                                                                    |   |        |

----

|   | Man-AHLDiversified I L.P.(A Delaware Limited Partnership) Financial Statements as of and for theYears Ended December 31, 2009 and 2008, and Independent Auditors’ Report |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  ASSETS                                                                                    |   | 2008  |        |   | 2009   |   |
|-------------------------------------------------------------------------------------------------|--------|------------|-------------|--------|--------|--------|
|                                                                                            |   |       |        |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                       |   | $          | 8,321,635   |   |   | $      | 8,729,540 |   |
|                                                                                            |   |       |        |   |   |   |   |   |
| INVESTMENT IN MAN-AHL DIVERSIFIED                                                               |   |       |        |   |   |   |   |   |
|   TRADING COMPANY L.P.                                                                |   |       | 334,568,212 |   |   |   | 219,241,465 |   |
|                                                                                            |   |       |        |   |   |   |   |   |
| DUE FROM MAN-AHL DIVERSIFIED                                                                    |   |       |        |   |   |   |   |   |
|   TRADING COMPANY L.P.                                                                |   |       | 9,251,843   |   |   |   | 7,575,576 |   |
|                                                                                            |   |       |        |   |   |   |   |   |
| OTHER ASSETS                                                                                    |   |       | 295         |   |   |   | 295 |   |
|                                                                                            |   |       |        |   |   |   |   |   |
| TOTAL                                                                                           |   | $          | 352,141,985 |   |   | $      | 235,546,876 |   |
|                                                                                            |   |       |        |   |   |   |   |   |
|                                                                                            |   |       |        |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                         |   |       |        |   |   |   |   |   |
|                                                                                            |   |       |        |   |   |   |   |   |
| LIABILITIES:                                                                                    |   |       |        |   |   |   |   |   |
|   Redemptions payable                                                                 |   | $          | 7,829,165   |   |   | $      | 4,516,740 |   |
|   Subscriptions received in advance                                                   |   |       | 8,381,824   |   |   |   | 8,729,540 |   |
|   Management fees payable                                                             |   |       | 842,617     |   |   |   | 566,720 |   |
|   Incentive fees payable                                                              |   |       | -           |   |   |   | 2,079,483 |   |
|   Servicing fees payable                                                              |   |       | 425,445     |   |   |   | 283,360 |   |
|   Accrued expenses                                                                    |   |       | 154,618     |   |   |   | 129,273 |   |
|                                                                                            |   |       |        |   |   |   |   |   |
|            Total liabilities             |   |       | 17,633,669  |   |   |   | 16,305,116 |   |
|                                                                                            |   |       |        |   |   |   |   |   |
| PARTNERS’ CAPITAL:                                                                        |   |       |        |   |   |   |   |   |
| General Partner - Class A (186 unit equivalents outstanding                                     |   |       |        |   |   |
|     at December 31, 2009 and 2008, respectively)                            |   |       | 569,005     |   |   |   | 683,098 |   |
| Limited Partners - Class A (82,984.62 and 51,957.02 units outstanding                           |   |       |        |   |   |
|     at December 31, 2009 and 2008, respectively)                            |   |       | 253,353,412 |   |   |   | 190,432,028 |   |
| Limited Partners - Class A Series 2 (4,857.29 and 0 units outstanding                           |   |       |        |   |   |
|     at December 31, 2009 and 2008, respectively)                            |   |       | 14,969,780  |   |   |   | - |   |
| Limited Partners - Class B (20,210.95 and 7,673.93 units outstanding                            |   |       |        |   |   |
|     at December 31, 2009 and 2008, respectively)                            |   |       | 61,704,853  |   |   |   | 28,126,634 |   |
| Limited Partners - Class B Series 2 (1,269.10 and 0 units outstanding                           |   |       |        |   |   |
|     at December 31, 2009 and 2008, respectively)                            |   |       | 3,911,266   |   |   |   | - |   |
|                                                                                            |   |       |        |   |   |   |   |   |
|            Total partners’ capital |   |       | 334,508,316 |   |   |   | 219,241,760 |   |
|                                                                                            |   |       |        |   |   |   |   |   |
| TOTAL                                                                                           |   | $          | 352,141,985 |   |   | $      | 235,546,876 |   |

----

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|                                                     |   | 2009   |     |   | 2008   |   |
|----------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                     |   |   |     |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |   |     |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A               |   | $      | 3,053.03 |   |   | $      | 3,665.21 |   |
|                                                     |   |   |     |   |   |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |   |     |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A Series 2      |   | $      | 3,081.92 |   |   | $      | - |   |
|                                                     |   |   |     |   |   |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |   |     |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B               |   | $      | 3,053.04 |   |   | $      | 3,665.22 |   |
|                                                     |   |   |     |   |   |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |   |     |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B Series 2      |   | $      | 3,081.93 |   |   | $      | - |   |
|                                                     |   |   |     |   |   |   |   |   |
| See accompanying notes and attached financial statements |   |   |     |   |   |   |   |   |
| of Man-AHL Diversified Trading Company L.P.              |   |   |     |   |   |   |   |   |

