<Page>


                    ML MULTI-MANAGER PORTFOLIO LLC
                    (A DELAWARE LIMITED LIABILITY COMPANY)


                    Financial Statements for the years ended
                    December 31, 2003 and 2002
                    and Independent Auditors' Report


[MERRILL LYNCH LOGO]

<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)


TABLE OF CONTENTS

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

FINANCIAL STATEMENTS FOR THE YEARS ENDED
DECEMBER 31, 2003 AND 2002:

 Statements of Financial Condition                                             2

 Statements of Income                                                          3

 Statements of Changes in Members' Capital                                     4

 Notes to Financial Statements                                              5-10
</Table>

<Page>

INDEPENDENT AUDITORS' REPORT


To the Members of
 ML Multi-Manager Portfolio LLC:

We have audited the accompanying statements of financial condition of ML
Multi-Manager Portfolio LLC (the "Company") as of December 31, 2003 and 2002,
and the related statements of income and of changes in members' capital for the
years then ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

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

In our opinion, such financial statements present fairly, in all material
respects, the financial position of ML Multi-Manager Portfolio LLC as of
December 31, 2003 and 2002, and the results of its operations and changes in its
members' capital for the years then ended in conformity with accounting
principles generally accepted in the United States of America.


DELOITTE & TOUCHE LLP


New York, New York
March 10, 2004

<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)

STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2003 AND 2002

<Table>
<Caption>
                                                               2003             2002
                                                          --------------   --------------
<S>                                                       <C>              <C>
ASSETS

Equity in commodity futures trading accounts:
  Cash and option premiums                                $  144,643,694   $  172,773,081
  Net unrealized profit on open contracts (Note 2)             3,718,704        4,530,324
Accrued interest (Note 4)                                        113,821          182,180
                                                          --------------   --------------

        TOTAL                                             $  148,476,219   $  177,485,585
                                                          ==============   ==============

LIABILITIES AND MEMBERS' CAPITAL

LIABILITIES:

  Brokerage commissions payable (Note 4)                  $      480,455   $      618,102
  Profit Shares payable (Note 5)                               1,200,000        1,400,129
  Administrative fees payable (Note 4)                            14,465           22,373
  Due to Members                                               6,652,454        1,990,503
                                                          --------------   --------------

      Total liabilities                                        8,347,374        4,031,107
                                                          --------------   --------------

MEMBERS' CAPITAL:

  Voting Members                                             140,128,845      173,454,478
                                                          --------------   --------------

      Total Members' capital                                 140,128,845      173,454,478
                                                          --------------   --------------

        TOTAL                                             $  148,476,219   $  177,485,585
                                                          ==============   ==============
</Table>

See notes to financial statements.

                                        2
<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)

STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002

<Table>
<Caption>
                                                               2003             2002
                                                          --------------   --------------
<S>                                                       <C>              <C>
REVENUES

Trading profit (loss):
  Realized                                                $   16,148,311   $    9,241,162
  Change in unrealized                                          (812,432)       2,453,406
Proceeds from Copper Settlement (Note 6)                               -        1,176,518
                                                          --------------   --------------

    Total trading results                                     15,335,879       12,871,086

Interest income (Note 4)                                       1,677,075        3,079,716
                                                          --------------   --------------

    Total revenues                                            17,012,954       15,950,802
                                                          --------------   --------------

EXPENSES

Brokerage commissions (Note 4)                                 6,518,807        7,738,731
Profit Shares (Note 5)                                         2,244,341        2,301,983
Administrative fees (Note 4)                                     230,413          279,753
                                                          --------------   --------------

    Total expenses                                             8,993,561       10,320,467
                                                          --------------   --------------

NET INCOME                                                $    8,019,393   $    5,630,335
                                                          ==============   ==============
</Table>

See notes to financial statements.

                                        3
<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)

STATEMENTS OF CHANGES IN MEMBERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002

<Table>
<Caption>
                                                          VOTING MEMBERS
                                                          --------------
     <S>                                                  <C>
     MEMBERS' CAPITAL,
      DECEMBER 31, 2001                                   $  201,463,783

     Additions                                                 2,491,994

     Net income                                                5,630,335

     Withdrawals                                             (36,131,634)
                                                          --------------

     MEMBERS' CAPITAL,
      DECEMBER 31, 2002                                      173,454,478

     Additions                                                 1,030,138

     Net income                                                8,019,393

     Withdrawals                                             (42,375,164)
                                                          --------------

     MEMBERS' CAPITAL,
      DECEMBER 31, 2003                                   $  140,128,845
                                                          ==============
</Table>

See notes to financial statements.

