CLEMENT PARTNERSHIP
                            ( A LIMITED PARTNERSHIP)

                              FINANCIAL STATEMENTS



<PAGE>


INDEPENDENT  AUDITORS'  REPORT





The  Partners
Clement  Partnership

We  have  audited  the  accompanying  balance  sheets  of Clement Partnership, a
limited  partnership  (the  "Partnership"), as of December 31, 2002 and 2001 and
the  related  statements  of  operations, changes in partners' capital, and cash
flows  for  the  years  then  ended.  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 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 the Partnership as of December 31, 2002 and
2001  and  the  results  of its operations and its cash flows for the years then
ended  in conformity with accounting principles generally accepted in the United
States  of  America.




/s/  Deloitte  &  Touche  LLP
Certified  Public  Accountants

Tampa,  Florida
March  7,  2003

<PAGE>

                               CLEMENT PARTNERSHIP
                             (A LIMITED PARTNERSHIP)
                                 BALANCE SHEETS
                                  DECEMBER 31,
                            (in thousands of dollars)




<TABLE>
<CAPTION>



                                                 2002       2001
                                               --------------------
ASSETS
<S>                                            <C>        <C>
Marine vessel held for lease, at cost . . . .  $ 16,525   $ 16,525
Less accumulated depreciation . . . . . . . .   (15,979)   (15,286)
                                               ---------  ---------
    Net equipment . . . . . . . . . . . . . .       546      1,239


Accounts receivable . . . . . . . . . . . . .       707        302
Receivable from affiliate . . . . . . . . . .        27         --
                                               ---------  ---------
      Total assets. . . . . . . . . . . . . .  $  1,280   $  1,541
                                               =========  =========

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Accounts payable and accrued expenses . . . .  $    173   $    263
Due to affiliates . . . . . . . . . . . . . .        --         48
                                               ---------  ---------
  Total liabilities . . . . . . . . . . . . .       173        311
                                               ---------  ---------
Partners' capital (deficiency):
Limited partners. . . . . . . . . . . . . . .     1,180      1,302
General partner . . . . . . . . . . . . . . .       (73)       (72)
                                               ---------  ---------
  Total partners' capital . . . . . . . . . .     1,107      1,230
                                               ---------  ---------

      Total liabilities and partners' capital  $  1,280   $  1,541
                                               =========  =========
</TABLE>




















                 See accompanying notes to financial statements.

<PAGE>

                               CLEMENT PARTNERSHIP
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF OPERATIONS
                        FOR THE YEARS ENDED DECEMBER 31,
                            (in thousands of dollars)


<TABLE>
<CAPTION>

<S>                                     <C>       <C>      <C>
                                           2002     2001     2000
                                                         (unaudited)
                                        ---------------------------
REVENUES

Lease revenue. . . . . . . . . . . . .  $ 3,311   $4,099   $8,058
Interest and other income. . . . . . .       24        1       15
                                        --------  -------  ------
  Total revenues . . . . . . . . . . .    3,335    4,100    8,073
                                        --------  -------  ------

EXPENSES

Depreciation . . . . . . . . . . . . .      693      755      755
Marine operating expenses. . . . . . .    3,519    2,691    5,265
Repairs and maintenance. . . . . . . .      174      616    1,068
Management fees to affiliate . . . . .      (12)     117      297
Insurance expense. . . . . . . . . . .      341      202       95
Administrative expenses to affiliates.       42      122       71
Administrative and other . . . . . . .       58       52       27
                                        --------  -------  ------
  Total expenses . . . . . . . . . . .    4,815    4,555    7,578
                                        --------  -------  ------
      Net income (loss). . . . . . . .  $(1,480)  $ (455)  $  495
                                        ========  =======  ======

</TABLE>


















                 See accompanying notes to financial statements.

