EAST WEST 925
                              (A Tenancy-In-Common)

                              Financial Statements









                          INDEPENDENT AUDITORS' REPORT






The Owners
East West 925

We have audited the accompanying  balance sheet of the East West 925 as of March
31, 2000 and the related statement of income and changes in owners' equity,  and
cash flows for the three months then ended.  These financial  statements are the
responsibility of the owner's  management.  Our  responsibility is to express an
opinion on these financial statements based on our audit.

We conducted our audit 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  audit  provides  a
reasonable basis for our opinion.

As  described  in Note 1 to the  financial  statements,  the  East  West 925 was
terminated on March 31, 2000, as the aircraft equipment in the Tenancy-in-Common
had been sold.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial position of the East West 925 as of March
31,  2000,  and the results of its  operations  and its cash flows for the three
months then ended in conformity with accounting principles generally accepted in
the  United  States  of  America.  The  accompanying  1999  and  1998  financial
statements were not audited by us, and accordingly, we express no opinion or any
other form of assurance on them.




SAN FRANCISCO, CALIFORNIA
March 2, 2001





                                  EAST WEST 925
                              (A Tenancy-In-Common)
                                 Balance Sheets
                            (in thousand of dollars)


<TABLE>
<CAPTION>
                                                                            March 31,         December 31,
                                                                               2000               1999
                                                                                               (unaudited)
                                                                          --------------------------------------
<S>                                                                       <C>               <C>
ASSETS

  Aircraft equipment held for lease, at cost                              $             --  $         16,130
  Less accumulated depreciation                                                         --           (15,302)
                                                                          -------------------------------------
      Net equipment                                                                     --               828

  Accounts receivable, less allowance for
        doubtful accounts of $0 in 2000 and $1,171 in 1999                              --                --
  Prepaid expenses                                                                      --                 2
  -------------------------------------------------------------------------------------------------------------
        Total assets                                                      $             --  $            830
                                                                          =====================================
</TABLE>
<TABLE>
<CAPTION>


  LIABILITIES AND OWNERS' EQUITY
<S>                                                                       <C>               <C>
  Liabilities:
  Accounts payable and accrued expenses                                   $             --  $              91
  ------------------------------------------------------------------------------------------------------------
    Total liabilities                                                                   --                 91

    Owners' equity                                                                      --                739
  ------------------------------------------------------------------------------------------------------------

        Total liabilities and owner's equity                               $            --  $             830
                                                                          ====================================
</TABLE>

















                 See accompanying notes to financial statements.




                                  EAST WEST 925
                              (A TENANCY-IN-COMMON)
                            STATEMENTS OF OPERATIONS
    FOR THE PERIOD FROM JANUARY 1, 2000 THROUGH MARCH 31, 2000 (DISSOLUTION)
                 AND THE YEARS ENDED DECEMBER 31, 1999 AND 1998
                            (in thousands of dollars)

<TABLE>
<CAPTION>

                                                                       2000                 1999              1998
                                                                                         (unaudited)       (unaudited)
                                                                 --------------------------------------------------------
<S>                                                               <C>                 <C>                 <C>
Revenues

  Interest and other income                                       $            1      $           200     $         --
  Net gain on disposition of equipment                                     2,861                   --               --
                                                                  -------------------------------------------------------
    Total revenues                                                         2,862                  200               --
                                                                  -------------------------------------------------------

  Expenses

  Depreciation expense                                                       150                  903              903
  Repairs and maintenance                                                     65                  131            2,032
  Insurance expense                                                            9                   21               26
  Administrative expenses to affiliates                                        4                   12               23
  Administrative expenses and other                                           29                  105              (58)
  Recovery of bad debts                                                       --                  (76)              --
                                                                  -------------------------------------------------------
    Total expenses                                                           257                1,096            2,926
                                                                  -------------------------------------------------------

        Net income (loss)                                         $        2,605      $          (896)    $     (2,926)
                                                                  =======================================================
</TABLE>





















                 See accompanying notes to financial statements.





                                  EAST WEST 925
                              (A TENANCY-IN-COMMON)
                     STATEMENTS OF CHANGES IN OWNERS' EQUITY
 FOR THE PERIOD FROM JANUARY 1, 2000 THROUGH MARCH 31, 2000 (DISSOLUTION) AND
                   THE YEARS ENDED DECEMBER 31, 1999 AND 1998
                            (in thousands of dollars)




   Owners' equity at December 31, 1997 (unaudited)          $        2,476

  Net loss                                                          (2,926)

  Additional capital contribution                                    1,442
                                                            ----------------

   Owners' equity at December 31, 1998 (unaudited)                     992

  Net loss                                                            (896)

  Additional capital contribution                                      643
                                                            ----------------

   Owners' equity at December 31, 1999 (unaudited)                     739

  Net income                                                         2,605

  Dividends paid                                                    (3,344)
                                                            ----------------

    Owners' equity at March 31, 2000                        $           --
                                                            ================




                 See accompanying notes to financial statements.