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|                                                                                  |   |
|---------------------------------------------------------------------------------------|--------|
|                                                                                  |   | 2009 |   |   | 2008 |   |
|                                                                                  |   |   |   |   |   |   |
| NET INVESTMENT INCOME                                                                 |   |   |   |   |   |   |
| ALLOCATED FROM MAN-AHL                                                                |   |   |   |   |
| DIVERSIFIED TRADING COMPANY L.P. -                                                    |   |
|   Interest income                                                           |   | $ | 524,175 |   |   | $ | 2,492,000 |   |
|                                                                                  |   |   |   |   |   |   |   |   |
| PARTNERSHIP EXPENSES:                                                                 |   |   |   |   |   |   |   |   |
|   Brokerage commissions                                                     |   |   | 905,474 |   |   |   | 948,403 |   |
|   Management fees                                                           |   |   | 8,632,961 |   |   |   | 4,126,825 |   |
|   Incentive fees                                                            |   |   | - |   |   |   | 8,391,295 |   |
|   Servicing fees                                                            |   |   | 4,338,823 |   |   |   | 1,184,322 |   |
|   Other expenses                                                            |   |   | 467,483 |   |   |   | 297,763 |   |
|                                                                                  |   |   |   |   |   |   |   |   |
|            Total expenses      |   |   | 14,344,741 |   |   |   | 14,948,608 |   |
|                                                                                  |   |   |   |   |   |   |   |   |
|            Net investment loss |   |   | (13,820,566 | ) |   |   | (12,456,608 | ) |
|                                                                                  |   |   |   |   |   |   |   |   |
| REALIZED AND UNREALIZED GAINS                                                         |   |   |   |   |   |
| (LOSSES) ON TRADING ACTIVITIES                                                        |   |   |   |   |   |
| ALLOCATED FROM MAN-AHL                                                                |   |   |   |   |   |
| DIVERSIFIED TRADING COMPANY L.P.:                                                     |   |   |   |   |   |
| Net realized trading gains (losses)                                                   |   |   |   |   |   |
|    on closed contracts                                                 |   |   | (27,527,879 | ) |   |   | 42,015,371 |   |
| Net change in unrealized trading gains (losses)                                       |   |
|    on open contracts                                                   |   |   | (8,936,637 | ) |   |   | 4,031,911 |   |
|                                                                                  |   |   |   |   |   |   |   |   |
| Net gains (losses) on trading activities allocated                                    |   |
|       from Man-AHL Diversified                          |   |   |   |   |   |   |   |   |
|         Trading Company L.P.                  |   |   | (36,464,516 | ) |   |   | 46,047,282 |   |
|                                                                                  |   |   |   |   |   |   |   |   |
| NET INCOME (LOSS)                                                                     |   | $ | (50,285,082 | ) |   | $ | 33,590,674 |   |
|                                                                                  |   |   |   |   |   |   |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT OF                                                         |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A                                            |   | $ | (612.18 | ) |   | $ | 771.28 |   |
|                                                                                  |   |   |   |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT OF                                                         |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A Series 2                                   |   | $ | (310.71 | ) |   | $ | - |   |
|                                                                                  |   |   |   |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT OF                                                         |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B                                            |   | $ | (612.18 | ) |   | $ | 274.31 |   |
|                                                                                  |   |   |   |   |   |   |   |   |
| NET LOSS PER UNIT OF                                                                  |   |   |   |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B Series 2                                   |   | $ | (310.71 | ) |   | $ | - |   |
|                                                                                  |   |   |   |   |   |   |   |   |
| See accompanying notes and attached financial statements                              |   |
|  of Man-AHL Diversified Trading Company L.P.                                     |   |   |   |   |   |   |   |   |

