MD-82 TRUST S/N 49183
                                    (A TRUST)

                              FINANCIAL STATEMENTS



<PAGE>








INDEPENDENT  AUDITORS'  REPORT






The  Owners
MD-82  Trust  S/N  49183

We have audited the accompanying balance sheet of the MD-82 Trust S/N 49183 (the
"Trust")  as  of  December  31,  2002, and the related statements of operations,
changes  in owners' equity (deficiency), and cash flows for the year then ended.
These  financial  statements  are  the responsibility of the Trust'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.

In  our  opinion,  such  financial  statements  present  fairly, in all material
respects,  the  financial position of the Trust as of December 31, 2002, and the
results  of  its  operations  and  its  cash  flows  for  the year 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>

                              MD-82 TRUST S/N 49183
                                    (A TRUST)
                                 BALANCE SHEETS
                                  DECEMBER 31,
                            (in thousands of dollars)




<TABLE>
<CAPTION>


                                                   2002       2001
                                                          (unaudited)
---------------------------------------------------------------------
ASSETS
<S>                                              <C>        <C>
Aircraft equipment held for lease, at cost. . .  $ 13,957   $ 13,957
Less accumulated depreciation . . . . . . . . .   (13,957)   (13,957)
                                                 ---------  ---------
    Net equipment . . . . . . . . . . . . . . .        --         --
                                                 ---------  ---------

      Total assets. . . . . . . . . . . . . . .  $     --   $     --
                                                 =========  =========

LIABILITIES AND OWNERS' DEFICIENCY

Liabilities:
Accounts payable and accrued expenses . . . . .  $      1   $      7
Due to affiliates . . . . . . . . . . . . . . .         5          5
                                                 ---------  ---------
  Total liabilities . . . . . . . . . . . . . .         6         12


Owners' deficiency. . . . . . . . . . . . . . .        (6)       (12)
                                                 ---------  ---------

      Total liabilities and owners' deficiency.  $     --   $     --
                                                 =========  =========
</TABLE>
























                 See accompanying notes to financial statements.

<PAGE>

                              MD-82 TRUST S/N 49183
                                    (A TRUST)
                            STATEMENTS OF OPERATIONS
                        FOR THE YEARS ENDED DECEMBER 31,
                            (in thousands of dollars)




<TABLE>
<CAPTION>


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

Lease revenue. . . . . . . . . . . . .  $     1,260   $1,468   $2,400
Interest income. . . . . . . . . . . .           --        9        1
                                        ------------  -------  ------
  Total revenues . . . . . . . . . . .        1,260    1,477    2,401
                                        ------------  -------  ------

EXPENSES

Depreciation and amortization expense.           --    1,762    1,762
Equipment operating expenses . . . . .           (1)       7       --
Management fees to affiliate . . . . .           63       73      120
Insurance expense. . . . . . . . . . .           --       19       23
Administrative expenses to affiliates.           12       44       27
Administrative expenses. . . . . . . .            3        9        4
                                        ------------  -------  ------
  Total expenses . . . . . . . . . . .           77    1,914    1,936
                                        ------------  -------  ------

      Net income (loss). . . . . . . .  $     1,183   $ (437)  $  465
                                        ============  =======  ======
</TABLE>
























                 See accompanying notes to financial statements.

<PAGE>

                              MD-82 TRUST S/N 49183
                                    (A TRUST)
              STATEMENTS OF CHANGES IN OWNERS' EQUITY (DEFICIENCY)
              FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
                            (in thousands of dollars)




<TABLE>
<CAPTION>

<S>                                                <C>



  Owners' equity at December 31, 1999 (unaudited)  $ 3,704

Net income (unaudited). . . . . . . . . . . . . .      465

Distributions paid (unaudited). . . . . . . . . .   (2,226)
                                                   --------

  Owners' equity at December 31, 2000 (unaudited)    1,943

Net loss (unaudited). . . . . . . . . . . . . . .     (437)

Distributions paid (unaudited). . . . . . . . . .   (1,518)
                                                   --------

  Owners' deficiency at December 31, 2001
     (unaudited). . . . . . . . . . . . . . . . .      (12)

Net income. . . . . . . . . . . . . . . . . . . .    1,183

Distributions paid. . . . . . . . . . . . . . . .   (1,177)
                                                   --------

  Owners' deficiency at December 31, 2002 . . . .  $    (6)
                                                   ========
</TABLE>






















                 See accompanying notes to financial statements.