                                  EAST WEST 925
                              (A TENANCY-IN-COMMON)
                            STATEMENTS OF CASH FLOWS
  FOR THE PERIOD FROM JANUARY 1, 2000 THROUGH MARCH 31, 2000 (DISSOLUTION) AND
                   THE YEARS ENDED DECEMBER 31, 1999 AND 1998
                            (in thousands of dollars)
<TABLE>
<CAPTION>

                                                                                2000                1999              1998
                                                                                                 (unaudited)      (unaudited)
                                                                        -----------------------------------------------------------
<S>                                                                       <C>                <C>              <C>
  OPERATING ACTIVITIES

  Net income (loss)                                                       $         2,605    $         (896)  $         (2,926)
  Adjustments to reconcile net income (loss) to net cash
      provided by (used in) operating activities:
    Depreciation                                                                      150               903                903
    Net gain on disposition of equipment                                           (2,861)               --                 --
    Changes in operating assets and liabilities:
      Prepaid expenses                                                                  2                --                  1
      Accounts payable and accrued expenses                                           (91)             (650)               580
  -------------------------------------------------------------------------------------------------------------------------------
        Net cash used in operating activities                                        (195)             (643)            (1,442)
  -------------------------------------------------------------------------------------------------------------------------------

  INVESTING ACTIVITIES

  Proceeds from disposition of aircraft                                             3,539                --                 --
  -------------------------------------------------------------------------------------------------------------------------------
        Net cash provided by investing activities                                   3,539                --                 --
                                                                          -------------------------------------------------------

  FINANCING ACTIVITIES

  Additional capital contribution                                                      --               643              1,442
  Dividends paid                                                                   (3,344)               --                 --
  -------------------------------------------------------------------------------------------------------------------------------
        Net cash (used in) provided by financing activities                        (3,344)              643              1,442
                                                                          -------------------------------------------------------

  Net increase in cash and cash equivalents                                            --                --                 --
  Cash and cash equivalents at beginning of year                                       --                --                 --
  -------------------------------------------------------------------------------------------------------------------------------
  Cash and cash equivalents at end of year                                $            --    $           --   $             --
                                                                          =======================================================

</TABLE>











                 See accompanying notes to financial statements.





                                  EAST WEST 925
                              (A TENANCY-IN-COMMON)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2000

     1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          ORGANIZATION

          In December  1988,  a  Tenancy-In-Common  Agreement  was entered  into
          between  PLM  Equipment  Growth  Fund  (EGF),  a  California   limited
          partnership and PLM,  Equipment  Growth Fund II (EGFII),  a California
          limited    partnership    (collectively   the    Partnerships).    The
          tenancy-in-common (TIC) was entered into for the purpose of purchasing
          a Boeing 737 aircraft.  The TIC was owned 50% by EGF and 50% by EGFII.
          PLM  Financial  Services  Inc.,  (FSI) was the General  Partner of the
          Partnerships  owning the TIC. FSI is a wholly-owned  subsidiary of PLM
          International, Inc.

          The  aircraft  was  purchased in December  1988 for $15.3  million.  A
          five-year  lease with East West Travel Trade Links was signed upon the
          acquisition of the aircraft.  In March 2000, the aircraft was sold for
          proceeds of $3.8 million resulting in a gain of $2.9 million.  The TIC
          was liquidated on March 31, 2000, as the aircraft in the TIC was sold.

          These  accompanying  financial  statements  have been  prepared on the
          accrual basis of accounting in accordance with  accounting  principles
          generally  accepted  in the United  States of America.  This  requires
          management to make estimates and assumptions  that affect the reported
          amounts of assets and  liabilities,  disclosures 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.

         OPERATIONS

          The  aircraft in the TIC was  managed  under a  continuing  management
          agreement by PLM  Investment  Management,  Inc.  (IMI), a wholly-owned
          subsidiary  of FSI.  IMI  received a monthly  management  fee from the
          Partnerships  for managing the aircraft  (Note 2). FSI, in conjunction
          with its  subsidiaries,  sells  transportation  equipment  to investor
          programs and third parties,  manages pools of transportation equipment
          under agreements with the investor programs,  and is a general partner
          in limited partnerships.

         ACCOUNTING FOR LEASES

          The aircraft under the TIC was leased under an operating lease.  Under
          the  operating  lease  method  of  accounting,  the  leased  asset was
          recorded  at cost and  depreciated  over its  estimated  useful  life.
          Rental  payments  were  recorded  as  revenue  over the lease  term in
          accordance with Financial  Accounting Standards Board Statement No. 13
          "Accounting for Leases".

