**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**Form      10-Q**

**QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934**

**For      the quarterly period ended June 30, 2006**

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

** For      the transition period from __________________ to      __________________**

|                                         |                                                                                                 |                                                                    |
|----------------------------------------------|------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|
| **Commission****File                Number** | **Registrant,                State of Incorporation****Address                and Telephone Number** | **I.R.S.                Employer****Identification                No.** |
|                                         |                                                                                                      |                                                                    |
| 1-11255                                      | **AMERCO**                                                                                           | 88-0106815                                                              |
|                                         | (A                Nevada Corporation)                                                                |                                                                    |
|                                         | 1325                Airmotive Way, Ste. 100                                                          |                                                                    |
|                                         | Reno,                Nevada 89502-3239                                                               |                                                                    |
|                                         | Telephone                (775) 688-6300                                                              |                                                                    |
|                                         |                                                                                                 |                                                                    |
|                                         |                                                                                                      |                                                                    |
| 2-38498                                      | **U-Haul                International, Inc.**                                                        | 86-0663060                                                              |
|                                         | (A                Nevada Corporation)                                                                |                                                                    |
|                                         | 2727                N. Central Avenue                                                                |                                                                    |
|                                         | Phoenix,                Arizona 85004                                                                |                                                                    |
|                                         | Telephone                (602) 263-6645                                                              |                                                                    |
|                                         |                                                                                                 |                                                                    |

----

**TABLE      OF CONTENTS**

|                    |                                                                                                                                                               | Page                No.              |
|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
|                    | **PART                I FINANCIAL INFORMATION**                                                                                                                    |                                 |
| Item                1.  | Financial                Statements                                                                                                                                |                                 |
|                    | a)Condensed                Consolidated Balance Sheets as of June 30, 2006 (unaudited) and March                31,                2006                            | 1                                    |
|                    | b)Condensed                Consolidated Statements of Operations for the Quarters ended June                30, 2006                and 2005 (unaudited)           | 2                                    |
|                    | c)Condensed                Consolidated Statements of Comprehensive Income for the Quarters                ended                June 30, 2006 and 2005 (unaudited) | 3                                    |
|                    | d)Condensed                Consolidated Statements of Cash Flows for the Quarters ended June                30, 2006                and 2005 (unaudited)           | 4                                    |
|                    | e)Notes                to Condensed Consolidated Financial Statements                (unaudited)                                                                   | 5                -                29 |
| Item                2.  | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                                          | 30                - 45               |
| Item                3.  | Quantitative                and Qualitative Disclosures About Market Risk                                                                                          | 46                                   |
| Item                4.  | Controls                and Procedures                                                                                                                             | 47                                   |
|                    |                                                                                                                                                               |                                 |
|                    | **PART                II OTHER INFORMATION**                                                                                                                       |                                 |
| Item                1.  | Legal                Proceedings                                                                                                                              | 48                                   |
| Item                1A. | Risk                Factors                                                                                                                                   | 48                                   |
| Item                2.  | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                                         | 48                                   |
| Item                3.  | Defaults                Upon Senior Securities                                                                                                                     | 48                                   |
| Item                4.  | Submission                of Matters to a Vote of Security Holders                                                                                                 | 48                                   |
| Item                5.  | Other                Information                                                                                                                                   | 49                                   |
| Item                6.  | Exhibits                                                                                                                                                           | 49                                   |

----

**PART      I FINANCIAL INFORMATION**

**ITEM      1.****Financial      Statements**

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS**

|                                                                                                           |   | **June                30,**   |       | **March                31,** |   |
|----------------------------------------------------------------------------------------------------------------|--------|-------------------------------|------------|------------------------------|--------|
|                                                                                                           |   | **2006**                      |       | **2006**                     |   |
|                                                                                                           |   | (Unaudited)                   |       |                         |   |
|                                                                                                           |   | (In                thousands) |       |
| **ASSETS**                                                                                                     |   |                          |       |                         |   |
| Cash                and cash equivalents                                                                       |   | $                             | 241,858    |                         | $      | 155,459 |   |
| Reinsurance                recoverables and trade receivables, net                                             |   |                          | 215,861    |                         |   | 230,179 |   |
| Notes                and mortgage receivables, net                                                             |   |                          | 2,140      |                         |   | 2,532 |   |
| Inventories,                net                                                                                |   |                          | 68,226     |                         |   | 64,919 |   |
| Prepaid                expenses                                                                                |   |                          | 58,473     |                         |   | 53,262 |   |
| Investments,                fixed maturities and marketable equities                                           |   |                          | 695,923    |                         |   | 695,958 |   |
| Investments,                other                                                                              |   |                          | 184,566    |                         |   | 209,361 |   |
| Deferred                policy acquisition costs, net                                                          |   |                          | 52,470     |                         |   | 47,821 |   |
| Other                assets                                                                                    |   |                          | 99,978     |                         |   | 102,094 |   |
| Related                party assets                                                                            |   |                          | 252,679    |                         |   | 270,468 |   |
|                                                                                                           |   |                          | 1,872,174  |                         |   | 1,832,053 |   |
| Property,                plant and equipment, at cost:                                                         |   |                          |       |                         |   |   |   |
| Land                                                                                                           |   |                          | 186,252    |                         |   | 175,785 |   |
| Buildings                and improvements                                                                      |   |                          | 760,659    |                         |   | 739,603 |   |
| Furniture                and equipment                                                                         |   |                          | 285,178    |                         |   | 281,371 |   |
| Rental                trailers and other rental equipment                                                      |   |                          | 201,129    |                         |   | 201,273 |   |
| Rental                trucks                                                                                   |   |                          | 1,401,701  |                         |   | 1,331,891 |   |
| SAC                Holding II - property, plant and equipment                                                  |   |                          | 79,542     |                         |   | 79,217 |   |
|                                                                                                           |   |                          | 2,914,461  |                         |   | 2,809,140 |   |
| Less:                Accumulated depreciation                                                                  |   |                          | (1,277,521 | )                            |   | (1,273,975 | ) |
| Total                property, plant and equipment                                                             |   |                          | 1,636,940  |                         |   | 1,535,165 |   |
| Total                assets                                                                                    |   | $                             | 3,509,114  |                         | $      | 3,367,218 |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**                                                        |   |                          |       |                         |   |   |   |
| Liabilities:                                                                                                   |   |                          |       |                         |   |   |   |
| Accounts                payable and accrued expenses                                                           |   | $                             | 254,604    |                         | $      | 235,878 |   |
| AMERCO's                notes and loans payable                                                                |   |                          | 1,045,638  |                         |   | 965,634 |   |
| SAC                Holding II notes and loans payable, non-recourse to AMERCO                                  |   |                          | 75,918     |                         |   | 76,232 |   |
| Policy                benefits and losses, claims and loss expenses payable                                    |   |                          | 794,572    |                         |   | 800,413 |   |
| Liabilities                from investment contracts                                                           |   |                          | 432,557    |                         |   | 449,149 |   |
| Other                policyholders' funds and liabilities                                                      |   |                          | 6,580      |                         |   | 7,705 |   |
| Deferred                income                                                                                 |   |                          | 23,632     |                         |   | 21,346 |   |
| Deferred                income taxes                                                                           |   |                          | 118,097    |                         |   | 108,092 |   |
| Related                party liabilities                                                                       |   |                          | 3,400      |                         |   | 7,165 |   |
| Total                liabilities                                                                               |   |                          | 2,754,998  |                         |   | 2,671,614 |   |
| Commitments                and contingencies (notes 3, 6 and 7)                                                |   |                          |       |                         |   |   |   |
| 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 June 30 and March 31, 2006                        |   |                          | -          |                         |   | - |   |
| Series                B preferred stock, with no par value, 100,000 shares authorized;                none     |   |                          |       |                         |   |   |   |
| issued                and outstanding as of June 30 and March 31, 2006                                         |   |                          | -          |                         |   | - |   |
| 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;          |   |                          |       |                         |   |   |   |
| 3,716,181                shares issued as of June 30 and March 31, 2006                                        |   |                          | 929        |                         |   | 929 |   |
| Common                stock of $0.25 par value, 150,000,000 shares authorized;                                 |   |                          |       |                         |   |   |   |
| 38,269,518                issued as of June 30 and March 31, 2006                                              |   |                          | 9,568      |                         |   | 9,568 |   |
| Additional                paid-in capital                                                                      |   |                          | 373,151    |                         |   | 367,655 |   |
| Accumulated                other comprehensive loss                                                            |   |                          | (28,351    | )                            |   | (28,902 | ) |
| Retained                earnings                                                                               |   |                          | 825,964    |                         |   | 773,784 |   |
| Cost                of common shares in treasury, net (20,701,096 shares as of                                 |   |                          |       |                         |   |   |   |
| June                30 and March 31, 2006)                                                                     |   |                          | (418,092   | )                            |   | (418,092 | ) |
| Unearned                employee stock ownership plan shares                                                   |   |                          | (9,053     | )                            |   | (9,338 | ) |
| Total                stockholders' equity                                                                      |   |                          | 754,116    |                         |   | 695,604 |   |
| Total                liabilities and stockholders' equity                                                      |   | $                             | 3,509,114  |                         | $      | 3,367,218 |   |
|                                                                                                           |   |                          |       |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                   |   |                                                                                                                                                                                                                                                                                             |   | **Quarter                Ended June 30,** |   |
|------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                   |   |                                                                                                                                                                                                                                                                                             |   | **2006**                                  |   | **2005** |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                             |   | (Unaudited)                               |   |
|                                                                   |   |                                                      (In thousands, except share and per share amounts) |   |
| Revenues:                                                              |   |                                                                                                                                                                                                                                                                                             |   |                                      |   |   |   |
| Self-moving                equipment rentals                           |   |                                                                                                                                                                                                                                                                                             |   |                                      | $      | 407,234 |   | $ | 401,260 |   |
| Self-storage                revenues                                   |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 30,431 |   |   | 28,768 |   |
| Self-moving                and self-storage products and service sales |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 67,451 |   |   | 66,563 |   |
| Property                management fees                                |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 3,847 |   |   | 4,440 |   |
| Life                insurance premiums                                 |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 30,919 |   |   | 29,589 |   |
| Property                and casualty insurance premiums                |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 5,382 |   |   | 4,824 |   |
| Net                investment and interest income                      |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 13,830 |   |   | 13,714 |   |
| Other                revenue                                           |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 7,933 |   |   | 10,300 |   |
| Total                revenues                                          |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 567,027 |   |   | 559,458 |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                             |   |                                      |   |   |   |   |   |   |
| Costs                and expenses:                                     |   |                                                                                                                                                                                                                                                                                             |   |                                      |   |   |   |   |   |   |
| Operating                expenses                                      |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 261,379 |   |   | 266,792 |   |
| Commission                expenses                                     |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 49,536 |   |   | 48,018 |   |
| Cost                of sales                                           |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 32,316 |   |   | 31,044 |   |
| Benefits                and losses                                     |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 30,606 |   |   | 27,314 |   |
| Amortization                of deferred policy acquisition costs       |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 5,626 |   |   | 6,198 |   |
| Lease                expense                                           |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 37,727 |   |   | 33,295 |   |
| Depreciation,                net of (gains) losses on disposals        |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 39,671 |   |   | 34,237 |   |
| Total                costs and expenses                                |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 456,861 |   |   | 446,898 |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                             |   |                                      |   |   |   |   |   |   |
| Earnings                from operations                                |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 110,166 |   |   | 112,560 |   |
| Interest                expense                                        |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | (18,462 | ) |   | (19,636 | ) |
| Fees                on early extinguishment of debt                    |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | - |   |   | (35,627 | ) |
| Pretax                earnings                                         |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 91,704 |   |   | 57,297 |   |
| Income                tax expense                                      |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | (36,283 | ) |   | (22,235 | ) |
| Net                earnings                                            |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 55,421 |   |   | 35,062 |   |
| Less:                Preferred stock dividends                         |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | (3,241 | ) |   | (3,241 | ) |
| Earnings                available to common shareholders               |   |                                                                                                                                                                                                                                                                                             |   |                                      | $      | 52,180 |   | $ | 31,821 |   |
| Basic                and diluted earnings per common share             |   |                                                                                                                                                                                                                                                                                             |   |                                      | $      | 2.50 |   | $ | 1.53 |   |
| Weighted                average common shares outstanding:             |   |                                                                                                                                                                                                                                                                                             |   |                                      |   |   |   |   |   |   |
| Basic                and diluted                                       |   |                                                                                                                                                                                                                                                                                             |   |                                      |   | 20,897,688 |   |   | 20,836,458 |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                             |   |                                      |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

|                                                          |   | **Quarter                Ended June 30,** |   |
|---------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                          |   | **2006**                                  |   | **2005** |   |
|                                                          |   | (Unaudited)                               |   |
|                                                          |   | (In                thousands)             |   |
| Comprehensive                income:                          |   |                                      |   |   |   |   |   |
| Net                earnings                                   |   | $                                         | 55,421 |   | $ | 35,062 |   |
| Other                comprehensive income (loss), net of tax: |   |                                      |   |   |   |   |   |
| Foreign                currency translation                   |   |                                      | 1,922  |   |   | (1,970 | ) |
| Unrealized                loss on investments, net            |   |                                      | (2,586 | ) |   | (5,540 | ) |
| Fair                market value of cash flow hedges          |   |                                      | 1,215  |   |   | (409 | ) |
| Total                comprehensive income                     |   | $                                         | 55,972 |   | $ | 27,143 |   |
|                                                          |   |                                      |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS**

