<PAGE>

THE MILLBURN CURRENCY
FUND II, L.P.
FINANCIAL STATEMENTS
FOR THE YEARS ENDED
DECEMBER 31, 1999, 1998 AND 1997

<PAGE>


THE MILLBURN CURRENCY FUND II, L.P.
INDEX

<TABLE>
<CAPTION>

                                                                                                            PAGES
<S>                                                                                                      <C>
Affirmation of Millburn Ridgefield Corporation                                                               F-1

Report of Independent Accountants                                                                            F-2

Financial Statements:
   Statements of Financial Condition at December 31, 1999 and 1998                                           F-3

   Statements of Operations for the Years Ended December 31, 1999, 1998 and 1997                             F-4

   Statements of Changes in Partners' Capital for the Years Ended
      December 31, 1999, 1998 and 1997                                                                       F-5

   Notes to Financial Statements                                                                           F-6-F-9

</TABLE>

<PAGE>


THE MILLBURN CURRENCY FUND II, L.P.
AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION

In compliance with the Commodity Futures Trading Commission's regulations, I
hereby affirm that to the best of my knowledge and belief, the information
contained in the statements of financial condition of The Millburn Currency Fund
II, L.P., at December 31, 1999 and 1998 and the related statements of operations
and of changes in partners' capital for the years ended December 31, 1999, 1998
and 1997 are complete and accurate.

GEORGE E. CRAPPLE, CO-CHIEF EXECUTIVE OFFICER
MILLBURN RIDGEFIELD CORPORATION
GENERAL PARTNER OF THE MILLBURN CURRENCY FUND II, L.P.


<PAGE>



                        REPORT OF INDEPENDENT ACCOUNTANTS

To the Partners of
The Millburn Currency Fund II, L.P.:

In our opinion, the accompanying statements of financial condition and the
related statements of operations and of changes in partners' capital present
fairly, in all material respects, the financial position of The Millburn
Currency Fund II, L.P. at December 31, 1999 and 1998, and the results of its
operations for each of the three years in the period ended December 31, 1999, in
conformity with accounting principles generally accepted in the United States.
These financial statements are the responsibility of the management of the
General Partner; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States, which 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, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.


PriceWaterhouseCoopers, LLP

February 14, 2000


<PAGE>

THE MILLBURN CURRENCY FUND II, L.P.
STATEMENTS OF FINANCIAL CONDITION
AT DECEMBER 31, 1999 AND 1998

<TABLE>
<CAPTION>

    ASSETS                                                                          1999              1998
<S>                                                                            <C>                <C>
    Equity in trading accounts:
      Net unrealized (depreciation) on open contracts                             $          -      $      (529)

                                                                               ----------------  ----------------
               TOTAL EQUITY IN TRADING ACCOUNTS                                                            (529)
    Investment in Millburn Currency Fund, L.P. (Note 7)                              1,503,650         1,867,851
    Money market fund                                                                   15,982             3,749
    Reimbursement receivable from General Partner                                       11,000                 -
    Prepaid administrative fees                                                              -               418
                                                                               ----------------  ----------------
               TOTAL ASSETS                                                        $ 1,530,632      $  1,871,489
                                                                               ================  ================
    LIABILITIES AND PARTNERS' CAPITAL

    Accounts payable and accrued expenses                                          $    13,405      $          -
    Redemptions payable to limited partners (Note 5)                                    43,811            48,378
    Accrued brokerage commissions (Note 3)                                               6,939             9,490
                                                                               ----------------  ----------------
               TOTAL LIABILITIES                                                        64,155            57,868
                                                                               ----------------  ----------------
    Partners' capital (Note 3, 5 and 6):
      General Partner                                                                  476,303           447,892
      Limited Partners, 9,176 and 12,421 Limited Partnership Units
      outstanding in 1999 and 1998, respectively                                       990,174         1,365,729
                                                                               ----------------  ----------------
               TOTAL PARTNERS' CAPITAL                                               1,466,477         1,813,621
                                                                               ----------------  ----------------
               TOTAL LIABILITIES AND PARTNERS' CAPITAL                             $ 1,530,632      $  1,871,489
                                                                               ================  ================

</TABLE>

See accompanying notes to financial statements.