<PAGE>

                               CLEMENT PARTNERSHIP
                             (A LIMITED PARTNERSHIP)
                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
              FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
                            (in thousands of dollars)




<TABLE>
<CAPTION>


                                                         Limited     General
                                                         Partners    Partner    Total
                                                        ------------------------------
<S>                                                     <C>         <C>        <C>
  Partners' capital (deficiency) at December 31, 1999
     (unaudited) . . . . . . . . . . . . . . . . . . .  $   2,800   $    (57)  $ 2,743

Net income (unaudited) . . . . . . . . . . . . . . . .        490          5       495

Cash distribution (unaudited). . . . . . . . . . . . .     (1,216)       (12)   (1,228)
                                                        ----------  ---------  --------
  Partners' capital (deficiency) at December 31, 2000
     (unaudited) . . . . . . . . . . . . . . . . . . .      2,074        (64)    2,010

Net loss . . . . . . . . . . . . . . . . . . . . . . .       (450)        (5)     (455)

Cash distribution. . . . . . . . . . . . . . . . . . .       (322)        (3)     (325)
                                                        ----------  ---------  --------
  Partners' capital (deficiency) at December 31, 2001.      1,302        (72)    1,230

Net loss . . . . . . . . . . . . . . . . . . . . . . .     (1,465)       (15)   (1,480)

Cash contribution. . . . . . . . . . . . . . . . . . .      1,343         14     1,357
                                                        ----------  ---------  --------
  Partners' capital (deficiency) at December 31, 2002.  $   1,180   $    (73)  $ 1,107
                                                        ==========  =========  ========
</TABLE>























                 See accompanying notes to financial statements.

<PAGE>

                                    CLEMENT PARTNERSHIP
                                  (A LIMITED PARTNERSHIP)
                                  STATEMENTS OF CASH FLOWS
                               FOR THE YEARS ENDED DECEMBER 31,
                                 (in thousands of dollars)

                                                           2002    2001     2000
                                                                     (unaudited)
                                                       -------------------------
<TABLE>
<CAPTION>

OPERATING ACTIVITIES
<S>                                                        <C>       <C>     <C>
Net income (loss). . . . . . . . . . . . . . . . . . . .  $(1,480)  $(455)  $   495
Adjustments to reconcile net income (loss) to net cash
    provided by (used in) operating activities:
  Depreciation . . . . . . . . . . . . . . . . . . . . .      693     755       755
  Provision for drydock expense. . . . . . . . . . . . .       --      --       850
  Changes in operating assets and liabilities:
    Accounts receivable and receivable from affiliate. .     (432)    722      (899)
    Accounts payable and accrued expenses. . . . . . . .      (90)    199       (35)
    Due to affiliates. . . . . . . . . . . . . . . . . .      (48)    (46)       62
    Drydock reserves . . . . . . . . . . . . . . . . . .       --    (850)       --
                                                          --------  ------  --------
      Net cash (used in) provided by operating activities. (1,357)    325     1,228
                                                          --------  ------  --------

FINANCING ACTIVITIES

Cash contribution (distribution)-General Partner . . . . .     14      (3)      (12)
Cash contribution (distribution)-limited partners. . . . .  1,343    (322)   (1,216)
                                                          --------  ------  --------
      Net cash provided by (used in) financing activities.  1,357    (325)   (1,228)
                                                          --------  ------  --------

Net change 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.

<PAGE>

                               CLEMENT PARTNERSHIP
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

1.     Summary  of  Significant  Accounting  Policies
       ----------------------------------------------

     Organization
     ------------

Clement  Partnership,  a  California  limited partnership (the Partnership), was
formed  during  December  1990.  The  Partnership  was formed for the purpose of
purchasing  a  tanker  marine  vessel  and  commenced  significant operations in
December  1990.  The  Partnership has no employees nor operations other than the
operation  of  the  marine  vessel.  The Partnership is owned 99% by the limited
partners  and  1%  by  the  General  Partner.  The  Partnership  has two limited
partners: PLM Equipment Growth Fund I (EGF I), a California limited partnership,
and  PLM  Equipment  Growth  Fund  V  (EGF V), a California limited partnership,
(collectively,  the  Limited Partners).  The Limited Partnership is owned 50% by
EGF  I  and  50%  by EGF V.  The General Partner is the Clement Corporation (CC)
which  is  owned  50%  by  EGF  I  and  50%  by  EGF  V.

PLM  Financial  Services  Inc., (FSI) is the General Partner of EGF I and EGF V.
FSI  is  a  wholly-owned  subsidiary  of  PLM  International,  Inc.

The  marine  vessel was purchased in December 1990 for $14.9 million.  EGF I and
EGF  V  paid  acquisition  fees  totaling  of  $0.8  million  to FSI, which were
capitalized  as  part  of  the  cost  of  the  marine  vessel.

     Estimates
     ---------

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.  All
amounts  for  the  year  ended  December  31,  2000  are  unaudited.