|                                                                          |   | **Quarter                Ended June 30,** |     |
|-------------------------------------------------------------------------------|--------|-------------------------------------------|----------|
|                                                                          |   | **2006**                                  |     | **2005** |   |
|                                                                          |   | (Unaudited)                               |     |
|                                                                          |   | (In                thousands)             |     |
| Cash                flow from operating activities:                           |   |                                      |     |   |   |   |   |
| Net                earnings                                                   |   | $                                         | 55,421   |   | $ | 35,062 |   |
| Depreciation                                                                  |   |                                      | 40,666   |   |   | 30,925 |   |
| Amortization                of deferred policy acquisition costs              |   |                                      | 5,626    |   |   | 6,677 |   |
| Change                in provision for losses on trade receivables            |   |                                      | (32      | ) |   | (601 | ) |
| Change                in provision for losses on mortgage notes               |   |                                      | (10      | ) |   | - |   |
| Net                (gain) loss on sale of real and personal property          |   |                                      | (995     | ) |   | 3,312 |   |
| Net                (gain) loss on sale of investments                         |   |                                      | 553      |   |   | (1,453 | ) |
| Write-off                of unamortized debt issuance costs                   |   |                                      | -        |   |   | 13,629 |   |
| Deferred                income taxes                                          |   |                                      | 14,253   |   |   | 12,788 |   |
| Net                change in other operating assets and liabilities:          |   |                                      |     |   |   |   |   |
| Reinsurance                recoverables and trade receivables                 |   |                                      | 17,780   |   |   | (2,287 | ) |
| Inventories                                                                   |   |                                      | (3,201   | ) |   | (2,246 | ) |
| Prepaid                expenses                                               |   |                                      | (3,079   | ) |   | (816 | ) |
| Capitalization                of deferred policy acquisition costs            |   |                                      | (2,386   | ) |   | (2,508 | ) |
| Other                assets                                                   |   |                                      | 2,132    |   |   | (29,461 | ) |
| Related                party assets                                           |   |                                      | 28,624   |   |   | (13,813 | ) |
| Accounts                payable and accrued expenses                          |   |                                      | 14,561   |   |   | 10,510 |   |
| Policy                benefits and losses, claims and loss expenses payable   |   |                                      | (14,610  | ) |   | 2,907 |   |
| Other                policyholders' funds and liabilities                     |   |                                      | (1,273   | ) |   | (13,528 | ) |
| Deferred                income                                                |   |                                      | 2,257    |   |   | 3,721 |   |
| Related                party liabilities                                      |   |                                      | (6,083   | ) |   | (1,119 | ) |
| Net                cash provided by operating activities                      |   |                                      | 150,204  |   |   | 51,699 |   |
|                                                                          |   |                                      |     |   |   |   |   |
| Cash                flows from investing activities:                          |   |                                      |     |   |   |   |   |
| Purchases                of:                                                  |   |                                      |     |   |   |   |   |
| Property,                plant and equipment                                  |   |                                      | (166,999 | ) |   | (75,437 | ) |
| Short                term investments                                         |   |                                      | (53,131  | ) |   | (55,390 | ) |
| Fixed                maturities investments                                   |   |                                      | (32,272  | ) |   | (84,217 | ) |
| Mortgage                loans                                                 |   |                                      | (7,305   | ) |   | (1,250 | ) |
| Proceeds                from sale of:                                         |   |                                      |     |   |   |   |   |
| Property,                plant and equipment                                  |   |                                      | 28,692   |   |   | 15,145 |   |
| Short                term investments                                         |   |                                      | 82,228   |   |   | 94,728 |   |
| Fixed                maturities investments                                   |   |                                      | 21,852   |   |   | 60,793 |   |
| Cash                received in excess of purchase for company acquired       |   |                                      | 1,233    |   |   | - |   |
| Equity                securities                                              |   |                                      | -        |   |   | 5,759 |   |
| Preferred                stock                                                |   |                                      | 125      |   |   | 417 |   |
| Other                asset investments, net                                   |   |                                      | -        |   |   | 872 |   |
| Real                estate                                                    |   |                                      | 877      |   |   | 693 |   |
| Mortgage                loans                                                 |   |                                      | 2,086    |   |   | 3,034 |   |
| Payments                from notes and mortgage receivables                   |   |                                      | 403      |   |   | 71 |   |
| Net                cash used by investing activities                          |   |                                      | (122,211 | ) |   | (34,782 | ) |
|                                                                          |   |                                      |     |   |   |   |   |
| Cash                flows from financing activities:                          |   |                                      |     |   |   |   |   |
| Borrowings                from credit facilities                              |   |                                      | 87,376   |   |   | 1,034,188 |   |
| Principal                repayments on credit facilities                      |   |                                      | (8,136   | ) |   | (860,563 | ) |
| Debt                issuance costs                                            |   |                                      | (1,437   | ) |   | - |   |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                      | 285      |   |   | 438 |   |
| Preferred                stock dividends paid                                 |   |                                      | (3,241   | ) |   | (3,241 | ) |
| Investment                contract deposits                                   |   |                                      | 4,251    |   |   | 5,670 |   |
| Investment                contract withdrawals                                |   |                                      | (20,843  | ) |   | (17,896 | ) |
| Net                cash provided by financing activities                      |   |                                      | 58,255   |   |   | 158,596 |   |
|                                                                          |   |                                      |     |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                      | 151      |   |   | (1,970 | ) |
|                                                                          |   |                                      |     |   |   |   |   |
| Increase                in cash equivalents                                   |   |                                      | 86,399   |   |   | 173,543 |   |
| Cash                and cash equivalents at the beginning of period           |   |                                      | 155,459  |   |   | 55,955 |   |
| Cash                and cash equivalents at the end of period                 |   | $                                         | 241,858  |   | $ | 229,498 |   |
|                                                                          |   |                                      |     |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**June      30, 2006, June 30, 2005 (Unaudited) and March 31, 2006**

**1.**
**Basis      of Presentation**

***Description      of Legal Entities***

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

***Description      of Operating Segments***

**2.      Earnings per Share**

|                                                       |   | **Quarter                Ended June 30,** |       |
|------------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                       |   | **2006**                                  |       | **2005** |   |
|                                                       |   | (Unaudited)                               |       |
| Basic                and diluted earnings per common share |   | $                                         | 2.50       |   | $ | 1.53 |   |
| Weighted                average common share outstanding:  |   |                                      |       |   |   |   |   |
| Basic                and diluted                           |   |                                      | 20,897,688 |   |   | 20,836,458 |   |
|                                                       |   |                                      |       |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**3.      Borrowings**

***Long-Term      Debt***

|                                                 |   |                             |       |           |   | **June                30,**   |   | **March                31,** |      |
|------------------------------------------------------|--------|----------------------------------|------------|----------------|--------|-------------------------------|--------|------------------------------|-----------|
|                                                 |   | **2006                Rate (a)** |       | **Maturities** |   | **2006**                      |   | **2006**                     |      |
|                                                 |   |                             |       |           |   | (Unaudited)                   |   |                         |      |
|                                                 |   |                             |       |           |   | (In                thousands) |   |
| Real                estate loan (floating)           |   |                             | 7.17       | %              |   | 2010                          |   | $                            | 242,585   |   | $ | 242,585 |   |
| Senior                mortgages                      |   |                             | 5.47%-5.75 | %              |   | 2015                          |   |                         | 529,347   |   |   | 531,309 |   |
| Mezzanine                loan (floating)             |   |                             | 10.76      | %              |   | 2007                          |   |                         | 18,983    |   |   | 19,393 |   |
| Fleet                loans (amortizing term)         |   |                             | 6.92       | %              |   | 2012-2013                     |   |                         | 164,723   |   |   | 82,347 |   |
| Fleet                loan (revolving credit)         |   |                             | 6.92       | %              |   | 2010                          |   |                         | 90,000    |   |   | 90,000 |   |
| Construction                loan (revolving credit)  |   |                             | -          |           |   | 2009                          |   |                         | -         |   |   | - |   |
| Total                AMERCO notes and loans payable  |   |                             |       |           |   |                          |   | $                            | 1,045,638 |   | $ | 965,634 |   |
|                                                 |   |                             |       |           |   |                          |   |                         |      |   |   |   |   |
| (a)                Interest rate as of June 30, 2006 |   |                             |       |           |   |                          |   |                         |      |   |   |   |   |
|                                                 |   |                             |       |           |   |                          |   |                         |      |   |   |   |   |

*Real      Estate Backed Loan*

*Senior      Mortgages*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

*Mezzanine      Loan*

***Fleet      Loans***

*Rental      Truck Amortizing Loans*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

*Revolving      Credit Agreement*

*Construction      Loan*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**Annual      Maturities of AMERCO Consolidated Notes and Loans Payable**

|                                  |   | **Year                Ending June 30,** |   |
|---------------------------------------|--------|-----------------------------------------|--------|
|                                  |   | **2007**                                |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **Thereafter** |   |
|                                  |   | (Unaudited)                             |   |
|                                  |   | (In                thousands)           |   |
| Notes                payable, secured |   | $                                       | 43,496 |   | $ | 26,087 |   | $ | 27,762 |   | $ | 69,547 |   | $ | 395,775 |   | $ | 482,971 |   |
|                                  |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

**SAC      Holding II Notes and Loans Payable to Third Parties**

|                                                                 |   | **June                30,**   |   | **March                31,** |   |
|----------------------------------------------------------------------|--------|-------------------------------|--------|------------------------------|--------|
|                                                                 |   | **2006**                      |   | **2006**                     |   |
|                                                                 |   | (Unaudited)                   |   |                         |   |
|                                                                 |   | (In                thousands) |   |
| Notes                payable, secured, 7.87% interest rate, due 2027 |   | $                             | 75,918 |                         | $      | 76,232 |   |
|                                                                 |   |                          |   |                         |   |   |   |

**Annual      Maturities of SAC Holding II Notes and Loans Payable to Third      Parties**

|                                  |   | **Year                Ending June 30,** |   |
|---------------------------------------|--------|-----------------------------------------|--------|
|                                  |   | **2007**                                |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **Thereafter** |   |
|                                  |   | (Unaudited)                             |   |
|                                  |   | (In                thousands)           |   |
| Notes                payable, secured |   | $                                       | 1,339  |   | $ | 1,467 |   | $ | 1,688 |   | $ | 1,826 |   | $ | 1,975 |   | $ | 67,623 |   |
|                                  |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

***W.P.      Carey Transactions***

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**4.      Interest on Borrowings**

***Interest      Expense***

|                                                                                                 |   | **Quarter                Ended June 30,** |   |
|------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                                                 |   | **2006**                                  |   | **2005** |   |
|                                                                                                 |   | (Unaudited)                               |   |
|                                                                                                 |   | (In                thousands)             |   |
| Interest                expense                                                                      |   | $                                         | 16,557 |   | $ | 18,101 |   |
| Capitalized                interest                                                                  |   |                                      | (42    | ) |   | (44 | ) |
| Amortization                of transaction costs                                                     |   |                                      | 1,298  |   |   | - |   |
| Interest                expense (income) resulting from derivatives                                  |   |                                      | (863   | ) |   | 42 |   |
| Write-off                of transaction costs related to early extinguishment of                debt |   |                                      | -      |   |   | 14,384 |   |
| Fees                on early extinguishment of debt                                                  |   |                                      | -      |   |   | 21,243 |   |
| Total                AMERCO interest expense                                                         |   |                                      | 16,950 |   |   | 53,726 |   |
| SAC                Holding II interest expense                                                       |   |                                      | 3,394  |   |   | 3,130 |   |
| Less:                Intercompany transactions                                                       |   |                                      | 1,882  |   |   | 1,593 |   |
| Total                SAC Holding II interest expense                                                 |   |                                      | 1,512  |   |   | 1,537 |   |
| Total                                                                                                |   | $                                         | 18,462 |   | $ | 55,263 |   |
|                                                                                                 |   |                                      |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

***Interest      Rates***

|                                                                                                |   | **Revolving                Credit Activity**         |   |
|-----------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                                                                |   | **Quarter                Ended June 30,**            |   |
|                                                                                                |   | **2006**                                             |   | **2005** |   |
|                                                                                                |   | (Unaudited)                                          |   |
|                                                                                                |   | (In                thousands, except interest rates) |   |
| Weighted                average interest rate during the quarter                                    |   |                                                 | 6.74   | % |   | 6.64 | % |
| Interest                rate at the end of the quarter                                              |   |                                                 | 6.92   | % |   | N/A |   |
| Maximum                amount outstanding during the quarter                                        |   | $                                                    | 90,000 |   | $ | 158,012 |   |
| Average                amount outstanding during the quarter (a)                                    |   | $                                                    | 90,000 |   | $ | 124,186 |   |
|                                                                                                |   |                                                 |   |   |   |   |   |
| (a)                Amount for June 30, 2005 is prior to the June 8, 2005                refinancing |   |                                                 |   |   |   |   |   |

**5.      Comprehensive Income (Loss)**

|                                                            |   | **Foreign                  Currency Translation** |    | **Unrealized                  Gain (Loss) on Investments** |   | **Fair                  Market Value of Cash Flow Hedge** |   | **Accumulated                  Other Comprehensive Income (Loss)** |   |
|-----------------------------------------------------------------|--------|---------------------------------------------------|---------|------------------------------------------------------------|--------|-----------------------------------------------------------|--------|--------------------------------------------------------------------|--------|
|                                                            |   | (Unaudited)                                       |    |
|                                                            |   | (In                  thousands)                   |    |
| **Balance                  at March 31, 2006**                  |   | $                                                 | (34,247 | )                                                          | $      | 717                                                       |   | $                                                                  | 4,628  |   | $ | (28,902 | ) |
| Foreign                  currency translation                   |   |                                              | 1,922   |                                                       |   | -                                                         |   |                                                               | -      |   |   | 1,922 |   |
| Unrealized                  loss on investments                 |   |                                              | -       |                                                       |   | (2,586                                                    | )      |                                                               | -      |   |   | (2,586 | ) |
| Change                  in fair market value of cash flow hedge |   |                                              | -       |                                                       |   | -                                                         |   |                                                               | 1,215  |   |   | 1,215 |   |
| **Balance                  at June 30, 2006**                   |   | $                                                 | (32,325 | )                                                          | $      | (1,869                                                    | )      | $                                                                  | 5,843  |   | $ | (28,351 | ) |
|                                                            |   |                                              |    |                                                       |   |                                                      |   |                                                               |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**6.      Contingent Liabilities and Commitments**

|                               |   | **Property,****Plant                and****Equipment** |   | **Rental****Equipment**       |   | **Total** |   |
|------------------------------------|--------|--------------------------------------------------------|--------|-------------------------------|--------|-----------|--------|
|                               |   | (Unaudited)                                            |   |
|                               |   |                                                   |   | (In                thousands) |   |      |   |
| Year-ended                June 30: |   |                                                   |   |                          |   |      |   |
| 2007                               |   | $                                                      | 11,727 |                          | $      | 122,646   |   | $ | 134,373 |   |
| 2008                               |   |                                                   | 11,433 |                          |   | 91,144    |   |   | 102,577 |   |
| 2009                               |   |                                                   | 11,188 |                          |   | 75,847    |   |   | 87,035 |   |
| 2010                               |   |                                                   | 10,750 |                          |   | 61,439    |   |   | 72,189 |   |
| 2011                               |   |                                                   | 10,596 |                          |   | 41,795    |   |   | 52,391 |   |
| Thereafter                         |   |                                                   | 32,726 |                          |   | 36,723    |   |   | 69,449 |   |
| Total                              |   | $                                                      | 88,420 |                          | $      | 429,594   |   | $ | 518,014 |   |
|                               |   |                                                   |   |                          |   |      |   |   |   |   |

**7.      Contingencies**

**Shoen**

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**Securities      Litigation**

**Securities      and Exchange Commission**

**Environmental**

**Other**

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**8.      Related Party Transactions**