         DEPRECIATION

          Depreciation  of  aircraft   equipment  was  computed  on  the  double
          declining  balance method,  taking a full month's  depreciation in the
          month of acquisition, based upon an estimated useful life of 12 years.
          Acquisition  fees of  $0.7  million,  which  were  paid  to FSI,  were
          capitalized as part of the cost of the equipment and depreciated  over
          the life of the  aircraft.  Major  expenditures  that were expected to
          extend  the  equipment's   useful  life  or  reduce  future  equipment
          operating  expenses were  capitalized and amortized over the estimated
          remaining life of the equipment.




                                  EAST WEST 925
                              (A TENANCY-IN-COMMON)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2000

     1.   Summary of Significant Accounting Policies (continued)

          AIRCRAFT

          In accordance with the Financial  Accounting Standards Board Statement
          No. 121,  "Accounting for the Impairment of Long-Lived  Assets and for
          Long-Lived  Assets to Be Disposed Of", FSI reviewed the carrying value
          of the  equipment  under  the TIC at  least  quarterly,  and  whenever
          circumstances indicated that the carrying value of an asset may not be
          recoverable in relation to expected  future market  conditions for the
          purpose  of  assessing  recoverability  of the  recorded  amounts.  If
          projected undiscounted future cash flows and fair value were less than
          the carrying value of the equipment,  a loss on revaluation would have
          been  recorded.  No reductions to the carrying value of equipment were
          required  during the period  from  January 1, 2000  through  March 31,
          2000, (dissolution) and the years ended December 31, 1999 and 1998.

          REPAIRS AND MAINTENANCE

          Repair and maintenance cost to aircraft were usually the obligation of
          the lessee.  To meet the maintenance  requirements of certain aircraft
          airframes and engines,  reserve  accounts  were funded  monthly by the
          lessee based on engine hours.

          NET INCOME (LOSS) AND DISTRIBUTION TO OWNERS

          The net income (loss) and  distributions  of the TIC were allocated to
          the owners based on their percentage ownership in the TIC

          COMPREHENSIVE INCOME (LOSS)

          The TIC's net income (loss) was equal to  comprehensive  income (loss)
          for  the  period  from  January  1,  2000   through   March  31,  2000
          (dissolution) and the years ended December 31, 1999 and 1998.

     2.   GENERAL PARTNER AND TRANSACTIONS WITH AFFILIATES

          Under the  equipment  management  agreement,  IMI  received  a monthly
          management  fee equal to (i) a) 10% of the  amount of Cash  Flows from
          operations  or b)  1/12 of 1/2% of the  book  value  of the  equipment
          portfolio,  subject to a reduction in certain events,  as described in
          the limited  partnership  agreement for PLM Equipment  Growth Fund and
          (ii) 5% of gross revenues for PLM Equipment Growth Fund II.




                                  EAST WEST 925
                              (A TENANCY-IN-COMMON)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2000

2.       GENERAL PARTNER AND TRANSACTIONS WITH AFFILIATES (CONTINUED)

          FSI and its affiliates were reimbursed $4,000, $12,000, and $23,000 by
          the TIC for  administrative  services  performed  on behalf of the TIC
          during  the  period  from  January  1, 2000  through  March  31,  2000
          (dissolution)  and  the  years  ended  December  31,  1999  and  1998,
          respectively.

3.   EQUIPMENT

          The  component  of owned  equipment  were as follows (in  thousands of
          dollars):

        Equipment Held for Operating Leases:  March 31,          December 31,
                                                 2000          1999 (unaudited)
                                            ------------------------------------

        Aircraft                            $          --     $          16,130
        Less accumulated depreciation                  --               (15,302)
                                            ------------------------------------
         Net equipment                       $          --     $             828
                                            ====================================

          A  five-year  lease  with  East  West  Airlines  was  signed  upon the
          acquisition  of the aircraft in 1988.  No lease  revenue was earned on
          this  aircraft for the three months ended March 31, 2000,  and for the
          years ended December 31, 1999 and 1998.

          In March 2000,  the aircraft  was sold for  proceeds of $3.8  million,
          which resulted in a gain of $2.9 million.

4.       GEOGRAPHIC INFORMATION

          The aircraft was  off-lease in 1998,  1999,  and from the period ended
          January 1, 2000 through  March 31, 2000  (dissolution).  The plane was
          stored in Malaysia prior to its sale.

5.       INCOME TAXES

          The TIC was not  subject  to income  taxes,  as any  income or loss is
          included  in the tax  returns of the  individual  partners  owning the
          Partnerships.  Accordingly,  no provision for income taxes was made in
          the financial statements of the TIC.

          As of March 31, 2000, there were no temporary  differences between the
          financial  statements  carrying  value of assets  and the  income  tax
          basis.

6.       CONCENTRATION OF RISK

          Financial   instruments,   which  potentially  subjected  the  TIC  to
          concentrations   of  credit  risk   consisted   principally  of  lease
          receivables. This aircraft in the TIC was off-lease during all of 1998
          up until the sale in March 2000. All the revenues  earned in the three
          months ended March 31, 2000 were from the gain on sale of the aircraft
          to Aegro Capital.