----

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|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |
|---------------------------|--------|----------|-------------|--------|--------|--------|---------|---------|--------|--------|----------|--------|--------|------------------|--------|--------|--------|--------|------------|----------|--------|--------|--------|--------|--------|------------------|------------|--------|--------|--------|--------|--------|--------|--------|-----------|--------|
|                      |   | CLASS A  |        |   |   |   |    |    |   |   |     |   |   | CLASS A Series 2 |   |   |   |   |       | CLASS B  |   |   |   |   |   | CLASS B Series 2 |       |   | TOTAL  |   |   |   |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |
|                      |   | Limited  |        |   |   |   |    | General |   |   |     |   |   | Limited          |   |   |   |   |       | Limited  |   |   |   |   |   | Limited          |       |   |   |   |   |   |   |   |      |   |
|                      |   | Partners |        |   |   |   |    | Partner |   |   |     |   |   | Partners         |   |   |   |   |       | Partners |   |   |   |   |   | Partners         |       |   |   |   |   |   |   |   |      |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |
|                      |   | Amount   |        |   | Units  |   |    | Amount  |   |   | Units    |   |   | Amount           |   |   | Units  |   |       | Amount   |   |   | Units  |   |   | Amount           |       |   | Units  |   |   | Amount |   |   | Units     |   |
| PARTNERS’ CAPITAL   |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |
| January 1, 2009           |   | $        | 190,432,028 |   |   |   | 51,957  |    |   | $      | 683,098  |   |   |             | 186    |   |   | $      | -          |     |   |   | -      |   |   | $                | 28,126,634 |   |   |   | 7,674  |   |   | $      | -         |   |   |   | - |   |   | $ | 219,241,760 |   |   |   | 59,817 |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Subscriptions |   |     | 155,087,978 |   |   |   | 46,690  |    |   |   | -        |   |   |             | -      |   |   |   | 16,360,659 |     |   |   | 5,049  |   |   |             | 49,088,551 |   |   |   | 14,889 |   |   |   | 4,670,500 |   |   |   | 1,430 |   |   |   | 225,207,688 |   |   |   | 68,058 |   |
|   Redemptions   |   |     | (50,828,042 | )      |   |   | (15,662 | )       |   |   | -        |   |   |             | -      |   |   |   | (599,492   | )        |   |   | (192   | )      |   |             | (7,731,891 | )      |   |   | (2,352 | )      |   |   | (496,625  | )      |   |   | (161 | ) |   |   | (59,656,050 | ) |   |   | (18,367 | ) |
|   Net loss      |   |     | (41,338,552 | )      |   |   | -       |    |   |   | (114,093 | )      |   |             | -      |   |   |   | (791,387   | )        |   |   | -      |   |   |             | (7,778,441 | )      |   |   | -      |   |   |   | (262,609  | )      |   |   | - |   |   |   | (50,285,082 | ) |   |   | - |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL   |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2009         |   | $        | 253,353,412 |   |   |   | 82,985  |    |   | $      | 569,005  |   |   |             | 186    |   |   | $      | 14,969,780 |     |   |   | 4,857  |   |   | $                | 61,704,853 |   |   |   | 20,211 |   |   | $      | 3,911,266 |   |   |   | 1,269 |   |   | $ | 334,508,316 |   |   |   | 109,508 |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL   |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January 1, 2008           |   | $        | 59,016,037  |   |   |   | 20,393  |    |   | $      | 539,353  |   |   |             | 186    |   |   | $      | -          |     |   |   | -      |   |   | $                | -          |   |   |   | -      |   |   | $      | -         |   |   |   | - |   |   | $ | 59,555,390 |   |   |   | 20,579 |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Subscriptions |   |     | 118,611,424 |   |   |   | 36,802  |    |   |   | -        |   |   |             | -      |   |   |   | -          |     |   |   | -      |   |   |             | 25,952,784 |   |   |   | 7,921  |   |   |   | -         |   |   |   | - |   |   |   | 144,564,208 |   |   |   | 44,723 |   |
|   Redemptions   |   |     | (17,620,992 | )      |   |   | (5,238  | )       |   |   | -        |   |   |             | -      |   |   |   | -          |     |   |   | -      |   |   |             | (847,520   | )      |   |   | (247   | )      |   |   | -         |   |   |   | - |   |   |   | (18,468,512 | ) |   |   | (5,485 | ) |
|   Net income    |   |     | 30,425,559  |   |   |   | -       |    |   |   | 143,745  |   |   |             | -      |   |   |   | -          |     |   |   | -      |   |   |             | 3,021,370  |   |   |   | -      |   |   |   | -         |   |   |   | - |   |   |   | 33,590,674 |   |   |   | - |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL   |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2008         |   | $        | 190,432,028 |   |   |   | 51,957  |    |   | $      | 683,098  |   |   |             | 186    |   |   | $      | -          |     |   |   | -      |   |   | $                | 28,126,634 |   |   |   | 7,674  |   |   | $      | -         |   |   |   | - |   |   | $ | 219,241,760 |   |   |   | 59,817 |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |
| .                         |   |     |        |   |   |   |    |    |   |   |     |   |   |             |   |   |   |   |       |     |   |   |   |   |   |             |       |   |   |   |   |   |   |   |      |   |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED I L.P.                                                                              |   |   |         |   |   |   |
|---------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|--------|
| (A Delaware Limited Partnership)                                                                        |   |   |         |   |   |   |
|                                                                                                    |   |   |         |   |   |   |
| STATEMENTS OF CASH FLOWS                                                                                |   |   |         |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008                                                          |   |   |         |   |   |   |
|                                                                                                    |   |   |         |   |   |   |
|                                                                                                    |   | 2009   |         |   | 2008   |   |
|                                                                                                    |   |   |         |   |   |   |
| CASH FLOWS FROM OPERATING                                                                               |   |   |         |   |   |   |
|   ACTIVITIES:                                                                                 |   |   |         |   |   |   |
|   Net income (loss)                                                                           |   | $      | (50,285,082  | )      |   | $      | 33,590,674 |   |
|   Adjustments to reconcile net loss to net cash used in operating activities:                 |   |   |         |   |   |   |   |   |
|       Purchases of investment in Man-AHL Diversified Trading Company L.P. |   |   | (225,207,688 | )      |   |   | (140,764,875 | ) |
|       Sales of investment in Man-AHL Diversified Trading Company L.P.     |   |   | 72,264,333   |   |   |   | 22,931,435 |   |
|       Net change in (appreciation) depreciation of investment in          |   |   |         |   |   |   |   |   |
|         Man-AHL Diversified Trading Company L.P.                |   |   | 35,940,341   |   |   |   | (48,539,282 | ) |
|     Changes in assets and liabilities:                                              |   |   |         |   |   |   |   |   |
|       Other assets                                                        |   |   | -            |   |   |   | 476 |   |
|       Management fees payable                                             |   |   | 275,897      |   |   |   | 415,941 |   |
|       Incentive fees payable                                              |   |   | (2,079,483   | )      |   |   | 2,079,483 |   |
|       Servicing fees payable                                              |   |   | 142,085      |   |   |   | 283,360 |   |
|       Brokerage commissions payable                                       |   |   | -            |   |   |   | (67,505 | ) |
|       Accrued expenses                                                    |   |   | 25,345       |   |   |   | 63,173 |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
|            Net cash used in operating activities |   |   | (168,924,252 | )      |   |   | (130,007,120 | ) |
|                                                                                                    |   |   |         |   |   |   |   |   |
| CASH FLOWS FROM FINANCING                                                                               |   |   |         |   |   |   |   |   |
|   ACTIVITIES:                                                                                 |   |   |         |   |   |   |   |   |
|   Proceeds from subscriptions                                                                 |   |   | 224,859,972  |   |   |   | 145,268,746 |   |
|   Payments on redemptions                                                                     |   |   | (56,343,625  | )      |   |   | (10,757,757 | ) |
|                                                                                                    |   |   |         |   |   |   |   |   |
|           Net cash provided by financing activities   |   |   | 168,516,347  |   |   |   | 134,510,989 |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH                                                                         |   |   | (407,905     | )      |   |   | 4,503,869 |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                               |   |   |         |   |   |   |   |   |
| Beginning of year                                                                                       |   |   | 8,729,540    |   |   |   | 4,225,671 |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                               |   |   |         |   |   |   |   |   |
| End of year                                                                                             |   | $      | 8,321,635    |   |   | $      | 8,729,540 |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
| SUPLEMENTAL DISCLOSURE OF                                                                               |   |   |         |   |   |   |   |   |
|   NON-CASH TRANSACTIONS:                                                                      |   |   |         |   |   |   |   |   |
|   Non-cash subscriptions of partners’ capital                                           |   | $      | -            |   |   | $      | 3,799,331 |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
|   Non-cash redemptions of partners’ capital                                             |   | $      | -            |   |   | $      | (3,799,331 | ) |
|                                                                                                    |   |   |         |   |   |   |   |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
| See accompanying notes and attached financial                                                           |   |   |         |   |   |   |   |   |
| statements of Man-AHL Diversified Trading Company L.P.                                                  |   |   |         |   |   |   |   |   |
|                                                                                                    |   |   |         |   |   |   |   |   |

