|   | R | QUARTERLY REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934. |
|--------|---|----------------------------------------------------------------------------------------------------|

|   | £ | TRANSITION REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934. |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|                  |                                                                |                                   |
|-----------------------|---------------------------------------------------------------------|----------------------------------------|
| CommissionFile Number | Registrant,      State of Incorporation,Address and TelephoneNumber | I.R.S.      EmployerIdentification No. |
|                  |                                                                |                                   |
|                  |                                                                     |                                   |
|                  |                                                                |                                   |
| 1-11255               | AMERCO                                                              | 88-0106815                             |
|                  | (A      Nevada Corporation)                                         |                                   |
|                  | 1325      Airmotive Way, Ste. 100                                   |                                   |
|                  | Reno,      Nevada 89502-3239                                        |                                   |
|                  | Telephone      (775) 688-6300                                       |                                   |
|                  |                                                                |                                   |

----

|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Page No.           |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|
|          | PART      I FINANCIAL INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |               |
| Item      1.  | Financial      Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |               |
|          | a)Condensed Consolidated Balance      Sheets as of September 30, 2008 (unaudited)      and March 31, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 1                  |
|          | b)Condensed Consolidated      Statements of Operations for the Quarters ended      September 30, 2008 and      2007 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2                  |
|          | c)Condensed Consolidated      Statements of Operations for the Six Months ended September 30,      2008 and 2007      (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 3                  |
|          | d)Condensed Consolidated      Statements of Comprehensive Income for the Quarters and the Six Months ended September 30,      2008 and 2007      (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 4                  |
|          | e)Condensed Consolidated      Statements of Cash Flows for the Six      Months ended September 30,      2008 and 2007      (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 5                  |
|          | f)Notes to Condensed      Consolidated Financial Statements      (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 6 –      34  |
| Item      2.  | Management’s Discussion and      Analysis of Financial Condition and Results of      Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 35      – 52 |
| Item      3.  | Quantitative and Qualitative      Disclosures About Market      Risk                                                                                                                  | 52      – 53 |
| Item      4.  | Controls and      Procedures                                                                                                                                                          | 54                 |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |               |
|          | PART      II OTHER INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |               |
| Item      1.  | Legal      Proceedings                                                                                                                                                                | 55                 |
| Item      1A. | Risk      Factors                                                                                                                                                                     | 55                 |
| Item      2.  | Unregistered Sales of      Equity Securities and Use of      Proceeds                                                                                                                 | 56                 |
| Item      3.  | Defaults Upon Senior      Securities                                                                                                                                                  | 56                 |
| Item      4.  | Submission of Matters to      a Vote of Security      Holders                                                                                                                         | 57                 |
| Item      5.  | Other      Information                                                                                                                                                                | 57                 |
| Item      6.  | Exhibits                                                                                                                                                                              | 57                 |

----

ITEM1. 

|                                                                                       |   | September      30,  |       |   | March      31, |   |
|--------------------------------------------------------------------------------------------|--------|---------------------|------------|--------|----------------|--------|
|                                                                                       |   | 2008                |       |   | 2008           |   |
|                                                                                       |   | (Unaudited)         |       |   |           |   |
|                                                                                       |   | (In      thousands) |       |
| ASSETS                                                                                     |   |                |       |   |           |   |
| Cash      and cash equivalents                                                             |   | $                   | 363,130    |   |           | $      | 206,622 |   |
| Reinsurance      recoverables and trade receivables, net                                   |   |                | 195,315    |   |           |   | 201,116 |   |
| Notes      and mortgage receivables, net                                                   |   |                | 2,452      |   |           |   | 2,088 |   |
| Inventories,      net                                                                      |   |                | 77,348     |   |           |   | 65,349 |   |
| Prepaid      expenses                                                                      |   |                | 57,923     |   |           |   | 56,159 |   |
| Investments,      fixed maturities and marketable equities                                 |   |                | 567,132    |   |           |   | 633,784 |   |
| Investments,      other                                                                    |   |                | 225,325    |   |           |   | 185,591 |   |
| Deferred      policy acquisition costs, net                                                |   |                | 40,143     |   |           |   | 35,578 |   |
| Other      assets                                                                          |   |                | 122,652    |   |           |   | 131,138 |   |
| Related      party assets                                                                  |   |                | 292,259    |   |           |   | 303,886 |   |
|                                                                                       |   |                | 1,943,679  |   |           |   | 1,821,311 |   |
| Property,      plant and equipment, at cost:                                               |   |                |       |   |           |   |   |   |
| Land                                                                                       |   |                | 210,427    |   |           |   | 208,164 |   |
| Buildings      and improvements                                                            |   |                | 897,714    |   |           |   | 859,882 |   |
| Furniture      and equipment                                                               |   |                | 319,832    |   |           |   | 309,960 |   |
| Rental      trailers and other rental equipment                                            |   |                | 207,313    |   |           |   | 205,572 |   |
| Rental      trucks                                                                         |   |                | 1,707,517  |   |           |   | 1,734,425 |   |
|                                                                                       |   |                | 3,342,803  |   |           |   | 3,318,003 |   |
| Less:      Accumulated depreciation                                                        |   |                | (1,308,986 | )      |           |   | (1,306,827 | ) |
| Total      property, plant and equipment                                                   |   |                | 2,033,817  |   |           |   | 2,011,176 |   |
| Total      assets                                                                          |   | $                   | 3,977,496  |   |           | $      | 3,832,487 |   |
| LIABILITIES      AND STOCKHOLDERS' EQUITY                                                  |   |                |       |   |           |   |   |   |
| Liabilities:                                                                               |   |                |       |   |           |   |   |   |
| Accounts      payable and accrued expenses                                                 |   | $                   | 280,620    |   |           | $      | 292,526 |   |
| AMERCO's      notes, loans and leases payable                                              |   |                | 1,575,012  |   |           |   | 1,504,677 |   |
| Policy      benefits and losses, claims and loss expenses payable                          |   |                | 776,026    |   |           |   | 789,374 |   |
| Liabilities      from investment contracts                                                 |   |                | 321,839    |   |           |   | 339,198 |   |
| Other      policyholders' funds and liabilities                                            |   |                | 10,300     |   |           |   | 10,467 |   |
| Deferred      income                                                                       |   |                | 12,266     |   |           |   | 11,781 |   |
| Deferred      income taxes                                                                 |   |                | 169,621    |   |           |   | 126,033 |   |
| Total      liabilities                                                                     |   |                | 3,145,684  |   |           |   | 3,074,056 |   |
| Commitments      and contingencies (notes 3, 6, 7 and 8)                                   |   |                |       |   |           |   |   |   |
| Stockholders'      equity:                                                                 |   |                |       |   |           |   |   |   |
| Series      preferred stock, with or without par value, 50,000,000 shares      authorized: |   |                |       |   |           |   |   |   |
| Series      A preferred stock, with no par value, 6,100,000 shares      authorized;        |   |                |       |   |           |   |   |   |
| 6,100,000      shares issued and outstanding as of September 30 and March 31,      2008    |   |                | -          |   |           |   | - |   |
| Series      B preferred stock, with no par value, 100,000 shares authorized;      none     |   |                |       |   |           |   |   |   |
| issued      and outstanding as of September 30 and March 31, 2008                          |   |                | -          |   |           |   | - |   |
| Series      common stock, with or without par value, 150,000,000 shares      authorized:   |   |                |       |   |           |   |   |   |
| Series      A common stock of $0.25 par value, 10,000,000 shares      authorized;          |   |                |       |   |           |   |   |   |
| none      issued and outstanding as of September 30 and March 31,    2008                  |   |                | -          |   |           |   | - |   |
| Common      stock of $0.25 par value, 150,000,000 shares authorized;      41,985,700       |   |                |       |   |           |   |   |   |
| issued      as of September 30 and March 31, 2008                                          |   |                | 10,497     |   |           |   | 10,497 |   |
| Additional      paid-in capital                                                            |   |                | 420,151    |   |           |   | 419,370 |   |
| Accumulated      other comprehensive loss                                                  |   |                | (49,819    | )      |           |   | (55,279 | ) |
| Retained      earnings                                                                     |   |                | 982,583    |   |           |   | 915,415 |   |
| Cost      of common shares in treasury, net (22,370,065 shares as of                       |   |                |       |   |           |   |   |   |
| September      30 and 22,354,386 shares as of March 31, 2008)                              |   |                | (525,336   | )      |           |   | (524,677 | ) |
| Unearned      employee stock ownership plan shares                                         |   |                | (6,264     | )      |           |   | (6,895 | ) |
| Total      stockholders' equity                                                            |   |                | 831,812    |   |           |   | 758,431 |   |
| Total      liabilities and stockholders' equity                                            |   | $                   | 3,977,496  |   |           | $      | 3,832,487 |   |

----

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OFOPERATIONS

|                                                               |   | Quarter      Ended September 30,                        |       |
|--------------------------------------------------------------------|--------|---------------------------------------------------------|------------|
|                                                               |   | 2008                                                    |       |   | 2007 |   |
|                                                               |   | (Unaudited)                                             |       |
|                                                               |   | (In      thousands, except share and per share amounts) |       |
| Revenues:                                                          |   |                                                    |       |   |   |   |
| Self-moving      equipment rentals                                 |   | $                                                       | 439,244    |   |   | $ | 435,786 |   |
| Self-storage      revenues                                         |   |                                                    | 27,901     |   |   |   | 33,088 |   |
| Self-moving      and self-storage products and service sales       |   |                                                    | 58,296     |   |   |   | 62,554 |   |
| Property      management fees                                      |   |                                                    | 4,721      |   |   |   | 3,993 |   |
| Life      insurance premiums                                       |   |                                                    | 27,099     |   |   |   | 27,937 |   |
| Property      and casualty insurance premiums                      |   |                                                    | 7,359      |   |   |   | 7,332 |   |
| Net      investment and interest income                            |   |                                                    | 14,983     |   |   |   | 16,373 |   |
| Other      revenue                                                 |   |                                                    | 11,892     |   |   |   | 9,279 |   |
| Total      revenues                                                |   |                                                    | 591,495    |   |   |   | 596,342 |   |
|                                                               |   |                                                    |       |   |   |   |   |   |
| Costs      and expenses:                                           |   |                                                    |       |   |   |   |   |   |
| Operating      expenses                                            |   |                                                    | 274,288    |   |   |   | 284,857 |   |
| Commission      expenses                                           |   |                                                    | 54,082     |   |   |   | 49,481 |   |
| Cost      of sales                                                 |   |                                                    | 32,642     |   |   |   | 33,943 |   |
| Benefits      and losses                                           |   |                                                    | 27,673     |   |   |   | 25,592 |   |
| Amortization      of deferred policy acquisition costs             |   |                                                    | 2,338      |   |   |   | 3,266 |   |
| Lease      expense                                                 |   |                                                    | 38,516     |   |   |   | 34,377 |   |
| Depreciation,      net of (gains) losses on disposals              |   |                                                    | 66,434     |   |   |   | 55,746 |   |
| Total      costs and expenses                                      |   |                                                    | 495,973    |   |   |   | 487,262 |   |
|                                                               |   |                                                    |       |   |   |   |   |   |
| Earnings      from operations                                      |   |                                                    | 95,522     |   |   |   | 109,080 |   |
| Interest      expense                                              |   |                                                    | (24,930    | ) |   |   | (27,449 | ) |
| Pretax      earnings                                               |   |                                                    | 70,592     |   |   |   | 81,631 |   |
| Income      tax expense                                            |   |                                                    | (26,768    | ) |   |   | (31,157 | ) |
| Net      earnings                                                  |   |                                                    | 43,824     |   |   |   | 50,474 |   |
| Less:      Preferred stock dividends                               |   |                                                    | (3,241     | ) |   |   | (3,241 | ) |
| Earnings      available to common shareholders                     |   | $                                                       | 40,583     |   |   | $ | 47,233 |   |
| Basic      and diluted earnings per common share                   |   | $                                                       | 2.10       |   |   | $ | 2.39 |   |
| Weighted      average common shares outstanding: Basic and diluted |   |                                                    | 19,351,322 |   |   |   | 19,733,755 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                               |   | Six      Months Ended September 30,                     |       |
|--------------------------------------------------------------------|--------|---------------------------------------------------------|------------|
|                                                               |   | 2008                                                    |       |   | 2007 |   |
|                                                               |   | (Unaudited)                                             |       |
|                                                               |   | (In      thousands, except share and per share amounts) |       |
| Revenues:                                                          |   |                                                    |       |   |   |   |
| Self-moving      equipment rentals                                 |   | $                                                       | 829,273    |   |   | $ | 828,303 |   |
| Self-storage      revenues                                         |   |                                                    | 55,452     |   |   |   | 65,124 |   |
| Self-moving      and self-storage products and service sales       |   |                                                    | 120,852    |   |   |   | 131,209 |   |
| Property      management fees                                      |   |                                                    | 9,437      |   |   |   | 7,940 |   |
| Life      insurance premiums                                       |   |                                                    | 54,016     |   |   |   | 57,124 |   |
| Property      and casualty insurance premiums                      |   |                                                    | 13,483     |   |   |   | 13,248 |   |
| Net      investment and interest income                            |   |                                                    | 29,579     |   |   |   | 30,687 |   |
| Other      revenue                                                 |   |                                                    | 22,197     |   |   |   | 16,982 |   |
| Total      revenues                                                |   |                                                    | 1,134,289  |   |   |   | 1,150,617 |   |
|                                                               |   |                                                    |       |   |   |   |   |   |
| Costs      and expenses:                                           |   |                                                    |       |   |   |   |   |   |
| Operating      expenses                                            |   |                                                    | 533,559    |   |   |   | 558,058 |   |
| Commission      expenses                                           |   |                                                    | 102,047    |   |   |   | 93,785 |   |
| Cost      of sales                                                 |   |                                                    | 67,627     |   |   |   | 68,591 |   |
| Benefits      and losses                                           |   |                                                    | 54,990     |   |   |   | 54,869 |   |
| Amortization      of deferred policy acquisition costs             |   |                                                    | 4,426      |   |   |   | 7,183 |   |
| Lease      expense                                                 |   |                                                    | 73,084     |   |   |   | 67,036 |   |
| Depreciation,      net of (gains) losses on disposals              |   |                                                    | 131,372    |   |   |   | 100,011 |   |
| Total      costs and expenses                                      |   |                                                    | 967,105    |   |   |   | 949,533 |   |
|                                                               |   |                                                    |       |   |   |   |   |   |
| Earnings      from operations                                      |   |                                                    | 167,184    |   |   |   | 201,084 |   |
| Interest      expense                                              |   |                                                    | (48,774    | ) |   |   | (51,165 | ) |
| Pretax      earnings                                               |   |                                                    | 118,410    |   |   |   | 149,919 |   |
| Income      tax expense                                            |   |                                                    | (44,760    | ) |   |   | (57,693 | ) |
| Net      earnings                                                  |   |                                                    | 73,650     |   |   |   | 92,226 |   |
| Less:      Preferred stock dividends                               |   |                                                    | (6,482     | ) |   |   | (6,482 | ) |
| Earnings      available to common shareholders                     |   | $                                                       | 67,168     |   |   | $ | 85,744 |   |
| Basic      and diluted earnings per common share                   |   | $                                                       | 3.47       |   |   | $ | 4.32 |   |
| Weighted      average common shares outstanding: Basic and diluted |   |                                                    | 19,346,943 |   |   |   | 19,850,874 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVEINCOME

|                                                |   | Quarter      Ended September 30, |   |
|-----------------------------------------------------|--------|----------------------------------|--------|
|                                                |   | 2008                             |   |   | 2007 |   |
|                                                |   | (Unaudited)                      |   |
|                                                |   | (In      thousands)              |   |
| Comprehensive      income:                          |   |                             |   |   |   |   |
| Net      earnings                                   |   | $                                | 43,824 |   |   | $ | 50,474 |   |
| Other      comprehensive income (loss), net of tax: |   |                             |   |   |   |   |   |   |
| Foreign      currency translation                   |   |                             | (3,475 | ) |   |   | 6,252 |   |
| Unrealized      loss on investments                 |   |                             | (4,152 | ) |   |   | (2,507 | ) |
| Change      in fair value of cash flow hedges       |   |                             | (1,968 | ) |   |   | (9,630 | ) |
| Total      comprehensive income                     |   | $                                | 34,229 |   |   | $ | 44,589 |   |