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**Related      Party Assets**

|                                                                   |   | **June                30,**   |    | **March                31,** |   |
|------------------------------------------------------------------------|--------|-------------------------------|---------|------------------------------|--------|
|                                                                   |   | **2006**                      |    | **2006**                     |   |
|                                                                   |   | (Unaudited)                   |    |                         |   |
|                                                                   |   | (In                thousands) |    |
| Private                Mini notes, receivables and interest            |   | $                             | 72,696  |                         | $      | 74,427 |   |
| Oxford                note receivable from SAC Holding Corporation     |   |                          | 5,040   |                         |   | 5,040 |   |
| U-Haul                notes receivable from SAC Holding Coporation     |   |                          | 123,578 |                         |   | 123,578 |   |
| U-Haul                interest receivable from SAC Holding Corporation |   |                          | 20,944  |                         |   | 42,189 |   |
| U-Haul                receivable from SAC Holding Corporation          |   |                          | 14,137  |                         |   | 5,688 |   |
| SAC                Holding II receivable from parent                   |   |                          | -       |                         |   | 2,900 |   |
| U-Haul                receivable from Mercury                          |   |                          | 2,888   |                         |   | 2,342 |   |
| Oxford                and RepWest investment in Securespace            |   |                          | 11,634  |                         |   | 11,585 |   |
| Other                                                                  |   |                          | 1,762   |                         |   | 2,719 |   |
|                                                                   |   | $                             | 252,679 |                         | $      | 270,468 |   |
|                                                                   |   |                          |    |                         |   |   |   |

**Related      Party Liabilities**

|                                               |   | **June                30,**   |   | **March                31,** |   |
|----------------------------------------------------|--------|-------------------------------|--------|------------------------------|--------|
|                                               |   | **2006**                      |   | **2006**                     |   |
|                                               |   | (Unaudited)                   |   |                         |   |
|                                               |   | (In                thousands) |   |
| SAC                Holding II payable to affiliate |   | $                             | 3,400  |                         | $      | 7,165 |   |
|                                               |   |                          |   |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**9.      Consolidating Financial Information by Industry Segment**

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

|   | (b) | RepWest                and its wholly-owned subsidiary |
|--------|-----|--------------------------------------------------------|

|   | (c) | Oxford                and its wholly-owned subsidiaries |
|--------|-----|---------------------------------------------------------|

|   | (d) | SAC                Holding II and its subsidiaries |
|--------|-----|----------------------------------------------------|

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**9.**
**Financial      Information by Consolidating Industry Segment:**

|                                                                                                                                                                     |   | Moving                & Storage |      |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                     |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                                                     |   | (Unaudited)                         |      |
|                                                                                                                                                                     |   | (In                thousands)       |      |
| Assets:                                                                                                                                                                  |   |                                |      |
| Cash                and cash equivalents                                                                                                                                 |   | $                                   | 9         |   | $      | 228,493                    |   | $                                 | 757      |   | $      | -                                               |   |   |   |   | $ | 229,259 |   | $ | 4,711 |   | $ | 7,888 |   | $ | - |   |   |   |   | $ | 241,858 |   | $ | - |   | $ | - |   |   |   |   | $ | 241,858 |   |
| Reinsurance                recoverables and trade receivables, net                                                                                                       |   |                                | -         |   |   | 18,440                     |   |                              | 24       |   |   | -                                               |   |   |   |   |   | 18,464 |   |   | 181,014 |   |   | 16,383 |   |   | - |   |   |   |   |   | 215,861 |   |   | - |   |   | - |   |   |   |   |   | 215,861 |   |
| Notes                and mortgage receivables, net                                                                                                                       |   |                                | -         |   |   | 1,389                      |   |                              | 751      |   |   | -                                               |   |   |   |   |   | 2,140 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,140 |   |   | - |   |   | - |   |   |   |   |   | 2,140 |   |
| Inventories,                net                                                                                                                                          |   |                                | -         |   |   | 66,933                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 66,933 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 66,933 |   |   | 1,293 |   |   | - |   |   |   |   |   | 68,226 |   |
| Prepaid                expenses                                                                                                                                          |   |                                | 1,082     |   |   | 57,378                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 58,460 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 58,460 |   |   | 13 |   |   | - |   |   |   |   |   | 58,473 |   |
| Investments,                fixed maturities and marketable equities                                                                                                     |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 122,239 |   |   | 573,684 |   |   | - |   |   |   |   |   | 695,923 |   |   | - |   |   | - |   |   |   |   |   | 695,923 |   |
| Investments,                other                                                                                                                                        |   |                                | -         |   |   | 1,314                      |   |                              | 6,976    |   |   | -                                               |   |   |   |   |   | 8,290 |   |   | 101,680 |   |   | 74,596 |   |   | - |   |   |   |   |   | 184,566 |   |   | - |   |   | - |   |   |   |   |   | 184,566 |   |
| Deferred                policy acquisition costs, net                                                                                                                    |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 1,182 |   |   | 51,288 |   |   | - |   |   |   |   |   | 52,470 |   |   | - |   |   | - |   |   |   |   |   | 52,470 |   |
| Other                assets                                                                                                                                              |   |                                | 5         |   |   | 55,156                     |   |                              | 38,352   |   |   | -                                               |   |   |   |   |   | 93,513 |   |   | 1,732 |   |   | 480 |   |   | - |   |   |   |   |   | 95,725 |   |   | 4,253 |   |   | - |   |   |   |   |   | 99,978 |   |
| Related                party assets                                                                                                                                      |   |                                | 1,250,081 |   |   | 243,066                    |   |                              | 12,611   |   |   | (1,178,220                                      | )      |   | (d | ) |   | 327,538 |   |   | 19,924 |   |   | 10,916 |   |   | (26,636 | ) |   | (d | ) |   | 331,742 |   |   | - |   |   | (79,063 | ) |   | (d | ) |   | 252,679 |   |
|                                                                                                                                                                     |   |                                | 1,251,177 |   |   | 672,169                    |   |                              | 59,471   |   |   | (1,178,220                                      | )      |   |   |   |   | 804,597 |   |   | 432,482 |   |   | 735,235 |   |   | (26,636 | ) |   |   |   |   | 1,945,678 |   |   | 5,559 |   |   | (79,063 | ) |   |   |   |   | 1,872,174 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment                in subsidiaries                                                                                                                                |   |                                | (218,301  | )      |   | -                          |   |                              | -        |   |   | 482,768                                         |   |   | (c | ) |   | 264,467 |   |   | - |   |   | - |   |   | (264,467 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                in SAC Holding II                                                                                                                              |   |                                | (9,346    | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (9,346 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,346 | ) |   | - |   |   | 9,346 |   |   | (c | ) |   | - |   |
| Total                investment in subsidiaries and SAC Holding II                                                                                                       |   |                                | (227,647  | )      |   | -                          |   |                              | -        |   |   | 482,768                                         |   |   |   |   |   | 255,121 |   |   | - |   |   | - |   |   | (264,467 | ) |   |   |   |   | (9,346 | ) |   | - |   |   | 9,346 |   |   |   |   |   | - |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, at cost:                                                                                                                   |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                     |   |                                | -         |   |   | 29,655                     |   |                              | 156,597  |   |   | -                                               |   |   |   |   |   | 186,252 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 186,252 |   |   | - |   |   | - |   |   |   |   |   | 186,252 |   |
| Buildings                and improvements                                                                                                                                |   |                                | -         |   |   | 85,262                     |   |                              | 675,397  |   |   | -                                               |   |   |   |   |   | 760,659 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 760,659 |   |   | - |   |   | - |   |   |   |   |   | 760,659 |   |
| Furniture                and equipment                                                                                                                                   |   |                                | 2,591     |   |   | 264,687                    |   |                              | 17,900   |   |   | -                                               |   |   |   |   |   | 285,178 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 285,178 |   |   | - |   |   | - |   |   |   |   |   | 285,178 |   |
| Rental                trailers and other rental equipment                                                                                                                |   |                                | -         |   |   | 201,129                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 201,129 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 201,129 |   |   | - |   |   | - |   |   |   |   |   | 201,129 |   |
| Rental                trucks                                                                                                                                             |   |                                | -         |   |   | 1,401,701                  |   |                              | -        |   |   | -                                               |   |   |   |   |   | 1,401,701 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,401,701 |   |   | - |   |   | - |   |   |   |   |   | 1,401,701 |   |
| SAC                Holding II - property, plant and equipment (b)                                                                                                        |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 153,754 |   |   | (74,212 | ) |   | (e | ) |   | 79,542 |   |
|                                                                                                                                                                     |   |                                | 2,591     |   |   | 1,982,434                  |   |                              | 849,894  |   |   | -                                               |   |   |   |   |   | 2,834,919 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,834,919 |   |   | 153,754 |   |   | (74,212 | ) |   |   |   |   | 2,914,461 |   |
| Less:                Accumulated depreciation                                                                                                                            |   |                                | (395      | )      |   | (987,953                   | )      |                              | (288,324 | )      |   | -                                               |   |   |   |   |   | (1,276,672 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,276,672 | ) |   | (10,654 | ) |   | 9,805 |   |   | (e | ) |   | (1,277,521 | ) |
| Total                property, plant and equipment                                                                                                                       |   |                                | 2,196     |   |   | 994,481                    |   |                              | 561,570  |   |   | -                                               |   |   |   |   |   | 1,558,247 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,558,247 |   |   | 143,100 |   |   | (64,407 | ) |   |   |   |   | 1,636,940 |   |
| Total                assets                                                                                                                                              |   | $                                   | 1,025,726 |   | $      | 1,666,650                  |   | $                                 | 621,041  |   | $      | (695,452                                        | )      |   |   |   | $ | 2,617,965 |   | $ | 432,482 |   | $ | 735,235 |   | $ | (291,103 | ) |   |   |   | $ | 3,494,579 |   | $ | 148,659 |   | $ | (134,124 | ) |   |   |   | $ | 3,509,114 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of March 31, 2006                                                                                                                         |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Included in this caption is land of $57,169, buildings and improvements                of                $96,173, and furniture and equipment of $412 |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate investment in subsidiaries and SAC Holding II                                                                                               |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany receivables and payables                                                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of property from U-Haul to SAC Holding                II                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

|                                                                                               |   | Moving                & Storage |      |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                               |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                               |   | (Unaudited)                         |      |
|                                                                                               |   | (In                thousands)       |      |
| Liabilities:                                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                               |   | $                                   | 30,010    |   | $      | 214,630                    |   | $                                 | 3,889    |   | $      | -                                               |   |   |   |   | $ | 248,529 |   | $ | - |   | $ | 4,601 |   | $ | - |   |   |   |   | $ | 253,130 |   | $ | 1,474 |   | $ | - |   |   |   |   | $ | 254,604 |   |
| AMERCO's                notes and loans payable                                                    |   |                                | -         |   |   | 294,826                    |   |                              | 750,812  |   |   | -                                               |   |   |   |   |   | 1,045,638 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,045,638 |   |   | - |   |   | - |   |   |   |   |   | 1,045,638 |   |
| SAC                Holding II notes and loans payable,                non-recourse to AMERCO       |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 75,918 |   |   | - |   |   |   |   |   | 75,918 |   |
| Policy                benefits and losses, claims                and loss expenses payable         |   |                                | -         |   |   | 308,264                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 308,264 |   |   | 328,955 |   |   | 157,353 |   |   | - |   |   |   |   |   | 794,572 |   |   | - |   |   | - |   |   |   |   |   | 794,572 |   |
| Liabilities                from investment contracts                                               |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 432,557 |   |   | - |   |   |   |   |   | 432,557 |   |   | - |   |   | - |   |   |   |   |   | 432,557 |   |
| Other                policyholders' funds and liabilities                                          |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 4,165 |   |   | 2,415 |   |   | - |   |   |   |   |   | 6,580 |   |   | - |   |   | - |   |   |   |   |   | 6,580 |   |
| Deferred                income                                                                     |   |                                | -         |   |   | 16,661                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 16,661 |   |   | 6,136 |   |   | - |   |   | - |   |   |   |   |   | 22,797 |   |   | 835 |   |   | - |   |   |   |   |   | 23,632 |   |
| Deferred                income taxes                                                               |   |                                | 194,893   |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | 194,893 |   |   | (46,364 | ) |   | (817 | ) |   | - |   |   |   |   |   | 147,712 |   |   | (2,685 | ) |   | (26,930 | ) |   | (d | ) |   | 118,097 |   |
| Related                party liabilities                                                           |   |                                | 177       |   |   | 1,142,755                  |   |                              | 47,675   |   |   | (1,178,220                                      | )      |   | (c | ) |   | 12,387 |   |   | 2,003 |   |   | 12,246 |   |   | (26,636 | ) |   | (c | ) |   | - |   |   | 82,463 |   |   | (79,063 | ) |   | (c | ) |   | 3,400 |   |
| Total                liabilities                                                                   |   |                                | 225,080   |   |   | 1,977,136                  |   |                              | 802,376  |   |   | (1,178,220                                      | )      |   |   |   |   | 1,826,372 |   |   | 294,895 |   |   | 608,355 |   |   | (26,636 | ) |   |   |   |   | 2,702,986 |   |   | 158,005 |   |   | (105,993 | ) |   |   |   |   | 2,754,998 |   |
|                                                                                               |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders'                equity:                                                               |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                preferred stock:                                                             |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                A preferred stock                                                            |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                B preferred stock                                                            |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                A common stock                                                               |   |                                | 929       |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   |   |   |   | 929 |   |
| Common                stock                                                                        |   |                                | 9,568     |   |   | 540                        |   |                              | 1        |   |   | (541                                            | )      |   | (b | ) |   | 9,568 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 9,568 |   |   | - |   |   | - |   |   |   |   |   | 9,568 |   |
| Additional                paid-in capital                                                          |   |                                | 419,222   |   |   | 121,230                    |   |                              | 147,481  |   |   | (268,711                                        | )      |   | (b | ) |   | 419,222 |   |   | 80,369 |   |   | 26,271 |   |   | (106,640 | ) |   | (b | ) |   | 419,222 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 373,151 |   |
| Additional                paid-in capital - SAC Holding II                                         |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 4,492 |   |   | (4,492 | ) |   | (b | ) |   | - |   |
| Accumulated                other comprehensive loss                                                |   |                                | (28,351   | )      |   | (26,482                    | )      |                              | -        |   |   | 26,482                                          |   |   | (b | ) |   | (28,351 | ) |   | (505 | ) |   | (1,364 | ) |   | 1,869 |   |   | (b | ) |   | (28,351 | ) |   | - |   |   | - |   |   |   |   |   | (28,351 | ) |
| Retained                earnings (deficit)                                                         |   |                                | 817,370   |   |   | (396,721                   | )      |                              | (328,817 | )      |   | 725,538                                         |   |   | b | ) |   | 817,370 |   |   | 54,423 |   |   | 99,473 |   |   | (153,896 | ) |   | (b | ) |   | 817,370 |   |   | (13,838 | ) |   | 22,432 |   |   | (b,d | ) |   | 825,964 |   |
| Cost                of common shares in treasury, net                                              |   |                                | (418,092  | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                employee stock ownership plan shares                                       |   |                                | -         |   |   | (9,053                     | )      |                              | -        |   |   | -                                               |   |   |   |   |   | (9,053 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,053 | ) |   | - |   |   | - |   |   |   |   |   | (9,053 | ) |
| Total                stockholders' equity (deficit)                                                |   |                                | 800,646   |   |   | (310,486                   | )      |                              | (181,335 | )      |   | 482,768                                         |   |   |   |   |   | 791,593 |   |   | 137,587 |   |   | 126,880 |   |   | (264,467 | ) |   |   |   |   | 791,593 |   |   | (9,346 | ) |   | (28,131 | ) |   |   |   |   | 754,116 |   |
| Total                liabilities and stockholders' equity                                          |   | $                                   | 1,025,726 |   | $      | 1,666,650                  |   | $                                 | 621,041  |   | $      | (695,452                                        | )      |   |   |   | $ | 2,617,965 |   | $ | 432,482 |   | $ | 735,235 |   | $ | (291,103 | ) |   |   |   | $ | 3,494,579 |   | $ | 148,659 |   | $ | (134,124 | ) |   |   |   | $ | 3,509,114 |   |
|                                                                                               |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of March 31, 2006                                                   |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate investment in subsidiaries and SAC Holding II                         |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate intercompany receivables and payables                                 |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate gain on sale of property from U-Haul to SAC Holding                II |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