----

| 1.   | ORGANIZATION OF THE PARTNERSHIP |
|----------------|---------------------------------|

| 2.   | SIGNIFICANT ACCOUNTING POLICIES |
|----------------|---------------------------------|

----

----

| 3.   | LIMITED PARTNERSHIP AGREEMENT |
|----------------|-------------------------------|

----

| 4.   | RECENT ACCOUNTING PRONOUNCEMENTS |
|----------------|----------------------------------|

| 5.   | FINANCIAL GUARANTEES |
|----------------|----------------------|

----

| 6.   | FINANCIAL HIGHLIGHTS |
|----------------|----------------------|

|                                                                                                             |   | Class A |     |   | *** Class A-2 |   |     | Class B |   |   | *** Class B-2 |   |   | Class A |     |   | * Class B |   |
|------------------------------------------------------------------------------------------------------------------|--------|---------|----------|--------|---------------|--------|----------|---------|--------|--------|---------------|--------|--------|---------|----------|--------|-----------|--------|
|                                                                                                             |   | 2009    |     |   | 2009          |   |     | 2009    |   |   | 2009          |   |   | 2008    |     |   | 2008      |   |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |
| Per unit operating performance:                                                                                  |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |
|   Beginning net asset value                                                                            |   | $       | 3,665.21 |   |          | $      | 3,392.63 |    |   | $      | 3,665.22      |   |   | $       | 3,392.64 |   |      | $      | 2,893.93 |   |   | $ | 3,390.91 |   |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
|   Income (loss) from investment operations:                                                            |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
|     Net investment loss                                                                      |   |    | (162.93  | )      |          |   | (86.13   | )       |   |   | (163.96       | )      |   |    | (87.18   | )      |      |   | (313.15 | ) |   |   | (166.22 | ) |
|     Net realized and unrealized gains                                                        |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
|      on trading activities                                                              |   |    | (449.25  | )      |          |   | (224.58  | )       |   |   | (448.22       | )      |   |    | (223.53  | )      |      |   | 1,084.43 |   |   |   | 440.53 |   |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
|            Total income (loss) from investment operations |   |    | (612.18  | )      |          |   | (310.71  | )       |   |   | (612.18       | )      |   |    | (310.71  | )      |      |   | 771.28 |   |   |   | 274.31 |   |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| Ending net asset value                                                                                           |   | $       | 3,053.03 |   |          | $      | 3,081.92 |    |   | $      | 3,053.04      |   |   | $       | 3,081.93 |   |      | $      | 3,665.21 |   |   | $ | 3,665.22 |   |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| Ratios to average partners' capital:  1                                                                |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
|   Expenses other than incentive fees                                                                   |   |    | 5.15     | %      |          |   | 3.77     | %       |   |   | 5.22          | %      |   |    | 3.80     | %      |      |   | 5.05 | % |   |   | 5.22 | %** |
|   Incentive fees                                                                                       |   |    | 0.00     |   |          |   | 0.00     |    |   |   | 0.00          |   |   |    | 0.00     |   |      |   | 6.44 |   |   |   | 3.48 |   |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| Total expenses                                                                                                   |   |    | 5.15     | %      |          |   | 3.77     | %       |   |   | 5.22          | %      |   |    | 3.80     | %      |      |   | 11.49 | % |   |   | 8.70 | % |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| Net investment loss                                                                                              |   |    | (4.96    | )%     |          |   | (2.70    | )%      |   |   | (5.03         | )%     |   |    | (3.62    | )%     |      |   | (9.54 | )% |   |   | (7.11 | )%** |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| Total return:                                                                                                    |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
|   Total return before incentive fees                                                                   |   |    | (16.70   | )%     |          |   | (9.16    | )%      |   |   | (16.70        | )%     |   |    | (9.16    | )%     |      |   | 33.96 | % |   |   | 11.30 | % |
|   Incentive fees                                                                                       |   |    | 0.00     |   |          |   | 0.00     |    |   |   | 0.00          |   |   |    | 0.00     |   |      |   | (7.31 | ) |   |   | (3.21 | ) |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| Total return after incentive fees                                                                                |   |    | (16.70   | )%     |          |   | (9.16    | )%      |   |   | (16.70        | )%     |   |    | (9.16    | )%     |      |   | 26.65 | % |   |   | 8.09 | % |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| * July 1, 2008 Inception Date                                                                                    |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| ** Annualized (other than incentive fee)                                                                         |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| *** April 1, 2009 Inception Date                                                                                 |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
| 1 Includes amounts allocated from the Trading Company                                                            |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |
|                                                                                                             |   |    |     |   |          |   |     |    |   |   |          |   |   |    |     |   |      |   |   |   |   |   |   |   |