|                                                |   | Six      Months Ended September 30, |   |
|-----------------------------------------------------|--------|-------------------------------------|--------|
|                                                |   | 2008                                |   |   | 2007 |   |
|                                                |   | (Unaudited)                         |   |
|                                                |   | (In      thousands)                 |   |
| Comprehensive      income:                          |   |                                |   |   |   |   |
| Net      earnings                                   |   | $                                   | 73,650 |   |   | $ | 92,226 |   |
| Other      comprehensive income (loss), net of tax: |   |                                |   |   |   |   |   |   |
| Foreign      currency translation                   |   |                                | (2,293 | ) |   |   | 11,879 |   |
| Unrealized      loss on investments                 |   |                                | (3,674 | ) |   |   | (1,287 | ) |
| Change      in fair value of cash flow hedges       |   |                                | 11,427 |   |   |   | (1,441 | ) |
| Total      comprehensive income                     |   | $                                   | 79,110 |   |   | $ | 101,377 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                             |   | Six      Months Ended September 30, |     |
|----------------------------------------------------------------------------------|--------|-------------------------------------|----------|
|                                                                             |   | 2008                                |     |   | 2007 |   |
|                                                                             |   | (Unaudited)                         |     |
|                                                                             |   | (In      thousands)                 |     |
|  Cash      flow from operating activities:                                  |   |                                |     |   |   |   |
|  Net      earnings                                                          |   | $                                   | 73,650   |   |   | $ | 92,226 |   |
|  Adjustments      to reconcile net earnings to cash provided by operations: |   |                                |     |   |   |   |   |   |
|  Depreciation                                                               |   |                                | 121,920  |   |   |   | 113,194 |   |
|  Amortization      of deferred policy acquisition costs                     |   |                                | 4,426    |   |   |   | 7,183 |   |
|  Change      in allowance for losses on trade receivables                   |   |                                | (29      | ) |   |   | 87 |   |
|  Change      in allowance for losses on mortgage notes                      |   |                                | (59      | ) |   |   | (19 | ) |
|  Change      in allowance for inventory reserves                            |   |                                | 3,603    |   |   |   | 1,281 |   |
|  Net      (gain) loss on sale of real and personal property                 |   |                                | 9,452    |   |   |   | (13,183 | ) |
|  Net      loss on sale of investments                                       |   |                                | 1        |   |   |   | 149 |   |
|  Deferred      income taxes                                                 |   |                                | 48,993   |   |   |   | 33,966 |   |
|  Net      change in other operating assets and liabilities:                 |   |                                |     |   |   |   |   |   |
| Reinsurance      recoverables and trade receivables                              |   |                                | 5,831    |   |   |   | (5,154 | ) |
| Inventories                                                                      |   |                                | (15,602  | ) |   |   | 3,181 |   |
| Prepaid      expenses                                                            |   |                                | 8,872    |   |   |   | 4,120 |   |
| Capitalization      of deferred policy acquisition costs                         |   |                                | (4,887   | ) |   |   | (2,539 | ) |
| Other      assets                                                                |   |                                | 8,835    |   |   |   | (10,373 | ) |
| Related      party assets                                                        |   |                                | 11,249   |   |   |   | 41,881 |   |
| Accounts      payable and accrued expenses                                       |   |                                | (16,199  | ) |   |   | 13,497 |   |
| Policy      benefits and losses, claims and loss expenses payable                |   |                                | (12,817  | ) |   |   | 5,066 |   |
| Other      policyholders' funds and liabilities                                  |   |                                | (746     | ) |   |   | 211 |   |
| Deferred      income                                                             |   |                                | 539      |   |   |   | (1,673 | ) |
| Related      party liabilities                                                   |   |                                | (1,639   | ) |   |   | (3,411 | ) |
|  Net      cash provided by operating activities                             |   |                                | 245,393  |   |   |   | 279,690 |   |
|                                                                             |   |                                |     |   |   |   |   |   |
|  Cash      flows from investing activities:                                 |   |                                |     |   |   |   |   |   |
|  Purchases      of:                                                         |   |                                |     |   |   |   |   |   |
| Property,      plant and equipment                                               |   |                                | (224,996 | ) |   |   | (360,511 | ) |
| Short      term investments                                                      |   |                                | (216,353 | ) |   |   | (128,627 | ) |
| Fixed      maturities investments                                                |   |                                | (115,124 | ) |   |   | (45,622 | ) |
| Preferred      stock                                                             |   |                                | (2,001   | ) |   |   | - |   |
| Real      estate                                                                 |   |                                | (350     | ) |   |   | (3,441 | ) |
| Mortgage      loans                                                              |   |                                | (9,311   | ) |   |   | (4,895 | ) |
|  Proceeds      from sale of:                                                |   |                                |     |   |   |   |   |   |
| Property,      plant and equipment                                               |   |                                | 80,805   |   |   |   | 100,660 |   |
| Short      term investments                                                      |   |                                | 182,399  |   |   |   | 144,814 |   |
| Fixed      maturities investments                                                |   |                                | 173,670  |   |   |   | 61,206 |   |
| Equity      securities                                                           |   |                                | 27       |   |   |   | 46 |   |
| Preferred      stock                                                             |   |                                | -        |   |   |   | 2,625 |   |
| Real      estate                                                                 |   |                                | 704      |   |   |   | 153 |   |
| Mortgage      loans                                                              |   |                                | 2,822    |   |   |   | 4,043 |   |
| Payments      from notes and mortgage receivables                                |   |                                | 63       |   |   |   | 367 |   |
|  Net      cash used by investing activities                                 |   |                                | (127,645 | ) |   |   | (229,182 | ) |
|                                                                             |   |                                |     |   |   |   |   |   |
|  Cash      flows from financing activities:                                 |   |                                |     |   |   |   |   |   |
| Borrowings      from credit facilities                                           |   |                                | 135,330  |   |   |   | 447,620 |   |
| Principal      repayments on credit facilities                                   |   |                                | (74,320  | ) |   |   | (179,043 | ) |
| Debt      issuance costs                                                         |   |                                | (360     | ) |   |   | (9,850 | ) |
| Capital      lease payments                                                      |   |                                | (348     | ) |   |   | - |   |
| Leveraged      Employee Stock Ownership Plan - repayments from loan              |   |                                | 631      |   |   |   | 608 |   |
| Treasury      stock repurchases                                                  |   |                                | (659     | ) |   |   | (33,966 | ) |
| Securitization      deposits                                                     |   |                                | -        |   |   |   | (116,176 | ) |
| Preferred      stock dividends paid                                              |   |                                | (6,482   | ) |   |   | (6,482 | ) |
| Net      dividend from related party                                             |   |                                | 2,010    |   |   |   | - |   |
| Investment      contract deposits                                                |   |                                | 9,561    |   |   |   | 8,772 |   |
| Investment      contract withdrawals                                             |   |                                | (26,921  | ) |   |   | (34,032 | ) |
|  Net      cash provided by financing activities                             |   |                                | 38,442   |   |   |   | 77,451 |   |
|                                                                             |   |                                |     |   |   |   |   |   |
|  Effects      of exchange rate on cash                                      |   |                                | 318      |   |   |   | 113 |   |
|                                                                             |   |                                |     |   |   |   |   |   |
|  Increase      in cash equivalents                                          |   |                                | 156,508  |   |   |   | 128,072 |   |
|  Cash      and cash equivalents at the beginning of period                  |   |                                | 206,622  |   |   |   | 75,272 |   |
|  Cash      and cash equivalents at the end of period                        |   | $                                   | 363,130  |   |   | $ | 203,344 |   |

----

1.      Basis ofPresentation

----

----

|                                                                                                           |   |               |              |   |       |   |             | September      30,  |   |    | March      31, |      |
|----------------------------------------------------------------------------------------------------------------|--------|--------------------|-------------------|--------|------------|--------|------------------|---------------------|--------|---------|----------------|-----------|
|                                                                                                           |   | 2009      Rate (a) |              |   | Maturities |   |             | 2008                |   |    | 2008           |      |
|                                                                                                           |   |               |              |   |       |   |             | (Unaudited)         |   |    |           |      |
|                                                                                                           |   |               |              |   |       |   |             | (In      thousands) |   |
|                                                                                                           |   |               |              |   |       |   |             |                |   |    |           |      |
| Real      estate loan (amortizing term)                                                                        |   |               | 6.93              | %      |       | 2018   |             |                | $      | 280,000 |           |      | $ | 285,000 |   |
| Real      estate loan (revolving credit)                                                                       |   |               | 3.99              | %      |       | 2018   |             |                |   | 145,000 |           |      |   | 100,000 |   |
| Senior      mortgages                                                                                          |   |               | 5.19%      - 5.75 | %      |       |   | 2009      - 2015 |                |   |    | 505,946        |      |   |   | 511,818 |   |
| Construction      loan (revolving credit)                                                                      |   |               | 3.99              | %      |       | 2009   |             |                |   | 37,280  |           |      |   | 30,783 |   |
| Working      capital loan (revolving credit)                                                                   |   |               | -                 |   |       | 2009   |             |                |   | -       |           |      |   | - |   |
| Fleet      loans (amortizing term)                                                                             |   |               | 5.25%      - 7.42 | %      |       |   | 2012      - 2015 |                |   |    | 326,220        |      |   |   | 288,806 |   |
| Fleet      loans (securitization)                                                                              |   |               | 5.40%      - 5.56 | %      |       |   | 2010      - 2014 |                |   |    | 266,445        |      |   |   | 288,270 |   |
| Other      obligations                                                                                         |   |               | -                 |   |       |   | 2009      - 2015 |                |   |    | 14,121         |      |   |   | - |   |
| Total      AMERCO notes, loans and leases payable                                                              |   |               |              |   |       |   | $                | 1,575,012           |   |    | $              | 1,504,677 |   |
|                                                                                                           |   |               |              |   |       |   |             |                |   |    |           |      |   |   |   |   |
| (a)      Interest rates as of September 30, 2008, including the effect of      applicable hedging instruments. |   |               |              |   |       |

----

----

|                                          |   | Year      Ending September 30, |    |
|-----------------------------------------------|--------|-------------------------------------|---------|
|                                          |   | 2009                                |    |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | Thereafter |   |
|                                          |   | (Unaudited)                         |    |
|                                          |   | (In      thousands)                 |    |
|                                          |   |                                |    |
| Notes,      loans and leases payable, secured |   | $                                   | 126,772 |   |   | $ | 176,685 |   |   | $ | 76,468 |   |   | $ | 125,031 |   |   | $ | 91,447 |   |   | $ | 978,609 |   |

----

|                                                      |   | Quarter      Ended September 30, |   |
|-----------------------------------------------------------|--------|----------------------------------|--------|
|                                                      |   | 2008                             |   |   | 2007 |   |
|                                                      |   | (Unaudited)                      |   |
|                                                      |   | (In      thousands)              |   |
|                                                      |   |                             |   |   |   |   |
| Interest      expense                                     |   | $                                | 20,002 |   |   | $ | 25,327 |   |
| Capitalized      interest                                 |   |                             | (135   | ) |   |   | (322 | ) |
| Amortization      of transaction costs                    |   |                             | 1,231  |   |   |   | 1,514 |   |
| Interest      expense (income) resulting from derivatives |   |                             | 3,832  |   |   |   | (568 | ) |
| Total      AMERCO interest expense                        |   |                             | 24,930 |   |   |   | 25,951 |   |
| SAC      Holding II interest expense                      |   |                             | -      |   |   |   | 3,236 |   |
| Less:      Intercompany transactions                      |   |                             | -      |   |   |   | 1,738 |   |
| Total      SAC Holding II interest expense                |   |                             | -      |   |   |   | 1,498 |   |
| Total                                                     |   | $                                | 24,930 |   |   | $ | 27,449 |   |

|                                                      |   | Six      Months Ended September 30, |   |
|-----------------------------------------------------------|--------|-------------------------------------|--------|
|                                                      |   | 2008                                |   |   | 2007 |   |
|                                                      |   | (Unaudited)                         |   |
|                                                      |   | (In      thousands)                 |   |
|                                                      |   |                                |   |   |   |   |
| Interest      expense                                     |   | $                                   | 39,589 |   |   | $ | 47,395 |   |
| Capitalized      interest                                 |   |                                | (245   | ) |   |   | (605 | ) |
| Amortization      of transaction costs                    |   |                                | 2,510  |   |   |   | 2,395 |   |
| Interest      expense (income) resulting from derivatives |   |                                | 6,920  |   |   |   | (1,021 | ) |
| Total      AMERCO interest expense                        |   |                                | 48,774 |   |   |   | 48,164 |   |
| SAC      Holding II interest expense                      |   |                                | -      |   |   |   | 6,467 |   |
| Less:      Intercompany transactions                      |   |                                | -      |   |   |   | 3,466 |   |
| Total      SAC Holding II interest expense                |   |                                | -      |   |   |   | 3,001 |   |
| Total                                                     |   | $                                   | 48,774 |   |   | $ | 51,165 |   |

----

----

|                                                   |   | Revolving      Credit Activity             |    |
|--------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                   |   | Quarter      Ended September 30,           |    |
|                                                   |   | 2008                                       |    |   | 2007 |   |
|                                                   |   | (Unaudited)                                |    |
|                                                   |   | (In      thousands, except interest rates) |    |
|                                                   |   |                                       |    |   |   |   |
| Weighted      average interest rate during the quarter |   |                                       | 4.02    | % |   |   | 6.87 | % |
| Interest      rate at the end of the quarter           |   |                                       | 3.99    | % |   |   | 7.32 | % |
| Maximum      amount outstanding during the quarter     |   | $                                          | 182,280 |   |   | $ | 121,700 |   |
| Average      amount outstanding during the quarter     |   | $                                          | 169,780 |   |   | $ | 98,874 |   |
| Facility      fees                                     |   | $                                          | 98      |   |   | $ | 65 |   |

|                                                            |   | Revolving      Credit Activity             |    |
|-----------------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                            |   | Six      Months Ended September 30,        |    |
|                                                            |   | 2008                                       |    |   | 2007 |   |
|                                                            |   | (Unaudited)                                |    |
|                                                            |   | (In      thousands, except interest rates) |    |
|                                                            |   |                                       |    |   |   |   |
| Weighted      average interest rate during the first six months |   |                                       | 4.14    | % |   |   | 6.80 | % |
| Interest      rate at the end of the first six months           |   |                                       | 3.99    | % |   |   | 7.32 | % |
| Maximum      amount outstanding during the first six months     |   | $                                          | 182,280 |   |   | $ | 138,700 |   |
| Average      amount outstanding during the first six months     |   | $                                          | 149,071 |   |   | $ | 100,065 |   |
| Facility      fees                                              |   | $                                          | 172     |   |   | $ | 134 |   |

----

| Period                                                                              |   | Total      # of Shares Repurchased |    |   | Average      Price Paid per Share (1) |   |   | Total      # of Shares Repurchased as Part of Publicly Announced Plan |   |   | Total      $ of Shares Repurchased as Part of Publicly Announced Plan |   |   | Maximum      $ of Shares That May Yet be Repurchased Under the Plan |       |
|-------------------------------------------------------------------------------------|--------|------------------------------------|---------|--------|---------------------------------------|--------|--------|-----------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------|------------|
|                                                                                |   | (Unaudited)                        |    |
|                                                                                |   |                               |    |   |                                  |   |   |                                                                  |   |   |                                                                  |   |   |                                                                |       |
| Cumulative      Plan Total                                                          |   |                               | 428,000 |   |                                  | $      | 54.94  |                                                                  |   |   | 428,000                                                               |   |   | $                                                                   | 23,512,380 |   |   | $ | 26,487,620 |   |
|                                                                                |   |                               |    |   |                                  |   |   |                                                                  |   |   |                                                                  |   |   |                                                                |       |   |   |   |   |   |
|                                                                                |   |                               |    |   |                                  |   |   |                                                                  |   |   |                                                                  |   |   |                                                                |       |   |   |   |   |   |
| (1)      Represents weighted average purchase price for the periods      presented. |   |                               |    |   |                                  |   |   |                                                                  |   |

| Period                                                                              |   | Total      # of Shares Repurchased |   |   | Average      Price Paid per Share (1) |   |   | Total      $ of Shares Repurchased as Part of Odd Lot Program |   |
|-------------------------------------------------------------------------------------|--------|------------------------------------|--------|--------|---------------------------------------|--------|--------|---------------------------------------------------------------|--------|
|                                                                                |   | (Unaudited)                        |   |
|                                                                                |   |                               |   |   |                                  |   |   |                                                          |   |
| July      1 - 31, 2008                                                              |   |                               | -      |   |                                  | $      | -      |                                                          |   | $ | - |   |
| August      1 - 31, 2008                                                            |   |                               | 1,674  |   |                                  |   | 39.37  |                                                          |   |   | 65,902 |   |
| September      1 - 30, 2008                                                         |   |                               | 14,005 |   |                                  |   | 42.36  |                                                          |   |   | 593,303 |   |
| Second      Quarter Total                                                           |   |                               | 15,679 |   |                                  | $      | 42.04  |                                                          |   | $ | 659,205 |   |
|                                                                                |   |                               |   |   |                                  |   |   |                                                          |   |   |   |   |
| (1)      Represents weighted average purchase price for the periods      presented. |   |                               |   |   |                                  |   |   |                                                          |   |   |   |   |

----

6. Contingent Liabilities and Commitments

|                          |   | Property,Plant      andEquipment |   |   | RentalEquipment     |   |    | Total  |   |
|-------------------------------|--------|----------------------------------|--------|--------|---------------------|--------|---------|--------|--------|
|                          |   | (Unaudited)                      |   |
|                          |   |                             |   |   | (In      thousands) |   |    |   |   |
| Year-ended      September 30: |   |                             |   |   |                |   |    |   |   |
| 2009                          |   | $                                | 12,989 |   |                | $      | 129,833 |   |   | $ | 142,822 |   |
| 2010                          |   |                             | 12,622 |   |                |   | 112,668 |   |   |   | 125,290 |   |
| 2011                          |   |                             | 12,488 |   |                |   | 97,166  |   |   |   | 109,654 |   |
| 2012                          |   |                             | 12,234 |   |                |   | 84,270  |   |   |   | 96,504 |   |
| 2013                          |   |                             | 11,578 |   |                |   | 66,514  |   |   |   | 78,092 |   |
| Thereafter                    |   |                             | 13,117 |   |                |   | 71,941  |   |   |   | 85,058 |   |
| Total                         |   | $                                | 75,028 |   |                | $      | 562,392 |   |   | $ | 637,420 |   |

----

----

----

|                                                          |   | September      30,  |    |   | March      31, |   |
|---------------------------------------------------------------|--------|---------------------|---------|--------|----------------|--------|
|                                                          |   | 2008                |    |   | 2008           |   |
|                                                          |   | (Unaudited)         |    |   |           |   |
|                                                          |   | (In      thousands) |    |
| U-Haul      notes, receivables and interest from Private Mini |   | $                   | 71,312  |   |           | $      | 71,038 |   |
| U-Haul      notes receivable from SAC Holdings Corporation    |   |                | 197,876 |   |           |   | 198,144 |   |
| U-Haul      interest receivable from SAC Holdings Corporation |   |                | 5,305   |   |           |   | 4,498 |   |
| U-Haul      receivable from SAC Holdings Corporation          |   |                | 18,111  |   |           |   | 20,617 |   |
| Mercury      receivable                                       |   |                | 4,580   |   |           |   | 6,791 |   |
| Other      (a)                                                |   |                | (4,925  | )      |           |   | 2,798 |   |
|                                                          |   | $                   | 292,259 |   |           | $      | 303,886 |   |

----

|   | (a) | Moving      and Storage, comprised of AMERCO, U-Haul, and Real Estate and the      subsidiaries of U-Haul and RealEstate |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Property      and Casualty Insurance, comprised of RepWest and its      subsidiaries |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (c) | Life      Insurance, comprised of Oxford and its  subsidiaries |
|--------|-----|----------------------------------------------------------------|

|   | (d) | SAC      Holding II and its subsidiaries (through October  2007) |
|--------|-----|------------------------------------------------------------------|