     Operations
     ----------

The  marine  vessel  in the Partnership is managed under a continuing management
agreement by PLM Investment Management, Inc. (IMI), a wholly-owned subsidiary of
FSI.  IMI  receives  a  monthly management fee from the Partnership for managing
the  marine  vessel  (Note 3).  FSI, in conjunction with its subsidiaries, sells
equipment  to  investor  programs  and  third  parties,  manages  pools  of
transportation  equipment  under  agreements  with investor programs, and is the
general  partner  of  other  limited  partnerships.

     Cash  and  Cash  Equivalents
     ----------------------------

All  cash generated from operations is distributed to the partners; accordingly,
the  Partnership  has  no  cash  balance  at  December  31,  2002  and  2001.

     Accounting  for  Leases
     -----------------------

The  marine  vessel  in the Partnership is leased under operating leases.  Under
the  operating  lease method of accounting, the leased asset is recorded at cost
and  depreciated over its estimated useful life. Rental payments are recorded as
revenue  over the lease term as earned in accordance with Statement of Financial
Accounting  Standards  No.  13,  "Accounting  for  Leases".

<PAGE>
                               CLEMENT PARTNERSHIP
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

1.     Summary  of  Significant  Accounting  Policies  (continued)
       ----------------------------------------------

     Depreciation
     ------------

Depreciation of the marine vessel is computed using 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.  The depreciation method changed to
straight-line  when  the  annual  depreciation  expense  using the straight-line
method  exceeded  that  calculated  by  the  double-declining  balance  method.
Acquisition  fees  of  $0.8  million, that were paid to FSI, were capitalized as
part  of the cost of the marine vessel.  Major expenditures that are expected to
extend  the  marine  vessel's  useful  life or reduce future equipment operating
expenses,  have  been  capitalized  and depreciated over the estimated remaining
life  of  the  marine  vessel.

     Marine  Vessel
     --------------

The  marine  vessel  held  for  operating  leases  is  stated  at  cost.

In  accordance  with Statement of Financial Accounting Standards (SFAS) No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
Be  Disposed Of" (SFAS No. 121), the General Partner reviewed the carrying value
of the Partnership's marine vessel at least quarterly and whenever circumstances
indicated  that the carrying value of the marine vessel would not be recoverable
due  to  expected  future market conditions.  If the projected undiscounted cash
flows  and  the  fair  market  value of the marine vessel has been less than the
carrying  value  of  the  marine  vessel,  an  impairment  loss  would have been
recorded.

In  October  2001, the Financial Accounting Standards Board issued SFAS No. 144,
"Accounting for the Impairment or Disposal of Long-Lived Assets", (SFAS No. 144)
which  replaced  SFAS No. 121.  In accordance with SFAS No. 144, the Partnership
evaluates  long-lived  assets  for  impairment  whenever events or circumstances
indicates  that  the  carrying  values  of  such  assets may not be recoverable.
Losses  for impairment are recognized when the undiscounted cash flows estimated
to  be  realized  from  a  long-lived  asset  are determined to be less than the
carrying  value  of  the  asset  and the carrying amount of the long-lived asset
exceeds  its fair value.  The determination of fair value for a given investment
requires  several  considerations, including but not limited to, income expected
to  be  earned  from  the  asset,  estimated  sales  proceeds, and holding costs
excluding interest.  The Partnership applied the new rules on accounting for the
impairment  or  disposal  of  long-lived  assets  beginning  January  1,  2002.

There  were no reductions required to the carrying value of the marine vessel in
2002,  2001  or  2000.

     Repairs  and  Maintenance
     -------------------------

Repairs  and  maintenance  for  the  marine  vessel  are  the  obligation of the
Partnership.  Costs  associated  with marine vessel drydocking are estimated and
accrued  ratably  over  the  period  prior to such drydocking.  During 2001, the
General Partner determined that, due to the age of the vessel, dry-docking would
no  longer be performed, and, accordingly the Partnership is no longer recording
an  accrual.

     Net  Income  (Loss)  and  Cash  Distribution  to  Limited  Partners
     -------------------------------------------------------------------

The  net  income  (loss) and cash distributions of the Partnership are allocated
99%  to  the  limited  partners  and  1% to the General Partner.  The net income
(loss)  and  cash  distributions  are allocated to the limited partners based on
their  percentage  of  ownership  in  the  Partnership.

Cash  distributions  are  recorded  when  declared.