| 7.   | SUBSEQUENT EVENTS |
|----------------|-------------------|

----

|   | Man-AHL Diversified Trading Company L.P.(A Delaware Limited Partnership) Financial Statements as of and for theYears Ended December 31, 2009 and 2008, and Independent Auditors’ Report |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                                                        |   |   |        |   |   |   |
|-------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| (A Delaware Limited Partnership)                                                                |   |   |        |   |   |   |
|                                                                                            |   |   |        |   |   |   |
| STATEMENTS OF FINANCIAL CONDITION                                                               |   |   |        |   |   |   |
| AS OF DECEMBER 31, 2009 AND 2008                                                                |   |   |        |   |   |   |
|                                                                                            |   |   |        |   |   |   |
|                                                                                            |   |   |        |   |   |   |
|                                                                                            |   | 2009   |        |   | 2008   |   |
| ASSETS                                                                                          |   |   |        |   |   |   |
|                                                                                            |   |   |        |   |   |   |
| Equity in commodity futures and forwards                                                        |   |   |        |   |   |   |
|  trading accounts:                                                                         |   |   |        |   |   |   |
|    Net unrealized trading gains on open futures contracts                        |   | $      | 7,542,562   |   |   | $      | 15,887,019 |   |
|    Net unrealized trading gains on open forward contracts                        |   |   | 247,019     |   |   |   | 1,527,892 |   |
|    Due from brokers                                                              |   |   | 80,534,233  |   |   |   | 25,700,722 |   |
|                                                                                            |   |   | 88,323,814  |   |   |   | 43,115,633 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| Cash and cash equivalents                                                                       |   |   | 497,103,543 |   |   |   | 484,593,631 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| Interest receivable                                                                             |   |   | 16,750      |   |   |   | 90,491 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| TOTAL                                                                                           |   | $      | 585,444,107 |   |   | $      | 527,799,755 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                         |   |   |        |   |   |   |   |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| LIABILITIES —                                                                             |   |   |        |   |   |   |   |   |
|   Redemptions payable                                                                 |   | $      | 85,988,365  |   |   | $      | 24,783,667 |   |
|   Net unrealized trading losses on open forward contracts                             |   |   | 8,180,762   |   |   |   | - |   |
|                                                                                            |   |   |        |   |   |   |   |   |
|            Total liabilities             |   | $      | 94,169,127  |   |   | $      | 24,783,667 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| PARTNERS’ CAPITAL:                                                                        |   |   |        |   |   |   |   |   |
|   Limited Partners (53,661.82 and 48,103.22 units outstanding at                      |   |   |        |   |   |   |   |   |
|     December 31, 2009 and 2008, respectively)                               |   |   | 491,274,980 |   |   |   | 503,016,088 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
|            Total partners’ capital |   |   | 491,274,980 |   |   |   | 503,016,088 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| TOTAL                                                                                           |   | $      | 585,444,107 |   |   | $      | 527,799,755 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                                                         |   |   |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST                                                                |   | $      | 9,155.02    |   |   | $      | 10,457.01 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| See notes to financial statements.                                                              |   |   |        |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                                        |   |
|---------------------------------------------------------------------------------|--------|
| (A Delaware Limited Partnership)                                                |   |   |   |   |   |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| CONDENSED SCHEDULES OF INVESTMENTS                                              |   |
| AS OF DECEMBER 31, 2009 AND 2008                                                |   |   |   |   |   |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   | 2009 |   |   |   |   |   | 2008 |   |   |   |   |
|                                                                            |   | Fair Value |   |   | Percent of Partners' Capital |   |   | Fair Value |   |   | Percent of Partners' Capital |   |
| FUTURES CONTRACTS - Long:                                                       |   |   |   |   |   |   |   |
|  Agricultural                                                              |   | $ | 518,842 |   |   |   | 0.1 | % |   | $ | 394,371 |   |   |   | 0.1 | % |
|  Currencies                                                                |   |   | 133,337 |   |   |   | - |   |   |   | 3,273,696 |   |   |   | 0.7 |   |
|  Energy                                                                    |   |   | 1,422,218 |   |   |   | 0.3 |   |   |   | - |   |   |   | - |   |
|  Indices                                                                   |   |   | 5,899,617 |   |   |   | 1.2 |   |   |   | (66,368 | ) |   |   | - |   |
|  Interest rates                                                            |   |   | (2,356,137 | ) |   |   | (0.5 | ) |   |   | 12,306,087 |   |   |   | 2.5 |   |
|  Metals                                                                    |   |   | 1,509,514 |   |   |   | 0.3 |   |   |   | 149,745 |   |   |   | - |   |
|         Total futures contracts - long  |   |   | 7,127,391 |   |   |   | 1.4 |   |   |   | 16,057,531 |   |   |   | 3.3 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FUTURES CONTRACTS - Short:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Agricultural                                                              |   |   | (363,107 | ) |   |   | (0.1 | ) |   |   | (858,418 | ) |   |   | (0.2 | ) |
|  Currencies                                                                |   |   | 207,712 |   |   |   | - |   |   |   | (98,502 | ) |   |   | - |   |
|  Energy                                                                    |   |   | 6,674 |   |   |   | - |   |   |   | 179,796 |   |   |   | - |   |
|  Indices                                                                   |   |   | (60,534 | ) |   |   | - |   |   |   | (581,974 | ) |   |   | (0.1 | ) |
