To the Limited Partners of

Waypoint Master Fund L.P.

To the best of the knowledge and belief of the undersigned, the information contained herein is accurate and complete.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of

Waypoint Master Fund L.P.:

We have audited the accompanying statement of financial condition (liquidation basis), including the condensed schedule of investments (liquidation basis), of Waypoint Master Fund L.P. (the “Partnership”), as of November 30, 2013 (termination of operations) and the related statements of income and expenses (liquidation basis) and changes in partners’ capital (liquidation basis) for the period from January 1, 2013 to November 30, 2013 (termination of operations). In addition, we have audited the accompanying statement of financial condition, including the condensed schedule of investments, of the Partnership as of December 31, 2012, and the related statements of income and expenses and changes in partners’ capital for the years ended December 31, 2012 and 2011. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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.

As discussed in Note 1 to the financial statements, the Partnership terminated operations on November 30, 2013. As a result, the Partnership changed its basis of accounting from the going concern basis to the liquidation basis.

In our opinion, such financial statements present fairly, in all material respects, (1) the financial position (liquidation basis) of Waypoint Master Fund L.P. as of November 30, 2013 (termination of operations), (2) the results of its operations (liquidation basis) and changes in partners’ capital (liquidation basis) for the period from January 1, 2013 to November 30, 2013 (termination of operations), (3) its financial position as of December 31, 2012, and (4) the results of its operations and changes in partners’ capital for the years ended December 31, 2012 and 2011, in conformity with accounting principles generally accepted in the United States of America applied on the bases described in the preceding paragraph.

/s/ Deloitte & Touche LLP

New York, New York

February 24, 2014

Waypoint Master Fund L.P.

Statements of Financial Condition

November 30, 2013 (termination of operations) (liquidation basis)

and December 31, 2012

See accompanying notes to financial statements.

Waypoint Master Fund L.P.

Condensed Schedule of Investments (liquidation basis)

November 30, 2013

(termination of operations)

See accompanying notes to financial statements.

Waypoint Master Fund L.P.

Condensed Schedule of Investments

December 31, 2012

See accompanying notes to financial statements.

Waypoint Master Fund L.P.

Statements of Income and Expenses

for the period from January 1, 2013 to November 30, 2013 (termination of operations)

(liquidation basis), and for the years ended December 31, 2012 and 2011

See accompanying notes to financial statements.

Waypoint Master Fund L.P.

Statements of Changes in Partners’ Capital

for the period from January 1, 2013 to November 30, 2013 (termination of operations)

(liquidation basis), and for the years ended December 31, 2012 and 2011

Net asset value per unit:

See accompanying notes to financial statements.

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

Waypoint Master Fund L.P. (the “Master”) was a limited partnership organized under the partnership laws of the State of New York on February 19, 2010 to engage in the speculative trading of a diversified portfolio of commodity interests, including futures contracts, options, swaps and forward contracts. The sectors traded included currencies, energy, grains, indices, U.S. and non-U.S. interest rates, metals and softs. The commodity interests that were traded by the Master were volatile and involved a high degree of market risk. The Master terminated operations on November 30, 2013. As a result, the Master changed the basis of accounting from the going concern basis to a liquidation basis. Liquidation basis accounting requires the Master to record assets and liabilities at values to be received in liquidation.

Ceres Managed Futures LLC, a Delaware limited liability company, acted as the general partner (the “General Partner”) and commodity pool operator of the Master. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings.

On March 1, 2010 (commencement of trading operations), Diversified 2000 Futures Fund L.P. (“Diversified 2000”), Global Diversified Futures Fund L.P. (“Global Diversified”), and Emerging CTA Portfolio L.P. (“Emerging CTA”) each allocated a portion of their capital to the Master. Diversified 2000 purchased 5,975.7506 Redeemable Units with cash equal to $5,975,751, Global Diversified purchased 4,959.4220 Redeemable Units with cash equal to $4,959,422 and Emerging CTA purchased 26,581.6800 Redeemable Units with cash equal to $26,581,680. The Master was formed to permit commodity pools managed by Waypoint Capital Management LLC (the “Advisor”) using the Diversified Futures Program, the Advisor’s proprietary, systematic trading system to invest together in one trading vehicle. During the period covered by this report, the Master’s commodity brokers were Citigroup Global Markets Inc. (“CGM”) and/or Morgan Stanley and Company LLC. (“MS&Co.”).

Prior to its termination on November 30, 2013, the Master operated under a structure where its investors consisted of Diversified 2000, Global Diversified and Emerging CTA (each a “Feeder,” collectively the “Funds”). Diversified 2000, Global Diversified and Emerging CTA owned approximately 31.1%, 30.7% and 38.2% investments in the Master at November 30, 2013, respectively. Diversified 2000, Global Diversified and Emerging CTA owned approximately 33.7%, 21.4% and 44.9% investments in the Master at December 31, 2012, respectively.

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

Master’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement falls in its entirety shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive.

The Master separately presented purchases, sales, issuances, and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis) and made disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.

On October 1, 2012, the Financial Accounting Standards Board (the “FASB”) issued ASU 2012-04 “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures.” When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. ASU 2012-04 also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820. The amendments were effective for fiscal periods beginning after December 15, 2012. The adoption of this ASU did not impact the Master’s financial statements.