----

|                                                       |   | Moving      & Storage |      |   | AMERCO      Legal Group |
|------------------------------------------------------------|--------|---------------------------|-----------|--------|-------------------------|
|                                                       |   | AMERCO                    |      |   | U-Haul                  |   |   | Real      Estate |   |   | Eliminations |   |   |   | Moving      & StorageConsolidated |   |   | Property      & Casualty Insurance (a) |   |   | LifeInsurance      (a) |   |   | Eliminations |   |   |   | AMERCOConsolidated |   |
|                                                       |   | (Unaudited)               |      |
|                                                       |   | (In      thousands)       |      |
| Assets:                                                    |   |                      |      |
| Cash      and cash equivalents                             |   | $                         | 30        |   |                    | $ | 345,721 |   |   | $ | - |   |   | $ | - |   |   |   | $ | 345,751 |   |   | $ | 6,532 |   |   | $ | 10,847 |   |   | $ | - |   |   |   | $ | 363,130 |   |
| Reinsurance      recoverables and trade receivables, net   |   |                      | -         |   |                    |   | 19,754 |   |   |   | 27 |   |   |   | - |   |   |   |   | 19,781 |   |   |   | 165,156 |   |   |   | 10,378 |   |   |   | - |   |   |   |   | 195,315 |   |
| Notes      and mortgage receivables, net                   |   |                      | -         |   |                    |   | 1,154 |   |   |   | 1,298 |   |   |   | - |   |   |   |   | 2,452 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 2,452 |   |
| Inventories,      net                                      |   |                      | -         |   |                    |   | 77,348 |   |   |   | - |   |   |   | - |   |   |   |   | 77,348 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 77,348 |   |
| Prepaid      expenses                                      |   |                      | 1,142     |   |                    |   | 56,381 |   |   |   | 400 |   |   |   | - |   |   |   |   | 57,923 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 57,923 |   |
| Investments,      fixed maturities and marketable equities |   |                      | -         |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 97,465 |   |   |   | 469,667 |   |   |   | - |   |   |   |   | 567,132 |   |
| Investments,      other                                    |   |                      | -         |   |                    |   | 846 |   |   |   | 12,811 |   |   |   | - |   |   |   |   | 13,657 |   |   |   | 124,360 |   |   |   | 87,308 |   |   |   | - |   |   |   |   | 225,325 |   |
| Deferred      policy acquisition costs, net                |   |                      | -         |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 15 |   |   |   | 40,128 |   |   |   | - |   |   |   |   | 40,143 |   |
| Other      assets                                          |   |                      | 9         |   |                    |   | 90,752 |   |   |   | 29,623 |   |   |   | - |   |   |   |   | 120,384 |   |   |   | 1,888 |   |   |   | 380 |   |   |   | - |   |   |   |   | 122,652 |   |
| Related      party assets                                  |   |                      | 1,234,610 |   |                    |   | 241,054 |   |   |   | 59,833 |   |   |   | (1,236,266 | ) | (c) |   |   | 299,231 |   |   |   | 2,940 |   |   |   | - |   |   |   | (9,912 | ) | (c) |   |   | 292,259 |   |
|                                                       |   |                      | 1,235,791 |   |                    |   | 833,010 |   |   |   | 103,992 |   |   |   | (1,236,266 | ) |   |   |   | 936,527 |   |   |   | 398,356 |   |   |   | 618,708 |   |   |   | (9,912 | ) |   |   |   | 1,943,679 |   |
|                                                       |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment      in subsidiaries                            |   |                      | (184,680  | )      |                    |   | - |   |   |   | - |   |   |   | 487,537 |   | (b) |   |   | 302,857 |   |   |   | - |   |   |   | - |   |   |   | (302,857 | ) | (b) |   |   | - |   |
|                                                       |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,      plant and equipment, at cost:               |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                       |   |                      | -         |   |                    |   | 43,466 |   |   |   | 166,961 |   |   |   | - |   |   |   |   | 210,427 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 210,427 |   |
| Buildings      and improvements                            |   |                      | -         |   |                    |   | 134,016 |   |   |   | 763,698 |   |   |   | - |   |   |   |   | 897,714 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 897,714 |   |
| Furniture      and equipment                               |   |                      | 301       |   |                    |   | 301,382 |   |   |   | 18,149 |   |   |   | - |   |   |   |   | 319,832 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 319,832 |   |
| Rental      trailers and other rental equipment            |   |                      | -         |   |                    |   | 207,313 |   |   |   | - |   |   |   | - |   |   |   |   | 207,313 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 207,313 |   |
| Rental      trucks                                         |   |                      | -         |   |                    |   | 1,707,517 |   |   |   | - |   |   |   | - |   |   |   |   | 1,707,517 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 1,707,517 |   |
|                                                       |   |                      | 301       |   |                    |   | 2,393,694 |   |   |   | 948,808 |   |   |   | - |   |   |   |   | 3,342,803 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 3,342,803 |   |
| Less:  Accumulated      depreciation             |   |                      | (247      | )      |                    |   | (995,687 | ) |   |   | (313,052 | ) |   |   | - |   |   |   |   | (1,308,986 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (1,308,986 | ) |
| Total      property, plant and equipment                   |   |                      | 54        |   |                    |   | 1,398,007 |   |   |   | 635,756 |   |   |   | - |   |   |   |   | 2,033,817 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 2,033,817 |   |
| Total      assets                                          |   | $                         | 1,051,165 |   |                    | $ | 2,231,017 |   |   | $ | 739,748 |   |   | $ | (748,729 | ) |   |   | $ | 3,273,201 |   |   | $ | 398,356 |   |   | $ | 618,708 |   |   | $ | (312,769 | ) |   |   | $ | 3,977,496 |   |
|                                                       |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances      as of June 30, 2008           |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)      Eliminate investment in subsidiaries              |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)      Eliminate intercompany receivables and payables   |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                              |   | Moving      & Storage |      |   | AMERCO      Legal Group |   |
|-------------------------------------------------------------------|--------|---------------------------|-----------|--------|-------------------------|--------|
|                                                              |   | AMERCO                    |      |   | U-Haul                  |   |   | Real      Estate |   |   | Eliminations |   |   |   | Moving      & StorageConsolidated |   |   | Property      & Casualty Insurance (a) |   |   | LifeInsurance      (a) |   |   | Eliminations |   |   |   | AMERCOConsolidated |   |
|                                                              |   | (Unaudited)               |      |
|                                                              |   | (In      thousands)       |      |
| Liabilities:                                                      |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts      payable and accrued expenses                        |   | $                         | 1,182     |   |                    | $      | 268,208 |   |   | $ | 5,258 |   |   | $ | - |   |   |   | $ | 274,648 |   |   | $ | - |   |   | $ | 5,972 |   |   | $ | - |   |   |   | $ | 280,620 |   |
| AMERCO's      notes, loans and leases payable                     |   |                      | -         |   |                    |   | 662,367 |   |   |   | 912,645 |   |   |   | - |   |   |   |   | 1,575,012 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 1,575,012 |   |
| Policy      benefits and losses, claims and loss expenses payable |   |                      | -         |   |                    |   | 365,191 |   |   |   | - |   |   |   | - |   |   |   |   | 365,191 |   |   |   | 276,572 |   |   |   | 134,263 |   |   |   | - |   |   |   |   | 776,026 |   |
| Liabilities      from investment contracts                        |   |                      | -         |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 321,839 |   |   |   | - |   |   |   |   | 321,839 |   |
| Other      policyholders' funds and liabilities                   |   |                      | -         |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 7,065 |   |   |   | 3,235 |   |   |   | - |   |   |   |   | 10,300 |   |
| Deferred      income                                              |   |                      | -         |   |                    |   | 12,266 |   |   |   | - |   |   |   | - |   |   |   |   | 12,266 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 12,266 |   |
| Deferred      income taxes                                        |   |                      | 211,907   |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 211,907 |   |   |   | (36,973 | ) |   |   | (5,313 | ) |   |   | - |   |   |   |   | 169,621 |   |
| Related      party liabilities                                    |   |                      | -         |   |                    |   | 1,238,631 |   |   |   | - |   |   |   | (1,236,266 | ) | (c) |   |   | 2,365 |   |   |   | 2,169 |   |   |   | 3,368 |   |   |   | (7,902 | ) | (c) |   |   | - |   |
| Total      liabilities                                            |   |                      | 213,089   |   |                    |   | 2,546,663 |   |   |   | 917,903 |   |   |   | (1,236,266 | ) |   |   |   | 2,441,389 |   |   |   | 248,833 |   |   |   | 463,364 |   |   |   | (7,902 | ) |   |   |   | 3,145,684 |   |
|                                                              |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders'      equity:                                        |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series      preferred stock:                                      |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series      A preferred stock                                     |   |                      | -         |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Series      B preferred stock                                     |   |                      | -         |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Series      A common stock                                        |   |                      | -         |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Common      stock                                                 |   |                      | 10,497    |   |                    |   | 540 |   |   |   | 1 |   |   |   | (541 | ) | (b) |   |   | 10,497 |   |   |   | 3,300 |   |   |   | 2,500 |   |   |   | (5,800 | ) | (b) |   |   | 10,497 |   |
| Additional      paid-in capital                                   |   |                      | 420,151   |   |                    |   | 121,230 |   |   |   | 147,481 |   |   |   | (268,711 | ) | (b) |   |   | 420,151 |   |   |   | 86,121 |   |   |   | 26,271 |   |   |   | (112,392 | ) | (b) |   |   | 420,151 |   |
| Accumulated      other comprehensive income (loss)                |   |                      | (49,819   | )      |                    |   | (47,736 | ) |   |   | - |   |   |   | 47,736 |   | (b) |   |   | (49,819 | ) |   |   | (1,851 | ) |   |   | (233 | ) |   |   | 2,084 |   | (b) |   |   | (49,819 | ) |
| Retained      earnings (deficit)                                  |   |                      | 982,583   |   |                    |   | (383,416 | ) |   |   | (325,637 | ) |   |   | 709,053 |   | (b) |   |   | 982,583 |   |   |   | 61,953 |   |   |   | 126,806 |   |   |   | (188,759 | ) | (b) |   |   | 982,583 |   |
| Cost      of common shares in treasury, net                       |   |                      | (525,336  | )      |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (525,336 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (525,336 | ) |
| Unearned      employee stock ownership plan shares                |   |                      | -         |   |                    |   | (6,264 | ) |   |   | - |   |   |   | - |   |   |   |   | (6,264 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (6,264 | ) |
| Total      stockholders' equity (deficit)                         |   |                      | 838,076   |   |                    |   | (315,646 | ) |   |   | (178,155 | ) |   |   | 487,537 |   |   |   |   | 831,812 |   |   |   | 149,523 |   |   |   | 155,344 |   |   |   | (304,867 | ) |   |   |   | 831,812 |   |
| Total      liabilities and stockholders' equity                   |   | $                         | 1,051,165 |   |                    | $      | 2,231,017 |   |   | $ | 739,748 |   |   | $ | (748,729 | ) |   |   | $ | 3,273,201 |   |   | $ | 398,356 |   |   | $ | 618,708 |   |   | $ | (312,769 | ) |   |   | $ | 3,977,496 |   |
|                                                              |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances      as of June 30, 2008                  |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)      Eliminate investment in subsidiaries                     |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)      Eliminate intercompany receivables and payables          |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                       |   | Moving      & Storage |      |   | AMERCO      Legal Group |   |
|------------------------------------------------------------|--------|---------------------------|-----------|--------|-------------------------|--------|
|                                                       |   | AMERCO                    |      |   | U-Haul                  |   |   | Real      Estate |   |   | Eliminations |   |   |   | Moving      & StorageConsolidated |   |   | Property      & Casualty Insurance (a) |   |   | LifeInsurance      (a) |   |   | Eliminations |   |   |   | AMERCOConsolidated |   |
|                                                       |   | (Unaudited)               |      |
|                                                       |   | (In      thousands)       |      |
| Assets:                                                    |   |                      |      |
| Cash      and cash equivalents                             |   | $                         | 30        |   |                    | $      | 191,220 |   |   | $ | - |   |   | $ | - |   |   |   | $ | 191,250 |   |   | $ | 6,848 |   |   | $ | 8,524 |   |   | $ | - |   |   |   | $ | 206,622 |   |
| Reinsurance      recoverables and trade receivables, net   |   |                      | -         |   |                    |   | 20,529 |   |   |   | 27 |   |   |   | - |   |   |   |   | 20,556 |   |   |   | 170,305 |   |   |   | 10,255 |   |   |   | - |   |   |   |   | 201,116 |   |
| Notes      and mortgage receivables, net                   |   |                      | -         |   |                    |   | 1,158 |   |   |   | 930 |   |   |   | - |   |   |   |   | 2,088 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 2,088 |   |
| Inventories,      net                                      |   |                      | -         |   |                    |   | 65,349 |   |   |   | - |   |   |   | - |   |   |   |   | 65,349 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 65,349 |   |
| Prepaid      expenses                                      |   |                      | 4,508     |   |                    |   | 51,418 |   |   |   | 233 |   |   |   | - |   |   |   |   | 56,159 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 56,159 |   |
| Investments,      fixed maturities and marketable equities |   |                      | -         |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 144,171 |   |   |   | 489,613 |   |   |   | - |   |   |   |   | 633,784 |   |
| Investments,      other                                    |   |                      | -         |   |                    |   | 838 |   |   |   | 13,515 |   |   |   | - |   |   |   |   | 14,353 |   |   |   | 80,786 |   |   |   | 90,452 |   |   |   | - |   |   |   |   | 185,591 |   |
| Deferred      policy acquisition costs, net                |   |                      | -         |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 30 |   |   |   | 35,548 |   |   |   | - |   |   |   |   | 35,578 |   |
| Other      assets                                          |   |                      | 8         |   |                    |   | 97,285 |   |   |   | 30,494 |   |   |   | - |   |   |   |   | 127,787 |   |   |   | 2,808 |   |   |   | 543 |   |   |   | - |   |   |   |   | 131,138 |   |
| Related      party assets                                  |   |                      | 1,164,092 |   |                    |   | 244,801 |   |   |   | 29,198 |   |   |   | (1,131,730 | ) | (c) |   |   | 306,361 |   |   |   | 7,067 |   |   |   | - |   |   |   | (9,542 | ) | (c) |   |   | 303,886 |   |
|                                                       |   |                      | 1,168,638 |   |                    |   | 672,598 |   |   |   | 74,397 |   |   |   | (1,131,730 | ) |   |   |   | 783,903 |   |   |   | 412,015 |   |   |   | 634,935 |   |   |   | (9,542 | ) |   |   |   | 1,821,311 |   |
|                                                       |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment      in subsidiaries                            |   |                      | (234,927  | )      |                    |   | - |   |   |   | - |   |   |   | 534,247 |   | (b) |   |   | 299,320 |   |   |   | - |   |   |   | - |   |   |   | (299,320 | ) | (b) |   |   | - |   |
|                                                       |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,      plant and equipment, at cost:               |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                       |   |                      | -         |   |                    |   | 44,224 |   |   |   | 163,940 |   |   |   | - |   |   |   |   | 208,164 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 208,164 |   |
| Buildings      and improvements                            |   |                      | -         |   |                    |   | 109,826 |   |   |   | 750,056 |   |   |   | - |   |   |   |   | 859,882 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 859,882 |   |
| Furniture      and equipment                               |   |                      | 304       |   |                    |   | 291,561 |   |   |   | 18,095 |   |   |   | - |   |   |   |   | 309,960 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 309,960 |   |
| Rental      trailers and other rental equipment            |   |                      | -         |   |                    |   | 205,572 |   |   |   | - |   |   |   | - |   |   |   |   | 205,572 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 205,572 |   |
| Rental      trucks                                         |   |                      | -         |   |                    |   | 1,734,425 |   |   |   | - |   |   |   | - |   |   |   |   | 1,734,425 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 1,734,425 |   |
|                                                       |   |                      | 304       |   |                    |   | 2,385,608 |   |   |   | 932,091 |   |   |   | - |   |   |   |   | 3,318,003 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 3,318,003 |   |
| Less:  Accumulated      depreciation             |   |                      | (242      | )      |                    |   | (999,040 | ) |   |   | (307,545 | ) |   |   | - |   |   |   |   | (1,306,827 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (1,306,827 | ) |
| Total      property, plant and equipment                   |   |                      | 62        |   |                    |   | 1,386,568 |   |   |   | 624,546 |   |   |   | - |   |   |   |   | 2,011,176 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 2,011,176 |   |
| Total      assets                                          |   | $                         | 933,773   |   |                    | $      | 2,059,166 |   |   | $ | 698,943 |   |   | $ | (597,483 | ) |   |   | $ | 3,094,399 |   |   | $ | 412,015 |   |   | $ | 634,935 |   |   | $ | (308,862 | ) |   |   | $ | 3,832,487 |   |
|                                                       |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances      as of December 31, 2007       |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)      Eliminate investment in subsidiaries              |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)      Eliminate intercompany receivables and payables   |   |                      |      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                              |   | Moving      & Storage |     |   | AMERCO      Legal Group |   |
|-------------------------------------------------------------------|--------|---------------------------|----------|--------|-------------------------|--------|
|                                                              |   | AMERCO                    |     |   | U-Haul                  |   |   | Real      Estate |   |   | Eliminations |   |   |   | Moving      & StorageConsolidated |   |   | Property      & Casualty Insurance (a) |   |   | LifeInsurance      (a) |   |   | Eliminations |   |   |   | AMERCOConsolidated |   |
|                                                              |   |                      |     |
|                                                              |   | (In      thousands)       |     |
| Liabilities:                                                      |   |                      |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts      payable and accrued expenses                        |   | $                         | 924      |   |                    | $      | 281,666 |   |   | $ | 4,903 |   |   | $ | - |   |   |   | $ | 287,493 |   |   | $ | - |   |   | $ | 5,033 |   |   | $ | - |   |   |   | $ | 292,526 |   |
| AMERCO's      notes and loans payable                             |   |                      | -        |   |                    |   | 630,533 |   |   |   | 874,144 |   |   |   | - |   |   |   |   | 1,504,677 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 1,504,677 |   |
| Policy      benefits and losses, claims and loss expenses payable |   |                      | -        |   |                    |   | 360,308 |   |   |   | - |   |   |   | - |   |   |   |   | 360,308 |   |   |   | 291,318 |   |   |   | 137,748 |   |   |   | - |   |   |   |   | 789,374 |   |
| Liabilities      from investment contracts                        |   |                      | -        |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 339,198 |   |   |   | - |   |   |   |   | 339,198 |   |
| Other      policyholders' funds and liabilities                   |   |                      | -        |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 6,854 |   |   |   | 3,613 |   |   |   | - |   |   |   |   | 10,467 |   |
| Deferred      income                                              |   |                      | -        |   |                    |   | 11,781 |   |   |   | - |   |   |   | - |   |   |   |   | 11,781 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 11,781 |   |
| Deferred      income taxes                                        |   |                      | 167,523  |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 167,523 |   |   |   | (36,783 | ) |   |   | (4,707 | ) |   |   | - |   |   |   |   | 126,033 |   |
| Related      party liabilities                                    |   |                      | -        |   |                    |   | 1,135,916 |   |   |   | - |   |   |   | (1,131,730 | ) | (c) |   |   | 4,186 |   |   |   | 2,048 |   |   |   | 3,308 |   |   |   | (9,542 | ) | (c) |   |   | - |   |
| Total      liabilities                                            |   |                      | 168,447  |   |                    |   | 2,420,204 |   |   |   | 879,047 |   |   |   | (1,131,730 | ) |   |   |   | 2,335,968 |   |   |   | 263,437 |   |   |   | 484,193 |   |   |   | (9,542 | ) |   |   |   | 3,074,056 |   |
|                                                              |   |                      |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders'      equity:                                        |   |                      |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series      preferred stock:                                      |   |                      |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series      A preferred stock                                     |   |                      | -        |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Series      B preferred stock                                     |   |                      | -        |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Series      A common stock                                        |   |                      | -        |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Common      stock                                                 |   |                      | 10,497   |   |                    |   | 540 |   |   |   | 1 |   |   |   | (541 | ) | (b) |   |   | 10,497 |   |   |   | 3,300 |   |   |   | 2,500 |   |   |   | (5,800 | ) | (b) |   |   | 10,497 |   |
| Additional      paid-in capital                                   |   |                      | 419,370  |   |                    |   | 121,230 |   |   |   | 147,481 |   |   |   | (268,711 | ) | (b) |   |   | 419,370 |   |   |   | 86,121 |   |   |   | 26,271 |   |   |   | (112,392 | ) | (b) |   |   | 419,370 |   |
| Accumulated      other comprehensive income (loss)                |   |                      | (55,279  | )      |                    |   | (56,870 | ) |   |   | - |   |   |   | 56,870 |   | (b) |   |   | (55,279 | ) |   |   | 63 |   |   |   | 1,528 |   |   |   | (1,591 | ) | (b) |   |   | (55,279 | ) |
| Retained      earnings (deficit)                                  |   |                      | 915,415  |   |                    |   | (419,043 | ) |   |   | (327,586 | ) |   |   | 746,629 |   | (b) |   |   | 915,415 |   |   |   | 59,094 |   |   |   | 120,443 |   |   |   | (179,537 | ) | (b) |   |   | 915,415 |   |
| Cost      of common shares in treasury, net                       |   |                      | (524,677 | )      |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (524,677 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (524,677 | ) |
| Unearned      employee stock ownership plan shares                |   |                      | -        |   |                    |   | (6,895 | ) |   |   | - |   |   |   | - |   |   |   |   | (6,895 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (6,895 | ) |
| Total      stockholders' equity (deficit)                         |   |                      | 765,326  |   |                    |   | (361,038 | ) |   |   | (180,104 | ) |   |   | 534,247 |   |   |   |   | 758,431 |   |   |   | 148,578 |   |   |   | 150,742 |   |   |   | (299,320 | ) |   |   |   | 758,431 |   |
| Total      liabilities and stockholders' equity                   |   | $                         | 933,773  |   |                    | $      | 2,059,166 |   |   | $ | 698,943 |   |   | $ | (597,483 | ) |   |   | $ | 3,094,399 |   |   | $ | 412,015 |   |   | $ | 634,935 |   |   | $ | (308,862 | ) |   |   | $ | 3,832,487 |   |
|                                                              |   |                      |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances      as of December 31, 2007              |   |                      |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)      Eliminate investment in subsidiaries                     |   |                      |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)      Eliminate intercompany receivables and payables          |   |                      |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                             |   | Moving      & Storage |   |   | AMERCO      Legal Group |   |
|------------------------------------------------------------------|--------|---------------------------|--------|--------|-------------------------|--------|
|                                                             |   | AMERCO                    |   |   | U-Haul                  |   |   | Real      Estate |   |   | Eliminations |   |   |   | Moving      & StorageConsolidated |   |   | Property      & Casualty Insurance (a) |   |   | LifeInsurance      (a) |   |   | Eliminations |   |   |   | AMERCOConsolidated |   |
|                                                             |   | (Unaudited)               |   |
|                                                             |   | (In      thousands)       |   |
| Revenues:                                                        |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving      equipment rentals                               |   | $                         | -      |   |                    | $      | 439,244 |   |   | $ | - |   |   | $ | - |   |   |   | $ | 439,244 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   |   | $ | 439,244 |   |
| Self-storage      revenues                                       |   |                      | -      |   |                    |   | 27,526 |   |   |   | 375 |   |   |   | - |   |   |   |   | 27,901 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 27,901 |   |
| Self-moving      & self-storage products & service sales |   |                      | -      |   |                    |   | 58,296 |   |   |   | - |   |   |   | - |   |   |   |   | 58,296 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 58,296 |   |
| Property      management fees                                    |   |                      | -      |   |                    |   | 4,721 |   |   |   | - |   |   |   | - |   |   |   |   | 4,721 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 4,721 |   |
| Life      insurance premiums                                     |   |                      | -      |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 27,099 |   |   |   | - |   |   |   |   | 27,099 |   |
| Property      and casualty insurance premiums                    |   |                      | -      |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 7,359 |   |   |   | - |   |   |   | - |   |   |   |   | 7,359 |   |
| Net      investment and interest income                          |   |                      | 1,093  |   |                    |   | 6,918 |   |   |   | - |   |   |   | - |   |   |   |   | 8,011 |   |   |   | 2,326 |   |   |   | 5,008 |   |   |   | (362 | ) |  (b,d) |   |   | 14,983 |   |
| Other      revenue                                               |   |                      | -      |   |                    |   | 11,384 |   |   |   | 17,458 |   |   |   | (19,037 | ) | (b) |   |   | 9,805 |   |   |   | - |   |   |   | 2,409 |   |   |   | (322 | ) | (b) |   |   | 11,892 |   |
| Total      revenues                                              |   |                      | 1,093  |   |                    |   | 548,089 |   |   |   | 17,833 |   |   |   | (19,037 | ) |   |   |   | 547,978 |   |   |   | 9,685 |   |   |   | 34,516 |   |   |   | (684 | ) |   |   |   |   | 591,495 |   |
|                                                             |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                         |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses                                          |   |                      | 1,907  |   |                    |   | 283,001 |   |   |   | 2,136 |   |   |   | (19,037 | ) | (b) |   |   | 268,007 |   |   |   | 2,855 |   |   |   | 5,447 |   |   |   | (2,021 | ) |  (b,c,d) |   |   | 274,288 |   |
| Commission      expenses                                         |   |                      | -      |   |                    |   | 54,082 |   |   |   | - |   |   |   | - |   |   |   |   | 54,082 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 54,082 |   |
| Cost      of sales                                               |   |                      | -      |   |                    |   | 32,642 |   |   |   | - |   |   |   | - |   |   |   |   | 32,642 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 32,642 |   |
| Benefits      and losses                                         |   |                      | -      |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 4,630 |   |   |   | 21,395 |   |   |   | 1,648 |   | (c) |   |   | 27,673 |   |
| Amortization      of deferred policy acquisition costs           |   |                      | -      |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 5 |   |   |   | 2,333 |   |   |   | - |   |   |   |   |   | 2,338 |   |
| Lease      expense                                               |   |                      | 25     |   |                    |   | 38,790 |   |   |   | 2 |   |   |   | - |   |   |   |   | 38,817 |   |   |   | - |   |   |   | - |   |   |   | (301 | ) | (b) |   |   | 38,516 |   |
| Depreciation,      net of (gains) losses on disposals            |   |                      | 4      |   |                    |   | 63,374 |   |   |   | 3,056 |   |   |   | - |   |   |   |   | 66,434 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 66,434 |   |
| Total      costs and expenses                                    |   |                      | 1,936  |   |                    |   | 471,889 |   |   |   | 5,194 |   |   |   | (19,037 | ) |   |   |   | 459,982 |   |   |   | 7,490 |   |   |   | 29,175 |   |   |   | (674 | ) |   |   |   |   | 495,973 |   |
| Equity      in earnings of subsidiaries                          |   |                      | 29,914 |   |                    |   | - |   |   |   | - |   |   |   | (25,060 | ) | (e) |   |   | 4,854 |   |   |   | - |   |   |   | - |   |   |   | (4,854 | ) | (e) |   |   | - |   |
| Earnings      from operations                                    |   |                      | 29,071 |   |                    |   | 76,200 |   |   |   | 12,639 |   |   |   | (25,060 | ) |   |   |   | 92,850 |   |   |   | 2,195 |   |   |   | 5,341 |   |   |   | (4,864 | ) |   |   |   |   | 95,522 |   |
| Interest      income (expense)                                   |   |                      | 23,277 |   |                    |   | (37,775 | ) |   |   | (10,442 | ) |   |   | - |   |   |   |   | (24,940 | ) |   |   | - |   |   |   | - |   |   |   | 10 |   | (d) |   |   | (24,930 | ) |
| Pretax      earnings                                             |   |                      | 52,348 |   |                    |   | 38,425 |   |   |   | 2,197 |   |   |   | (25,060 | ) |   |   |   | 67,910 |   |   |   | 2,195 |   |   |   | 5,341 |   |   |   | (4,854 | ) |   |   |   |   | 70,592 |   |
| Income      tax expense                                          |   |                      | (8,524 | )      |                    |   | (14,358 | ) |   |   | (1,204 | ) |   |   | - |   |   |   |   | (24,086 | ) |   |   | (768 | ) |   |   | (1,914 | ) |   |   | - |   |   |   |   |   | (26,768 | ) |
| Net      earnings                                                |   |                      | 43,824 |   |                    |   | 24,067 |   |   |   | 993 |   |   |   | (25,060 | ) |   |   |   | 43,824 |   |   |   | 1,427 |   |   |   | 3,427 |   |   |   | (4,854 | ) |   |   |   |   | 43,824 |   |
| Less:  Preferred      stock dividends                  |   |                      | (3,241 | )      |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (3,241 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings      available to common shareholders                   |   | $                         | 40,583 |   |                    | $      | 24,067 |   |   | $ | 993 |   |   | $ | (25,060 | ) |   |   | $ | 40,583 |   |   | $ | 1,427 |   |   | $ | 3,427 |   |   | $ | (4,854 | ) |   |   |   | $ | 40,583 |   |
| (a)  Balances      for the quarter ended June 30, 2008 |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)      Eliminate intercompany lease income                     |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)      Eliminate intercompany premiums                         |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)      Eliminate intercompany interest on debt                 |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)      Eliminate equity in earnings of subsidiaries            |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                        |   | Moving      & Storage |   |   | AMERCO      Legal Group |   |   AMERCO      as Consolidated |             |
|-------------------------------------------------------------------------------------------------------------|--------|---------------------------|--------|--------|-------------------------|--------|-----------------------------------------|------------------|
|                                                                                                        |   | AMERCO                    |   |   | U-Haul                  |   |                                    | Real      Estate |   |   | Eliminations |   |   |   | Moving      & StorageConsolidated |   |   | Property      & Casualty Insurance (a) |   |   | LifeInsurance      (a) |   |   | Eliminations |   |   |   |   | AMERCOConsolidated |   |   | SAC      Holding II |   |   | Eliminations |   |   |   | Total      Consolidated |   |