|                                                                                                                                                                     |   | Moving                & Storage |      |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                     |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                                                     |   |                                |      |
|                                                                                                                                                                     |   | (In                thousands)       |      |
| Assets:                                                                                                                                                                  |   |                                |      |
| Cash                and cash equivalents                                                                                                                                 |   | $                                   | 7         |   | $      | 140,499                    |   | $                                 | 856      |   | $      | -                                               |   |   |   |   | $ | 141,362 |   | $ | 9,815 |   | $ | 4,027 |   | $ | - |   |   |   |   | $ | 155,204 |   | $ | 255 |   | $ | - |   |   |   |   | $ | 155,459 |   |
| Reinsurance                recoverables and trade receivables, net                                                                                                       |   |                                | -         |   |   | 17,325                     |   |                              | 25       |   |   | -                                               |   |   |   |   |   | 17,350 |   |   | 199,908 |   |   | 12,921 |   |   | - |   |   |   |   |   | 230,179 |   |   | - |   |   | - |   |   |   |   |   | 230,179 |   |
| Notes                and mortgage receivables, net                                                                                                                       |   |                                | -         |   |   | 1,333                      |   |                              | 1,199    |   |   | -                                               |   |   |   |   |   | 2,532 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,532 |   |   | - |   |   | - |   |   |   |   |   | 2,532 |   |
| Inventories,                net                                                                                                                                          |   |                                | -         |   |   | 63,585                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 63,585 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 63,585 |   |   | 1,334 |   |   | - |   |   |   |   |   | 64,919 |   |
| Prepaid                expenses                                                                                                                                          |   |                                | 2,051     |   |   | 51,166                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 53,217 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 53,217 |   |   | 45 |   |   | - |   |   |   |   |   | 53,262 |   |
| Investments,                fixed maturities and marketable equities                                                                                                     |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 108,563 |   |   | 587,395 |   |   | - |   |   |   |   |   | 695,958 |   |   | - |   |   | - |   |   |   |   |   | 695,958 |   |
| Investments,                other                                                                                                                                        |   |                                | -         |   |   | 1,314                      |   |                              | 7,853    |   |   | -                                               |   |   |   |   |   | 9,167 |   |   | 113,456 |   |   | 86,738 |   |   | - |   |   |   |   |   | 209,361 |   |   | - |   |   | - |   |   |   |   |   | 209,361 |   |
| Deferred                policy acquisition costs, net                                                                                                                    |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 1,160 |   |   | 46,661 |   |   | - |   |   |   |   |   | 47,821 |   |   | - |   |   | - |   |   |   |   |   | 47,821 |   |
| Other                assets                                                                                                                                              |   |                                | 2         |   |   | 54,390                     |   |                              | 40,866   |   |   | -                                               |   |   |   |   |   | 95,258 |   |   | 2,027 |   |   | 438 |   |   | - |   |   |   |   |   | 97,723 |   |   | 4,371 |   |   | - |   |   |   |   |   | 102,094 |   |
| Related                party assets                                                                                                                                      |   |                                | 1,219,703 |   |   | 262,330                    |   |                              | 12,671   |   |   | (1,147,881                                      | )      |   | (d | ) |   | 346,823 |   |   | 24,293 |   |   | 10,915 |   |   | (30,156 | ) |   | (d | ) |   | 351,875 |   |   | 2,900 |   |   | (84,307 | ) |   | (d | ) |   | 270,468 |   |
|                                                                                                                                                                     |   |                                | 1,221,763 |   |   | 591,942                    |   |                              | 63,470   |   |   | (1,147,881                                      | )      |   |   |   |   | 729,294 |   |   | 459,222 |   |   | 749,095 |   |   | (30,156 | ) |   |   |   |   | 1,907,455 |   |   | 8,905 |   |   | (84,307 | ) |   |   |   |   | 1,832,053 |   |
| Investment                in subsidiaries                                                                                                                                |   |                                | (262,277  | )      |   | -                          |   |                              | -        |   |   | 526,979                                         |   |   | (c | ) |   | 264,702 |   |   | - |   |   | - |   |   | (264,702 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                in SAC Holding II                                                                                                                              |   |                                | (14,275   | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (14,275 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (14,275 | ) |   | - |   |   | 14,275 |   |   | (c | ) |   | - |   |
| Total                investment in subsidiaries and SAC Holding II                                                                                                       |   |                                | (276,552  | )      |   | -                          |   |                              | -        |   |   | 526,979                                         |   |   |   |   |   | 250,427 |   |   | - |   |   | - |   |   | (264,702 | ) |   |   |   |   | (14,275 | ) |   | - |   |   | 14,275 |   |   |   |   |   | - |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, at cost:                                                                                                                   |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                     |   |                                | -         |   |   | 29,159                     |   |                              | 146,626  |   |   | -                                               |   |   |   |   |   | 175,785 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 175,785 |   |   | - |   |   | - |   |   |   |   |   | 175,785 |   |
| Buildings                and improvements                                                                                                                                |   |                                | -         |   |   | 78,244                     |   |                              | 661,359  |   |   | -                                               |   |   |   |   |   | 739,603 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 739,603 |   |   | - |   |   | - |   |   |   |   |   | 739,603 |   |
| Furniture                and equipment                                                                                                                                   |   |                                | 2,590     |   |   | 260,902                    |   |                              | 17,879   |   |   | -                                               |   |   |   |   |   | 281,371 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 281,371 |   |   | - |   |   | - |   |   |   |   |   | 281,371 |   |
| Rental                trailers and other rental equipment                                                                                                                |   |                                | -         |   |   | 201,273                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 201,273 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 201,273 |   |   | - |   |   | - |   |   |   |   |   | 201,273 |   |
| Rental                trucks                                                                                                                                             |   |                                | -         |   |   | 1,331,891                  |   |                              | -        |   |   | -                                               |   |   |   |   |   | 1,331,891 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,331,891 |   |   | - |   |   | - |   |   |   |   |   | 1,331,891 |   |
| SAC                Holding II - property, plant and equipment (b)                                                                                                        |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 153,429 |   |   | (74,212 | ) |   | (e | ) |   | 79,217 |   |
|                                                                                                                                                                     |   |                                | 2,590     |   |   | 1,901,469                  |   |                              | 825,864  |   |   | -                                               |   |   |   |   |   | 2,729,923 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,729,923 |   |   | 153,429 |   |   | (74,212 | ) |   |   |   |   | 2,809,140 |   |
| Less:                Accumulated depreciation                                                                                                                            |   |                                | (334      | )      |   | (987,598                   | )      |                              | (285,687 | )      |   | -                                               |   |   |   |   |   | (1,273,619 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,273,619 | ) |   | (10,020 | ) |   | 9,664 |   |   | (e | ) |   | (1,273,975 | ) |
| Total                property, plant and equipment                                                                                                                       |   |                                | 2,256     |   |   | 913,871                    |   |                              | 540,177  |   |   | -                                               |   |   |   |   |   | 1,456,304 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,456,304 |   |   | 143,409 |   |   | (64,548 | ) |   |   |   |   | 1,535,165 |   |
| Total                assets                                                                                                                                              |   | $                                   | 947,467   |   | $      | 1,505,813                  |   | $                                 | 603,647  |   | $      | (620,902                                        | )      |   |   |   | $ | 2,436,025 |   | $ | 459,222 |   | $ | 749,095 |   | $ | (294,858 | ) |   |   |   | $ | 3,349,484 |   | $ | 152,314 |   | $ | (134,580 | ) |   |   |   | $ | 3,367,218 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of December 31, 2005                                                                                                                      |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Included in this caption is land of $57,169, buildings and improvements                of                $95,876, and furniture and equipment of $384 |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate investment in subsidiaries and SAC Holding II                                                                                               |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany receivables and payables                                                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of property from U-Haul to SAC Holding                II                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

|                                                                                               |   | Moving                & Storage |     |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                               |   | AMERCO                              |     | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                               |   |                                |     |
|                                                                                               |   | (In                thousands)       |     |
| Liabilities:                                                                                       |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                               |   | $                                   | 23,405   |   | $      | 203,243                    |   | $                                 | 4,988    |   | $      | -                                               |   |   |   |   | $ | 231,636 |   | $ | - |   | $ | 3,188 |   | $ | - |   |   |   |   | $ | 234,824 |   | $ | 1,054 |   | $ | - |   |   |   |   | $ | 235,878 |   |
| AMERCO's                notes and loans payable                                                    |   |                                | -        |   |   | 212,133                    |   |                              | 753,501  |   |   | -                                               |   |   |   |   |   | 965,634 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 965,634 |   |   | - |   |   | - |   |   |   |   |   | 965,634 |   |
| SAC                Holding II notes and loans payable,                non-recourse to AMERCO       |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 76,232 |   |   | - |   |   |   |   |   | 76,232 |   |
| Policy                benefits and losses, claims                and loss expenses payable         |   |                                | -        |   |   | 295,567                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 295,567 |   |   | 352,960 |   |   | 151,886 |   |   | - |   |   |   |   |   | 800,413 |   |   | - |   |   | - |   |   |   |   |   | 800,413 |   |
| Liabilities                from investment contracts                                               |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 449,149 |   |   | - |   |   |   |   |   | 449,149 |   |   | - |   |   | - |   |   |   |   |   | 449,149 |   |
| Other                policyholders' funds and liabilities                                          |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 5,222 |   |   | 2,483 |   |   | - |   |   |   |   |   | 7,705 |   |   | - |   |   | - |   |   |   |   |   | 7,705 |   |
| Deferred                income                                                                     |   |                                | -        |   |   | 14,412                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 14,412 |   |   | 6,136 |   |   | - |   |   | - |   |   |   |   |   | 20,548 |   |   | 798 |   |   | - |   |   |   |   |   | 21,346 |   |
| Deferred                income taxes                                                               |   |                                | 181,355  |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | 181,355 |   |   | (46,219 | ) |   | 2,907 |   |   | - |   |   |   |   |   | 138,043 |   |   | (2,967 | ) |   | (26,984 | ) |   | (d | ) |   | 108,092 |   |
| Related                party liabilities                                                           |   |                                | 201      |   |   | 1,134,939                  |   |                              | 26,994   |   |   | (1,147,881                                      | )      |   | (c | ) |   | 14,253 |   |   | 3,728 |   |   | 12,175 |   |   | (30,156 | ) |   | (c | ) |   | - |   |   | 91,472 |   |   | (84,307 | ) |   | (c | ) |   | 7,165 |   |
| Total                liabilities                                                                   |   |                                | 204,961  |   |   | 1,860,294                  |   |                              | 785,483  |   |   | (1,147,881                                      | )      |   |   |   |   | 1,702,857 |   |   | 321,827 |   |   | 621,788 |   |   | (30,156 | ) |   |   |   |   | 2,616,316 |   |   | 166,589 |   |   | (111,291 | ) |   |   |   |   | 2,671,614 |   |
| Stockholders'                equity:                                                               |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                preferred stock:                                                             |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                A preferred stock                                                            |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                B preferred stock                                                            |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                A common stock                                                               |   |                                | 929      |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   |   |   |   | 929 |   |
| Common                stock                                                                        |   |                                | 9,568    |   |   | 540                        |   |                              | 1        |   |   | (541                                            | )      |   | (b | ) |   | 9,568 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 9,568 |   |   | - |   |   | - |   |   |   |   |   | 9,568 |   |
| Additional                paid-in capital                                                          |   |                                | 413,726  |   |   | 121,230                    |   |                              | 147,481  |   |   | (268,711                                        | )      |   | (b | ) |   | 413,726 |   |   | 80,369 |   |   | 26,271 |   |   | (106,640 | ) |   | (b | ) |   | 413,726 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 367,655 |   |
| Accumulated                other comprehensive income (loss)                                       |   |                                | (28,902  | )      |   | (29,996                    | )      |                              | -        |   |   | 29,996                                          |   |   | (b | ) |   | (28,902 | ) |   | 386 |   |   | 331 |   |   | (717 | ) |   | (b | ) |   | (28,902 | ) |   | - |   |   | - |   |   |   |   |   | (28,902 | ) |
| Retained                earnings (deficit)                                                         |   |                                | 765,277  |   |   | (436,917                   | )      |                              | (329,318 | )      |   | 766,235                                         |   |   | (b | ) |   | 765,277 |   |   | 53,340 |   |   | 98,205 |   |   | (151,545 | ) |   | (b | ) |   | 765,277 |   |   | (14,275 | ) |   | 22,782 |   |   | (b,d | ) |   | 773,784 |   |
| Cost                of common shares in treasury, net                                              |   |                                | (418,092 | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                employee stock ownership plan shares                                       |   |                                | -        |   |   | (9,338                     | )      |                              | -        |   |   | -                                               |   |   |   |   |   | (9,338 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,338 | ) |   | - |   |   | - |   |   | - |   |   | (9,338 | ) |
| Total                stockholders' equity (deficit)                                                |   |                                | 742,506  |   |   | (354,481                   | )      |                              | (181,836 | )      |   | 526,979                                         |   |   |   |   |   | 733,168 |   |   | 137,395 |   |   | 127,307 |   |   | (264,702 | ) |   |   |   |   | 733,168 |   |   | (14,275 | ) |   | (23,289 | ) |   |   |   |   | 695,604 |   |
| Total                liabilities and stockholders' equity                                          |   | $                                   | 947,467  |   | $      | 1,505,813                  |   | $                                 | 603,647  |   | $      | (620,902                                        | )      |   |   |   | $ | 2,436,025 |   | $ | 459,222 |   | $ | 749,095 |   | $ | (294,858 | ) |   |   |   | $ | 3,349,484 |   | $ | 152,314 |   | $ | (134,580 | ) |   |   |   | $ | 3,367,218 |   |
|                                                                                               |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of December 31, 2005                                                |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate investment in subsidiaries and SAC Holding II                         |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate intercompany receivables and payables                                 |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate gain on sale of property from U-Haul to SAC Holding                II |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