|  Interest rates                                                            |   |   | 810,858 |   |   |   | 0.2 |   |   |   | (57,943 | ) |   |   | - |   |
|  Metals                                                                    |   |   | (186,432 | ) |   |   | - |   |   |   | 1,246,529 |   |   |   | 0.2 |   |
|         Total futures contracts - short |   |   | 415,171 |   |   |   | 0.1 |   |   |   | (170,512 | ) |   |   | (0.1 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET UNREALIZED TRADING GAINS                                                    |   |   |   |   |   |   |   |   |   |
|   ON OPEN FUTURES CONTRACTS                                           |   | $ | 7,542,562 |   |   |   | 1.5 | % |   | $ | 15,887,019 |   |   |   | 3.2 | % |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FORWARD CONTRACTS - Long:                                                       |   |   |   |   |   |   |   |   |   |
|  Australian dollars                                                        |   | $ | (2,205,340 | ) |   |   | (0.4 | ) |   | $ | 643,714 |   |   |   | 0.1 | % |
|  British pounds                                                            |   |   | (63,197 | ) |   |   | - |   |   |   | (1,457,288 | ) |   |   | (0.3 | ) |
|  Euro                                                                      |   |   | 768,737 |   |   |   | 0.2 |   |   |   | 2,937,599 |   |   |   | 0.6 |   |
|  Japanese yen                                                              |   |   | (51,963 | ) |   |   | - |   |   |   | (66,138 | ) |   |   | - |   |
|  U.S. dollars                                                              |   |   | 957,592 |   |   |   | 0.2 |   |   |   | (3,699,170 | ) |   |   | (0.7 | ) |
|  Gold bullion                                                              |   |   | (1,352,669 | ) |   |   | (0.3 | ) |   |   | 56,580 |   |   |   | - |   |
|  Other                                                                     |   |   | (306,665 | ) |   |   | (0.1 | ) |   |   | (20,844 | ) |   |   | - |   |
|         Total forward contracts - long  |   |   | (2,253,505 | ) |   |   | (0.4 | ) |   |   | (1,605,547 | ) |   |   | (0.3 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FORWARD CONTRACTS - Short:                                                      |   |   |   |   |   |   |   |   |   |
|  Australian dollars                                                        |   |   | 566,214 |   |   |   | 0.1 |   |   |   | (792,028 | ) |   |   | (0.2 | ) |
|  British pounds                                                            |   |   | (734,855 | ) |   |   | (0.1 | ) |   |   | 3,586,216 |   |   |   | 0.7 |   |
|  Euro                                                                      |   |   | (283,926 | ) |   |   | (0.1 | ) |   |   | (2,330,060 | ) |   |   | (0.4 | ) |
|  Japanese yen                                                              |   |   | 186,231 |   |   |   | - |   |   |   | 18,208 |   |   |   | - |   |
|  New Zealand dollars                                                       |   |   | (116,860 | ) |   |   | - |   |   |   | (298,464 | ) |   |   | (0.1 | ) |
|  U.S. dollars                                                              |   |   | (5,266,747 | ) |   |   | (1.1 | ) |   |   | 3,028,633 |   |   |   | 0.6 |   |
|  Other                                                                     |   |   | (30,295 | ) |   |   | - |   |   |   | (79,066 | ) |   |   | - |   |
|         Total forward contracts - short |   |   | (5,680,238 | ) |   |   | (1.2 | ) |   |   | 3,133,439 |   |   |   | 0.6 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET UNREALIZED TRADING GAINS (LOSSES)                                           |   |   |   |   |   |
|   ON OPEN FORWARD CONTRACTS                                           |   | $ | (7,933,743 | ) |   |   | (1.6 | ) % |   | $ | 1,527,892 |   |   |   | 0.3 | % |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET UNREALIZED TRADING GAINS (LOSSES)                                           |   |   |   |   |   |
|   ON OPEN CONTRACTS                                                   |   | $ | (391,181 | ) |   |   | (0.01 | ) % |   | $ | 17,414,911 |   |   |   | 3.5 | % |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See notes to financial statements.                                              |   |   |   |   |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.           |   |   |        |   |
|----------------------------------------------------|--------|--------|-------------|--------|
| (A Delaware Limited Partnership)                   |   |   |        |   |   |   |
|                                               |   |   |        |   |   |   |
| STATEMENTS OF OPERATIONS                           |   |   |        |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008     |   |   |        |   |
|                                               |   |   |        |   |   |   |
|                                               |   |   |        |   |   |   |
|                                               |   | 2009   |        |   | 2008 |   |
| NET INVESTMENT INCOME:                             |   |   |        |   |   |   |
|   Interest income                        |   | $      | 999,293     |   |   | $ | 7,567,829 |   |
|                                               |   |   |        |   |   |   |   |   |
| NET REALIZED AND UNREALIZED                        |   |   |        |   |   |   |   |   |
|   GAINS (LOSSES) ON TRADING              |   |   |        |   |   |   |   |   |
|    ACTIVITIES:                      |   |   |        |   |   |   |   |   |
|   Net realized trading gains (losses) on |   |   |        |   |   |   |   |   |
|    closed contracts                 |   |   | (54,287,511 | )      |   |   | 118,623,560 |   |
|   Net change in unrealized trading gains |   |   |        |   |   |   |   |   |
|     (losses) on open contracts |   |   | (17,806,092 | )      |   |   | 9,755,114 |   |
|                                               |   |   |        |   |   |   |   |   |
| NET GAIN (LOSS) ON TRADING                         |   |   |        |   |   |   |   |   |
|   ACTIVITIES                             |   |   | (72,093,603 | )      |   |   | 128,378,674 |   |
|                                               |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS)                                  |   | $      | (71,094,310 | )      |   | $ | 135,946,503 |   |
|                                               |   |   |        |   |   |   |   |   |
|                                               |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS) FOR A UNIT                       |   |   |        |   |   |   |   |   |
|  OF PARTNERSHIP INTEREST                      |   | $      | (1,301.99   | )      |   | $ | 3,063.73 |   |
|                                               |   |   |        |   |   |   |   |   |
| See notes to financial statements.                 |   |   |        |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.          |   |     |         |   |    |   |   |
|---------------------------------------------------|--------|----------|--------------|--------|---------|--------|--------|
| (A Delaware Limited Partnership)                  |   |     |         |   |    |   |   |   |   |
|                                              |   |     |         |   |    |   |   |   |   |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL  |   |     |         |   |    |   |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008    |   |     |         |   |    |   |   |
|                                              |   |     |         |   |    |   |   |   |   |