|                                                                                                        |   | (Unaudited)               |   |
|                                                                                                        |   | (In      thousands)       |   |
| Revenues:                                                                                                   |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving      equipment rentals                                                                          |   | $                         | -      |   |                    | $      | 435,786                                 |             |   | $ | - |   |   | $ | - |   |   |   | $ | 435,786 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   |   |   | $ | 435,786 |   |   | $ | 2,734 |   |   | $ | (2,734 | ) | (b) |   | $ | 435,786 |   |
| Self-storage      revenues                                                                                  |   |                      | -      |   |                    |   | 27,865                                  |             |   |   | 418 |   |   |   | - |   |   |   |   | 28,283 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 28,283 |   |   |   | 4,805 |   |   |   | - |   |   |   |   | 33,088 |   |
| Self-moving      & self-storage products & service sales                                            |   |                      | -      |   |                    |   | 58,244                                  |             |   |   | - |   |   |   | - |   |   |   |   | 58,244 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 58,244 |   |   |   | 4,310 |   |   |   | - |   |   |   |   | 62,554 |   |
| Property      management fees                                                                               |   |                      | -      |   |                    |   | 4,742                                   |             |   |   | - |   |   |   | - |   |   |   |   | 4,742 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 4,742 |   |   |   | - |   |   |   | (749 | ) | (g) |   |   | 3,993 |   |
| Life      insurance premiums                                                                                |   |                      | -      |   |                    |   | -                                       |             |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 27,937 |   |   |   | - |   |   |   |   |   | 27,937 |   |   |   | - |   |   |   | - |   |   |   |   | 27,937 |   |
| Property      and casualty insurance premiums                                                               |   |                      | -      |   |                    |   | -                                       |             |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 7,332 |   |   |   | - |   |   |   | - |   |   |   |   |   | 7,332 |   |   |   | - |   |   |   | - |   |   |   |   | 7,332 |   |
| Net      investment and interest income                                                                     |   |                      | 1,091  |   |                    |   | 9,163                                   |             |   |   | - |   |   |   | - |   |   |   |   | 10,254 |   |   |   | 3,061 |   |   |   | 5,294 |   |   |   | (498 | ) |   |  (b,d) |   |   | 18,111 |   |   |   | - |   |   |   | (1,738 | ) | (d) |   |   | 16,373 |   |
| Other      revenue                                                                                          |   |                      | -      |   |                    |   | 9,274                                   |             |   |   | 17,661 |   |   |   | (18,676 | ) | (b) |   |   | 8,259 |   |   |   | - |   |   |   | 1,229 |   |   |   | (344 | ) |   | (b) |   |   | 9,144 |   |   |   | 313 |   |   |   | (178 | ) | (b) |   |   | 9,279 |   |
| Total      revenues                                                                                         |   |                      | 1,091  |   |                    |   | 545,074                                 |             |   |   | 18,079 |   |   |   | (18,676 | ) |   |   |   | 545,568 |   |   |   | 10,393 |   |   |   | 34,460 |   |   |   | (842 | ) |   |   |   |   |   | 589,579 |   |   |   | 12,162 |   |   |   | (5,399 | ) |   |   |   | 596,342 |   |
|                                                                                                        |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                                                                    |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses                                                                                     |   |                      | 2,219  |   |                    |   | 285,829                                 |             |   |   | 2,314 |   |   |   | (18,676 | ) | (b) |   |   | 271,686 |   |   |   | 3,746 |   |   |   | 6,467 |   |   |   | (2,001 | ) |   |  (b,c,d) |   |   | 279,898 |   |   |   | 5,708 |   |   |   | (749 | ) | (g) |   |   | 284,857 |   |
| Commission      expenses                                                                                    |   |                      | -      |   |                    |   | 52,215                                  |             |   |   | - |   |   |   | - |   |   |   |   | 52,215 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 52,215 |   |   |   | - |   |   |   | (2,734 | ) | (b) |   |   | 49,481 |   |
| Cost      of sales                                                                                          |   |                      | -      |   |                    |   | 31,485                                  |             |   |   | - |   |   |   | - |   |   |   |   | 31,485 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 31,485 |   |   |   | 2,458 |   |   |   | - |   |   |   |   | 33,943 |   |
| Benefits      and losses                                                                                    |   |                      | -      |   |                    |   | -                                       |             |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 2,887 |   |   |   | 21,200 |   |   |   | 1,505 |   |   | (c) |   |   | 25,592 |   |   |   | - |   |   |   | - |   |   |   |   | 25,592 |   |
| Amortization      of deferred policy acquisition costs                                                      |   |                      | -      |   |                    |   | -                                       |             |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 38 |   |   |   | 3,228 |   |   |   | - |   |   |   |   |   |   | 3,266 |   |   |   | - |   |   |   | - |   |   |   |   | 3,266 |   |
| Lease      expense                                                                                          |   |                      | 22     |   |                    |   | 34,814                                  |             |   |   | 19 |   |   |   | - |   |   |   |   | 34,855 |   |   |   | - |   |   |   | - |   |   |   | (300 | ) |   | (b) |   |   | 34,555 |   |   |   | - |   |   |   | (178 | ) | (b) |   |   | 34,377 |   |
| Depreciation,      net of (gains) losses on disposals                                                       |   |                      | 148    |   |                    |   | 52,101                                  |             |   |   | 2,961 |   |   |   | - |   |   |   |   | 55,210 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 55,210 |   |   |   | 676 |   |   |   | (140 | ) | (e) |   |   | 55,746 |   |
| Total      costs and expenses                                                                               |   |                      | 2,389  |   |                    |   | 456,444                                 |             |   |   | 5,294 |   |   |   | (18,676 | ) |   |   |   | 445,451 |   |   |   | 6,671 |   |   |   | 30,895 |   |   |   | (796 | ) |   |   |   |   |   | 482,221 |   |   |   | 8,842 |   |   |   | (3,801 | ) |   |   |   | 487,262 |   |
| Equity      in earnings of subsidiaries                                                                     |   |                      | 37,248 |   |                    |   | -                                       |             |   |   | - |   |   |   | (32,429 | ) | (f) |   |   | 4,819 |   |   |   | - |   |   |   | - |   |   |   | (4,819 | ) |   | (f) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Equity      in earnings of SAC Holding II                                                                   |   |                      | 43     |   |                    |   | -                                       |             |   |   | - |   |   |   | - |   |   |   |   | 43 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 43 |   |   |   | - |   |   |   | (43 | ) | (f) |   |   | - |   |
| Total      - equity in earnings of subsidiaries and SAC Holding II                                          |   |                      | 37,291 |   |                    |   | -                                       |             |   |   | - |   |   |   | (32,429 | ) |   |   |   | 4,862 |   |   |   | - |   |   |   | - |   |   |   | (4,819 | ) |   |   |   |   |   | 43 |   |   |   | - |   |   |   | (43 | ) |   |   |   | - |   |
| Earnings      from operations                                                                               |   |                      | 35,993 |   |                    |   | 88,630                                  |             |   |   | 12,785 |   |   |   | (32,429 | ) |   |   |   | 104,979 |   |   |   | 3,722 |   |   |   | 3,565 |   |   |   | (4,865 | ) |   |   |   |   |   | 107,401 |   |   |   | 3,320 |   |   |   | (1,641 | ) |   |   |   | 109,080 |   |
| Interest      income (expense)                                                                              |   |                      | 22,276 |   |                    |   | (34,906                                 | )                |   |   | (13,367 | ) |   |   | - |   |   |   |   | (25,997 | ) |   |   | - |   |   |   | - |   |   |   | 46 |   |   | (d) |   |   | (25,951 | ) |   |   | (3,236 | ) |   |   | 1,738 |   | (d) |   |   | (27,449 | ) |
| Pretax      earnings (loss)                                                                                 |   |                      | 58,269 |   |                    |   | 53,724                                  |             |   |   | (582 | ) |   |   | (32,429 | ) |   |   |   | 78,982 |   |   |   | 3,722 |   |   |   | 3,565 |   |   |   | (4,819 | ) |   |   |   |   |   | 81,450 |   |   |   | 84 |   |   |   | 97 |   |   |   |   | 81,631 |   |
| Income      tax expense                                                                                     |   |                      | (7,882 | )      |                    |   | (20,139                                 | )                |   |   | (574 | ) |   |   | - |   |   |   |   | (28,595 | ) |   |   | (1,303 | ) |   |   | (1,165 | ) |   |   | - |   |   |   |   |   |   | (31,063 | ) |   |   | (41 | ) |   |   | (53 | ) | (e) |   |   | (31,157 | ) |
| Net      earnings (loss)                                                                                    |   |                      | 50,387 |   |                    |   | 33,585                                  |             |   |   | (1,156 | ) |   |   | (32,429 | ) |   |   |   | 50,387 |   |   |   | 2,419 |   |   |   | 2,400 |   |   |   | (4,819 | ) |   |   |   |   |   | 50,387 |   |   |   | 43 |   |   |   | 44 |   |   |   |   | 50,474 |   |
| Less:  Preferred      stock dividends                                                             |   |                      | (3,241 | )      |                    |   | -                                       |             |   |   | - |   |   |   | - |   |   |   |   | (3,241 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | (3,241 | ) |   |   | - |   |   |   | - |   |   |   |   | (3,241 | ) |
| Earnings      (loss) available to common shareholders                                                       |   | $                         | 47,146 |   |                    | $      | 33,585                                  |             |   | $ | (1,156 | ) |   | $ | (32,429 | ) |   |   | $ | 47,146 |   |   | $ | 2,419 |   |   | $ | 2,400 |   |   | $ | (4,819 | ) |   |   |   |   | $ | 47,146 |   |   | $ | 43 |   |   | $ | 44 |   |   |   | $ | 47,233 |   |
| (a) Balances      for the quarter ended June 30, 2007                                                  |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)      Eliminate intercompany lease income and commission income                                          |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)      Eliminate intercompany premiums                                                                    |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)      Eliminate intercompany interest on debt                                                            |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)      Eliminate gain on sale of surplus property from U-Haul to SAC Holding      II                      |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)      Eliminate equity in earnings of subsidiaries and equity in earnings of SAC      Holding II         |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)      Eliminate management fees charged to SAC Holding II and other intercompany      operating expenses |   |                      |   |   |                    |   |                                    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                |   | Moving      & Storage |    |   | AMERCO      Legal Group |   |
|---------------------------------------------------------------------|--------|---------------------------|---------|--------|-------------------------|--------|
|                                                                |   | AMERCO                    |    |   | U-Haul                  |   |   | Real      Estate |   |   | Eliminations |   |   |   | Moving      & StorageConsolidated |   |   | Property      & Casualty Insurance (a) |   |   | LifeInsurance      (a) |   |   | Eliminations |   |   |   | AMERCOConsolidated |   |
|                                                                |   | (Unaudited)               |    |
|                                                                |   | (In      thousands)       |    |
| Revenues:                                                           |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving      equipment rentals                                  |   | $                         | -       |   |                    | $      | 829,273 |   |   | $ | - |   |   | $ | - |   |   |   | $ | 829,273 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   |   | $ | 829,273 |   |
| Self-storage      revenues                                          |   |                      | -       |   |                    |   | 54,670 |   |   |   | 782 |   |   |   | - |   |   |   |   | 55,452 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 55,452 |   |
| Self-moving      & self-storage products & service sales    |   |                      | -       |   |                    |   | 120,852 |   |   |   | - |   |   |   | - |   |   |   |   | 120,852 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 120,852 |   |
| Property      management fees                                       |   |                      | -       |   |                    |   | 9,437 |   |   |   | - |   |   |   | - |   |   |   |   | 9,437 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 9,437 |   |
| Life      insurance premiums                                        |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 54,016 |   |   |   | - |   |   |   |   | 54,016 |   |
| Property      and casualty insurance premiums                       |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 13,483 |   |   |   | - |   |   |   | - |   |   |   |   | 13,483 |   |
| Net      investment and interest income                             |   |                      | 2,236   |   |                    |   | 12,792 |   |   |   | - |   |   |   | - |   |   |   |   | 15,028 |   |   |   | 5,092 |   |   |   | 10,197 |   |   |   | (738 | ) | (b,d) |   |   | 29,579 |   |
| Other      revenue                                                  |   |                      | -       |   |                    |   | 22,234 |   |   |   | 35,294 |   |   |   | (38,051 | ) |  (b) |   |   | 19,477 |   |   |   | - |   |   |   | 3,366 |   |   |   | (646 | ) | (b) |   |   | 22,197 |   |
| Total      revenues                                                 |   |                      | 2,236   |   |                    |   | 1,049,258 |   |   |   | 36,076 |   |   |   | (38,051 | ) |   |   |   |   | 1,049,519 |   |   |   | 18,575 |   |   |   | 67,579 |   |   |   | (1,384 | ) |   |   |   |   | 1,134,289 |   |
|                                                                |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                            |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses                                             |   |                      | 4,519   |   |                    |   | 550,669 |   |   |   | 4,336 |   |   |   | (38,051 | ) | (b) |   |   | 521,473 |   |   |   | 4,805 |   |   |   | 11,219 |   |   |   | (3,938 | ) | (b,c,d) |   |   | 533,559 |   |
| Commission      expenses                                            |   |                      | -       |   |                    |   | 102,047 |   |   |   | - |   |   |   | - |   |   |   |   |   | 102,047 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 102,047 |   |
| Cost      of sales                                                  |   |                      | -       |   |                    |   | 67,627 |   |   |   | - |   |   |   | - |   |   |   |   |   | 67,627 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 67,627 |   |
| Benefits      and losses                                            |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | - |   |   |   | 9,362 |   |   |   | 42,439 |   |   |   | 3,189 |   | (c) |   |   | 54,990 |   |
| Amortization      of deferred policy acquisition costs              |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | - |   |   |   | 8 |   |   |   | 4,418 |   |   |   | - |   |   |   |   |   | 4,426 |   |
| Lease      expense                                                  |   |                      | 48      |   |                    |   | 73,635 |   |   |   | 3 |   |   |   | - |   |   |   |   |   | 73,686 |   |   |   | - |   |   |   | - |   |   |   | (602 | ) | (b) |   |   | 73,084 |   |
| Depreciation,      net of (gains) losses on disposals               |   |                      | 9       |   |                    |   | 125,285 |   |   |   | 6,078 |   |   |   | - |   |   |   |   |   | 131,372 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 131,372 |   |
| Total      costs and expenses                                       |   |                      | 4,576   |   |                    |   | 919,263 |   |   |   | 10,417 |   |   |   | (38,051 | ) |   |   |   |   | 896,205 |   |   |   | 14,175 |   |   |   | 58,076 |   |   |   | (1,351 | ) |   |   |   |   | 967,105 |   |
| Equity      in earnings of subsidiaries                             |   |                      | 46,798  |   |                    |   | - |   |   |   | - |   |   |   | (37,576 | ) | (e) |   |   | 9,222 |   |   |   | - |   |   |   | - |   |   |   | (9,222 | ) | (e) |   |   | - |   |
| Earnings      from operations                                       |   |                      | 44,458  |   |                    |   | 129,995 |   |   |   | 25,659 |   |   |   | (37,576 | ) |   |   |   |   | 162,536 |   |   |   | 4,400 |   |   |   | 9,503 |   |   |   | (9,255 | ) |   |   |   |   | 167,184 |   |
| Interest      income (expense)                                      |   |                      | 45,647  |   |                    |   | (73,129 | ) |   |   | (21,325 | ) |   |   | - |   |   |   |   |   | (48,807 | ) |   |   | - |   |   |   | - |   |   |   | 33 |   | (d) |   |   | (48,774 | ) |
| Pretax      earnings                                                |   |                      | 90,105  |   |                    |   | 56,866 |   |   |   | 4,334 |   |   |   | (37,576 | ) |   |   |   |   | 113,729 |   |   |   | 4,400 |   |   |   | 9,503 |   |   |   | (9,222 | ) |   |   |   |   | 118,410 |   |
| Income      tax expense                                             |   |                      | (16,455 | )      |                    |   | (21,239 | ) |   |   | (2,385 | ) |   |   | - |   |   |   |   |   | (40,079 | ) |   |   | (1,541 | ) |   |   | (3,140 | ) |   |   | - |   |   |   |   |   | (44,760 | ) |
| Net      earnings                                                   |   |                      | 73,650  |   |                    |   | 35,627 |   |   |   | 1,949 |   |   |   | (37,576 | ) |   |   |   |   | 73,650 |   |   |   | 2,859 |   |   |   | 6,363 |   |   |   | (9,222 | ) |   |   |   |   | 73,650 |   |
| Less:  Preferred      stock dividends                     |   |                      | (6,482  | )      |                    |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | (6,482 | ) |
| Earnings      available to common shareholders                      |   | $                         | 67,168  |   |                    | $      | 35,627 |   |   | $ | 1,949 |   |   | $ | (37,576 | ) |   |   |   | $ | 67,168 |   |   | $ | 2,859 |   |   | $ | 6,363 |   |   | $ | (9,222 | ) |   |   |   | $ | 67,168 |   |
| (a)  Balances      for the six months ended June 30, 2008 |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)      Eliminate intercompany lease income                        |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)      Eliminate intercompany premiums                            |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)      Eliminate intercompany interest on debt                    |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)      Eliminate equity in earnings of subsidiaries               |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                        |   | Moving      & Storage |    |   | AMERCO      Legal Group |   |      |  AMERCO      as Consolidated |   |
|-------------------------------------------------------------------------------------------------------------|--------|---------------------------|---------|--------|-------------------------|--------|-----------|-----------------------------------|--------|
|                                                                                                        |   | AMERCO                    |    |   | U-Haul                  |   |      | Real      Estate                  |   |   | Eliminations |   |   |   | Moving      & StorageConsolidated |   |   | Property      & Casualty Insurance (a) |   |   | LifeInsurance      (a) |   |   | Eliminations |   |   |   |   | AMERCOConsolidated |   |   | SAC      Holding II |   |   | Eliminations |   |   |   | Total      Consolidated |   |
|                                                                                                        |   | (Unaudited)               |    |
|                                                                                                        |   | (In      thousands)       |    |
| Revenues:                                                                                                   |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving      equipment rentals                                                                          |   | $                         | -       |   |                    | $      | 828,303   |                              |   | $ | - |   |   | $ | - |   |   |   | $ | 828,303 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   |   |   | $ | 828,303 |   |   | $ | 5,157 |   |   | $ | (5,157 | ) | (b) |   | $ | 828,303 |   |
| Self-storage      revenues                                                                                  |   |                      | -       |   |                    |   | 54,489    |                              |   |   | 838 |   |   |   | - |   |   |   |   | 55,327 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 55,327 |   |   |   | 9,797 |   |   |   | - |   |   |   |   | 65,124 |   |
| Self-moving      & self-storage products & service sales                                            |   |                      | -       |   |                    |   | 122,247   |                              |   |   | - |   |   |   | - |   |   |   |   | 122,247 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 122,247 |   |   |   | 8,962 |   |   |   | - |   |   |   |   | 131,209 |   |
| Property      management fees                                                                               |   |                      | -       |   |                    |   | 9,428     |                              |   |   | - |   |   |   | - |   |   |   |   | 9,428 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 9,428 |   |   |   | - |   |   |   | (1,488 | ) | (g) |   |   | 7,940 |   |
| Life      insurance premiums                                                                                |   |                      | -       |   |                    |   | -         |                              |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 57,124 |   |   |   | - |   |   |   |   |   | 57,124 |   |   |   | - |   |   |   | - |   |   |   |   | 57,124 |   |
| Property      and casualty insurance premiums                                                               |   |                      | -       |   |                    |   | -         |                              |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 13,248 |   |   |   | - |   |   |   | - |   |   |   |   |   | 13,248 |   |   |   | - |   |   |   | - |   |   |   |   | 13,248 |   |
| Net      investment and interest income                                                                     |   |                      | 2,277   |   |                    |   | 15,571    |                              |   |   | - |   |   |   | - |   |   |   |   | 17,848 |   |   |   | 6,161 |   |   |   | 11,148 |   |   |   | (1,004 | ) |   | (b,d) |   |   | 34,153 |   |   |   | - |   |   |   | (3,466 | ) | (d) |   |   | 30,687 |   |
| Other      revenue                                                                                          |   |                      | -       |   |                    |   | 17,454    |                              |   |   | 34,727 |   |   |   | (37,169 | ) | (b) |   |   | 15,012 |   |   |   | - |   |   |   | 2,371 |   |   |   | (681 | ) |   | (b) |   |   | 16,702 |   |   |   | 635 |   |   |   | (355 | ) | (b) |   |   | 16,982 |   |
| Total      revenues                                                                                         |   |                      | 2,277   |   |                    |   | 1,047,492 |                              |   |   | 35,565 |   |   |   | (37,169 | ) |   |   |   | 1,048,165 |   |   |   | 19,409 |   |   |   | 70,643 |   |   |   | (1,685 | ) |   |   |   |   |   | 1,136,532 |   |   |   | 24,551 |   |   |   | (10,466 | ) |   |   |   | 1,150,617 |   |
|                                                                                                        |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                                                                    |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses                                                                                     |   |                      | 5,869   |   |                    |   | 559,050   |                              |   |   | 5,148 |   |   |   | (37,169 | ) | (b) |   |   | 532,898 |   |   |   | 6,508 |   |   |   | 12,839 |   |   |   | (4,252 | ) |   | (b,c,d) |   |   | 547,993 |   |   |   | 11,553 |   |   |   | (1,488 | ) | (g) |   |   | 558,058 |   |
| Commission      expenses                                                                                    |   |                      | -       |   |                    |   | 98,942    |                              |   |   | - |   |   |   | - |   |   |   |   | 98,942 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 98,942 |   |   |   | - |   |   |   | (5,157 | ) | (b) |   |   | 93,785 |   |
| Cost      of sales                                                                                          |   |                      | -       |   |                    |   | 63,911    |                              |   |   | - |   |   |   | - |   |   |   |   | 63,911 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 63,911 |   |   |   | 4,680 |   |   |   | - |   |   |   |   | 68,591 |   |
| Benefits      and losses                                                                                    |   |                      | -       |   |                    |   | -         |                              |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 6,684 |   |   |   | 44,918 |   |   |   | 3,267 |   |   | (c) |   |   | 54,869 |   |   |   | - |   |   |   | - |   |   |   |   | 54,869 |   |
| Amortization      of deferred policy acquisition costs                                                      |   |                      | -       |   |                    |   | -         |                              |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 179 |   |   |   | 7,004 |   |   |   | - |   |   |   |   |   |   | 7,183 |   |   |   | - |   |   |   | - |   |   |   |   | 7,183 |   |
| Lease      expense                                                                                          |   |                      | 48      |   |                    |   | 67,898    |                              |   |   | 44 |   |   |   | - |   |   |   |   | 67,990 |   |   |   | - |   |   |   | - |   |   |   | (599 | ) |   | (b) |   |   | 67,391 |   |   |   | - |   |   |   | (355 | ) | (b) |   |   | 67,036 |   |
| Depreciation,      net of (gains) losses on disposals                                                       |   |                      | 322     |   |                    |   | 103,104   |                              |   |   | (4,378 | ) |   |   | - |   |   |   |   | 99,048 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 99,048 |   |   |   | 1,243 |   |   |   | (280 | ) | (e) |   |   | 100,011 |   |
| Total      costs and expenses                                                                               |   |                      | 6,239   |   |                    |   | 892,905   |                              |   |   | 814 |   |   |   | (37,169 | ) |   |   |   | 862,789 |   |   |   | 13,371 |   |   |   | 64,761 |   |   |   | (1,584 | ) |   |   |   |   |   | 939,337 |   |   |   | 17,476 |   |   |   | (7,280 | ) |   |   |   | 949,533 |   |
| Equity      in earnings of subsidiaries                                                                     |   |                      | 67,157  |   |                    |   | -         |                              |   |   | - |   |   |   | (59,417 | ) | (f) |   |   | 7,740 |   |   |   | - |   |   |   | - |   |   |   | (7,740 | ) |   | (f) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Equity      in earnings of SAC Holding II                                                                   |   |                      | 355     |   |                    |   | -         |                              |   |   | - |   |   |   | - |   |   |   |   | 355 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 355 |   |   |   | - |   |   |   | (355 | ) | (f) |   |   | - |   |
| Total      - equity in earnings of subsidiaries and SAC Holding II                                          |   |                      | 67,512  |   |                    |   | -         |                              |   |   | - |   |   |   | (59,417 | ) |   |   |   | 8,095 |   |   |   | - |   |   |   | - |   |   |   | (7,740 | ) |   |   |   |   |   | 355 |   |   |   | - |   |   |   | (355 | ) |   |   |   | - |   |
| Earnings      from operations                                                                               |   |                      | 63,550  |   |                    |   | 154,587   |                              |   |   | 34,751 |   |   |   | (59,417 | ) |   |   |   | 193,471 |   |   |   | 6,038 |   |   |   | 5,882 |   |   |   | (7,841 | ) |   |   |   |   |   | 197,550 |   |   |   | 7,075 |   |   |   | (3,541 | ) |   |   |   | 201,084 |   |
| Interest      income (expense)                                                                              |   |                      | 43,541  |   |                    |   | (65,542   | )                                 |   |   | (26,264 | ) |   |   | - |   |   |   |   | (48,265 | ) |   |   | - |   |   |   | - |   |   |   | 101 |   |   | (d) |   |   | (48,164 | ) |   |   | (6,467 | ) |   |   | 3,466 |   | (d) |   |   | (51,165 | ) |
| Pretax      earnings                                                                                        |   |                      | 107,091 |   |                    |   | 89,045    |                              |   |   | 8,487 |   |   |   | (59,417 | ) |   |   |   | 145,206 |   |   |   | 6,038 |   |   |   | 5,882 |   |   |   | (7,740 | ) |   |   |   |   |   | 149,386 |   |   |   | 608 |   |   |   | (75 | ) |   |   |   | 149,919 |   |
| Income      tax expense                                                                                     |   |                      | (15,039 | )      |                    |   | (33,926   | )                                 |   |   | (4,189 | ) |   |   | - |   |   |   |   | (53,154 | ) |   |   | (2,114 | ) |   |   | (2,066 | ) |   |   | - |   |   |   |   |   |   | (57,334 | ) |   |   | (253 | ) |   |   | (106 | ) | (e) |   |   | (57,693 | ) |
| Net      earnings                                                                                           |   |                      | 92,052  |   |                    |   | 55,119    |                              |   |   | 4,298 |   |   |   | (59,417 | ) |   |   |   | 92,052 |   |   |   | 3,924 |   |   |   | 3,816 |   |   |   | (7,740 | ) |   |   |   |   |   | 92,052 |   |   |   | 355 |   |   |   | (181 | ) |   |   |   | 92,226 |   |
| Less:  Preferred      stock dividends                                                             |   |                      | (6,482  | )      |                    |   | -         |                              |   |   | - |   |   |   | - |   |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   |   | (6,482 | ) |
| Earnings      available to common shareholders                                                              |   | $                         | 85,570  |   |                    | $      | 55,119    |                              |   | $ | 4,298 |   |   | $ | (59,417 | ) |   |   | $ | 85,570 |   |   | $ | 3,924 |   |   | $ | 3,816 |   |   | $ | (7,740 | ) |   |   |   |   | $ | 85,570 |   |   | $ | 355 |   |   | $ | (181 | ) |   |   | $ | 85,744 |   |
| (a) Balances      for the six months ended June 30, 2007                                               |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)      Eliminate intercompany lease income and commission income                                          |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)      Eliminate intercompany premiums                                                                    |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)      Eliminate intercompany interest on debt                                                            |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)      Eliminate gain on sale of surplus property from U-Haul to SAC Holding      II                      |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)      Eliminate equity in earnings of subsidiaries and equity in earnings of SAC      Holding II         |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)      Eliminate management fees charged to SAC Holding II and other intercompany      operating expenses |   |                      |    |   |                    |   |      |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                       |   | Moving      & Storage |    |   | AMERCO      Legal Group |   |
|----------------------------------------------------------------------------|--------|---------------------------|---------|--------|-------------------------|--------|
|                                                                       |   | AMERCO                    |    |   | U-Haul                  |   |   | Real      Estate |   |   | Elimination |   |   | Moving      & StorageConsolidated |   |   | Property      &CasualtyInsurance      (a) |   |   | LifeInsurance      (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |
|                                                                       |   | (Unaudited)               |    |
| Cash      flows from operating activities:                                 |   | (In      thousands)       |    |
| Net      earnings                                                          |   | $                         | 73,650  |   |                    | $      | 35,627 |   |   | $ | 1,949 |   |   | $ | (37,576 | ) |   | $ | 73,650 |   |   | $ | 2,859 |   |   | $ | 6,363 |   |   | $ | (9,222 | ) |   | $ | 73,650 |   |
| Earnings      from consolidated entities                                   |   |                      | (46,798 | )      |                    |   | - |   |   |   | - |   |   |   | 37,576 |   |   |   | (9,222 | ) |   |   | - |   |   |   | - |   |   |   | 9,222 |   |   |   | - |   |
| Adjustments      to reconcile net earnings to cash provided by operations: |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                               |   |                      | 9       |   |                    |   | 115,833 |   |   |   | 6,078 |   |   |   | - |   |   |   | 121,920 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 121,920 |   |
| Amortization      of deferred policy acquisition costs                     |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8 |   |   |   | 4,418 |   |   |   | - |   |   |   | 4,426 |   |