|                                                                                                                                   |   | Moving                & Storage |   |   |   |                       |   | AMERCO                Legal Group |    |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|--------|----------------------------|--------|-----------------------------------|---------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |   | U-Haul |   | Real                Estate |   | Eliminations                      |    |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |   |
|                                                                                                                                   |   | (In                thousands)       |   |
| Revenues:                                                                                                                              |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -      |   | $      | 407,234                    |   | $                                 | -       |   | $      | -                                               |   |   |   |   | $ | 407,234 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 407,234 |   | $ | 2,556 |   | $ | (2,556 | ) |   | (b | ) | $ | 407,234 |   |
| Self-storage                revenues                                                                                                   |   |                                | -      |   |   | 25,179                     |   |                              | 410     |   |   | -                                               |   |   |   |   |   | 25,589 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 25,589 |   |   | 4,842 |   |   | - |   |   |   |   |   | 30,431 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -      |   |   | 62,699                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 62,699 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 62,699 |   |   | 4,752 |   |   | - |   |   |   |   |   | 67,451 |   |
| Property                management fees                                                                                                |   |                                | -      |   |   | 4,596                      |   |                              | -       |   |   | -                                               |   |   |   |   |   | 4,596 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 4,596 |   |   | - |   |   | (749 | ) |   | (g | ) |   | 3,847 |   |
| Life                insurance premiums                                                                                                 |   |                                | -      |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 31,317 |   |   | (398 | ) |   | (c | ) |   | 30,919 |   |   | - |   |   | - |   |   |   |   |   | 30,919 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -      |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 5,382 |   |   | - |   |   | - |   |   |   |   |   | 5,382 |   |   | - |   |   | - |   |   |   |   |   | 5,382 |   |
| Net                investment and interest income                                                                                      |   |                                | 1,220  |   |   | 6,568                      |   |                              | -       |   |   | -                                               |   |   |   |   |   | 7,788 |   |   | 2,686 |   |   | 5,506 |   |   | (268 | ) |   | (d | ) |   | 15,712 |   |   | - |   |   | (1,882 | ) |   | (d | ) |   | 13,830 |   |
| Other                revenue                                                                                                           |   |                                | 30     |   |   | 8,127                      |   |                              | 16,823  |   |   | (18,248                                         | )      |   | (b | ) |   | 6,732 |   |   | - |   |   | 1,314 |   |   | (265 | ) |   | (b | ) |   | 7,781 |   |   | 329 |   |   | (177 | ) |   | (b | ) |   | 7,933 |   |
| Total                revenues                                                                                                          |   |                                | 1,250  |   |   | 514,403                    |   |                              | 17,233  |   |   | (18,248                                         | )      |   |   |   |   | 514,638 |   |   | 8,068 |   |   | 38,137 |   |   | (931 | ) |   |   |   |   | 559,912 |   |   | 12,479 |   |   | (5,364 | ) |   |   |   |   | 567,027 |   |
|                                                                                                                                   |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 4,565  |   |   | 262,807                    |   |                              | 2,013   |   |   | (18,248                                         | )      |   | (b | ) |   | 251,137 |   |   | 1,563 |   |   | 6,749 |   |   | (2,922 | ) |   | (b,c | ) |   | 256,527 |   |   | 5,601 |   |   | (749 | ) |   | (g | ) |   | 261,379 |   |
| Commission                expenses                                                                                                     |   |                                | -      |   |   | 52,092                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 52,092 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 52,092 |   |   | - |   |   | (2,556 | ) |   | (b | ) |   | 49,536 |   |
| Cost                of sales                                                                                                           |   |                                | -      |   |   | 30,229                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 30,229 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 30,229 |   |   | 2,087 |   |   | - |   |   |   |   |   | 32,316 |   |
| Benefits                and losses                                                                                                     |   |                                | -      |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 4,182 |   |   | 24,433 |   |   | 1,991 |   |   | (c | ) |   | 30,606 |   |   | - |   |   | - |   |   |   |   |   | 30,606 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -      |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 622 |   |   | 5,004 |   |   | - |   |   |   |   |   | 5,626 |   |   | - |   |   | - |   |   |   |   |   | 5,626 |   |
| Lease                expense                                                                                                           |   |                                | 19     |   |   | 37,868                     |   |                              | 17      |   |   | -                                               |   |   |   |   |   | 37,904 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 37,904 |   |   | - |   |   | (177 | ) |   | (b | ) |   | 37,727 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 62     |   |   | 37,273                     |   |                              | 1,808   |   |   | -                                               |   |   |   |   |   | 39,143 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 39,143 |   |   | 668 |   |   | (140 | ) |   | (e | ) |   | 39,671 |   |
| Total                costs and expenses                                                                                                |   |                                | 4,646  |   |   | 420,269                    |   |                              | 3,838   |   |   | (18,248                                         | )      |   |   |   |   | 410,505 |   |   | 6,367 |   |   | 36,186 |   |   | (931 | ) |   |   |   |   | 452,127 |   |   | 8,356 |   |   | (3,622 | ) |   |   |   |   | 456,861 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 43,048 |   |   | -                          |   |                              | -       |   |   | (40,697                                         | )      |   | (f | ) |   | 2,351 |   |   | - |   |   | - |   |   | (2,351 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 437    |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | 437 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 437 |   |   | - |   |   | (437 | ) |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 43,485 |   |   | -                          |   |                              | -       |   |   | (40,697                                         | )      |   |   |   |   | 2,788 |   |   | - |   |   | - |   |   | (2,351 | ) |   |   |   |   | 437 |   |   | - |   |   | (437 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 40,089 |   |   | 94,134                     |   |                              | 13,395  |   |   | (40,697                                         | )      |   |   |   |   | 106,921 |   |   | 1,701 |   |   | 1,951 |   |   | (2,351 | ) |   |   |   |   | 108,222 |   |   | 4,123 |   |   | (2,179 | ) |   |   |   |   | 110,166 |   |
| Interest                income (expense)                                                                                               |   |                                | 22,121 |   |   | (26,841                    | )      |                              | (12,230 | )      |   | -                                               |   |   |   |   |   | (16,950 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (16,950 | ) |   | (3,394 | ) |   | 1,882 |   |   | (d | ) |   | (18,462 | ) |
| Pretax                earnings                                                                                                         |   |                                | 62,210 |   |   | 67,293                     |   |                              | 1,165   |   |   | (40,697                                         | )      |   |   |   |   | 89,971 |   |   | 1,701 |   |   | 1,951 |   |   | (2,351 | ) |   |   |   |   | 91,272 |   |   | 729 |   |   | (297 | ) |   |   |   |   | 91,704 |   |
| Income                tax expense                                                                                                      |   |                                | (6,876 | )      |   | (27,097                    | )      |                              | (664    | )      |   | -                                               |   |   |   |   |   | (34,637 | ) |   | (618 | ) |   | (683 | ) |   | - |   |   |   |   |   | (35,938 | ) |   | (292 | ) |   | (53 | ) |   | (e | ) |   | (36,283 | ) |
| Net                earnings                                                                                                            |   |                                | 55,334 |   |   | 40,196                     |   |                              | 501     |   |   | (40,697                                         | )      |   |   |   |   | 55,334 |   |   | 1,083 |   |   | 1,268 |   |   | (2,351 | ) |   |   |   |   | 55,334 |   |   | 437 |   |   | (350 | ) |   |   |   |   | 55,421 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (3,241 | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                available to common shareholders                                                                               |   | $                                   | 52,093 |   | $      | 40,196                     |   | $                                 | 501     |   | $      | (40,697                                         | )      |   |   |   | $ | 52,093 |   | $ | 1,083 |   | $ | 1,268 |   | $ | (2,351 | ) |   |   |   | $ | 52,093 |   | $ | 437 |   | $ | (350 | ) |   |   |   | $ | 52,180 |   |
| (a)                Balances for the quarter ended March 31, 2006                                                                       |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (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        |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                   |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

|                                                                                                                                   |   | Moving                & Storage |    |   |   |                       |   | AMERCO                Legal Group |   |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|----------------------------|--------|-----------------------------------|--------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |    | U-Haul |   | Real                Estate |   | Eliminations                      |   |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |    |
|                                                                                                                                   |   | (In                thousands)       |    |
| Revenues:                                                                                                                              |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -       |   | $      | 401,260                    |   | $                                 | -      |   | $      | -                                               |   |   |   |   | $ | 401,260 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 401,260 |   | $ | 2,488 |   | $ | (2,488 | ) |   | (b | ) | $ | 401,260 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 23,793                     |   |                              | 455    |   |   | -                                               |   |   |   |   |   | 24,248 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 24,248 |   |   | 4,520 |   |   | - |   |   |   |   |   | 28,768 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 61,798                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 61,798 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 61,798 |   |   | 4,765 |   |   | - |   |   |   |   |   | 66,563 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 5,168                      |   |                              | -      |   |   | -                                               |   |   |   |   |   | 5,168 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 5,168 |   |   | - |   |   | (728 | ) |   | (g | ) |   | 4,440 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 29,966 |   |   | (377 | ) |   | (c | ) |   | 29,589 |   |   | - |   |   | - |   |   |   |   |   | 29,589 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 4,824 |   |   | - |   |   | - |   |   |   |   |   | 4,824 |   |   | - |   |   | - |   |   |   |   |   | 4,824 |   |
| Net                investment and interest income                                                                                      |   |                                | 1,412   |   |   | 4,738                      |   |                              | 4      |   |   | -                                               |   |   |   |   |   | 6,154 |   |   | 3,485 |   |   | 6,666 |   |   | (998 | ) |   | (d | ) |   | 15,307 |   |   | - |   |   | (1,593 | ) |   | (d | ) |   | 13,714 |   |
| Other                revenue                                                                                                           |   |                                | 9       |   |   | 10,016                     |   |                              | 14,463 |   |   | (15,553                                         | )      |   | (b | ) |   | 8,935 |   |   | - |   |   | 1,441 |   |   | (185 | ) |   | (b | ) |   | 10,191 |   |   | 286 |   |   | (177 | ) |   | (b | ) |   | 10,300 |   |
| Total                revenues                                                                                                          |   |                                | 1,421   |   |   | 506,773                    |   |                              | 14,922 |   |   | (15,553                                         | )      |   |   |   |   | 507,563 |   |   | 8,309 |   |   | 38,073 |   |   | (1,560 | ) |   |   |   |   | 552,385 |   |   | 12,059 |   |   | (4,986 | ) |   |   |   |   | 559,458 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 3,397   |   |   | 266,275                    |   |                              | 1,591  |   |   | (15,553                                         | )      |   | (b | ) |   | 255,710 |   |   | 2,400 |   |   | 7,388 |   |   | (3,500 | ) |   | (b,c | ) |   | 261,998 |   |   | 5,522 |   |   | (728 | ) |   | (g | ) |   | 266,792 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 50,506                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 50,506 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 50,506 |   |   | - |   |   | (2,488 | ) |   | (b | ) |   | 48,018 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 29,287                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 29,287 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 29,287 |   |   | 1,757 |   |   | - |   |   |   |   |   | 31,044 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 3,473 |   |   | 21,901 |   |   | 1,940 |   |   | (c | ) |   | 27,314 |   |   | - |   |   | - |   |   |   |   |   | 27,314 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 854 |   |   | 5,344 |   |   | - |   |   |   |   |   | 6,198 |   |   | - |   |   | - |   |   |   |   |   | 6,198 |   |
| Lease                expense                                                                                                           |   |                                | 19      |   |   | 33,436                     |   |                              | 17     |   |   | -                                               |   |   |   |   |   | 33,472 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 33,472 |   |   | - |   |   | (177 | ) |   | (b | ) |   | 33,295 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 7       |   |   | 31,517                     |   |                              | 2,124  |   |   | -                                               |   |   |   |   |   | 33,648 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 33,648 |   |   | 729 |   |   | (140 | ) |   | (e | ) |   | 34,237 |   |
| Total                costs and expenses                                                                                                |   |                                | 3,423   |   |   | 411,021                    |   |                              | 3,732  |   |   | (15,553                                         | )      |   |   |   |   | 402,623 |   |   | 6,727 |   |   | 34,633 |   |   | (1,560 | ) |   |   |   |   | 442,423 |   |   | 8,008 |   |   | (3,533 | ) |   |   |   |   | 446,898 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 65,282  |   |   | -                          |   |                              | -      |   |   | (61,817                                         | )      |   | (f | ) |   | 3,465 |   |   | - |   |   | - |   |   | (3,465 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 560     |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | 560 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 560 |   |   | - |   |   | (560 | ) |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 65,842  |   |   | -                          |   |                              | -      |   |   | (61,817                                         | )      |   |   |   |   | 4,025 |   |   | - |   |   | - |   |   | (3,465 | ) |   |   |   |   | 560 |   |   | - |   |   | (560 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 63,840  |   |   | 95,752                     |   |                              | 11,190 |   |   | (61,817                                         | )      |   |   |   |   | 108,965 |   |   | 1,582 |   |   | 3,440 |   |   | (3,465 | ) |   |   |   |   | 110,522 |   |   | 4,051 |   |   | (2,013 | ) |   |   |   |   | 112,560 |   |
| Interest                expense                                                                                                        |   |                                | (11,148 | )      |   | (678                       | )      |                              | (6,273 | )      |   | -                                               |   |   |   |   |   | (18,099 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (18,099 | ) |   | (3,130 | ) |   | 1,593 |   |   | (d | ) |   | (19,636 | ) |
| Fees                on early extinguishment of debt                                                                                    |   |                                | (35,627 | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (35,627 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (35,627 | ) |   | - |   |   | - |   |   |   |   |   | (35,627 | ) |
| Pretax                earnings                                                                                                         |   |                                | 17,065  |   |   | 95,074                     |   |                              | 4,917  |   |   | (61,817                                         | )      |   |   |   |   | 55,239 |   |   | 1,582 |   |   | 3,440 |   |   | (3,465 | ) |   |   |   |   | 56,796 |   |   | 921 |   |   | (420 | ) |   |   |   |   | 57,297 |   |
| Income                tax expense                                                                                                      |   |                                | 17,910  |   |   | (36,073                    | )      |                              | (2,101 | )      |   | -                                               |   |   |   |   |   | (20,264 | ) |   | (554 | ) |   | (1,003 | ) |   | - |   |   |   |   |   | (21,821 | ) |   | (361 | ) |   | (53 | ) |   | (e | ) |   | (22,235 | ) |
| Net                earnings                                                                                                            |   |                                | 34,975  |   |   | 59,001                     |   |                              | 2,816  |   |   | (61,817                                         | )      |   |   |   |   | 34,975 |   |   | 1,028 |   |   | 2,437 |   |   | (3,465 | ) |   |   |   |   | 34,975 |   |   | 560 |   |   | (473 | ) |   |   |   |   | 35,062 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (3,241  | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                available to common shareholders                                                                               |   | $                                   | 31,734  |   | $      | 59,001                     |   | $                                 | 2,816  |   | $      | (61,817                                         | )      |   |   |   | $ | 31,734 |   | $ | 1,028 |   | $ | 2,437 |   | $ | (3,465 | ) |   |   |   | $ | 31,734 |   | $ | 560 |   | $ | (473 | ) |   |   |   | $ | 31,821 |   |
| (a)                Balances for the quarter ended March 31, 2005                                                                       |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (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        |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