<PAGE>

THE MILLBURN CURRENCY FUND II, L.P.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

<TABLE>
<CAPTION>

                                                                   1999              1998              1997
    <S>                                                           <C>           <C>                <C>
    Income (Note 2):
      Net gains (losses) on trading of currency contracts
        and options
        Realized gains (losses) on closed positions
           Futures and forwards                                   $     (529)      $   (99,265)       $   603,549
           Options                                                         -           (20,539)            35,372
                                                              ----------------  ----------------  ----------------
                                                                        (529)         (119,804)           638,921
                                                              ----------------  ----------------  ----------------
      Change in unrealized appreciation (depreciation)
        Futures and forwards                                              529          (19,828)         (102,035)
        Options                                                             -           (2,362)          (24,042)
                                                              ----------------  ----------------  ----------------
                                                                          529          (22,190)         (126,077)
                                                              ----------------  ----------------  ----------------
      Net unrealized appreciation on investment in
        Millburn Currency Fund. L.P. (Note 7)                         124,036            46,775                 -
                                                              ----------------  ----------------  ----------------
                                                                      124,036          (95,219)           512,844
           Less, Brokerage fees (Note 3)                               96,968           125,801           162,296
                                                              ----------------  ----------------  ----------------
               NET REALIZED AND UNREALIZED GAINS (LOSSES)
                  ON TRADING OF FUTURES, FORWARD AND
                  OPTION CONTRACTS                                     27,068         (221,020)           350,548
      Interest income                                                   1,115            66,427           130,936
                                                              ----------------  ----------------  ----------------
               TOTAL INCOME (LOSS)                                     28,183         (154,593)           481,484
                                                              ----------------  ----------------  ----------------
    Expenses (Note 3):
      Administrative expenses                                          39,581            31,502            24,572
      Expenses reimbursed by General Partner                         (31,203)          (15,500)                 -
                                                              ----------------  ----------------  ----------------
               NET EXPENSES                                             8,378            16,002            24,572
                                                              ----------------  ----------------  ----------------
               NET INCOME (LOSS)                                  $    19,805      $  (170,595)       $   456,912
                                                              ================  ================  ================
               NET INCOME (LOSS) PER LIMITED
                  PARTNERSHIP UNIT (NOTE 6)                       $    (2.04)      $    (11.99)       $     19.17
                                                              ================  ================  ================

</TABLE>

See accompanying notes to financial statements.

<PAGE>


THE MILLBURN CURRENCY FUND II, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

<TABLE>
<CAPTION>

                                                                    LIMITED          GENERAL
                                                                    PARTNERS         PARTNER           TOTAL
   <S>                                                           <C>              <C>
             PARTNERS' CAPITAL AT DECEMBER 31, 1996                 $ 1,886,615      $  356,538      $ 2,243,153
    Net income                                                          355,049         101,863          456,912
    Redemptions (4,228 Limited Partnership Units)                     (518,680)               -        (518,680)
                                                                 ---------------  --------------   --------------
             PARTNERS' CAPITAL AT DECEMBER 31, 1997                   1,722,984         458,401        2,181,385
    Net loss                                                          (160,086)        (10,509)        (170,595)
    Redemptions (1,709 Limited Partnership Units)                     (197,169)              -         (197,169)
                                                                 ---------------  --------------   --------------
             PARTNERS' CAPITAL AT DECEMBER 31, 1998                   1,365,729         447,892        1,813,621
    Net income (loss)                                                   (8,606)          28,411           19,805
    Redemptions (3,245 Limited Partnership Units)                     (366,949)               -        (366,949)
                                                                 ---------------  --------------   --------------
             PARTNERS' CAPITAL AT DECEMBER 31, 1999                  $  990,174      $  476,303      $ 1,466,477
                                                                 ---------------  --------------   --------------

</TABLE>

See accompanying notes to financial statements.

<PAGE>


THE MILLBURN CURRENCY FUND II, L.P.
NOTES TO FINANCIAL STATEMENTS

1.       PARTNERSHIP ORGANIZATION

         The Millburn Currency Fund II, L.P. (the "Partnership") is a limited
         partnership organized on March 21, 1991 under the Delaware Revised
         Uniform Limited Partnership Act. The Partnership commenced trading
         operations on August 5, 1991.