| Change      in allowance for losses on trade receivables                   |   |                      | -       |   |                    |   | (87 | ) |   |   | - |   |   |   | - |   |   |   | (87 | ) |   |   | - |   |   |   | 58 |   |   |   | - |   |   |   | (29 | ) |
| Change      in allowance for losses on mortgage notes                      |   |                      | -       |   |                    |   | (59 | ) |   |   | - |   |   |   | - |   |   |   | (59 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (59 | ) |
| Change      in allowance for inventory reserve                             |   |                      | -       |   |                    |   | 3,603 |   |   |   | - |   |   |   | - |   |   |   | 3,603 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,603 |   |
| Net      loss on sale of real and personal property                        |   |                      | -       |   |                    |   | 9,452 |   |   |   | - |   |   |   | - |   |   |   | 9,452 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,452 |   |
| Net      (gain) loss on sale of investments                                |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (72 | ) |   |   | 73 |   |   |   | - |   |   |   | 1 |   |
| Deferred      income taxes                                                 |   |                      | 44,384  |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | 44,384 |   |   |   | 841 |   |   |   | 3,768 |   |   |   | - |   |   |   | 48,993 |   |
| Net      change in other operating assets and liabilities:                 |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance      recoverables and trade receivables                        |   |                      | -       |   |                    |   | 862 |   |   |   | - |   |   |   | - |   |   |   | 862 |   |   |   | 5,149 |   |   |   | (180 | ) |   |   | - |   |   |   | 5,831 |   |
| Inventories                                                                |   |                      | -       |   |                    |   | (15,602 | ) |   |   | - |   |   |   | - |   |   |   | (15,602 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (15,602 | ) |
| Prepaid      expenses                                                      |   |                      | 3,366   |   |                    |   | 5,673 |   |   |   | (167 | ) |   |   | - |   |   |   | 8,872 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,872 |   |
| Capitalization      of deferred policy acquisition costs                   |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 7 |   |   |   | (4,894 | ) |   |   | - |   |   |   | (4,887 | ) |
| Other      assets                                                          |   |                      | (1      | )      |                    |   | 6,883 |   |   |   | 871 |   |   |   | - |   |   |   | 7,753 |   |   |   | 919 |   |   |   | 163 |   |   |   | - |   |   |   | 8,835 |   |
| Related      party assets                                                  |   |                      | 3,432   |   |                    |   | 3,735 |   |   |   | (45 | ) |   |   | - |   |   |   | 7,122 |   |   |   | 4,127 |   |   |   | - |   |   |   | - |   |   |   | 11,249 |   |
| Accounts      payable and accrued expenses                                 |   |                      | 1,040   |   |                    |   | (15,999 | ) |   |   | 354 |   |   |   | - |   |   |   | (14,605 | ) |   |   | - |   |   |   | (1,594 | ) |   |   | - |   |   |   | (16,199 | ) |
| Policy      benefits and losses, claims and loss expenses payable          |   |                      | -       |   |                    |   | 5,419 |   |   |   | - |   |   |   | - |   |   |   | 5,419 |   |   |   | (14,746 | ) |   |   | (3,490 | ) |   |   | - |   |   |   | (12,817 | ) |
| Other      policyholders' funds and liabilities                            |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 211 |   |   |   | (957 | ) |   |   | - |   |   |   | (746 | ) |
| Deferred      income                                                       |   |                      | -       |   |                    |   | 539 |   |   |   | - |   |   |   | - |   |   |   | 539 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 539 |   |
| Related      party liabilities                                             |   |                      | -       |   |                    |   | (1,820 | ) |   |   | - |   |   |   | - |   |   |   | (1,820 | ) |   |   | 121 |   |   |   | 60 |   |   |   | - |   |   |   | (1,639 | ) |
| Net      cash provided (used) by operating activities                      |   |                      | 79,082  |   |                    |   | 154,059 |   |   |   | 9,040 |   |   |   | - |   |   |   | 242,181 |   |   |   | (576 | ) |   |   | 3,788 |   |   |   | - |   |   |   | 245,393 |   |
| Cash      flows from investing activities:                                 |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases      of:                                                         |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,      plant and equipment                                         |   |                      | (1      | )      |                    |   | (206,866 | ) |   |   | (18,129 | ) |   |   | - |   |   |   | (224,996 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (224,996 | ) |
| Short      term investments                                                |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (75,810 | ) |   |   | (140,543 | ) |   |   | - |   |   |   | (216,353 | ) |
| Fixed      maturities investments                                          |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,018 | ) |   |   | (111,106 | ) |   |   | - |   |   |   | (115,124 | ) |
| Preferred      stock                                                       |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,001 | ) |   |   | - |   |   |   | (2,001 | ) |
| Real      estate                                                           |   |                      | -       |   |                    |   | (8 | ) |   |   | - |   |   |   | - |   |   |   | (8 | ) |   |   | (342 | ) |   |   | - |   |   |   | - |   |   |   | (350 | ) |
| Mortgage      loans                                                        |   |                      | -       |   |                    |   | - |   |   |   | (368 | ) |   |   | - |   |   |   | (368 | ) |   |   | - |   |   |   | (8,943 | ) |   |   | - |   |   |   | (9,311 | ) |
| Proceeds      from sales of:                                               |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,      plant and equipment                                         |   |                      | -       |   |                    |   | 79,963 |   |   |   | 842 |   |   |   | - |   |   |   | 80,805 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 80,805 |   |
| Short      term investments                                                |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 32,566 |   |   |   | 149,833 |   |   |   | - |   |   |   | 182,399 |   |
| Fixed      maturities investments                                          |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 47,852 |   |   |   | 125,818 |   |   |   | - |   |   |   | 173,670 |   |
| Equity      securities                                                     |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 27 |   |   |   | - |   |   |   | 27 |   |
| Real      estate                                                           |   |                      | -       |   |                    |   | - |   |   |   | 704 |   |   |   | - |   |   |   | 704 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 704 |   |
| Mortgage      loans                                                        |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 12 |   |   |   | 2,810 |   |   |   | - |   |   |   | 2,822 |   |
| Payments      from notes and mortgage receivables                          |   |                      | -       |   |                    |   | 63 |   |   |   | - |   |   |   | - |   |   |   | 63 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 63 |   |
| Net      cash provided (used) by investing activities                      |   |                      | (1      | )      |                    |   | (126,848 | ) |   |   | (16,951 | ) |   |   | - |   |   |   | (143,800 | ) |   |   | 260 |   |   |   | 15,895 |   |   |   | - |   |   |   | (127,645 | ) |
|                                                                       |   | (page      1 of 2)        |    |
| (a)      Balance for the period ended June 30, 2008                        |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                |   | Moving      & Storage |    |   | AMERCO      Legal Group |   |
|---------------------------------------------------------------------|--------|---------------------------|---------|--------|-------------------------|--------|
|                                                                |   | AMERCO                    |    |   | U-Haul                  |   |   | Real      Estate |   |   | Elimination |   |   | Moving      & StorageConsolidated |   |   | Property      &CasualtyInsurance      (a) |   |   | LifeInsurance      (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |
|                                                                |   | (Unaudited)               |    |
| Cash      flows from financing activities:                          |   | (In      thousands)       |    |
| Borrowings      from credit facilities                              |   |                      | -       |   |                    |   | 82,016 |   |   |   | 53,314 |   |   |   | - |   |   |   | 135,330 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 135,330 |   |
| Principal      repayments on credit facilities                      |   |                      | -       |   |                    |   | (59,507 | ) |   |   | (14,813 | ) |   |   | - |   |   |   | (74,320 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (74,320 | ) |
| Debt      issuance costs                                            |   |                      | -       |   |                    |   | (360 | ) |   |   | - |   |   |   | - |   |   |   | (360 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (360 | ) |
| Capital      lease payments                                         |   |                      | -       |   |                    |   | (348 | ) |   |   | - |   |   |   | - |   |   |   | (348 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (348 | ) |
| Leveraged      Employee Stock Ownership Plan - repayments from loan |   |                      | -       |   |                    |   | 631 |   |   |   | - |   |   |   | - |   |   |   | 631 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 631 |   |
| Repurchase      of stock                                            |   |                      | (659    | )      |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | (659 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (659 | ) |
| Proceeds      from (repayment of) intercompany loans                |   |                      | (73,950 | )      |                    |   | 104,540 |   |   |   | (30,590 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Preferred      stock dividends paid                                 |   |                      | (6,482  | )      |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,482 | ) |
| Net      dividend from related party                                |   |                      | 2,010   |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,010 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,010 |   |
| Investment      contract deposits                                   |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,561 |   |   |   | - |   |   |   | 9,561 |   |
| Investment      contract withdrawals                                |   |                      | -       |   |                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (26,921 | ) |   |   | - |   |   |   | (26,921 | ) |
| Net      cash provided (used) by financing activities               |   |                      | (79,081 | )      |                    |   | 126,972 |   |   |   | 7,911 |   |   |   | - |   |   |   | 55,802 |   |   |   | - |   |   |   | (17,360 | ) |   |   | - |   |   |   | 38,442 |   |
|                                                                |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects      of exchange rate on cash                               |   |                      | -       |   |                    |   | 318 |   |   |   | - |   |   |   | - |   |   |   | 318 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 318 |   |
|                                                                |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase      (decrease) in cash and cash equivalents               |   |                      | -       |   |                    |   | 154,501 |   |   |   | - |   |   |   | - |   |   |   | 154,501 |   |   |   | (316 | ) |   |   | 2,323 |   |   |   | - |   |   |   | 156,508 |   |
| Cash      and cash equivalents at beginning of period               |   |                      | 30      |   |                    |   | 191,220 |   |   |   | - |   |   |   | - |   |   |   | 191,250 |   |   |   | 6,848 |   |   |   | 8,524 |   |   |   | - |   |   |   | 206,622 |   |
| Cash      and cash equivalents at end of period                     |   | $                         | 30      |   |                    | $      | 345,721 |   |   | $ | - |   |   | $ | - |   |   | $ | 345,751 |   |   | $ | 6,532 |   |   | $ | 10,847 |   |   | $ | - |   |   | $ | 363,130 |   |
|                                                                |   | (page      2 of 2)        |    |
| (a)      Balance for the period ended June 30, 2008                 |   |                      |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                       |   | Moving      & Storage |    |   | AMERCO      Legal Group |   |     |  AMERCO      as Consolidated |   |
|----------------------------------------------------------------------------|--------|---------------------------|---------|--------|-------------------------|--------|----------|-----------------------------------|--------|
|                                                                       |   | AMERCO                    |    |   | U-Haul                  |   |     | Real      Estate                  |   |   | Elimination |   |   | Moving      & StorageConsolidated |   |   | Property      &CasualtyInsurance      (a) |   |   | LifeInsurance      (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |   | SAC      Holding II |   |   | Elimination |   |   | TotalConsolidated |   |
|                                                                       |   | (Unaudited)               |    |
| Cash      flows from operating activities:                                 |   | (In      thousands)       |    |
| Net      earnings                                                          |   | $                         | 92,052  |   |                    | $      | 55,119   |                              |   | $ | 4,298 |   |   | $ | (59,417 | ) |   | $ | 92,052 |   |   | $ | 3,924 |   |   | $ | 3,816 |   |   | $ | (7,740 | ) |   | $ | 92,052 |   |   | $ | 355 |   |   | $ | (181 | ) |   | $ | 92,226 |   |
| Earnings      from consolidated entities                                   |   |                      | (67,512 | )      |                    |   | -        |                              |   |   | - |   |   |   | 59,417 |   |   |   | (8,095 | ) |   |   | - |   |   |   | - |   |   |   | 7,740 |   |   |   | (355 | ) |   |   | - |   |   |   | 355 |   |   |   | - |   |
| Adjustments      to reconcile net earnings to cash provided by operations: |   |                      |    |   |                    |   |     |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                               |   |                      | 322     |   |                    |   | 106,115  |                              |   |   | 5,634 |   |   |   | - |   |   |   | 112,071 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 112,071 |   |   |   | 1,403 |   |   |   | (280 | ) |   |   | 113,194 |   |
| Amortization      of deferred policy acquisition costs                     |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 179 |   |   |   | 7,004 |   |   |   | - |   |   |   | 7,183 |   |   |   | - |   |   |   | - |   |   |   | 7,183 |   |
| Change      in provision for losses on trade receivables                   |   |                      | -       |   |                    |   | 31       |                              |   |   | - |   |   |   | - |   |   |   | 31 |   |   |   | - |   |   |   | 56 |   |   |   | - |   |   |   | 87 |   |   |   | - |   |   |   | - |   |   |   | 87 |   |
| Change      in provision for losses on mortgage notes                      |   |                      | -       |   |                    |   | (19      | )                                 |   |   | - |   |   |   | - |   |   |   | (19 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (19 | ) |   |   | - |   |   |   | - |   |   |   | (19 | ) |
| Change      in provision for inventory reserve                             |   |                      | -       |   |                    |   | 1,281    |                              |   |   | - |   |   |   | - |   |   |   | 1,281 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,281 |   |   |   | - |   |   |   | - |   |   |   | 1,281 |   |
| Net      gain on sale of real and personal property                        |   |                      | -       |   |                    |   | (3,011   | )                                 |   |   | (10,012 | ) |   |   | - |   |   |   | (13,023 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (13,023 | ) |   |   | (160 | ) |   |   | - |   |   |   | (13,183 | ) |
| Net      (gain) loss on sale of investments                                |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 167 |   |   |   | (18 | ) |   |   | - |   |   |   | 149 |   |   |   | - |   |   |   | - |   |   |   | 149 |   |
| Deferred      income taxes                                                 |   |                      | 31,666  |   |                    |   | 121      |                              |   |   | - |   |   |   | - |   |   |   | 31,787 |   |   |   | 2,411 |   |   |   | (572 | ) |   |   | - |   |   |   | 33,626 |   |   |   | 234 |   |   |   | 106 |   |   |   | 33,966 |   |
| Net      change in other operating assets and liabilities:                 |   |                      |    |   |                    |   |     |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance      recoverables and trade receivables                        |   |                      | -       |   |                    |   | (6,754   | )                                 |   |   | (2 | ) |   |   | - |   |   |   | (6,756 | ) |   |   | 1,168 |   |   |   | 434 |   |   |   | - |   |   |   | (5,154 | ) |   |   | - |   |   |   | - |   |   |   | (5,154 | ) |
| Inventories                                                                |   |                      | -       |   |                    |   | 3,143    |                              |   |   | - |   |   |   | - |   |   |   | 3,143 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,143 |   |   |   | 38 |   |   |   | - |   |   |   | 3,181 |   |
| Prepaid      expenses                                                      |   |                      | 11,173  |   |                    |   | (7,056   | )                                 |   |   | (14 | ) |   |   | - |   |   |   | 4,103 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,103 |   |   |   | 17 |   |   |   | - |   |   |   | 4,120 |   |
| Capitalization      of deferred policy acquisition costs                   |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (59 | ) |   |   | (2,480 | ) |   |   | - |   |   |   | (2,539 | ) |   |   | - |   |   |   | - |   |   |   | (2,539 | ) |
| Other      assets                                                          |   |                      | 6       |   |                    |   | 797      |                              |   |   | (9,774 | ) |   |   | - |   |   |   | (8,971 | ) |   |   | (447 | ) |   |   | (79 | ) |   |   | - |   |   |   | (9,497 | ) |   |   | (876 | ) |   |   | - |   |   |   | (10,373 | ) |
| Related      party assets                                                  |   |                      | 5,812   |   |                    |   | 17,204   |                              |   |   | 12,574 |   |   |   | - |   |   |   | 35,590 |   |   |   | 1,246 |   |   |   | 5,040 |   |   |   | - |   |   |   | 41,876 |   |   |   | 5 |   |   |   | - |   |   |   | 41,881 |   |
| Accounts      payable and accrued expenses                                 |   |                      | 415     |   |                    |   | 18,485   |                              |   |   | (4,187 | ) |   |   | - |   |   |   | 14,713 |   |   |   | - |   |   |   | (1,613 | ) |   |   | - |   |   |   | 13,100 |   |   |   | 397 |   |   |   | - |   |   |   | 13,497 |   |
| Policy      benefits and losses, claims and loss expenses payable          |   |                      | -       |   |                    |   | 26,459   |                              |   |   | - |   |   |   | - |   |   |   | 26,459 |   |   |   | (15,548 | ) |   |   | (5,845 | ) |   |   | - |   |   |   | 5,066 |   |   |   | - |   |   |   | - |   |   |   | 5,066 |   |
| Other      policyholders' funds and liabilities                            |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 280 |   |   |   | (69 | ) |   |   | - |   |   |   | 211 |   |   |   | - |   |   |   | - |   |   |   | 211 |   |
| Deferred      income                                                       |   |                      | -       |   |                    |   | (1,655   | )                                 |   |   | - |   |   |   | - |   |   |   | (1,655 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,655 | ) |   |   | (18 | ) |   |   | - |   |   |   | (1,673 | ) |
| Related      party liabilities                                             |   |                      | -       |   |                    |   | (3,715   | )                                 |   |   | - |   |   |   | - |   |   |   | (3,715 | ) |   |   | (167 | ) |   |   | 235 |   |   |   | - |   |   |   | (3,647 | ) |   |   | 236 |   |   |   | - |   |   |   | (3,411 | ) |
| Net      cash provided (used) by operating activities                      |   |                      | 73,934  |   |                    |   | 206,545  |                              |   |   | (1,483 | ) |   |   | - |   |   |   | 278,996 |   |   |   | (6,846 | ) |   |   | 5,909 |   |   |   | - |   |   |   | 278,059 |   |   |   | 1,631 |   |   |   | - |   |   |   | 279,690 |   |
| Cash      flows from investing activities:                                 |   |                      |    |   |                    |   |     |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases      of:                                                         |   |                      |    |   |                    |   |     |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,      plant and equipment                                         |   |                      | (58     | )      |                    |   | (338,531 | )                                 |   |   | (20,590 | ) |   |   | - |   |   |   | (359,179 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (359,179 | ) |   |   | (1,332 | ) |   |   | - |   |   |   | (360,511 | ) |
| Short      term investments                                                |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (34,607 | ) |   |   | (94,020 | ) |   |   | - |   |   |   | (128,627 | ) |   |   | - |   |   |   | - |   |   |   | (128,627 | ) |
| Fixed      maturities investments                                          |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (12,885 | ) |   |   | (32,737 | ) |   |   | - |   |   |   | (45,622 | ) |   |   | - |   |   |   | - |   |   |   | (45,622 | ) |
| Real      estate                                                           |   |                      | -       |   |                    |   | -        |                              |   |   | (3,203 | ) |   |   | - |   |   |   | (3,203 | ) |   |   | (238 | ) |   |   | - |   |   |   | - |   |   |   | (3,441 | ) |   |   | - |   |   |   | - |   |   |   | (3,441 | ) |
| Mortgage      loans                                                        |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,895 | ) |   |   | - |   |   |   | (4,895 | ) |   |   | - |   |   |   | - |   |   |   | (4,895 | ) |
| Proceeds      from sales of:                                               |   |                      |    |   |                    |   |     |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,      plant and equipment                                         |   |                      | -       |   |                    |   | 88,385   |                              |   |   | 11,884 |   |   |   | - |   |   |   | 100,269 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 100,269 |   |   |   | 391 |   |   |   | - |   |   |   | 100,660 |   |
| Short      term investments                                                |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 37,778 |   |   |   | 107,036 |   |   |   | - |   |   |   | 144,814 |   |   |   | - |   |   |   | - |   |   |   | 144,814 |   |
| Fixed      maturities investments                                          |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 15,029 |   |   |   | 46,177 |   |   |   | - |   |   |   | 61,206 |   |   |   | - |   |   |   | - |   |   |   | 61,206 |   |
| Equity      securities                                                     |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 46 |   |   |   | - |   |   |   | 46 |   |   |   | - |   |   |   | - |   |   |   | 46 |   |
| Preferred      stock                                                       |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,000 |   |   |   | 625 |   |   |   | - |   |   |   | 2,625 |   |   |   | - |   |   |   | - |   |   |   | 2,625 |   |
| Real      estate                                                           |   |                      | -       |   |                    |   | 153      |                              |   |   | - |   |   |   | - |   |   |   | 153 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 153 |   |   |   | - |   |   |   | - |   |   |   | 153 |   |
| Mortgage      loans                                                        |   |                      | -       |   |                    |   | -        |                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,043 |   |   |   | - |   |   |   | 4,043 |   |   |   | - |   |   |   | - |   |   |   | 4,043 |   |
| Payments      from notes and mortgage receivables                          |   |                      | -       |   |                    |   | 56       |                              |   |   | 311 |   |   |   | - |   |   |   | 367 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 367 |   |   |   | - |   |   |   | - |   |   |   | 367 |   |
| Net      cash provided (used) by investing activities                      |   |                      | (58     | )      |                    |   | (249,937 | )                                 |   |   | (11,598 | ) |   |   | - |   |   |   | (261,593 | ) |   |   | 7,077 |   |   |   | 26,275 |   |   |   | - |   |   |   | (228,241 | ) |   |   | (941 | ) |   |   | - |   |   |   | (229,182 | ) |
|                                                                       |   | (page      1 of 2)        |    |
| (a)      Balance for the period ended June 30, 2007                        |   |                      |    |   |                    |   |     |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                |   | Moving      & Storage |    |   | AMERCO      Legal Group |   |     |   AMERCO      as Consolidated |   |
|---------------------------------------------------------------------|--------|---------------------------|---------|--------|-------------------------|--------|----------|-----------------------------------------|--------|
|                                                                |   | AMERCO                    |    |   | U-Haul                  |   |     | Real      Estate                        |   |   | Elimination |   |   | Moving      & StorageConsolidated |   |   | Property      &CasualtyInsurance      (a) |   |   | LifeInsurance      (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |   | SAC      Holding II |   |   | Elimination |   |   | TotalConsolidated |   |
|                                                                |   | (Unaudited)               |    |
| Cash      flows from financing activities:                          |   | (In      thousands)       |    |
| Borrowings      from credit facilities                              |   |                      | -       |   |                    |   | 409,794  |                                    |   |   | 37,826 |   |   |   | - |   |   |   | 447,620 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 447,620 |   |   |   | - |   |   |   | - |   |   |   | 447,620 |   |
| Principal      repayments on credit facilities                      |   |                      | -       |   |                    |   | (148,696 | )                                       |   |   | (29,657 | ) |   |   | - |   |   |   | (178,353 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (178,353 | ) |   |   | (690 | ) |   |   | - |   |   |   | (179,043 | ) |
| Debt      issuance costs                                            |   |                      | -       |   |                    |   | (9,680   | )                                       |   |   | (170 | ) |   |   | - |   |   |   | (9,850 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (9,850 | ) |   |   | - |   |   |   | - |   |   |   | (9,850 | ) |
| Leveraged      Employee Stock Ownership Plan - repayments from loan |   |                      | -       |   |                    |   | 608      |                                    |   |   | - |   |   |   | - |   |   |   | 608 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 608 |   |   |   | - |   |   |   | - |   |   |   | 608 |   |
| Treasury      stock repurchases                                     |   |                      | (33,966 | )      |                    |   | -        |                                    |   |   | - |   |   |   | - |   |   |   | (33,966 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (33,966 | ) |   |   | - |   |   |   | - |   |   |   | (33,966 | ) |
| Securitization      deposits                                        |   |                      | -       |   |                    |   | (116,176 | )                                       |   |   | - |   |   |   | - |   |   |   | (116,176 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (116,176 | ) |   |   | - |   |   |   | - |   |   |   | (116,176 | ) |
| Proceeds      from (repayment of) intercompany loans                |   |                      | (33,406 | )      |                    |   | 26,136   |                                    |   |   | 7,270 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Preferred      stock dividends paid                                 |   |                      | (6,482  | )      |                    |   | -        |                                    |   |   | - |   |   |   | - |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   | (6,482 | ) |
| Investment      contract deposits                                   |   |                      | -       |   |                    |   | -        |                                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,772 |   |   |   | - |   |   |   | 8,772 |   |   |   | - |   |   |   | - |   |   |   | 8,772 |   |
| Investment      contract withdrawals                                |   |                      | -       |   |                    |   | -        |                                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (34,032 | ) |   |   | - |   |   |   | (34,032 | ) |   |   | - |   |   |   | - |   |   |   | (34,032 | ) |
| Net      cash provided (used) by financing activities               |   |                      | (73,854 | )      |                    |   | 161,986  |                                    |   |   | 15,269 |   |   |   | - |   |   |   | 103,401 |   |   |   | - |   |   |   | (25,260 | ) |   |   | - |   |   |   | 78,141 |   |   |   | (690 | ) |   |   | - |   |   |   | 77,451 |   |
|                                                                |   |                      |    |   |                    |   |     |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects      of exchange rate on cash                               |   |                      | -       |   |                    |   | 113      |                                    |   |   | - |   |   |   | - |   |   |   | 113 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 113 |   |   |   | - |   |   |   | - |   |   |   | 113 |   |
|                                                                |   |                      |    |   |                    |   |     |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase      in cash and cash equivalents                          |   |                      | 22      |   |                    |   | 118,707  |                                    |   |   | 2,188 |   |   |   | - |   |   |   | 120,917 |   |   |   | 231 |   |   |   | 6,924 |   |   |   | - |   |   |   | 128,072 |   |   |   | - |   |   |   | - |   |   |   | 128,072 |   |
| Cash      and cash equivalents at beginning of period               |   |                      | 9       |   |                    |   | 63,490   |                                    |   |   | 807 |   |   |   | - |   |   |   | 64,306 |   |   |   | 4,228 |   |   |   | 6,738 |   |   |   | - |   |   |   | 75,272 |   |   |   | - |   |   |   | - |   |   |   | 75,272 |   |
| Cash      and cash equivalents at end of period                     |   | $                         | 31      |   |                    | $      | 182,197  |                                    |   | $ | 2,995 |   |   | $ | - |   |   | $ | 185,223 |   |   | $ | 4,459 |   |   | $ | 13,662 |   |   | $ | - |   |   | $ | 203,344 |   |   | $ | - |   |   | $ | - |   |   | $ | 203,344 |   |
|                                                                |   | (page      2 of 2)        |    |
| (a)      Balance for the period ended June 30, 2007                 |   |                      |    |   |                    |   |     |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                   |   | United      States                              |      |   | Canada |   |    | Consolidated |   |
|------------------------------------------------------------------------|--------|-------------------------------------------------|-----------|--------|--------|--------|---------|--------------|--------|
|                                                                   |   | (Unaudited)                                     |      |
|                                                                   |   | (All      amounts are in thousands of U.S. $'s) |      |
| Quarter      ended September 30, 2008                                  |   |                                            |      |   |   |   |    |         |   |
| Total      revenues                                                    |   | $                                               | 554,099   |   |   | $      | 37,396  |         |   | $ | 591,495 |   |
| Depreciation      and amortization, net of (gains) losses on disposals |   |                                            | 66,455    |   |   |   | 2,317   |         |   |   | 68,772 |   |
| Interest      expense                                                  |   |                                            | 24,755    |   |   |   | 175     |         |   |   | 24,930 |   |
| Pretax      earnings                                                   |   |                                            | 66,604    |   |   |   | 3,988   |         |   |   | 70,592 |   |
| Income      tax expense                                                |   |                                            | 25,412    |   |   |   | 1,356   |         |   |   | 26,768 |   |
| Identifiable      assets                                               |   |                                            | 3,875,527 |   |   |   | 101,969 |         |   |   | 3,977,496 |   |
|                                                                   |   |                                            |      |   |   |   |    |         |   |   |   |   |
| Quarter      ended September 30, 2007                                  |   |                                            |      |   |   |   |    |         |   |   |   |   |
| Total      revenues                                                    |   | $                                               | 561,645   |   |   | $      | 34,697  |         |   | $ | 596,342 |   |
| Depreciation      and amortization, net of (gains) losses on disposals |   |                                            | 56,802    |   |   |   | 2,210   |         |   |   | 59,012 |   |
| Interest      expense                                                  |   |                                            | 27,296    |   |   |   | 153     |         |   |   | 27,449 |   |
| Pretax      earnings                                                   |   |                                            | 79,511    |   |   |   | 2,120   |         |   |   | 81,631 |   |
| Income      tax expense                                                |   |                                            | 30,436    |   |   |   | 721     |         |   |   | 31,157 |   |
| Identifiable      assets                                               |   |                                            | 3,758,139 |   |   |   | 120,708 |         |   |   | 3,878,847 |   |