|                                                                        |   | Moving                & Storage |    |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-----------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                        |   | AMERCO                              |    | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                        |   | (Unaudited)                         |    |
| Cash                flows from operating activities:                        |   | (In                thousands)       |    |
| Net                earnings (loss)                                          |   | $                                   | 55,334  |   | $      | 40,196                            |   | $           | 501     |                                             | $      | (40,697                                                                            | )      | $                                                | 55,334   |   | $ | 1,083 |   | $ | 1,268 |   | $ | (2,351 | ) | $ | 55,334 |   | $ | 437 |   | $ | (350 | ) | $ | 55,421 |   |
| Earnings                from consolidated entities                          |   |                                | (43,485 | )      |   | -                                 |   |        | -       |                                             |   | 40,697                                                                             |   |                                             | (2,788   | ) |   | - |   |   | - |   |   | 2,351 |   |   | (437 | ) |   | - |   |   | 437 |   |   | - |   |
| Depreciation                                                                |   |                                | 62      |   |   | 37,439                            |   |        | 2,637   |                                             |   | -                                                                                  |   |                                             | 40,138   |   |   | - |   |   | - |   |   | - |   |   | 40,138 |   |   | 668 |   |   | (140 | ) |   | 40,666 |   |
| Amortization                of deferred policy acquisition costs            |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 622 |   |   | 5,004 |   |   | - |   |   | 5,626 |   |   | - |   |   | - |   |   | 5,626 |   |
| Change                in provision for losses on trade receivables          |   |                                | -       |   |   | (51                               | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (51      | ) |   | - |   |   | 19 |   |   | - |   |   | (32 | ) |   | - |   |   | - |   |   | (32 | ) |
| Change                in provision for losses on mortgage notes             |   |                                | -       |   |   | (10                               | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (10      | ) |   | - |   |   | - |   |   | - |   |   | (10 | ) |   | - |   |   | - |   |   | (10 | ) |
| Net                (gain) loss on sale of real and personal property        |   |                                | -       |   |   | (166                              | )      |        | (829    | )                                                |   | -                                                                                  |   |                                             | (995     | ) |   | - |   |   | - |   |   | - |   |   | (995 | ) |   | - |   |   | - |   |   | (995 | ) |
| Net                (gain) loss on sale of investments                       |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 319 |   |   | 234 |   |   | - |   |   | 553 |   |   | - |   |   | - |   |   | 553 |   |
| Deferred                income taxes                                        |   |                                | 13,538  |   |   | 214                               |   |        | -       |                                             |   | -                                                                                  |   |                                             | 13,752   |   |   | 336 |   |   | (170 | ) |   | - |   |   | 13,918 |   |   | 282 |   |   | 53 |   |   | 14,253 |   |
| Net                change in other operating assets and liabilities:        |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                | -       |   |   | (1,016                            | )      |        | 1       |                                             |   | -                                                                                  |   |                                             | (1,015   | ) |   | 18,894 |   |   | (99 | ) |   | - |   |   | 17,780 |   |   | - |   |   | - |   |   | 17,780 |   |
| Inventories                                                                 |   |                                | -       |   |   | (3,242                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (3,242   | ) |   | - |   |   | - |   |   | - |   |   | (3,242 | ) |   | 41 |   |   | - |   |   | (3,201 | ) |
| Prepaid                expenses                                             |   |                                | 592     |   |   | (3,703                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (3,111   | ) |   | - |   |   | - |   |   | - |   |   | (3,111 | ) |   | 32 |   |   | - |   |   | (3,079 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (644 | ) |   | (1,742 | ) |   | - |   |   | (2,386 | ) |   | - |   |   | - |   |   | (2,386 | ) |
| Other                assets                                                 |   |                                | (3      | )      |   | (750                              | )      |        | 2,514   |                                             |   | -                                                                                  |   |                                             | 1,761    |   |   | 295 |   |   | (42 | ) |   | - |   |   | 2,014 |   |   | 118 |   |   | - |   |   | 2,132 |   |
| Related                party assets                                         |   |                                | 2,931   |   |   | 18,378                            |   |        | 60      |                                             |   | -                                                                                  |   |                                             | 21,369   |   |   | 4,369 |   |   | (14 | ) |   | - |   |   | 25,724 |   |   | 2,900 |   |   | - |   |   | 28,624 |   |
| Accounts                payable and accrued expenses                        |   |                                | 7,610   |   |   | 6,718                             |   |        | (1,100  | )                                                |   | -                                                                                  |   |                                             | 13,228   |   |   | - |   |   | 947 |   |   | - |   |   | 14,175 |   |   | 386 |   |   | - |   |   | 14,561 |   |
| Policy                benefits and losses, claims and loss expenses payable |   |                                | -       |   |   | 12,697                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 12,697   |   |   | (24,004 | ) |   | (3,303 | ) |   | - |   |   | (14,610 | ) |   | - |   |   | - |   |   | (14,610 | ) |
| Other                policyholders' funds and liabilities                   |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (1,057 | ) |   | (216 | ) |   | - |   |   | (1,273 | ) |   | - |   |   | - |   |   | (1,273 | ) |
| Deferred                income                                              |   |                                | -       |   |   | 2,220                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 2,220    |   |   | - |   |   | - |   |   | - |   |   | 2,220 |   |   | 37 |   |   | - |   |   | 2,257 |   |
| Related                party liabilities                                    |   |                                | (25     | )      |   | 2,867                             |   |        | (2,842  | )                                                |   | -                                                                                  |   |                                             | -        |   |   | (1,725 | ) |   | 159 |   |   | - |   |   | (1,566 | ) |   | (4,517 | ) |   | - |   |   | (6,083 | ) |
| Net                cash provided (used) by operating activities             |   |                                | 36,554  |   |   | 111,791                           |   |        | 942     |                                             |   | -                                                                                  |   |                                             | 149,287  |   |   | (1,512 | ) |   | 2,045 |   |   | - |   |   | 149,820 |   |   | 384 |   |   | - |   |   | 150,204 |   |
| Cash                flows from investing activities:                        |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | (2      | )      |   | (142,643                          | )      |        | (24,029 | )                                                |   | -                                                                                  |   |                                             | (166,674 | ) |   | - |   |   | - |   |   | - |   |   | (166,674 | ) |   | (325 | ) |   | - |   |   | (166,999 | ) |
| Short                term investments                                       |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (17,304 | ) |   | (35,827 | ) |   | - |   |   | (53,131 | ) |   | - |   |   | - |   |   | (53,131 | ) |
| Fixed                maturities investments                                 |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (21,054 | ) |   | (11,218 | ) |   | - |   |   | (32,272 | ) |   | - |   |   | - |   |   | (32,272 | ) |
| Mortgage                loans                                               |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (7,305 | ) |   | - |   |   | (7,305 | ) |   | - |   |   | - |   |   | (7,305 | ) |
| Proceeds                from sales of:                                      |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | -       |   |   | 27,863                            |   |        | 829     |                                             |   | -                                                                                  |   |                                             | 28,692   |   |   | - |   |   | - |   |   | - |   |   | 28,692 |   |   | - |   |   | - |   |   | 28,692 |   |
| Short                term investments                                       |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 29,044 |   |   | 53,184 |   |   | - |   |   | 82,228 |   |   | - |   |   | - |   |   | 82,228 |   |
| Fixed                maturities investments                                 |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 5,722 |   |   | 16,130 |   |   | - |   |   | 21,852 |   |   | - |   |   | - |   |   | 21,852 |   |
| Cash                received in excess of purchase of company acquired      |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 1,233 |   |   | - |   |   | 1,233 |   |   | - |   |   | - |   |   | 1,233 |   |
| Preferred                stock                                              |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 125 |   |   | - |   |   | 125 |   |   | - |   |   | - |   |   | 125 |   |
| Real                estate                                                  |   |                                | -       |   |   | -                                 |   |        | 877     |                                             |   | -                                                                                  |   |                                             | 877      |   |   | - |   |   | - |   |   | - |   |   | 877 |   |   | - |   |   | - |   |   | 877 |   |
| Mortgage                loans                                               |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 2,086 |   |   | - |   |   | 2,086 |   |   | - |   |   | - |   |   | 2,086 |   |
| Payments                from notes and mortgage receivables                 |   |                                | -       |   |   | (45                               | )      |        | 448     |                                             |   | -                                                                                  |   |                                             | 403      |   |   | - |   |   | - |   |   | - |   |   | 403 |   |   | - |   |   | - |   |   | 403 |   |
| Net                cash provided (used) by investing activities             |   |                                | (2      | )      |   | (114,825                          | )      |        | (21,875 | )                                                |   | -                                                                                  |   |                                             | (136,702 | ) |   | (3,592 | ) |   | 18,408 |   |   | - |   |   | (121,886 | ) |   | (325 | ) |   | - |   |   | (122,211 | ) |
|                                                                        |   | (page                1 of 2)        |
| (a)                Balance for the period ended March 31, 2006              |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

|                                                                          |   | Moving                & Storage |    |   |   | AMERCO                Legal Group |   |        |   |                                             |   | AMERCO                as Consolidated                                              |   |                                             |    |
|-------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-----------------------------------|--------|-------------|--------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                                          |   | AMERCO                              |    | U-Haul |   | Real                Estate        |   | Elimination |   | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |    | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                          |   | (Unaudited)                         |    |
| Cash                flows from financing activities:                          |   | (In                thousands)       |    |
| Borrowings                from credit facilities                              |   |                                | -       |   |   | 87,376                            |   |        | -      |                                             |   | -                                                                                  |   |                                             | 87,376  |   |   | - |   |   | - |   |   | - |   |   | 87,376 |   |   | - |   |   | - |   |   | 87,376 |   |
| Principal                repayments on credit facilities                      |   |                                | -       |   |   | (5,133                            | )      |        | (2,689 | )                                                |   | -                                                                                  |   |                                             | (7,822  | ) |   | - |   |   | - |   |   | - |   |   | (7,822 | ) |   | (314 | ) |   | - |   |   | (8,136 | ) |
| Debt                issuance costs                                            |   |                                | -       |   |   | (1,437                            | )      |        | -      |                                             |   | -                                                                                  |   |                                             | (1,437  | ) |   | - |   |   | - |   |   | - |   |   | (1,437 | ) |   | - |   |   | - |   |   | (1,437 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | -       |   |   | 285                               |   |        | -      |                                             |   | -                                                                                  |   |                                             | 285     |   |   | - |   |   | - |   |   | - |   |   | 285 |   |   | - |   |   | - |   |   | 285 |   |
| Proceeds                from (repayment of) intercompany loans                |   |                                | (33,309 | )      |   | 9,786                             |   |        | 23,523 |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (3,241  | )      |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | (3,241  | ) |   | - |   |   | - |   |   | - |   |   | (3,241 | ) |   | - |   |   | - |   |   | (3,241 | ) |
| Investment                contract deposits                                   |   |                                | -       |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | 4,251 |   |   | - |   |   | 4,251 |   |   | - |   |   | - |   |   | 4,251 |   |
| Investment                contract withdrawals                                |   |                                | -       |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | (20,843 | ) |   | - |   |   | (20,843 | ) |   | - |   |   | - |   |   | (20,843 | ) |
| Net                cash provided (used) by financing activities               |   |                                | (36,550 | )      |   | 90,877                            |   |        | 20,834 |                                             |   | -                                                                                  |   |                                             | 75,161  |   |   | - |   |   | (16,592 | ) |   | - |   |   | 58,569 |   |   | (314 | ) |   | - |   |   | 58,255 |   |
|                                                                          |   |                                |    |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                | -       |   |   | 151                               |   |        | -      |                                             |   | -                                                                                  |   |                                             | 151     |   |   | - |   |   | - |   |   | - |   |   | 151 |   |   | - |   |   | - |   |   | 151 |   |
|                                                                          |   |                                |    |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | 2       |   |   | 87,994                            |   |        | (99    | )                                                |   | -                                                                                  |   |                                             | 87,897  |   |   | (5,104 | ) |   | 3,861 |   |   | - |   |   | 86,654 |   |   | (255 | ) |   | - |   |   | 86,399 |   |
| Cash                and cash equivalents at beginning of period               |   |                                | 7       |   |   | 140,499                           |   |        | 856    |                                             |   | -                                                                                  |   |                                             | 141,362 |   |   | 9,815 |   |   | 4,027 |   |   | - |   |   | 155,204 |   |   | 255 |   |   | - |   |   | 155,459 |   |
| Cash                and cash equivalents at end of period                     |   | $                                   | 9       |   | $      | 228,493                           |   | $           | 757    |                                             | $      | -                                                                                  |   | $                                                | 229,259 |   | $ | 4,711 |   | $ | 7,888 |   | $ | - |   | $ | 241,858 |   | $ | - |   | $ | - |   | $ | 241,858 |   |
|                                                                          |   | (page                2 of 2)        |
| (a)                Balance for the period ended March 31, 2006                |   |                                |    |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   |                                |    |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