         The Partnership is the sole limited partner of a separate limited
         partnership, Millburn Currency Fund II Trading Company L.P. ("Trading
         Company"), that engages in speculative trading principally of currency
         forward and futures contracts and related options. The instruments that
         are traded by the Partnership are volatile and involve a high degree of
         risk.

         Millburn Ridgefield Corporation (the "General Partner") is the General
         Partner and trading advisor of the Partnership and the Trading Company.
         The General Partner and each limited partner share in the profits and
         losses of the Partnership, except for brokerage fees and profit-share
         allocation, on the basis of their proportionate interests of
         Partnership capital determined before brokerage fees and profit share
         (see Note 3), except that no limited partner shall be liable for
         obligations of the Partnership in excess of their initial capital
         contribution and profits, if any, net of distributions. Brokerage fees
         and profit share are determined on the basis of the Allocated Assets
         and Net Trading Profit applicable to the limited partners' accounts and
         are allocated to such accounts.

         Effective August 1, 1998, the Partnership and the Trading Company
         ceased trading operations and transferred partners' capital to a
         similar partnership managed by the General Partner (see Note 7).

         The Partnership will be liquidated as soon as practical after August 1,
         2011, if the net assets of the Partnership decline to less than
         $250,000 or under other circumstances as defined in the Limited
         Partnership Agreement.

2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         a.       INVESTMENTS
                  Open options, futures and forward contracts are valued at
                  market value. Realized gains (losses) and changes in
                  unrealized values on futures, forward and option contracts are
                  recognized in the periods in which the contracts are closed or
                  the changes occur, and are included in net gains (losses) on
                  trading of futures, forward and option contracts.

                  The investment in Millburn Currency Fund, L.P. is valued based
                  on the investment balance at the beginning of the year, plus
                  its proportionate share of net income, less any redemptions
                  (see Note 7).

         b.       INCOME TAXES
                  Income taxes have not been provided, as each partner is
                  individually liable for the taxes, if any, on his share of the
                  Partnership's income and expenses.

         c.       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
                  and reported amount of revenues and expenses during the
                  period. Actual results could differ from those estimates.


<PAGE>

         d.       RIGHT OF OFFSET
                  The customer agreements between the Partnership and brokers
                  give the Partnership the legal right to net unrealized gains
                  and losses. Unrealized gains and losses related to
                  transactions with these brokers are reflected on a net basis
                  in the equity in trading accounts in the statements of
                  financial condition.

3.       LIMITED PARTNERSHIP AGREEMENT

         The Limited Partnership Agreement provides that the General Partner
         shall control, conduct and manage the business of the Partnership, and
         may make all trading decisions for the Partnership.

         A monthly brokerage fee equal to 0.666% (an 8% annual fee) of the
         Partnership's month end Allocated Assets (as defined in the limited
         partnership agreement) is payable to the General Partner. Allocated
         Assets are determined before reduction for any redemptions,
         distributions, accrued brokerage fees, or profit share. The General
         Partner shall bear any commissions and fees payable to clearing and
         third-party brokers.

         The General Partner also receives a profit share equal to 15% of New
         Trading Profit, as defined, as of the end of each calendar quarter.

         The Partnership pays all routine legal, accounting, administrative,
         printing and similar costs associated with its operation, excluding any
         indirect expenses of the General Partner. The General Partner has
         voluntarily agreed to limit administrative expenses to an amount equal
         to 1% per annum of the average net assets of the Partnership for the
         years ended December 31, 1999 and 1998. This agreement was not in place
         in 1997.

4.       DERIVATIVE FINANCIAL INSTRUMENTS

         The Partnership is party to derivative financial instruments in the
         normal course of its business. These instruments include forwards,
         futures and options, whose value is based upon an underlying asset,
         index, or reference rate, and generally represent future commitments to
         exchange currencies or cash flows, or to purchase or sell other
         financial instruments at specific terms on specified future dates.
         These instruments may be traded on an exchange or over-the-counter.
         Exchange traded instruments are standardized and include futures and
         certain options. Each of these instruments is subject to various risks
         similar to those related to the underlying instruments including market
         and credit risk.

         Market risk is the risk of potential changes in the value of the
         financial instruments traded by the Partnership due to market changes,
         including interest and foreign exchange rate movements and fluctuations
         in futures or security prices. Market risk is directly impacted by the
         volatility and liquidity in the markets in which the related underlying
         assets are traded.

