EAST WEST 925
                              (A Tenancy-In-Common)

                              Financial Statements




<PAGE>



                                      - 4 -




                          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  financial
statements were not audited by us, and accordingly, we express no opinion or any
other form of assurance on them.




/s/ KPMG

SAN FRANCISCO, CALIFORNIA
March 2, 2001



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                                  EAST WEST 925
                              (A TENANCY-IN-COMMON)
                                 BALANCE SHEETS
                            (IN THOUSAND OF DOLLARS)


<TABLE>
<CAPTION>



                                                                           March 31,
                                                                              2000
                                                                       ------------------------
ASSETS

<S>                                                                     <C>                <C>
Aircraft equipment held for lease, at cost                              $             --   $
Less accumulated depreciation                                                         --
                                                                        ----------------------
    Net equipment                                                                     --

Accounts receivable, less allowance for
      doubtful accounts of $0 in 2000 and $1,171 in 1999                              --
Prepaid expenses                                                                      --
                                                                        ----------------------
      Total assets                                                      $             --   $
                                                                        ======================


Liabilities and owners' equity

Liabilities:
Accounts payable and accrued expenses                                   $             --  $
                                                                        ---------------------
  Total liabilities                                                                   --

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

      Total liabilities and owner's equity                              $             --  $
                                                                        =====================

</TABLE>
















                 See accompanying notes to financial statements.


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

                                                                      2000                1999
                                                                                       (unaudited)
                                                                -----------------------------------------
REVENUES

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

EXPENSES

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

      Net income (loss)                                          $        2,605      $         (896)
                                                                 ========================================

</TABLE>




















                 See accompanying notes to financial statements.



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                                  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 YEAR ENDED DECEMBER 31, 1999
                            (in thousands of dollars)




<TABLE>
<CAPTION>



<S>                                                        <C>
  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                        $           --
                                                           =================

</TABLE>


















                 See accompanying notes to financial statements.



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                                  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 YEAR ENDED DECEMBER 31, 1999
                            (in thousands of dollars)

<TABLE>
<CAPTION>

                                                                              2000                 1999
                                                                                               (unaudited)
                                                                       ----------------------------------------

OPERATING ACTIVITIES

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

INVESTING ACTIVITIES

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

FINANCING ACTIVITIES

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

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.



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                                  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.


<PAGE>




                                  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 year ended
     December 31, 1999.

     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 year ended December 31, 1999.

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.

     FSI and its affiliates were reimbursed $4,000, and $12,000,  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 year
     ended December 31, 1999.



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

3.   EQUIPMENT

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

        Equipment Held for Operating Leases:             March 31,
                                                           2000
                                                     ----------------

        Aircraft                                     $          --
        Less accumulated depreciation                           --
                                                      ---------------
        Net equipment                                $          --
                                                      ===============

     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 the year ended  December 31,
     1999.

     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 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 1999 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.