|                                                                        |   | Moving                & Storage |    |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |    |
|-----------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                                        |   | AMERCO                              |    | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |    | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                        |   | (Unaudited)                         |    |
| Cash                flows from operating activities:                        |   | (In                thousands)       |    |
| Net                earnings (loss)                                          |   | $                                   | 34,975  |   | $      | 59,001                            |   | $           | 2,816   |                                             | $      | (61,817                                                                            | )      | $                                                | 34,975  |   | $ | 1,028 |   | $ | 2,437 |   | $ | (3,465 | ) | $ | 34,975 |   | $ | 560 |   | $ | (473 | ) | $ | 35,062 |   |
| Earnings                from consolidated entities                          |   |                                | (58,332 | )      |   | -                                 |   |        | -       |                                             |   | 59,847                                                                             |   |                                             | 1,515   |   |   | - |   |   | - |   |   | (2,075 | ) |   | (560 | ) |   | - |   |   | 560 |   |   | - |   |
| Depreciation                                                                |   |                                | 7       |   |   | 28,205                            |   |        | 2,124   |                                             |   | -                                                                                  |   |                                             | 30,336  |   |   | - |   |   | - |   |   | - |   |   | 30,336 |   |   | 729 |   |   | (140 | ) |   | 30,925 |   |
| Amortization                of deferred policy acquisition costs            |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | 854 |   |   | 5,823 |   |   | - |   |   | 6,677 |   |   | - |   |   | - |   |   | 6,677 |   |
| Change                in provision for losses on trade receivables          |   |                                | -       |   |   | (601                              | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (601    | ) |   | - |   |   | - |   |   | - |   |   | (601 | ) |   | - |   |   | - |   |   | (601 | ) |
| Change                in provision for losses on mortgage notes             |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Net                (gain) loss on sale of real and personal property        |   |                                | -       |   |   | 3,312                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 3,312   |   |   | - |   |   | - |   |   | - |   |   | 3,312 |   |   | - |   |   | - |   |   | 3,312 |   |
| Net                (gain) loss on sale of investments                       |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | (192 | ) |   | (1,261 | ) |   | - |   |   | (1,453 | ) |   | - |   |   | - |   |   | (1,453 | ) |
| Write-off                of unamortized debt issuance costs                 |   |                                | 13,629  |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | 13,629  |   |   | - |   |   | - |   |   | - |   |   | 13,629 |   |   | - |   |   | - |   |   | 13,629 |   |
| Deferred                income taxes                                        |   |                                | 10,843  |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | 10,843  |   |   | 74 |   |   | 1,461 |   |   | - |   |   | 12,378 |   |   | 357 |   |   | 53 |   |   | 12,788 |   |
| Net                change in other operating assets and liabilities:        |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                | -       |   |   | (8,009                            | )      |        | (1      | )                                                |   | -                                                                                  |   |                                             | (8,010  | ) |   | 6,423 |   |   | (700 | ) |   | - |   |   | (2,287 | ) |   | - |   |   | - |   |   | (2,287 | ) |
| Inventories                                                                 |   |                                | -       |   |   | (2,001                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (2,001  | ) |   | - |   |   | - |   |   | - |   |   | (2,001 | ) |   | (245 | ) |   | - |   |   | (2,246 | ) |
| Prepaid                expenses                                             |   |                                | 2,804   |   |   | (3,698                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (894    | ) |   | - |   |   | - |   |   | - |   |   | (894 | ) |   | 78 |   |   | - |   |   | (816 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | (831 | ) |   | (1,677 | ) |   | - |   |   | (2,508 | ) |   | - |   |   | - |   |   | (2,508 | ) |
| Other                assets                                                 |   |                                | 13,969  |   |   | (11,191                           | )      |        | (35,152 | )                                                |   | -                                                                                  |   |                                             | (32,374 | ) |   | 434 |   |   | 2,886 |   |   | - |   |   | (29,054 | ) |   | (407 | ) |   | - |   |   | (29,461 | ) |
| Related                party assets                                         |   |                                | (28,369 | )      |   | (4,998                            | )      |        | (8      | )                                                |   | 19,013                                                                             |   |                                             | (14,362 | ) |   | 1,664 |   |   | - |   |   | (720 | ) |   | (13,418 | ) |   | - |   |   | (395 | ) |   | (13,813 | ) |
| Accounts                payable and accrued expenses                        |   |                                | (18,200 | )      |   | 21,460                            |   |        | 1,301   |                                             |   | -                                                                                  |   |                                             | 4,561   |   |   | - |   |   | - |   |   | 5,540 |   |   | 10,101 |   |   | 409 |   |   | - |   |   | 10,510 |   |
| Policy                benefits and losses, claims and loss expenses payable |   |                                | -       |   |   | 18,674                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 18,674  |   |   | (11,728 | ) |   | (4,039 | ) |   | - |   |   | 2,907 |   |   | - |   |   | - |   |   | 2,907 |   |
| Other                policyholders' funds and liabilities                   |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | (3,476 | ) |   | (10,052 | ) |   | - |   |   | (13,528 | ) |   | - |   |   | - |   |   | (13,528 | ) |
| Deferred                income                                              |   |                                | -       |   |   | 3,583                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 3,583   |   |   | - |   |   | - |   |   | - |   |   | 3,583 |   |   | 138 |   |   | - |   |   | 3,721 |   |
| Related                party liabilities                                    |   |                                | -       |   |   | 18,513                            |   |        | -       |                                             |   | (19,013                                                                            | )      |                                             | (500    | ) |   | (98 | ) |   | (858 | ) |   | 636 |   |   | (820 | ) |   | (694 | ) |   | 395 |   |   | (1,119 | ) |
| Net                cash provided (used) by operating activities             |   |                                | (28,674 | )      |   | 122,250                           |   |        | (28,920 | )                                                |   | (1,970                                                                             | )      |                                             | 62,686  |   |   | (5,848 | ) |   | (5,980 | ) |   | (84 | ) |   | 50,774 |   |   | 925 |   |   | - |   |   | 51,699 |   |
| Cash                flows from investing activities:                        |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | -       |   |   | (74,231                           | )      |        | (999    | )                                                |   | -                                                                                  |   |                                             | (75,230 | ) |   | - |   |   | - |   |   | - |   |   | (75,230 | ) |   | (207 | ) |   | - |   |   | (75,437 | ) |
| Short                term investments                                       |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | (55,390 | ) |   | - |   |   | - |   |   | (55,390 | ) |   | - |   |   | - |   |   | (55,390 | ) |
| Fixed                maturities investments                                 |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | (1,985 | ) |   | (82,232 | ) |   | - |   |   | (84,217 | ) |   | - |   |   | - |   |   | (84,217 | ) |
| Mortgage                loans                                               |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | (1,250 | ) |   | - |   |   | (1,250 | ) |   | - |   |   | - |   |   | (1,250 | ) |
| Proceeds                from sales of:                                      |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | -       |   |   | 15,140                            |   |        | 5       |                                             |   | -                                                                                  |   |                                             | 15,145  |   |   | - |   |   | - |   |   | - |   |   | 15,145 |   |   | - |   |   | - |   |   | 15,145 |   |
| Short                term investments                                       |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | 43,775 |   |   | 50,953 |   |   | - |   |   | 94,728 |   |   | - |   |   | - |   |   | 94,728 |   |
| Fixed                maturities investments                                 |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | 15,590 |   |   | 45,203 |   |   | - |   |   | 60,793 |   |   | - |   |   | - |   |   | 60,793 |   |
| Equity                securities                                            |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | 5,759 |   |   | - |   |   | 5,759 |   |   | - |   |   | - |   |   | 5,759 |   |
| Preferred                stock                                              |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | 417 |   |   | - |   |   | 417 |   |   | - |   |   | - |   |   | 417 |   |
| Other                asset investments, net                                 |   |                                | -       |   |   | 872                               |   |        | -       |                                             |   | -                                                                                  |   |                                             | 872     |   |   | - |   |   | - |   |   | - |   |   | 872 |   |   | - |   |   | - |   |   | 872 |   |
| Real                estate                                                  |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | 179 |   |   | 514 |   |   | - |   |   | 693 |   |   | - |   |   | - |   |   | 693 |   |
| Mortgage                loans                                               |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | 3,034 |   |   | - |   |   | 3,034 |   |   | - |   |   | - |   |   | 3,034 |   |
| Payments                from notes and mortgage receivables                 |   |                                | -       |   |   | 53                                |   |        | 18      |                                             |   | -                                                                                  |   |                                             | 71      |   |   | - |   |   | - |   |   | - |   |   | 71 |   |   | - |   |   | - |   |   | 71 |   |
| Net                cash provided (used) by investing activities             |   |                                | -       |   |   | (58,166                           | )      |        | (976    | )                                                |   | -                                                                                  |   |                                             | (59,142 | ) |   | 2,169 |   |   | 22,398 |   |   | - |   |   | (34,575 | ) |   | (207 | ) |   | - |   |   | (34,782 | ) |
|                                                                        |   | (page                1 of 2)   |
| (a)                Balance for the period ended March 31, 2005              |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

|                                                                          |   | AMERCO                             |     | U-Haul |   | Real                Estate |   | Elimination |     | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |      | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |    | Elimination |   | Total                Consolidated |   |
|-------------------------------------------------------------------------------|--------|------------------------------------|----------|--------|--------|----------------------------|--------|-------------|----------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|-----------|-------------|--------|------------------------------------|--------|-------------------------------|---------|-------------|--------|-----------------------------------|--------|
|                                                                          |   | (Unaudited)                        |     |
| Cash                flows from financing activities:                          |   | (In                thousands)      |     |
| Borrowings                from credit facilities                              |   |                               | 80,266   |   |   | 49,557                     |   |        | 904,365  |                                             |   | -                                                                                  |   |                                             | 1,034,188 |        |   | -                                  |   |                          | -       |        |   | -                                 |   |   | 1,034,188 |   |   | - |   |   | - |   |   | 1,034,188 |   |
| Principal                repayments on credit facilities                      |   |                               | (860,274 | )      |   | -                          |   |        | -        |                                             |   | -                                                                                  |   |                                             | (860,274  | )           |   | -                                  |   |                          | -       |        |   | -                                 |   |   | (860,274 | ) |   | (289 | ) |   | - |   |   | (860,563 | ) |
| Debt                issuance costs                                            |   |                               | -        |   |   | -                          |   |        | -        |                                             |   | -                                                                                  |   |                                             | -         |        |   | -                                  |   |                          | -       |        |   | -                                 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                               | -        |   |   | 438                        |   |        | -        |                                             |   | -                                                                                  |   |                                             | 438       |        |   | -                                  |   |                          | -       |        |   | -                                 |   |   | 438 |   |   | - |   |   | - |   |   | 438 |   |
| Proceeds                from (repayment of) intercompany notes payable        |   |                               | -        |   |   | (84                        | )      |        | -        |                                             |   | -                                                                                  |   |                                             | (84       | )           |   | -                                  |   |                          | -       |        |   | 84                                |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Proceeds                from (repayment of) intercompany loans                |   |                               | 813,882  |   |   | 64,466                     |   |        | (878,348 | )                                                |   | -                                                                                  |   |                                             | -         |        |   | -                                  |   |                          | -       |        |   | -                                 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                               | (3,241   | )      |   | -                          |   |        | -        |                                             |   | -                                                                                  |   |                                             | (3,241    | )           |   | -                                  |   |                          | -       |        |   | -                                 |   |   | (3,241 | ) |   | - |   |   | - |   |   | (3,241 | ) |
| Investment                contract deposits                                   |   |                               | -        |   |   | -                          |   |        | -        |                                             |   | -                                                                                  |   |                                             | -         |        |   | -                                  |   |                          | 5,670   |        |   | -                                 |   |   | 5,670 |   |   | - |   |   | - |   |   | 5,670 |   |
| Investment                contract withdrawals                                |   |                               | -        |   |   | -                          |   |        | -        |                                             |   | -                                                                                  |   |                                             | -         |        |   | -                                  |   |                          | (17,896 | )           |   | -                                 |   |   | (17,896 | ) |   | - |   |   | - |   |   | (17,896 | ) |
| Net                cash provided (used) by financing activities               |   |                               | 30,633   |   |   | 114,377                    |   |        | 26,017   |                                             |   | -                                                                                  |   |                                             | 171,027   |        |   | -                                  |   |                          | (12,226 | )           |   | 84                                |   |   | 158,885 |   |   | (289 | ) |   | - |   |   | 158,596 |   |
|                                                                          |   |                               |     |   |   |                       |   |        |     |                                             |   |                                                                               |   |                                             |      |        |   |                               |   |                          |    |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                               | (1,970   | )      |   | (1,970                     | )      |        | -        |                                             |   | 1,970                                                                              |   |                                             | (1,970    | )           |   | -                                  |   |                          | -       |        |   | -                                 |   |   | (1,970 | ) |   | - |   |   | - |   |   | (1,970 | ) |
|                                                                          |   |                               |     |   |   |                       |   |        |     |                                             |   |                                                                               |   |                                             |      |        |   |                               |   |                          |    |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                               | (11      | )      |   | 176,491                    |   |        | (3,879   | )                                                |   | -                                                                                  |   |                                             | 172,601   |        |   | (3,679                             | )      |                          | 4,192   |        |   | -                                 |   |   | 173,114 |   |   | 429 |   |   | - |   |   | 173,543 |   |
| Cash                and cash equivalents at beginning of period               |   |                               | 14       |   |   | 37,626                     |   |        | 4,327    |                                             |   | -                                                                                  |   |                                             | 41,967    |        |   | 10,638                             |   |                          | 2,992   |        |   | -                                 |   |   | 55,597 |   |   | 358 |   |   | - |   |   | 55,955 |   |
| Cash                and cash equivalents at end of period                     |   | $                                  | 3        |   | $      | 214,117                    |   | $           | 448      |                                             | $      | -                                                                                  |   | $                                                | 214,568   |        | $      | 6,959                              |   | $                             | 7,184   |        | $      | -                                 |   | $ | 228,711 |   | $ | 787 |   | $ | - |   | $ | 229,498 |   |
|                                                                          |   | (page                2 of 2)  |
| (a)                Balance for the period ended March 31, 2005                |   |                               |     |   |   |                       |   |        |     |                                             |   |                                                                               |   |                                             |      |        |   |                               |   |                          |    |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   |                               |     |   |   |                       |   |        |     |                                             |   |                                                                               |   |                                             |      |        |   |                               |   |                          |    |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)**

