<TABLE> <S> <C>

<PAGE>
<ARTICLE> BD
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM STATEMENTS
OF FINANCIAL CONDITION, STATEMENTS OF OPERATIONS, STATEMENTS OF CHANGES IN
PARTNERS' CAPITAL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000811533
<NAME> ML FUTURES INVESTMENTS II L.P.
       
<S>                             <C>                     <C>
<PERIOD-TYPE>                   12-MOS                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1995
<PERIOD-START>                             JAN-01-1996             JAN-01-1995
<PERIOD-END>                               DEC-31-1996             DEC-31-1995
<CASH>                                               0                       0
<RECEIVABLES>                               10,936,599              16,706,533
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                          3,680,154                       0
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              14,616,753              16,706,533
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     320,101                 571,095
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                             0                       0
<OTHER-SE>                                  14,296,652              16,135,438
<TOTAL-LIABILITY-AND-EQUITY>                14,616,753              16,706,533
<TRADING-REVENUE>                            1,356,891               3,612,036
<INTEREST-DIVIDENDS>                           668,742                 806,886
<COMMISSIONS>                                1,418,126               1,622,255
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                       0                       0
<INCOME-PRETAX>                                282,864               2,502,943
<INCOME-PRE-EXTRAORDINARY>                     282,864               2,502,943
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   282,864               2,502,943
<EPS-PRIMARY>                                     3.11                   23.18
<EPS-DILUTED>                                     3.11                   23.18
        

</TABLE>