|                                                                                              |   | United      States                              |      |   | Canada |   |    | Consolidated |   |
|---------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|-----------|--------|--------|--------|---------|--------------|--------|
|                                                                                              |   | (Unaudited)                                     |      |
|                                                                                              |   | (All      amounts are in thousands of U.S. $'s) |      |
| Six      months ended September 30, 2008                                                          |   |                                            |      |   |   |   |    |         |   |
| Total      revenues                                                                               |   | $                                               | 1,062,847 |   |   | $      | 71,442  |         |   | $ | 1,134,289 |   |
| Depreciation      and amortization, net of (gains) losses on disposals                            |   |                                            | 130,992   |   |   |   | 4,806   |         |   |   | 135,798 |   |
| Interest      expense                                                                             |   |                                            | 48,428    |   |   |   | 346     |         |   |   | 48,774 |   |
| Pretax      earnings                                                                              |   |                                            | 112,189   |   |   |   | 6,221   |         |   |   | 118,410 |   |
| Income      tax expense                                                                           |   |                                            | 42,644    |   |   |   | 2,116   |         |   |   | 44,760 |   |
| Identifiable      assets                                                                          |   |                                            | 3,875,527 |   |   |   | 101,969 |         |   |   | 3,977,496 |   |
|                                                                                              |   |                                            |      |   |   |   |    |         |   |   |   |   |
| Six      months ended September 30, 2007                                                          |   |                                            |      |   |   |   |    |         |   |   |   |   |
| Total      revenues                                                                               |   | $                                               | 1,086,980 |   |   | $      | 63,637  |         |   | $ | 1,150,617 |   |
| Depreciation      and amortization, net of (gains) losses on disposals *                          |   |                                            | 102,605   |   |   |   | 4,589   |         |   |   | 107,194 |   |
| Interest      expense                                                                             |   |                                            | 50,811    |   |   |   | 354     |         |   |   | 51,165 |   |
| Pretax      earnings                                                                              |   |                                            | 146,186   |   |   |   | 3,733   |         |   |   | 149,919 |   |
| Income      tax expense                                                                           |   |                                            | 56,423    |   |   |   | 1,270   |         |   |   | 57,693 |   |
| Identifiable      assets                                                                          |   |                                            | 3,758,139 |   |   |   | 120,708 |         |   |   | 3,878,847 |   |
|                                                                                              |   |                                            |      |   |   |   |    |         |   |   |   |   |
| *      This includes a $10.0 million gain on disposal of real property in the      United States. |   |                                            |      |   |   |   |    |         |   |