**10.      Industry Segment and Geographic Area Data**

|                                                                             |   | **United                States**                          |      | **Canada** |   | **Consolidated** |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                                             |   | (Unaudited)                                               |      |
|                                                                             |   | (All                amounts are in thousands of U.S. $'s) |      |
| **Quarter                ended June 30, 2006**                                   |   |                                                      |      |       |   |             |   |
| Total                revenues                                                    |   | $                                                         | 552,736   |       | $      | 14,291           |   | $ | 567,027 |   |
| Depreciation                and amortization, net of (gains) losses on disposals |   |                                                      | 43,575    |       |   | 1,722            |   |   | 45,297 |   |
| Interest                expense                                                  |   |                                                      | 18,301    |       |   | 161              |   |   | 18,462 |   |
| Pretax                earnings                                                   |   |                                                      | 89,633    |       |   | 2,071            |   |   | 91,704 |   |
| Income                tax expense                                                |   |                                                      | 35,579    |       |   | 704              |   |   | 36,283 |   |
| Identifiable                assets                                               |   |                                                      | 3,430,400 |       |   | 78,714           |   |   | 3,509,114 |   |
|                                                                             |   |                                                      |      |       |   |             |   |   |   |   |
| **Quarter                ended June 30, 2005**                                   |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                                                    |   | $                                                         | 545,077   |       | $      | 14,381           |   | $ | 559,458 |   |
| Depreciation                and amortization, net of (gains) losses on disposals |   |                                                      | 38,804    |       |   | 1,631            |   |   | 40,435 |   |
| Interest                expense (income)                                         |   |                                                      | 19,640    |       |   | (4               | )      |   | 19,636 |   |
| Pretax                earnings                                                   |   |                                                      | 54,428    |       |   | 2,869            |   |   | 57,297 |   |
| Income                tax expense                                                |   |                                                      | 22,235    |       |   | -                |   |   | 22,235 |   |
| Identifiable                assets                                               |   |                                                      | 3,239,636 |       |   | 78,452           |   |   | 3,318,088 |   |
|                                                                             |   |                                                      |      |       |   |             |   |   |   |   |

----

***ITEM      2.***
***Management’s      Discussion and Analysis of Financial Condition and Results of      Operations***

**General**

**Overall      Strategy**

*,*

**Description      of Operating Segments**

**Moving      and Storage Operating Segment**

----

**Property      and Casualty Insurance Operating Segment**

* *
* *
* *
* *

**Life      Insurance Operating Segment**

**SAC      Holdings Operating Segment**

**Critical      Accounting Policies and Estimates**

----

**Principles      of Consolidation**

----

**Recoverability      of Property, Plant and Equipment**
** **

----

**Insurance      Reserves**
** **

**Investments**

**Income      Taxes**

----

**Recent      Accounting Pronouncements**

*Accounting      for Uncertainty in Income Taxes*

**Results      of Operations**

**AMERCO      and Consolidated Entities**

***Quarter      Ended June 30, 200****6      compared with the Quarter Ended June 30, 2005***

|                                                                   |   | **Quarter                Ended June 30,** |    |
|------------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                   |   | **2006**                                  |    | **2005** |   |
|                                                                   |   | (Unaudited)                               |    |
|                                                                   |   | (In                thousands)             |    |
| Self-moving                equipment rentals                           |   | $                                         | 407,234 |   | $ | 401,260 |   |
| Self-storage                revenues                                   |   |                                      | 30,431  |   |   | 28,768 |   |
| Self-moving                and self-storage products and service sales |   |                                      | 67,451  |   |   | 66,563 |   |
| Property                management fees                                |   |                                      | 3,847   |   |   | 4,440 |   |
| Life                insurance premiums                                 |   |                                      | 30,919  |   |   | 29,589 |   |
| Property                and casualty insurance premiums                |   |                                      | 5,382   |   |   | 4,824 |   |
| Net                investment and interest income                      |   |                                      | 13,830  |   |   | 13,714 |   |
| Other                revenue                                           |   |                                      | 7,933   |   |   | 10,300 |   |
| Consolidated                revenue                                    |   | $                                         | 567,027 |   | $ | 559,458 |   |
|                                                                   |   |                                      |    |   |   |   |   |

----

|                                           |   | **Quarter                Ended June 30,** |    |
|------------------------------------------------|--------|-------------------------------------------|---------|
|                                           |   | **2006**                                  |    | **2005** |   |
|                                           |   | (Unaudited)                               |    |
|                                           |   | (In                thousands)             |    |
| Moving                and storage              |   |                                      |    |   |   |   |   |
| Revenues                                       |   | $                                         | 514,638 |   | $ | 507,563 |   |
| Earnings                from operations        |   |                                      | 106,921 |   |   | 108,965 |   |
| Property                and casualty insurance |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | 8,068   |   |   | 8,309 |   |
| Earnings                from operations        |   |                                      | 1,701   |   |   | 1,582 |   |
| Life                insurance                  |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | 38,137  |   |   | 38,073 |   |
| Earnings                from operations        |   |                                      | 1,951   |   |   | 3,440 |   |
| SAC                Holding II                  |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | 12,479  |   |   | 12,059 |   |
| Earnings                from operations        |   |                                      | 4,123   |   |   | 4,051 |   |
| Eliminations                                   |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | (6,295  | ) |   | (6,546 | ) |
| Earnings                from operations        |   |                                      | (4,530  | ) |   | (5,478 | ) |
| Consolidated                results            |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | 567,027 |   |   | 559,458 |   |
| Earnings                from operations        |   |                                      | 110,166 |   |   | 112,560 |   |
|                                           |   |                                      |    |   |   |   |   |

----

**Moving      and Storage**

***Quarter      Ended June 30, 200****6      compared with the Quarter Ended June 30, 2005***

|                                                                   |   | **Quarter                Ended June 30,** |    |
|------------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                   |   | **2006**                                  |    | **2005** |   |
|                                                                   |   | (Unaudited)                               |    |
|                                                                   |   | (In                thousands)             |    |
| Self-moving                equipment rentals                           |   | $                                         | 407,234 |   | $ | 401,260 |   |
| Self-storage                revenues                                   |   |                                      | 25,589  |   |   | 24,248 |   |
| Self-moving                and self-storage products and service sales |   |                                      | 62,699  |   |   | 61,798 |   |
| Property                management fees                                |   |                                      | 4,596   |   |   | 5,168 |   |
| Net                investment and interest income                      |   |                                      | 7,788   |   |   | 6,154 |   |
| Other                revenue                                           |   |                                      | 6,732   |   |   | 8,935 |   |
| Moving                and Storage revenue                              |   | $                                         | 514,638 |   | $ | 507,563 |   |
|                                                                   |   |                                      |    |   |   |   |   |

|                                                      |   | **Quarter                Ended June 30,**            |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2006**                                             |   | **2005** |   |
|                                                      |   | (Unaudited)                                          |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of June 30                   |   |                                                 | 124    |   |   | 122 |   |
| Square                footage as of June 30               |   |                                                 | 9,734  |   |   | 9,492 |   |
| Average                number of rooms occupied           |   |                                                 | 109    |   |   | 108 |   |
| Average                occupancy rate based on room count |   |                                                 | 87.8   | % |   | 88.5 | % |
| Average                square footage occupied            |   |                                                 | 8,643  |   |   | 8,528 |   |

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**U-Haul      International, Inc.**

***Quarter      Ended June 30, 200****6      compared with the Quarter Ended June 30, 2005***

|                                                                   |   | **Quarter                Ended June 30,** |    |
|------------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                   |   | **2006**                                  |    | **2005** |   |
|                                                                   |   | (Unaudited)                               |    |
|                                                                   |   | (In                thousands)             |    |
| Self-moving                equipment rentals                           |   | $                                         | 407,234 |   | $ | 401,260 |   |
| Self-storage                revenues                                   |   |                                      | 25,179  |   |   | 23,793 |   |
| Self-moving                and self-storage products and service sales |   |                                      | 62,699  |   |   | 61,798 |   |
| Property                management fees                                |   |                                      | 4,596   |   |   | 5,168 |   |
| Net                investment and interest income                      |   |                                      | 6,568   |   |   | 4,738 |   |
| Other                revenue                                           |   |                                      | 8,127   |   |   | 10,016 |   |
| U-Haul                International, Inc. revenue                      |   | $                                         | 514,403 |   | $ | 506,773 |   |
|                                                                   |   |                                      |    |   |   |   |   |

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**Republic      Western Insurance Company**

***Quarter      Ended March 31***
**,      *2006 compared with the Quarter Ended March 31,      2005***

**Oxford      Life Insurance Company**

***Quarter      Ended March 31, 200****6      compared with the Quarter Ended March 31, 2005***

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**SAC      Holding II**

***Quarter      Ended June 30, 200****6      compared with the Quarter Ended June 30, 2005***

|                                                                   |   | **Quarter                Ended June 30,** |   |
|------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                   |   | **2006**                                  |   | **2005** |   |
|                                                                   |   | (Unaudited)                               |   |
|                                                                   |   | (In                thousands)             |   |
| Self-moving                equipment rentals                           |   | $                                         | 2,556  |   | $ | 2,488 |   |
| Self-storage                revenues                                   |   |                                      | 4,842  |   |   | 4,520 |   |
| Self-moving                and self-storage products and service sales |   |                                      | 4,752  |   |   | 4,765 |   |
| Other                revenue                                           |   |                                      | 329    |   |   | 286 |   |
| Segment                revenue                                         |   | $                                         | 12,479 |   | $ | 12,059 |   |
|                                                                   |   |                                      |   |   |   |   |   |

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**Liquidity      and Capital Resources**

**Liquidity      and Capital Resources and Requirements of Our Operating      Segments**

***Moving      and Storage***

***Property      and Casualty Insurance***

----

***Life      Insurance***

***SAC      Holding II***

**Cash      Provided from Operating Activities by Operating Segments**

***Moving      and Storage***

***Property      and Casualty Insurance***

***Life      Insurance***

***SAC      Holding II***

----

***Liquidity      and Capital Resources-Summary***

***Disclosures      about Contractual Obligations and Commercial      Commitments***

**Off      Balance Sheet Arrangements**

----

**Fiscal      2007 Outlook**

----

**Cautionary      Statements Regarding Forward-Looking Statements**

----

***Item      3.** **Quantitative      and Qualitative Disclosures about Market Risk***

**Interest      Rate Risk**

|   | Notional                Amount                  |                    |   | Effective                Date |   | Expiration                Date |   | Fixed                Rate |   | Floating                Rate |
|--------|-------------------------------------------------|-------------------------|--------|-------------------------------|--------|--------------------------------|--------|---------------------------|--------|------------------------------|
|   |                                            |                    |   |                          |   |                           |   |                      |   |                         |
| $      | 100,000,000                                     | (a)                     |   | 6/8/2005                      |   | 6/8/2008                       |   | 3.97%                     |   | 3                Month LIBOR |
|   | 100,000,000                                     | (a)                     |   | 6/8/2005                      |   | 6/8/2010                       |   | 4.09%                     |   | 3                Month LIBOR |
|   | 142,264,071                                     | (a),                (c) |   | 5/10/2006                     |   | 4/10/2012                      |   | 5.06%                     |   | 1                Month LIBOR |
|   | 144,871,327                                     | (a),                (c) |   | 10/10/2006                    |   | 10/10/2012                     |   | 5.57%                     |   | 1                Month LIBOR |
|   | 49,973,960                                      | (a),                (c) |   | 7/10/2006                     |   | 7/10/2013                      |   | 5.67%                     |   | 1                Month LIBOR |
|   | 50,000,000                                      | (b)                     |   | 5/17/2004                     |   | 5/17/2007                      |   | 3.00%                     |   | 3                Month LIBOR |
|   |                                            |                    |   |                          |   |                           |   |                      |   |                         |
|   | (a)                interest rate swap agreement |                    |   |                          |   |                           |   |
|   | (b)                interest rate cap agreement  |                    |   |                          |   |                           |   |
|   | (c)                forward swap                 |                    |   |                          |   |                           |   |                      |   |
|   |                                            |                    |   |                          |   |                           |   |                      |   |                         |

**Foreign      Currency Exchange Rate Risk**

----

***Item      4.** **Controls      and Procedures***

**Evaluation      of Disclosure Controls and Procedures**

**Inherent      Limitations on the Effectiveness of Controls**

**Changes      in Internal Control over Financial Reporting**

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**PART      II. OTHER INFORMATION**

**Item      1.** **Legal      Proceedings**

**Item      1A. Risk Factors**

***We      are controlled by a small contingent of stockholders.***

**Item      2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Item      3. Defaults upon Senior Securities**

**Item      4. Submission of Matters to a Vote of Security Holders**

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**Item      5. Other Information**

**Item      6. Exhibits**

| **Exhibit                Number** |  **Description**                                                                                                                                                                                                              |  **Page                or Method of Filing**                                                                                                                  |
|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1                               | Joint                Plan of Reorganization of AMERCO and Amerco Real Estate                Company                                                                                                                                | Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                      |
| 2.2                               | Disclosure                Statement Concerning the Debtors’ Joint Plan of                Reorganization                                                                                                                      | Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                      |
| 2.3                               | Amended                Joint Plan of Reorganization of AMERCO and Amerco Real Estate                Company                                                                                                                        | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2003, file No. 1-11255  |
| 2.4                               | Disclosure                Statement Concerning the Debtor’s First Amended Joint Plan of                Reorganization                                                                                                        | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2003, file No. 1-11255  |
| 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 number 1-11255             |
| 3.2                               | Restated                By-Laws of AMERCO                                                                                                                                                                                          | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 1996, file No. 1-11255 |
| 3.3                               | Restated                Articles of Incorporation of U-Haul International, Inc.                                                                                                                                                    | Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255           |
| 3.4                               | Bylaws                of U-Haul International, Inc.                                                                                                                                                                                | Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255           |
| 10.1                              | Stockholder                Agreement dated June 30, 2006 between Edward J. Shoen, James P. Shoen,                Mark V. Shoen, Rosemarie T. Donovan, as Trustee, and Southwest Fiduciary,                Inc., as Trustee         | Incorporated                by reference to Exhibit 99.2 filed with the Schedule 13-D filed on                July                13, 2006, file number 5-39669    |
| 31.1                              | Rule                13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and                Chairman                of the Board of AMERCO and U-Haul International, Inc.                                                 | Filed                herewith                                                                                                                                      |
| 31.2                              | Rule                13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting                Officer                of AMERCO                                                                                             | Filed                herewith                                                                                                                                      |
| 31.3                              | Rule                13a-14(a)/15d-14(a) Certificate of Robert T. Peterson, Chief Financial                Officer of U-Haul International, Inc.                                                                                    | Filed                herewith                                                                                                                                      |
| 32.1                              | Certificate                of Edward J. Shoen, President and Chairman of the Board of AMERCO                and                U-Haul International, Inc. 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                                                                                                                                  |
| 32.3                              | Certificate                of Robert T. Peterson, Chief Financial Officer of U-Haul International,                Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of                2002                                    | Furnished                herewith                                                                                                                                  |

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