<PAGE>

                              MD-82 TRUST S/N 49183
                                    (A TRUST)
                            STATEMENTS OF CASH FLOWS
                        FOR THE YEARS ENDED DECEMBER 31,
                            (in thousands of dollars)

<TABLE>
<CAPTION>





                                                             2002        2001      2000
                                                                  (unaudited)(unaudited)
----------------------------------------------------------------------------------------
<S>                                                      <C>           <C>       <C>
OPERATING ACTIVITIES

Net income (loss) . . . . . . . . . . . . . . . . . . .  $     1,183   $  (437)  $   465
Adjustments to reconcile net income (loss) to net cash
    provided by (used in) operating activities:
  Depreciation and amortization . . . . . . . . . . . .           --     1,762     1,762
  Changes in operating assets and liabilities:
    Accounts receivable . . . . . . . . . . . . . . . .           --       200        --
    Prepaid expenses. . . . . . . . . . . . . . . . . .           --         1        --
    Accounts payable and accrued expenses . . . . . . .           (6)        7        (1)
    Due to affiliates . . . . . . . . . . . . . . . . .           --       (15)       --
                                                         ------------  --------  --------
      Net cash provided by operating activities . . . .        1,177     1,518     2,226
                                                         ------------  --------  --------

FINANCING ACTIVITIES

Distributions paid. . . . . . . . . . . . . . . . . . .       (1,177)   (1,518)   (2,226)
                                                         ------------  --------  --------
      Net cash used in financing activities . . . . . .       (1,177)   (1,518)   (2,226)
                                                         ------------  --------  --------

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>

                              MD-82 TRUST S/N 49183
                                    (A TRUST)
                          NOTES TO FINANCIAL STATEMENTS

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

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

     In  January  1998,  PLM  Equipment  Growth  &  Income Fund VII (EGF VII), a
California  limited partnership, and Professional Lease Management Income Fund I
(Fund I), a Delaware Limited Liability Company (the Owners), and MD-82 Trust S/N
49183  (the  "Trust")  entered  into  a  Trust  Agreement  under  which  PLM
Transportation  Equipment  Corp.  (TEC),  a  wholly-owned  subsidiary  of  PLM
International,  Inc.,  acts  as  trustee  for the benefit of the Owners as equal
co-beneficiaries.  The  Trust  was  established for the purpose of purchasing an
MD-82  stage III commercial aircraft.  The Trust has no employees nor operations
other  than the operation of the MD-82 stage III commercial aircraft.  The Trust
estate  is  owned  50%  by  EGF  VII  and  50%  by  Fund  I.

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

     The aircraft was purchased in January 1998 for $13.7 million.  EGF VII paid
acquisition  fees  of  $0.3  million  and lease negotiation fees of $0.1 million
during  1998  to  FSI.  No  fees  were  paid  by  Fund  I.

The  aircraft  in  the  Trust  is leased to American Airlines for $0.1 million a
month  through  November  2008.

     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.

     Operations
     ----------

The  aircraft in the Trust is managed under a continuing management agreement by
PLM  Investment  Management,  Inc. (IMI), a wholly-owned subsidiary of FSI.  The
Trust  pays  a monthly management fee to IMI 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.

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

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

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

     The  aircraft under the Trust is leased under an operating lease with fixed
monthly  payments.  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 in accordance with
Financial  Accounting  Standards Board Statement No. 13 "Accounting for Leases".
Lease  origination  costs  are  amortized  over  the  related  lease  period.

<PAGE>

                              MD-82 TRUST S/N 49183
                                    (A TRUST)
                          NOTES TO FINANCIAL STATEMENTS

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

     Depreciation  and  Amortization
     -------------------------------

Depreciation  of  aircraft  equipment  was  computed  using the double-declining
balance  method, taking a full month's depreciation in the month of acquisition.
Since  this aircraft was manufactured in 1983, it was fifteen years old when the
Trust  purchased it in January 1998, nearing the end of it's economic life.  The
decision  was to depreciate this aircraft based upon an an estimated useful life
of  4 years, the term of the original lease.  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  $0.3 million, which were paid to FSI, were capitalized as
part of the cost of the equipment and depreciated over the life of the aircraft.
Lease  negotiation  fees of $0.1 million were amortized based on the term of the
initial  lease.

     Aircraft
     --------

Aircraft  equipment  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), FSI reviewed the carrying value of the Trust's
aircraft  at  least  quarterly  and  whenever  circumstances  indicated that the
carrying  value  of the aircraft would not be recoverable due to expected future
market  conditions.  If the projected undiscounted cash flows and the fair value
of  the  aircraft  had  been  less  than  the carrying value of the aircraft, 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 Trust
evaluates  long-lived  assets  for  impairment  whenever events or circumstances
indicate 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 long-lived assets 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
Trust  applied  the  new  rules  on accounting for the impairment or disposal of
long-lived  assets  beginning  January  1,  2002.

