May 21, 1997

Dear Fellow Stockholder:

         In our  effort to keep you  informed,  the  following  is a copy of our
press release  announcing  the decision by your Board of Directors not to pursue
the expression of interest from Equis  Financial  Group to purchase your company
for $5.00 per share:

FOR IMMEDIATE RELEASE

San   Francisco,   California,   May  20,  1997  --  San  Francisco   based  PLM
International,  Inc.  (ASE:PLM)  today announced that its Board of Directors has
decided not to pursue the  expression  of interest  from Equis  Financial  Group
Limited  Partnership to acquire all of the outstanding shares of common stock of
PLM  International  through a "cash-out  merger" at $5.00 per share. The Board's
decision was based on numerous  factors,  including the current stock price, the
Company's strategic plan and advice from its financial and legal advisors.

PLM International  President and Chief Executive Officer Robert N. Tidball said,
"We intend to continue our efforts to build value through our strategic plan. We
are also committed to our previously announced stock repurchase program and have
engaged Josephthal Lyon & Ross Incorporated to assist the Board in its review of
financial and strategic alternatives."

PLM  International  is a diversified  equipment  leasing and management  company
providing services to transportation, industrial, and commercial companies. With
a  combined  owned and  managed  portfolio  of  approximately  $1.3  billion  in
equipment,  PLM International operates one of the 25 largest asset leasing pools
in the United  States  today.  The Company  specializes  in  creating  equipment
leasing solutions for domestic and international customers.

                                # # #

         Once again we urge you NOT to return the GREEN proxy card  solicited by
Equis,  and to support your current Board of Directors.  PLEASE SIGN,  DATE, AND
MAIL THE WHITE PROXY CARD TODAY.

         Should  you  have  any  questions,  please  contact  PLM  International
Investor  Services at (800)  626-7549 or MacKenzie  Partners at (800)  322-2885.
Thank you for your continued support.

                                  Sincerely,
                                  /s/ Robert N. Tidball
                                  --------------------------------------
                                  Robert N. Tidball
                                  President and Chief Executive Officer