         Credit risk is the possibility that a loss may occur due to the failure
         of a counterparty to perform according to the terms of a contract.
         Credit risk is normally reduced to the extent that an exchange or
         clearing organization acts as a counterparty to futures or options
         transactions, since typically the collective credit of the members of
         the exchange is pledged to support the financial integrity of the
         exchange. In the case of over-the-counter transactions, the Partnership
         must rely solely on the credit of the individual counterparties. The
         Partnership's risk of loss in the event of counterparty default is
         typically limited to the amounts recognized in the statement of
         financial condition, not to the contract or notional amounts of the
         instruments.


<PAGE>

5.       DISTRIBUTIONS AND REDEMPTIONS

         Distributions of profits, if any, will be made at the sole discretion
         of the General Partner. Units may be redeemed, at the option of any
         limited partner, as of the last day of any calendar quarter on ten
         business days' notice to the General Partner. Units are redeemed at Net
         Asset Value as defined in the partnership agreement. No distributions
         of profits have been made since the commencement of the Partnership's
         operations.

         Effective January 1, 2000, approximately $43,000 in redemptions were
         made by unitholders.

6.       NET ASSET VALUE PER UNIT

         Changes in the net asset value per Unit, based on average units
         outstanding, during the years ended December 31, 1999, 1998 and 1997
         were as follows:

<TABLE>
<CAPTION>

                                                                     1999          1998*          1997*
    <S>                                                            <C>          <C>             <C>
    Net realized and unrealized gains (losses) on
      trading of futures, forward and option contracts              $  (8.96)     $ (21.85)       $  13.84
    Income from Millburn Currency Fund, L.P.                             7.41          6.75              -
    Interest income                                                       .07          4.59           6.56
    Administrative expense                                              (.56)        (1.48)         (1.23)
                                                                  ------------  ------------   ------------
               NET INCOME (LOSS) PER UNIT                              (2.04)       (11.99)          19.17
    Net asset value per Unit, beginning of year                        109.95        121.94         102.77
                                                                  ------------  ------------   ------------
               NET ASSET VALUE PER UNIT, END OF YEAR                 $ 107.91      $ 109.95       $ 121.94
                                                                  ------------  ------------   ------------

</TABLE>

    *Certain amounts have been reclassified for comparative purposes.

7.       INVESTMENT IN MILLBURN CURRENCY FUND, L.P.

         On August 1, 1998, the General Partner transferred $1,880,000 in assets
         to Millburn Currency Fund, L.P., ("MCF"), a partnership managed by the
         same General Partner, which uses identical trading strategies. The
         Partnership was given a special limited partnership interest in MCF
         (not subject to brokerage fee or profit share) and will receive its
         proportionate share of trading income or loss based on its month end
         investment as a percentage of MCF's total month end net asset value.
         Full or partial redemptions are permitted at the end of any calendar
         month.


<PAGE>


         As of December 31, 1999 and December 31, 1998, the Partnership's
         investment in Millburn Currency Fund, L.P. approximates 102.5% and
         102.9% of its net assets and is summarized as follows:

<TABLE>
<CAPTION>

                                                                                1999              1998
    <S>                                                                    <C>               <C>
             NET ASSET VALUE, BEGINNING OF YEAR                            $     1,867,851   $             -
    Subscriptions                                                                        -         1,880,000
    Income:
      Realized gains (losses)                                                     (54,282)            24,493
      Change in unrealized appreciation (depreciation)                             109,403          (17,242)
                                                                           ----------------  ----------------
             NET REALIZED AND UNREALIZED GAINS ON
                TRADING OF FUTURES AND FORWARD CONTRACTS                            55,121             7,251
    Interest and dividend income                                                    77,222            43,629
                                                                           ----------------  ----------------
             TOTAL INCOME                                                          132,343            50,880
                                                                           ----------------  ----------------
    Less:  Administrative expenses                                                   8,307             4,105
                                                                           ----------------  ----------------
             NET INCOME                                                            124,036            46,775
    Less:  Redemptions                                                             488,237            58,924
                                                                           ----------------  ----------------
             NET ASSET VALUE, END OF YEAR                                  $     1,503,650   $      1,867,851
                                                                           ================  ================

</TABLE>