                                        4
<Page>

ML MULTI-MANAGER PORTFOLIO LLC
(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     ORGANIZATION

     ML Multi-Manager Portfolio LLC (the "Company") was organized under the
     Delaware Limited Liability Company Act on May 11, 1998 and commenced
     trading activities on June 1, 1998. The Company engages in the speculative
     trading of futures, options on futures, forwards and options on forward
     contracts on a wide range of commodities. Merrill Lynch Investment
     Managers, LLC ("MLIM LLC"), a wholly-owned subsidiary of Merrill Lynch
     Investment Managers, LP ("MLIM"), which in turn, is an indirect
     wholly-owned subsidiary of Merrill Lynch & Co. Inc. ("Merrill Lynch"), has
     been delegated administrative authority of the Company. Merrill Lynch,
     Pierce, Fenner & Smith Incorporated ("MLPF&S") is the Company's commodity
     broker. The Company has one class of Membership Interests, Voting
     Interests. Voting Interests are held by multi-advisor funds managed by MLIM
     LLC (the "Members"). The Members control all business activities and
     affairs of the Company by agreement of the majority interest of the
     Members, subject to the discretionary trading authority vested in and
     delegated to the independent trading advisors (the "Advisors") and the
     administrative authority vested in and delegated to MLIM LLC. Each Member
     is a "commodity pool" sponsored and controlled by MLIM LLC and shares in
     the trading results of the Company in proportion to its respective capital
     account.

     MLIM LLC selects independent advisors to manage the Company's assets, and
     allocates and reallocates the Company's assets among existing, replacement
     and additional Advisors.

     ESTIMATES

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

     REVENUE RECOGNITION

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

     FOREIGN CURRENCY TRANSACTIONS

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


                                        5
<Page>

     OPERATING EXPENSES

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

     INCOME TAXES

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

     DISTRIBUTIONS

     The Members are entitled to receive any distributions, which may be made by
     the Company in proportion to their respective capital accounts. No such
     distributions were declared for the years ended December 31, 2003 or 2002.

     WITHDRAWALS

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

     DISSOLUTION OF THE COMPANY

     The Company will terminate on December 31, 2028 or at an earlier date if
     certain conditions occur, as well as under certain other circumstances as
     set forth in the Organization Agreement.

                                        6
<Page>

2.   CONDENSED SCHEDULE OF INVESTMENTS

     The Company's investments, defined as Net unrealized profit on open
     contracts on the Statements of Financial Condition, as of December 31, 2003
     and 2002, are as follows:

<Table>
<Caption>
                                                LONG POSTIONS
               2003                 NUMBER       UNREALIZED     PERCENT OF      NUMBER
     COMMODITY INDUSTRY SECTOR   OF CONTRACTS   PROFIT (LOSS)   NET ASSETS   OF CONTRACTS
     -------------------------   ------------   -------------   ----------   ------------
     <S>                            <C>         <C>                   <C>      <C>
     Agriculture                          534   $     759,185         0.54%          (463)
     Currencies                     2,801,267       2,506,141         1.79%    (2,039,212)
     Energy                               256          64,506         0.05%            (6)
     Interest rates                     1,715         429,424         0.31%          (425)
     Metals                               535       1,920,760         1.37%           (73)
     Stock indices                        411         495,501         0.35%           (76)
                                                -------------

     Total 2003                                 $   6,175,517         4.41%
                                                =============

<Caption>
                                 SHORT POSITIONS
               2003                UNREALIZED      PERCENT OF    NET UNREALIZED    PERCENT OF
     COMMODITY INDUSTRY SECTOR    PROFIT (LOSS)    NET ASSETS     PROFIT (LOSS)    NET ASSETS        MATURITY DATES
     -------------------------    -------------    ----------   ----------------   ----------        --------------
     <S>                         <C>                    <C>     <C>                      <C>    <C>
     Agriculture                 $      (732,340)       -0.52%  $         26,845         0.02%  January 04 - May 04
     Currencies                       (1,044,940)       -0.75%         1,461,201         1.04%  January 04 - April 04
     Energy                               (1,130)        0.00%            63,376         0.05%  January 04 - March 04
     Interest rates                     (287,757)       -0.21%           141,667         0.10%  February 04 - September 04
     Metals                             (338,848)       -0.24%         1,581,912         1.13%  January 04 - October 04
     Stock indices                       (51,798)       -0.04%           443,703         0.31%  January 04 - March 04
                                 ---------------                ----------------

     Total 2003                  $    (2,456,813)       -1.76%  $      3,718,704         2.65%
                                 ===============                ================

<Caption>
                                                LONG POSTIONS
               2002                 NUMBER       UNREALIZED     PERCENT OF      NUMBER
     COMMODITY INDUSTRY SECTOR   OF CONTRACTS   PROFIT (LOSS)   NET ASSETS   OF CONTRACTS
     -------------------------   ------------   -------------   ----------   ------------
     <S>                            <C>         <C>                  <C>       <C>
     Agriculture                        1,263   $     258,170         0.15%        (1,361)
     Currencies                     2,193,248       2,945,181         1.70%    (3,207,564)
     Energy                               346          60,714         0.03%            (4)
     Interest rates                     3,621       2,599,914         1.50%          (370)
     Metals                               566          97,101         0.06%          (260)
     Stock indices                         57         (51,080)       -0.03%          (176)
                                                -------------

     Total 2002                                 $   5,910,000         3.41%
                                                =============