----

|                                                     |   | Quarter      Ended September 30, |   |
|----------------------------------------------------------|--------|----------------------------------|--------|
|                                                     |   | 2008                             |   |   | 2007 |   |
|                                                     |   | (Unaudited)                      |   |
|                                                     |   | (In      thousands)              |   |
|                                                     |   |                             |   |   |   |   |
| Service      cost for benefits earned during the period  |   | $                                | 103    |   |   | $ | 168 |   |
| Interest      cost on accumulated postretirement benefit |   |                             | 134    |   |   |   | 152 |   |
| Amortization      of gain                                |   |                             | (23    | ) |   |   | - |   |
| Net      periodic postretirement benefit cost            |   | $                                | 214    |   |   | $ | 320 |   |

|                                                     |   | Six      Months Ended September 30, |   |
|----------------------------------------------------------|--------|-------------------------------------|--------|
|                                                     |   | 2008                                |   |   | 2007 |   |
|                                                     |   | (Unaudited)                         |   |
|                                                     |   | (In      thousands)                 |   |
|                                                     |   |                                |   |   |   |   |
| Service      cost for benefits earned during the period  |   | $                                   | 206    |   |   | $ | 336 |   |
| Interest      cost on accumulated postretirement benefit |   |                                | 268    |   |   |   | 304 |   |
| Amortization      of gain                                |   |                                | (47    | ) |   |   | - |   |
| Net      periodic postretirement benefit cost            |   | $                                   | 427    |   |   | $ | 640 |   |

----

|                                       |   | Total               |      |   | Quoted      Prices in Active Markets for Identical Assets (Level 1) |   |    | Significant      Other Observable Inputs (Level 2) |   |   | Significant      Unobservable Inputs (Level 3) |   |
|--------------------------------------------|--------|---------------------|-----------|--------|---------------------------------------------------------------------|--------|---------|----------------------------------------------------|--------|--------|------------------------------------------------|--------|
|                                       |   | (Unaudited)         |      |
|                                       |   | (In      thousands) |      |
| Assets                                     |   |                |      |   |                                                                |   |    |                                               |   |   |                                           |   |
| Short-term      investments                |   |                | 447,343   |   |                                                                |   | 447,343 |                                               |   |   | -                                              |   |   |   | - |   |
| Fixed      maturities - available for sale |   |                | 555,057   |   |                                                                |   | 534,003 |                                               |   |   | 21,054                                         |   |   |   | - |   |
| Preferred      stock                       |   |                | 12,047    |   |                                                                |   | 12,047  |                                               |   |   | -                                              |   |   |   | - |   |
| Common      stock                          |   |                | 27        |   |                                                                |   | -       |                                               |   |   | -                                              |   |   |   | 27 |   |
| Total                                      |   | $                   | 1,014,474 |   |                                                                | $      | 993,393 |                                               |   | $      | 21,054                                         |   |   | $ | 27 |   |

| Liabilities                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Guaranteed      residual values of TRAC leases |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | - |   |
| Derivatives                                    |   | $      | 31,636 |   |   | $      | -      |   |   | $      | 31,636 |   |   | $ | - |   |
| Total                                          |   | $      | 31,636 |   |   | $      | -      |   |   | $      | 31,636 |   |   | $ | - |   |

|                                                  |   | Level      3        |   |
|-------------------------------------------------------|--------|---------------------|--------|
|                                                  |   | (Unaudited)         |   |
|                                                  |   | (In      thousands) |   |
|                                                  |   |                |   |
| Balance      at March 31, 2008                        |   | $                   | 31     |   |
| Common      Stock - Newtek loss (realized/unrealized) |   |                | (5     | ) |
| Balance      at June 30, 2008                         |   |                | 26     |   |
| Common      Stock - Newtek gain (realized/unrealized) |   |                | 1      |   |
| Balance      at September 30, 2008                    |   | $                   | 27     |   |

----

ITEM2. 
Management’s Discussion and Analysis of FinancialCondition and Results of Operations

|   | AMERCO’s      four reportable segments are (orwere): |
|--------|------------------------------------------------------------|

|   | (a) | Moving      and Storage, comprised of AMERCO, U-Haul, and Real Estate and the      subsidiaries of U-Haul and RealEstate |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Property      and Casualty Insurance, comprised of RepWest and its      subsidiaries |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (c) | Life      Insurance, comprised of Oxford and its  subsidiaries |
|--------|-----|----------------------------------------------------------------|

|   | (d) | SAC      Holding II and its subsidiaries (through October  2007) |
|--------|-----|------------------------------------------------------------------|

----

----

----

----

----

SFAS 161, Disclosures about DerivativeInstruments and Hedging Activities (“SFAS 161”), which amends 
SFAS 133, Accounting for DerivativeInstruments and Hedging Activities to require expanded disclosuresabout derivative instruments and hedging activities regarding (1) the ways inwhich an entity uses derivatives, (2) the accounting for derivatives and hedgingactivities, and (3) the impact that derivatives have (or could have) on anentity's financial position, financial performance, and cash flows. SFAS 161 iseffective for financial statements of fiscal years and interim periods beginningafter November 15, 2008, with early application encouraged. While disclosuresfor earlier comparative periods presented at initial adoption are not required,they are encouraged; following initial adoption, comparative disclosures arerequired only forperiods after such adoption. The Company is currently evaluating the impact thatSFAS 161 will have on our financial statements and disclosures.

|                                                               |   | Quarter      Ended September 30, |    |
|--------------------------------------------------------------------|--------|----------------------------------|---------|
|                                                               |   | 2008                             |    |   | 2007 |   |
|                                                               |   | (Unaudited)                      |    |
|                                                               |   | (In      thousands)              |    |
|  Self-moving      equipment rentals                           |   | $                                | 439,244 |   |   | $ | 435,786 |   |
|  Self-storage      revenues                                   |   |                             | 27,901  |   |   |   | 33,088 |   |
|  Self-moving      and self-storage products and service sales |   |                             | 58,296  |   |   |   | 62,554 |   |
|  Property      management fees                                |   |                             | 4,721   |   |   |   | 3,993 |   |
|  Life      insurance premiums                                 |   |                             | 27,099  |   |   |   | 27,937 |   |
|  Property      and casualty insurance premiums                |   |                             | 7,359   |   |   |   | 7,332 |   |
|  Net      investment and interest income                      |   |                             | 14,983  |   |   |   | 16,373 |   |
|  Other      revenue                                           |   |                             | 11,892  |   |   |   | 9,279 |   |
|  Consolidated      revenue                                    |   | $                                | 591,495 |   |   | $ | 596,342 |   |