|                                              |   |     |         |   |    |   |   |   |   |
|                                              |   | Limited  |         |   | General |   |   |   |   |
|                                              |   | Partners |         |   | Partner |   |   | Total |   |
|                                              |   |     |         |   |    |   |   |   |   |
| PARTNERS’ CAPITAL — January 1, 2009   |   | $        | 503,016,088  |   |    | $      | -      |   |   | $ | 503,016,088 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
|   Issuance of 29,517 units of limited   |   |     |         |   |    |   |   |   |   |   |   |   |
|     partnership interest      |   |     | 285,815,871  |   |    |   | -      |   |   |   | 285,815,871 |   |
|   Redemption of 23,958 units of limited |   |     |         |   |    |   |   |   |   |   |   |   |
|     partnership interest      |   |     | (226,462,669 | )      |    |   | -      |   |   |   | (226,462,669 | ) |
|   Net loss                              |   |     | (71,094,310  | )      |    |   | -      |   |   |   | (71,094,310 | ) |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — December 31, 2009 |   | $        | 491,274,980  |   |    | $      | -      |   |   | $ | 491,274,980 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — January 1, 2008   |   | $        | 260,209,821  |   |    | $      | -      |   |   | $ | 260,209,821 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
|   Issuance of 26,188 units of limited   |   |     |         |   |    |   |   |   |   |   |   |   |
|     partnership interest      |   |     | 227,848,129  |   |    |   | -      |   |   |   | 227,848,129 |   |
|   Redemption of 13,280 units of limited |   |     |         |   |    |   |   |   |   |   |   |   |
|     partnership interest      |   |     | (120,988,365 | )      |    |   | -      |   |   |   | (120,988,365 | ) |
|   Net income                            |   |     | 135,946,503  |   |    |   | -      |   |   |   | 135,946,503 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — December 31, 2008 |   | $        | 503,016,088  |   |    | $      | -      |   |   | $ | 503,016,088 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
| See notes to financial statements.                |   |     |         |   |    |   |   |   |   |   |   |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                                                         |   |   |         |   |   |   |
|--------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|--------|
| (A Delaware Limited Partnership)                                                                 |   |   |         |   |   |   |
|                                                                                             |   |   |         |   |   |   |
| STATEMENTS OF CASH FLOWS                                                                         |   |   |         |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008                                                   |   |   |         |   |   |   |
|                                                                                             |   |   |         |   |   |   |
|                                                                                             |   |   |         |   |   |   |
|                                                                                             |   | 2009   |         |   | 2008   |   |
| CASH FLOWS FROM OPERATING                                                                        |   |   |         |   |   |   |
|  ACTIVITIES:                                                                                |   |   |         |   |   |   |
|   Net income (loss)                                                                    |   | $      | (71,094,310  | )      |   | $      | 135,946,503 |   |
|   Adjustments to reconcile net income (loss)                                           |   |   |         |   |   |   |   |   |
|     to net cash provided by (used in) operating activities:                  |   |   |         |   |   |   |   |   |
|     Net change in unrealized trading gains on open contracts                 |   |   | 17,806,092   |   |   |   | (9,755,114 | ) |
|     Changes in assets and liabilities:                                       |   |   |         |   |   |   |   |   |
|      Due from brokers                                                   |   |   | (54,833,511  | )      |   |   | 70,596,791 |   |
|      Interest receivable                                                |   |   | 73,741       |   |   |   | 58,036 |   |
|                                                                                             |   |   |         |   |   |   |   |   |
|            Net cash provided by (used in) |   |   |         |   |   |   |   |   |
|            operating activities           |   |   | (108,047,988 | )      |   |   | 196,846,216 |   |
|                                                                                             |   |   |         |   |   |   |   |   |
| CASH FLOWS FROM FINANCING                                                                        |   |   |         |   |   |   |   |   |
|  ACTIVITIES:                                                                                |   |   |         |   |   |   |   |   |
|   Proceeds from subscriptions                                                          |   |   | 285,815,871  |   |   |   | 227,848,129 |   |
|   Payments on redemptions                                                              |   |   | (165,257,971 | )      |   |   | (98,834,296 | ) |
|                                                                                             |   |   |         |   |   |   |   |   |
|            Net cash provided by           |   |   |         |   |   |   |   |   |
|             financing activities     |   |   | 120,557,900  |   |   |   | 129,013,833 |   |
|                                                                                             |   |   |         |   |   |   |   |   |
| NET INCREASE IN CASH                                                                             |   |   |         |   |   |   |   |   |
|  AND CASH EQUIVALENTS                                                                       |   |   | 12,509,912   |   |   |   | 325,860,049 |   |
|                                                                                             |   |   |         |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                        |   |   |         |   |   |   |   |   |
|  Beginning of year                                                                          |   |   | 484,593,631  |   |   |   | 158,733,582 |   |
|                                                                                             |   |   |         |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                        |   |   |         |   |   |   |   |   |
|  End of year                                                                                |   | $      | 497,103,543  |   |   | $      | 484,593,631 |   |
|                                                                                             |   |   |         |   |   |   |   |   |
|                                                                                             |   |   |         |   |   |   |   |   |
| See notes to financial statements.                                                               |   |   |         |   |   |   |   |   |
|                                                                                             |   |   |         |   |   |   |   |   |
|                                                                                             |   |   |         |   |   |   |   |   |