                               CLEMENT PARTNERSHIP
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

1.     Summary  of  Significant  Accounting  Policies  (continued)
       ----------------------------------------------

     Comprehensive  Income  (Loss)
     -----------------------------

The  Partnership's comprehensive income (loss) is equal to net income (loss) for
the  years  ended  December  31,  2002,  2001,  and  2000.

2.     General  Partner
       ----------------

CC  contributed  $100  of the Partnership's initial capital.  CC is owned by two
shareholders:  EGF  I  owns 50% and EGF V owns 50%.  Dividends, if declared, are
paid  to  the shareholders based on the percentage of ownership each shareholder
owns.

3.     Transactions  with  Affiliates
       ------------------------------

The  equipment  management  agreement  provides  for  IMI  to  receive a monthly
management fee attributable to owned equipment equal to the lesser of (i) a) 10%
of  the  amount of cash flows from operations or b) 1/12 of  % of the book value
of  the  equipment  portfolio,  subject  to  a  reduction  in certain events, as
described  in the limited partnership agreement for EGF I and the lesser of (ii)
a)  the  fees  that  would  be charged by an independent third party for similar
services for similar equipment and (b) 5% of gross revenues for EGF V.  In 2002,
FSI  reimbursed  the  Partnership  $12,000  for  management  fees  due  to  the
Partnership's  negative cash flow during the year.  The Partnership's management
fee  expense  to  affiliate  was $0.1 million, and $0.3 million during 2001, and
2000,  respectively.  The Partnership reimbursed FSI and its affiliates $42,000,
$0.1  million,  and  $0.1 million during 2002, 2001, and 2000, respectively, for
data  processing  and  administrative  expenses  directly  attributable  to  the
Partnership.

At  December 31, 2002 and 2001, receivable from affiliates was $27,000 and $-0-,
respectively,  representing  reimbursement  to  management  fees.

Partnership  management fees payable to IMI were $-0- and $48,000 as of December
31,  2002  and  2001,  respectively.

4.     Marine  Vessel  on  Lease
       -------------------------

The  Partnership's  marine  vessel  is  leased  to  multiple operators on a time
charter  basis.  In  such  instances,  revenues are earned from each lessee that
hires  the  marine  vessel  for  a  specific  voyage.

The  marine  vessel's leases are being accounted for as operating leases.  There
are  no future minimum rentals under non-cancelable leases at December 31, 2002.
Per  diem  and  short-term rentals consisting of utilization rate lease payments
included  in  lease  revenues  amounted to $3.3 million in 2002, $4.1 million in
2001,  and  $8.1  million  in  2000.

5.     Geographic  Information
       -----------------------

The  Partnership's  marine  vessel  is  leased  to multiple lessees in different
regions  that  operate  worldwide.

6.     Income  Taxes
       -------------

The  Partnership  is  not  subject  to  income  taxes,  as any income or loss is
included  in  the  tax  returns  of  the  individual partners owning the Limited
Partners.  Accordingly,  no  provision  for  income  taxes  has been made in the
financial  statements  of  the  Partnership.



<PAGE>

                               CLEMENT PARTNERSHIP
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

6.     Income  Taxes  (continued)
       -------------

As  of  December 31, 2002, the financial statement carrying amount of assets and
liabilities  was  approximately  $5.4  million lower than the federal income tax
basis  of  such  assets  and  liabilities,  primarily  due  to  differences  in
depreciation  methods.

7.     Concentrations  of  Credit  Risk
       --------------------------------

Financial  instruments,  which  potentially  subject  the  Partnership  to
concentrations  of  credit  risk,  consist  principally  of accounts receivable.

The  Partnership's  lessees that accounted for 10% or more of the total revenues
for  the marine vessel during the past three years were: Newton (44% in 2002 and
14%  in 2001), Vitol (29% in 2002, 65% in 2001, and 50% in 2000), Laguna (15% in
2002),  Candy (11% in 2001), Reliance (10% in 2001),  Chemoil (17% in 2000), and
Trafigura  (15%  in  2000).

As  of  December  31,  2002, the General Partner believes the Partnership had no
other  significant  concentrations  of  credit  risk  that could have a material
adverse  effect  on  the  Partnership.

8.     Capital  Contribution
       ---------------------

In  2002,  EGF  I  and EGF V each contributed $0.7 million to the Partnership to
fund  its  operations.

9.     Subsequent  Event
       -----------------

In  the  first  quarter of 2003, the General Partner sold this marine vessel for
net  proceeds  of  approximately  $2.3  million.