<Caption>
                                 SHORT POSITIONS
               2002                UNREALIZED      PERCENT OF    NET UNREALIZED    PERCENT OF
     COMMODITY INDUSTRY SECTOR    PROFIT (LOSS)    NET ASSETS     PROFIT (LOSS)    NET ASSETS
     -------------------------    -------------    ----------   ----------------   ----------
     <S>                         <C>                    <C>     <C>                      <C>
     Agriculture                 $       348,188         0.20%  $        606,358         0.35%
     Currencies                       (1,592,929)       -0.92%         1,352,252         0.78%
     Energy                                 (160)        0.00%            60,554         0.03%
     Interest rates                     (226,998)       -0.13%         2,372,916         1.37%
     Metals                               34,845         0.02%           131,946         0.08%
     Stock indices                        57,378         0.03%             6,298         0.00%
                                 ---------------                ----------------

     Total 2002                  $    (1,379,676)       -0.80%  $      4,530,324         2.61%
                                 ===============                ================
</Table>

     No individual contract's unrealized profit or loss comprised greater than
     5% of the Company's net assets.

                                        7
<Page>

3.   FINANCIAL DATA HIGHLIGHTS

     The following ratios have been derived from information provided in the
     financial statements for the year ended December 31, 2003.

<Table>
     <S>                                                           <C>
     TOTAL INVESTMENT RETURN, COMPOUNDED MONTHLY:

     Investment return before Profit Shares                         7.04%
     Profit Shares                                                 -1.80%
     Total investment return                                        5.20%
                                                               =========

     RATIO TO AVERAGE NET ASSETS:

     Operating expenses (not including Profit Shares)               4.30%
     Profit Shares                                                  1.42%
                                                               ---------
     Expenses                                                       5.72%
                                                               =========
</Table>

4.   RELATED PARTY TRANSACTIONS

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

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

     Following the allocation of the Company's trading profit and interest
     income among the Members' Capital Accounts, MLIM LLC calculates the
     brokerage commissions, Profit Shares, administrative fees and other
     expenses due from the Company to third parties, relating to the Company's
     trading on behalf of the Members. Such brokerage commissions, fees and
     expenses are calculated specifically for each Member (not pro rata based on
     the Members' respective capital accounts) and deducted from the Members'
     capital accounts and paid out by the Company. The Company pays brokerage
     commissions to MLPF&S at a flat monthly rate reflecting the fee arrangement
     between each Member and MLPF&S. For the years ended December 31, 2003 and
     2002, the monthly rates for Members ranged from .291 of 1% (a 3.50% annual
     rate) to .729 of 1% (an 8.75% annual rate) of each Member's month-end
     assets invested in the Company.

     The Company pays MLIM LLC a monthly administrative fee ranging from .021 of
     1% (a 0.25% annual rate) to .083 of 1% (a 1.00% annual rate) of each
     Member's month-end assets for the years ended December 31, 2003 and 2002.
     Month-end assets are not reduced for purposes of calculating brokerage
     commissions and administrative fees by any accrued brokerage commissions,
     administrative fees, Profit Shares or other fees or charges.

     MLPF&S pays the Advisors annual Consulting Fees up to 2.5% of the Company's
     average month-end assets allocated to them for management after reduction
     for a portion of the brokerage commissions.

                                        8
<Page>

5.   ADVISORY AGREEMENTS

     Pursuant to the Advisory Agreements among the Advisors, the Company and
     MLIM LLC, the Advisors determine the commodity futures, options on futures,
     forwards and options on forward contracts traded on behalf of the Company,
     subject to certain rights reserved by MLIM LLC. The Advisory Agreements
     generally renew one year after they are entered into, subject to certain
     renewal rights exercisable by the Company.

     The Company pays, from the Capital Account of each Member, to the Advisors
     quarterly or annual Profit Shares generally ranging from 20% to 25% of any
     New Trading Profit, as defined, recognized by each Advisor, attributable to
     each Member's Capital Account, considered individually irrespective of the
     overall performance of the such Member's Capital Account. Profit Shares,
     which are calculated separately in respect of each Member's Capital
     Account, are determined as of the end of each calendar quarter or year and
     are also paid to each Advisor upon the withdrawal of capital from the
     Company by a Member.

6.   COPPER SETTLEMENT

     The Members, as parties of a class of plaintiffs, received a settlement
     payment in August 2002 relating to certain copper trades made by a number
     of investors, including the Members, during a period in the mid-1990's.
     Parties of the class were those who purchased or sold Comex copper futures
     or options contracts between June 24, 1993 and June 15, 1996. The amount of
     the settlement was paid to MM LLC on behalf of each member, based upon each
     Member's individual investment activity related to Comex copper futures or
     options. The effect of the settlement was included in the Company's
     performance in August 2002.

7.   FAIR VALUE AND OFF-BALANCE SHEET RISK

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

     MARKET RISK

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

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

     CREDIT RISK

                                        9
<Page>

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

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

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

                                 * * * * * * * *

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


                                 Patrick Hayward
                             Chief Financial Officer
                     Merrill Lynch Investment Managers, LLC
                           Commodity Pool Operator of
                         ML Multi-Manager Portfolio LLC


                                       10