----

----

| 1.   | ORGANIZATION OF THE TRADING COMPANY |
|----------------|-------------------------------------|

| 2.   | SIGNIFICANT ACCOUNTING POLICIES |
|----------------|---------------------------------|

----

----

| 3.   | ADVISORY AGREEMENT AND LIMITED PARTNERSHIP AGREEMENT |
|----------------|------------------------------------------------------|

| 4.   | RECENT ACCOUNTING PRONOUNCEMENTS |
|----------------|----------------------------------|

| 5.   | FAIR VALUE MEASUREMENTS |
|----------------|-------------------------|

----

|                                                    |   |              |       |   | Fair Value Measurments    |   |
|---------------------------------------------------------|--------|-------------------|------------|--------|---------------------------|--------|
|                                                    |   |              |       |   |                      |   |   |   |   |   |   |   |
|                                                    |   |              |       |   | Quoted Prices in          |   |   |   |   |   |   |   |
|                                                    |   | Fair Value        |       |   | Active Markets            |   |   | Significant Other |   |   | Significant Other |   |
|                                                    |   | as of             |       |   | for                       |   |   | Observable |   |   | Unobservable |   |
| Description                                             |   | December 31, 2009 |       |   | Identical Assets(Level 1) |   |   | Inputs(Level 2) |   |   | Inputs(Level 3) |   |
|                                                    |   |              |       |   |                      |   |   |   |   |   |   |   |
| Net unrealized trading gains on open futures contracts  |   | $                 | 7,542,562  |   |                      | $      | 7,542,562 |   |   | $ | - |   |   | $ | - |   |
|                                                    |   |              |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net unrealized trading losses on open forward contracts |   | $                 | (7,933,743 | )      |                      | $      | - |   |   | $ | (7,933,743 | ) |   |   | - |   |
|                                                    |   |              |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                   |   | $                 | (391,181   | )      |                      | $      | 7,542,562 |   |   | $ | (7,933,743 | ) |   | $ | - |   |

| 6.   | DERIVATIVE TRANSACTIONS |
|----------------|-------------------------|

----

| Derivatives not designated as hedging instruments | Asset Derivatives                                      |                                      | Liability Derivatives                                |
|---------------------------------------------------|--------------------------------------------------------|-------------------------------------------|------------------------------------------------------|
|                                              | December 31, 2009                                      |                                      | December 31, 2009                                    |
|                                              | Statement of Financial Condition                       |                                      | Fair Value **                                        |   | Statement of Financial Condition |   | Fair Value ** |
| Open forward contracts                            | Net unrealized trading gains on open forward contracts |                                      |  $    13,990,855            |   | Net unrealized trading losses on open forward contracts |   |  $   (21,924,598) |
| Open futures contracts                            | Net unrealized trading gains on open futures contracts |                                      |        13,469,655 |   | Net unrealized trading losses on open futures contracts |   |         (5,927,093) |
| Total Derivatives                                 |                                                   |  $    27,460,510 |                                                 |   |   |  $   (27,851,691) |

----

| Derivatives not designated as hedging instruments |                                                 |                                                                                                                                                                      |                | For the Year Ended December 31, 2009                                                                                                                                                            |
|---------------------------------------------------|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                              | Location of loss recognized in Income on Derivatives |                                                                                                                                                                      | Loss on Derivatives |
|                                              |                                                 |                                                                                                                                                                      |                |                                                                                                                                                                                            |
| Forward contracts                                 |                                                 | Net realized trading losses on closed contracts                                                                                                                           |                |  $                         (14,195,777)                       |
|                                              |                                                 | Net change in unrealized trading losses on open contracts                                                                                                                 |                |                               (9,461,635) |
|                                              |                                                 |                                                                                                                                                                      |                |                                                                                                                                                                                            |
| Futures contracts                                 |                                                 |  Net realized trading losses on closed contracts                                                                                                                     |                |                             (40,091,734)            |
|                                              |                                                 | Net change in unrealized trading losses on open contracts                                                                                                                 |                |                               (8,344,457) |
| Net Loss on Derivatives                           |                                                 |  $                         (72,093,603) |

| 7.   | FINANCIAL GUARANTEE |
|----------------|---------------------|

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

|                                                                                                             |   | 2009   |      |   | 2008   |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                                                             |   |   |      |   |   |   |
| Per unit operating performance:                                                                                  |   |   |      |   |   |   |
|   Beginning net asset value                                                                            |   | $      | 10,457.01 |   |   | $      | 7,393.28 |   |
|                                                                                                             |   |   |      |   |   |   |   |   |
|   Income from investment operations:                                                                   |   |   |      |   |   |   |   |   |
|     Net investment income                                                                    |   |   | 18.26     |   |   |   | 178.01 |   |
|     Net realized and unrealized gains (losses) on trading activities                         |   |   | (1,320.25 | )      |   |   | 2,885.72 |   |
|                                                                                                             |   |   |      |   |   |   |   |   |
|            Total income (loss) from investment operations |   |   | (1,301.99 | )      |   |   | 3,063.73 |   |
|                                                                                                             |   |   |      |   |   |   |   |   |
| Ending net asset value                                                                                           |   | $      | 9,155.02  |   |   | $      | 10,457.01 |   |
|                                                                                                             |   |   |      |   |   |   |   |   |
| Ratios to average partners’ capital:                                                                       |   |   |      |   |   |   |   |   |
|   Expenses                                                                                             |   |   | -         | %      |   |   | - | % |
|   Net investment income                                                                                |   |   | 0.19      | %      |   |   | 2.01 | % |
|                                                                                                             |   |   |      |   |   |   |   |   |
| Total return                                                                                                     |   |   | (12.45    | )%     |   |   | 41.44 | % |

----

| 9.   | SUBSEQUENT EVENTS |
|----------------|-------------------|

----