The Master considered prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the period ended November 30, 2013, the Master did not hold any derivative instruments that were based on unadjusted quoted prices in active markets for identical assets and Liabilities (Level 1) or that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). As of and for the year ended December 31, 2012, the Master did not hold any

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the eleven months ended November 30, 2013 and the year ended December 31, 2012, there were no transfers of assets and liabilities between Level 1 and Level 2.

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

The Master did not isolate that portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net income (loss) in the Statements of Income and Expenses.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Master’s financial statements.

The Master files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2012 tax years remain subject to examination by U.S. federal and most state tax authorities. The 2013 tax return, once filed, will be subject to examination for three years. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

The General Partner administered the business and affairs of the Master, including selecting one or more advisors to make trading decisions for the Master.

The General Partner, on behalf of the Master, entered into a management agreement (the “Management Agreement”) with the Advisor, a registered commodity trading advisor. The Advisor was not affiliated with the General Partner or CGM/MS&Co. and was not responsible for the organization or operation of the Master. The Management Agreement provided that the Advisor had sole discretion in determining the investment of the assets of the Master. All management fees in connection with the Management Agreement were borne by the Funds. The Management Agreement was in effect until November 30, 2013.

The Master entered into a customer agreement (the “Customer Agreement”) with CGM/MS&Co. whereby CGM/MS&Co. provided services which included among other things, the execution of transactions for the Master’s account in accordance with orders placed by the Advisor. All exchange, clearing, service, user, give-up, floor brokerage and National Futures Association fees (collectively the “clearing fees”) were borne by the Master. All other fees including CGM/MS&Co’s. direct brokerage fees were borne by the Funds. All of the Master’s assets were deposited in the Master’s account at CGM/MS&Co.. The Master’s cash was deposited by CGM/MS&Co. in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. At November 30, 2013 and December 31, 2012, the amount of cash held by the Master for margin requirements was $265,223 and $7,218,744, respectively.

The Master was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The results of the Master’s trading activities are shown in the Statements of Income and Expenses.

The Customer Agreement between the Master and CGM/MS&Co. gave the Master the legal right to net unrealized gains and losses on open futures and exchange-cleared swap contracts. The Master netted, for financial reporting purposes, the unrealized gains and losses on open futures and exchange-cleared swap contracts on the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” were met.

On January 1, 2013, the Master adopted ASU 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS. The new guidance did not have a significant impact on the Master’s financial statements.

The following tables summarize the valuation of the Master’s investments as of November 30, 2013 (termination of operations) and December 31, 2012:

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

All of the commodity interests owned by the Master were held for trading purposes. The monthly average number of futures contracts traded for the period ended November 30, 2013 and for the year ended December 31, 2012 were 507 and 1,241, respectively. The monthly average notional value of currency forward contracts held during the period ended November 30, 2013 and for the year ended December 31, 2012 were $56,401,141 and $80,220,556, respectively.

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of November 30, 2013 (termination of operations) and as of December 31, 2012.

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

The following tables indicate the trading gains (losses), by market sector, on derivative instruments for the period ended November 30, 2013 (termination of operations) and for the years ended December 31, 2012 and 2011.

Subscriptions were accepted monthly from investors and they became limited partners on the first day of the month after their subscription was processed. A limited partner had the right to withdraw all or part of their capital contribution and undistributed profits, if any, from the Master in multiples of the net asset value per Redeemable Unit as of the end of any month. The Redeemable Units were classified as a liability when the limited partner elected to redeem and informed the Master.

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

Changes in the net asset value per unit for the period from January 1, 2013 to November 30, 2013 (termination of operations) and the years ended December 31, 2012 and 2011 were as follows:

The above ratios may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios were calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

In the normal course of business, the Master was party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments included forwards, futures, options and swaps whose values were based upon an underlying asset, index, or reference rate, and generally represented future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may have been traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forwards, swaps and option contracts. OTC contracts are negotiated between contracting parties and include certain forwards, swaps and option contracts. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.

Market risk is the potential for changes in the value of the financial instruments traded by the Master due to market changes, including interest and foreign exchange rate movements and

Waypoint Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

November 30, 2013

fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Master was exposed to a market risk equal to the value of the futures and forward contracts purchased and unlimited liability on such contracts sold short.

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. The Master’s risk of loss in the event of counterparty default was typically limited to the amounts recognized in the Statements of Financial Condition and not represented by the contract or notional amounts of the instruments. The Master’s risk of loss was reduced through the use of legally enforceable master netting agreements with counterparties that permitted the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Master had credit risk and concentration risk, as CGM/MS&Co. or a CGM/MS&Co. affiliate was the sole counterparty or broker with respect to the Master’s assets. Credit risk with respect to exchange-traded instruments was reduced to the extent that through CGM/MS&Co, the Master’s counterparty was an exchange or clearing organization.

The General Partner monitored and attempted to control the Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems and accordingly, believed that it had effective procedures for evaluating and limiting the credit and market risks to which the Master may have been subject. These monitoring systems generally allowed the General Partner to analyze statistically actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provided account analysis of futures, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these instruments matured within one year of the inception date. However, due to the nature of the Master’s business, these instruments may not have been held to maturity.

Distributions of the Masters Capital to the Funds were made on December 3, 17, 19 and 20, 2013.