The  estimate  of the fair value of the Trust's aircraft is based on the opinion
of  the  Trust's  aircraft  managers  using  data,  reasoning  and  analysis  of
prevailing  market  conditions  of similar aircraft, data from recent purchases,
independent  third  party  valuations  and discounted cash flows.  The events of
September  11, 2001, along with the change in general economic conditions in the
United States, have continued to adversely affect the market demand for both new
and  used  commercial  aircraft  and  weakened the financial position of several
airlines.  Aircraft  condition,  age,  passenger  capacity, distance capability,
fuel efficiency, and other factors influence market demand and market values for
passenger  jet  aircraft.

No  impairments  to  the  aircraft  were  required  in  2002,  2001,  or  2000.

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

Repairs  and  maintenance  for  the  aircraft  are the obligation of the lessee.

<PAGE>

                              MD-82 TRUST S/N 49183
                                    (A TRUST)
                          NOTES TO FINANCIAL STATEMENTS

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

     Net  Income  (Loss)  and  Cash  Distributions  to  Owners
     ---------------------------------------------------------

The  net  income (loss) and cash distributions of the Trust are allocated to the
Owners.  The  net  income or  loss is generally allocated to the Owners based on
their percentage of ownership in the Trust.  Certain depreciable and amortizable
amounts  are  allocated specifically to each of the Owners, such as depreciation
on  acquisition  fees  and  amortization  on  lease  negotiation  fees.  Cash
distributions  are  allocated  50%  to  EGF  VII  and  50%  to  Fund  I.

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

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

2.     Transactions  with  Affiliates
       ------------------------------

The  equipment  management agreement provides for the Trust to pay IMI a monthly
management  fee  equal to the lesser of (i) the fees that would be charged by an
independent third party for similar services for similar equipment or (ii) 5% of
the  gross lease revenues attributable to equipment that is subject to operating
leases.  The Trust's management fee expense to affiliate was $0.1 million during
2002,  2001,  and  2000,  respectively.

The Trust reimbursed FSI and its affiliates $12,000, $44,000, and $27,000 during
2002,  2001,  and  2000,  respectively,  for  data processing and administrative
expenses  directly  attributable  to  the  Trust.

The  balance  due  to  affiliates of $5,000 as of December 31, 2002 and 2001 was
payable  to  IMI  for  management  fees.

3.     Equipment
       ---------

Lease  revenues  are  earned  by placing the aircraft on an operating lease.  In
April  2001,  a  fixed  rate  lease  expiring  in  2008 was signed with American
Airlines.

The  aircraft  in the Trust is used as collateral against the senior loan of the
Owners.

The  aircraft  lease  is  accounted  for  as an operating lease.  Future minimum
rentals  under  noncancelable  operating leases, as of December 31, 2002, during
each  of  the  next  five years are: $1.3 million in 2003, $1.3 million in 2004,
$1.3  million  in  2005,  $1.3  million  in  2006, $1.3 million in 2007 and $1.2
million  thereafter.

4.     Geographic  Information
       -----------------------

As  of  December 31, 2002, 2001 and 2000, the aircraft in the Trust was on lease
to  a  lessee  domiciled  in  the  United  States.

The  net  book  value of the aircraft was $-0- as of December 31, 2002 and 2001.

<PAGE>

                              MD-82 TRUST S/N 49183
                                    (A TRUST)
                          NOTES TO FINANCIAL STATEMENTS

5.     Income  Taxes
       -------------

The  Trust  is not subject to income taxes, as any income or loss is included in
the  tax  return  of  the  individual  partners  and  members.  Accordingly,  no
provision  for  income  taxes  has  been made in the financial statements of the
Trust.

As  of  December 31, 2002, the financial statement carrying amount of assets and
liabilities  was  approximately  $2.9  million lower than the federal income tax
basis  of  such  assets  and  liabilities,  primarily  due  to  differences  in
depreciation  methods.

6.          Concentrations  of  Credit  Risk
            --------------------------------

For  the years ended December 31, 2002, 2001, and 2000, the Trust's lessees that
accounted for more than 10% of revenues were American Airlines (100% in 2002 and
59%  in  2001)  and  Trans  World  Airlines  (41%  in  2001  and  100% in 2000).

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