----

|                                       |   | Quarter      Ended September 30, |    |
|--------------------------------------------|--------|----------------------------------|---------|
|                                       |   | 2008                             |    |   | 2007 |   |
|                                       |   | (Unaudited)                      |    |
|                                       |   | (In      thousands)              |    |
|  Moving      and storage              |   |                             |    |   |   |   |
|  Revenues                             |   | $                                | 547,978 |   |   | $ | 545,568 |   |
|  Earnings      from operations        |   |                             | 92,850  |   |   |   | 104,979 |   |
|  Property      and casualty insurance |   |                             |    |   |   |   |   |   |
|  Revenues                             |   |                             | 9,685   |   |   |   | 10,393 |   |
|  Earnings      from operations        |   |                             | 2,195   |   |   |   | 3,722 |   |
|  Life      insurance                  |   |                             |    |   |   |   |   |   |
|  Revenues                             |   |                             | 34,516  |   |   |   | 34,460 |   |
|  Earnings      from operations        |   |                             | 5,341   |   |   |   | 3,565 |   |
|  SAC      Holding II                  |   |                             |    |   |   |   |   |   |
|  Revenues                             |   |                             | -       |   |   |   | 12,162 |   |
|  Earnings      from operations        |   |                             | -       |   |   |   | 3,320 |   |
|  Eliminations                         |   |                             |    |   |   |   |   |   |
|  Revenues                             |   |                             | (684    | ) |   |   | (6,241 | ) |
|  Earnings      from operations        |   |                             | (4,864  | ) |   |   | (6,506 | ) |
|  Consolidated      results            |   |                             |    |   |   |   |   |   |
|  Revenues                             |   |                             | 591,495 |   |   |   | 596,342 |   |
|  Earnings      from operations        |   |                             | 95,522  |   |   |   | 109,080 |   |

----

|                                                               |   | Quarter      Ended September 30, |    |
|--------------------------------------------------------------------|--------|----------------------------------|---------|
|                                                               |   | 2008                             |    |   | 2007 |   |
|                                                               |   | (Unaudited)                      |    |
|                                                               |   | (In      thousands)              |    |
|  Self-moving      equipment rentals                           |   | $                                | 439,244 |   |   | $ | 435,786 |   |
|  Self-storage      revenues                                   |   |                             | 27,901  |   |   |   | 28,283 |   |
|  Self-moving      and self-storage products and service sales |   |                             | 58,296  |   |   |   | 58,244 |   |
|  Property      management fees                                |   |                             | 4,721   |   |   |   | 4,742 |   |
|  Net      investment and interest income                      |   |                             | 8,011   |   |   |   | 10,254 |   |
|  Other      revenue                                           |   |                             | 9,805   |   |   |   | 8,259 |   |
|  Moving      and Storage revenue                              |   | $                                | 547,978 |   |   | $ | 545,568 |   |

|                                            |   | Quarter      Ended September 30,           |   |
|-------------------------------------------------|--------|--------------------------------------------|--------|
|                                            |   | 2008                                       |   |   | 2007 |   |
|                                            |   | (Unaudited)                                |   |
|                                            |   | (In      thousands, except occupancy rate) |   |
| Room      count as of September 30              |   |                                       | 134    |   |   |   | 130 |   |
| Square      footage as of September 30          |   |                                       | 10,788 |   |   |   | 10,379 |   |
| Average      number of rooms occupied           |   |                                       | 109    |   |   |   | 112 |   |
| Average      occupancy rate based on room count |   |                                       | 81.8   | % |   |   | 86.5 | % |
| Average      square footage occupied            |   |                                       | 8,979  |   |   |   | 8,995 |   |

----

----

|                                                               |   | Six      Months Ended September 30, |      |
|--------------------------------------------------------------------|--------|-------------------------------------|-----------|
|                                                               |   | 2008                                |      |   | 2007 |   |
|                                                               |   | (Unaudited)                         |      |
|                                                               |   | (In      thousands)                 |      |
|  Self-moving      equipment rentals                           |   | $                                   | 829,273   |   |   | $ | 828,303 |   |
|  Self-storage      revenues                                   |   |                                | 55,452    |   |   |   | 65,124 |   |
|  Self-moving      and self-storage products and service sales |   |                                | 120,852   |   |   |   | 131,209 |   |
|  Property      management fees                                |   |                                | 9,437     |   |   |   | 7,940 |   |
|  Life      insurance premiums                                 |   |                                | 54,016    |   |   |   | 57,124 |   |
|  Property      and casualty insurance premiums                |   |                                | 13,483    |   |   |   | 13,248 |   |
|  Net      investment and interest income                      |   |                                | 29,579    |   |   |   | 30,687 |   |
|  Other      revenue                                           |   |                                | 22,197    |   |   |   | 16,982 |   |
|  Consolidated      revenue                                    |   | $                                   | 1,134,289 |   |   | $ | 1,150,617 |   |

----

|                                       |   | Six      Months Ended September 30, |      |
|--------------------------------------------|--------|-------------------------------------|-----------|
|                                       |   | 2008                                |      |   | 2007 |   |
|                                       |   | (Unaudited)                         |      |
|                                       |   | (In      thousands)                 |      |
|  Moving      and storage              |   |                                |      |   |   |   |
|  Revenues                             |   | $                                   | 1,049,519 |   |   | $ | 1,048,165 |   |
|  Earnings      from operations        |   |                                | 162,536   |   |   |   | 193,471 |   |
|  Property      and casualty insurance |   |                                |      |   |   |   |   |   |
|  Revenues                             |   |                                | 18,575    |   |   |   | 19,409 |   |
|  Earnings      from operations        |   |                                | 4,400     |   |   |   | 6,038 |   |
|  Life      insurance                  |   |                                |      |   |   |   |   |   |
|  Revenues                             |   |                                | 67,579    |   |   |   | 70,643 |   |
|  Earnings      from operations        |   |                                | 9,503     |   |   |   | 5,882 |   |
|  SAC      Holding II                  |   |                                |      |   |   |   |   |   |
|  Revenues                             |   |                                | -         |   |   |   | 24,551 |   |
|  Earnings      from operations        |   |                                | -         |   |   |   | 7,075 |   |
|  Eliminations                         |   |                                |      |   |   |   |   |   |
|  Revenues                             |   |                                | (1,384    | ) |   |   | (12,151 | ) |
|  Earnings      from operations        |   |                                | (9,255    | ) |   |   | (11,382 | ) |
|  Consolidated      results            |   |                                |      |   |   |   |   |   |
|  Revenues                             |   |                                | 1,134,289 |   |   |   | 1,150,617 |   |
|  Earnings      from operations        |   |                                | 167,184   |   |   |   | 201,084 |   |

----

|                                                               |   | Six      Months Ended September 30, |      |
|--------------------------------------------------------------------|--------|-------------------------------------|-----------|
|                                                               |   | 2008                                |      |   | 2007 |   |
|                                                               |   | (Unaudited)                         |      |
|                                                               |   | (In      thousands)                 |      |
|  Self-moving      equipment rentals                           |   | $                                   | 829,273   |   |   | $ | 828,303 |   |
|  Self-storage      revenues                                   |   |                                | 55,452    |   |   |   | 55,327 |   |
|  Self-moving      and self-storage products and service sales |   |                                | 120,852   |   |   |   | 122,247 |   |
|  Property      management fees                                |   |                                | 9,437     |   |   |   | 9,428 |   |
|  Net      investment and interest income                      |   |                                | 15,028    |   |   |   | 17,848 |   |
|  Other      revenue                                           |   |                                | 19,477    |   |   |   | 15,012 |   |
|  Moving      and Storage revenue                              |   | $                                   | 1,049,519 |   |   | $ | 1,048,165 |   |

|                                            |   | Six      Months Ended September 30,        |   |
|-------------------------------------------------|--------|--------------------------------------------|--------|
|                                            |   | 2008                                       |   |   | 2007 |   |
|                                            |   | (Unaudited)                                |   |
|                                            |   | (In      thousands, except occupancy rate) |   |
| Room      count as of September 30              |   |                                       | 134    |   |   |   | 130 |   |
| Square      footage as of September 30          |   |                                       | 10,788 |   |   |   | 10,379 |   |
| Average      number of rooms occupied           |   |                                       | 108    |   |   |   | 111 |   |
| Average      occupancy rate based on room count |   |                                       | 81.3   | % |   |   | 86.0 | % |
| Average      square footage occupied            |   |                                       | 8,853  |   |   |   | 8,883 |   |

----

----

|                           |   | Moving      & Storage |      |   | RepWest      (a) |   |    | Oxford      (a) |   |
|--------------------------------|--------|---------------------------|-----------|--------|------------------|--------|---------|-----------------|--------|
|                           |   | (Unaudited)               |      |
|                           |   | (In      thousands)       |      |
|                           |   |                      |      |   |             |   |    |            |   |
| Cash      and cash equivalents |   | $                         | 345,751   |   |             | $      | 6,532   |            |   | $ | 10,847 |   |
| Other      financial assets    |   |                      | 335,121   |   |             |   | 389,921 |            |   |   | 567,353 |   |
| Debt      obligations          |   |                      | 1,575,012 |   |             |   | -       |            |   |   | - |   |
|                           |   |                      |      |   |             |   |    |            |   |   |   |   |
| (a)      As of June 30, 2008   |   |                      |      |   |             |   |    |            |   |   |   |   |

|                                         |   | September      30, 2008 |   |
|----------------------------------------------|--------|-------------------------|--------|
|                                         |   | (Unaudited)             |   |
|                                         |   | (In      millions)      |   |
|                                         |   |                    |   |
| Real      estate loan (revolving credit)     |   | $                       | 55.0   |   |
| Construction      loan (revolving credit)    |   |                    | 2.7    |   |
| Working      capital loan (revolving credit) |   |                    | 10.0   |   |
|                                         |   | $                       | 67.7   |   |

----

----

----

----

Item3.

----

| Notional      Amount                  |    | Fair      Value |          | Effective      Date |   | Expiration      Date |   | Fixed      Rate |   | Floating      Rate |
|---------------------------------------|---------|-----------------|---------------|---------------------|--------|----------------------|--------|-----------------|--------|--------------------|
| (Unaudited)                           |
| (In      thousands)                   |
|                                  |    |            |          |                |   |                 |   |            |   |               |   |   |
| $                                     | 84,197  |            | (a),      (b) |                |   | (2,835               | )      | 5/10/2006       |   | 4/10/2012          |   |   | 5.06 | % | 1      Month LIBOR |
|                                  | 94,024  |            | (a),      (b) |                |   | (4,051               | )      | 10/10/2006      |   | 10/10/2012         |   |   | 5.57 | % | 1      Month LIBOR |
|                                  | 31,234  |            | (a)           |                |   | (1,630               | )      | 7/10/2006       |   | 7/10/2013          |   |   | 5.67 | % | 1      Month LIBOR |
|                                  | 279,167 |            | (a)           |                |   | (21,208              | )      | 8/18/2006       |   | 8/10/2018          |   |   | 5.43 | % | 1      Month LIBOR |
|                                  | 21,375  |            | (a)           |                |   | (884                 | )      | 2/12/2007       |   | 2/10/2014          |   |   | 5.24 | % | 1      Month LIBOR |
|                                  | 14,500  |            | (a)           |                |   | (503                 | )      | 3/10/2007       |   | 3/10/2014          |   |   | 4.99 | % | 1      Month LIBOR |
|                                  | 14,500  |            | (a)           |                |   | (501                 | )      | 3/10/2007       |   | 3/10/2014          |   |   | 4.99 | % | 1      Month LIBOR |
|                                  | 19,000  |            | (a),      (b) |                |   | 179                  |   | 8/15/2008       |   | 6/15/2015          |   |   | 3.62 | % | 1      Month LIBOR |
|                                  | 18,763  |            | (a)           |                |   | (48                  | )      | 8/29/2008       |   | 7/10/2015          |   |   | 4.04 | % | 1      Month LIBOR |
|                                  | 30,000  |            | (a)           |                |   | (156                 | )      | 9/30/2008       |   | 9/10/2015          |   |   | 4.16 | % | 1      Month LIBOR |
|                                  |    |            |          |                |   |                 |   |            |   |               |   |   |   |   |   |
| (a)      interest rate swap agreement |    |            |          |                |   |                 |   |            |   |
| (b)      forward swap                 |    |            |          |                |   |                 |   |

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Item4.

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Item 1.  

Information regarding our legal proceedings can befound under Note 7 Contingencies to the Notes to Condensed ConsolidatedFinancial Statements.

Item 1A.

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Item 2.

On December 5, 2007, we announced that theBoard had authorized us to repurchase up to $50.0 million of our common stock.The stock may be repurchased by the Company from time to time on the open marketuntil December 31, 2008. The extent to which the Company repurchases its sharesand the timing of such purchases will depend upon market conditions and othercorporate considerations. Any purchases will be funded from available workingcapital. During the second quarter of fiscal 2009, no shares of our common stockwere repurchased with the exception of the shares repurchased under our Odd LotRepurchase Program detailed below.

| Period                                                                              |   | Total      # of Shares Repurchased |    |   | Average      Price Paid per Share (1) |   |   | Total      # of Shares Repurchased as Part of Publicly Announced Plan |   |   | Total      $ of Shares Repurchased as Part of Publicly Announced Plan |   |   | Maximum      $ of Shares That May Yet be Repurchased Under the Plan |       |
|-------------------------------------------------------------------------------------|--------|------------------------------------|---------|--------|---------------------------------------|--------|--------|-----------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------|------------|
|                                                                                |   | (Unaudited)                        |    |
|                                                                                |   |                               |    |   |                                  |   |   |                                                                  |   |   |                                                                  |   |   |                                                                |       |
| Cumulative      Plan Total                                                          |   |                               | 428,000 |   |                                  | $      | 54.94  |                                                                  |   |   | 428,000                                                               |   |   | $                                                                   | 23,512,380 |   |   | $ | 26,487,620 |   |
|                                                                                |   |                               |    |   |                                  |   |   |                                                                  |   |   |                                                                  |   |   |                                                                |       |   |   |   |   |   |
|                                                                                |   |                               |    |   |                                  |   |   |                                                                  |   |   |                                                                  |   |   |                                                                |       |   |   |   |   |   |
| (1)      Represents weighted average purchase price for the periods      presented. |   |                               |    |   |                                  |   |   |                                                                  |   |

| Period                                                                              |   | Total      # of Shares Repurchased |   |   | Average      Price Paid per Share (1) |   |   | Total      $ of Shares Repurchased as Part of Odd Lot Program |   |
|-------------------------------------------------------------------------------------|--------|------------------------------------|--------|--------|---------------------------------------|--------|--------|---------------------------------------------------------------|--------|
|                                                                                |   | (Unaudited)                        |   |
|                                                                                |   |                               |   |   |                                  |   |   |                                                          |   |
| July      1 - 31, 2008                                                              |   |                               | -      |   |                                  | $      | -      |                                                          |   | $ | - |   |
| August      1 - 31, 2008                                                            |   |                               | 1,674  |   |                                  |   | 39.37  |                                                          |   |   | 65,902 |   |
| September      1 - 30, 2008                                                         |   |                               | 14,005 |   |                                  |   | 42.36  |                                                          |   |   | 593,303 |   |
| Second      Quarter Total                                                           |   |                               | 15,679 |   |                                  | $      | 42.04  |                                                          |   | $ | 659,205 |   |
|                                                                                |   |                               |   |   |                                  |   |   |                                                          |   |   |   |   |
| (1)      Represents weighted average purchase price for the periods      presented. |   |                               |   |   |                                  |   |   |                                                          |   |   |   |   |

Item 3. 

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Item 4. 

The 2008 Annual Meeting of Stockholders of AMERCO was heldon August 28, 2008. At such meeting, Edward J. Shoen and M. Frank Lyons wereelected as Class II Directors to serve until the 2012 Annual Meeting ofStockholders of AMERCO. John M. Dodds and James P. Shoen continue as directorswith terms that expire at the 2009 Annual Meeting of Stockholders. Charles J.Bayer and Michael L. Gallagher will continue as directors with terms that expireat the 2010 Annual Meeting of Stockholders. John P. Brogan and Daniel R. Mullencontinue as directors with terms that expire at the 2011 Annual Meeting ofStockholders.

|                                                                                           |   | Votes Cast For |       |   | Votes Cast Against |   |      | Withheld |   |   | Abstentions |   |   | Broker Non-Votes |      |
|------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|--------------------|--------|-----------|----------|--------|--------|-------------|--------|--------|------------------|-----------|
|                                                                                           |   |           |       |   |               |   |      |     |   |   |        |   |   |             |      |
| Election      of Directors:                                                                    |   |           |       |   |               |   |      |     |   |   |        |   |   |             |      |
|                                                                                           |   |           |       |   |               |   |      |     |   |   |        |   |   |             |      |
| Edward      J. Shoen                                                                           |   |           | 17,827,202 |   |               |   | -         |     |   |   | 1,157,675   |   |   |             | -         |   |   |   | - |   |
|                                                                                           |   |           |       |   |               |   |      |     |   |   |        |   |   |             |      |   |   |   |   |   |
| M.      Frank Lyons                                                                            |   |           | 18,882,286 |   |               |   | -         |     |   |   | 102,591     |   |   |             | -         |   |   |   | - |   |
|                                                                                           |   |           |       |   |               |   |      |     |   |   |        |   |   |             |      |   |   |   |   |   |
| Ratification      of Appointment of Auditors:                                                  |   |           | 17,297,488 |   |               |   | 11,656    |     |   |   | -           |   |   |             | 1,675,732 |   |   |   | - |   |
|                                                                                           |   |           |       |   |               |   |      |     |   |   |        |   |   |             |      |   |   |   |   |   |
| Re-ratification      of a Proposal to Re-approve and      Re-affirm the SAC Transactions: |   |           | 14,483,943 |   |               |   | 3,603,838 |     |   |   | -           |   |   |             | 12,673    |   |   |   | 884,423 |   |

Item 5. 

Item 6. 

| Exhibit      Number |   |  Description                                                                                                                                       |   |  Page      or Method of Filing                                                                                                   |
|---------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|
| 3.1                 |   | Restated      Articles of Incorporation of AMERCO                                                                                                       |   | Incorporated      by reference to AMERCO’s Registration Statement on form S-4 filed March      30, 2004, file no. 1-11255  |
| 3.2                 |   | Amendment      to Restated By-Laws of AMERCO                                                                                                            |   | Incorporated      by reference to AMERCO’s Current Report on Form 8-K filed on December 5,      2007, file no. 1-11255     |
| 31.1                |   | Rule      13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman      of the Board of AMERCO                                   |   | Filed      herewith                                                                                                                   |
| 31.2                |   | Rule      13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting Officer      of AMERCO                                                |   | Filed      herewith                                                                                                                   |
| 32.1                |   | Certificate      of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant      to Section 906 of the Sarbanes-Oxley Act of 2002  |   | Furnished      herewith                                                                                                               |
| 32.2                |   | Certificate      of Jason A. Berg, Chief Accounting Officer of AMERCO pursuant to Section      906 of the Sarbanes-Oxley Act of 2002               |   | Furnished      herewith                                                                                                               |

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