**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 December 31, 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 85004-1158                                                            |                                                                    |
|                                         | Telephone                (602) 263-6645                                                               |                                                                    |

----

**TABLE      OF CONTENTS**

|                    |                                                                                                                                                                                          | Page                No.              |
|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
|                    | **PART                I FINANCIAL INFORMATION**                                                                                                                                               |                                 |
| Item                1.  | Financial                Statements                                                                                                                                                           |                                 |
|                    | a)Condensed                Consolidated Balance Sheets as of December 31, 2006 (unaudited) and                March                31, 2006                                                   | 1                                    |
|                    | b)Condensed                Consolidated Statements of Operations for the Quarters ended December                31,                2006 and 2005 (unaudited)                                  | 2                                    |
|                    | c)Condensed                Consolidated Statements of Operations for the Nine Months ended December                31, 2006 and 2005 (unaudited)                                              | 3                                    |
|                    | d)Condensed                Consolidated Statements of Comprehensive Income (Loss) for the Quarters                and Nine Months ended December 31, 2006 and 2005                (unaudited) | 4                                    |
|                    | e)Condensed                Consolidated Statements of Cash Flows for the Nine Months ended December                31, 2006 and 2005 (unaudited)                                              | 5                                    |
|                    | f)Notes                to Condensed Consolidated Financial Statements                (unaudited)                                                                                              | 6                -                33 |
| Item                2.  | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                                                                     | 34                - 56               |
| Item                3.  | Quantitative                and Qualitative Disclosures About Market Risk                                                                                                                     | 56                - 57               |
| Item                4.  | Controls                and Procedures                                                                                                                                                        | 57                                   |
|                    |                                                                                                                                                                                          |                                 |
|                    | **PART                II OTHER INFORMATION**                                                                                                                                                  |                                 |
| Item                1.  | Legal                Proceedings                                                                                                                                                         | 58                                   |
| Item                1A. | Risk                Factors                                                                                                                                                                   | 58                                   |
| Item                2.  | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                                                                    | 58                                   |
| Item                3.  | Defaults                Upon Senior Securities                                                                                                                                                | 58                                   |
| Item                4.  | Submission                of Matters to a Vote of Security Holders                                                                                                                            | 59                                   |
| Item                5.  | Other                Information                                                                                                                                                              | 59                                   |
| Item                6.  | Exhibits                                                                                                                                                                                      | 60                                   |

----

**PART      I FINANCIAL INFORMATION**

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

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS**

|                                                                                                           |   | **December                31,** |       | **March                31,** |   |
|----------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|------------------------------|--------|
|                                                                                                           |   | **2006**                        |       | **2006**                     |   |
|                                                                                                           |   | (Unaudited)                     |       |                         |   |
|                                                                                                           |   | (In                thousands)   |       |
| **ASSETS**                                                                                                     |   |                            |       |                         |   |
| Cash                and cash equivalents                                                                       |   | $                               | 313,131    |                         | $      | 155,459 |   |
| Reinsurance                recoverables and trade receivables, net                                             |   |                            | 214,517    |                         |   | 230,179 |   |
| Notes                and mortgage receivables, net                                                             |   |                            | 1,810      |                         |   | 2,532 |   |
| Inventories,                net                                                                                |   |                            | 69,525     |                         |   | 64,919 |   |
| Prepaid                expenses                                                                                |   |                            | 40,310     |                         |   | 53,262 |   |
| Investments,                fixed maturities and marketable equities                                           |   |                            | 693,622    |                         |   | 695,958 |   |
| Investments,                other                                                                              |   |                            | 176,240    |                         |   | 209,361 |   |
| Deferred                policy acquisition costs, net                                                          |   |                            | 42,466     |                         |   | 47,821 |   |
| Other                assets                                                                                    |   |                            | 94,858     |                         |   | 102,094 |   |
| Related                party assets                                                                            |   |                            | 239,912    |                         |   | 270,468 |   |
|                                                                                                           |   |                            | 1,886,391  |                         |   | 1,832,053 |   |
| Property,                plant and equipment, at cost:                                                         |   |                            |       |                         |   |   |   |
| Land                                                                                                           |   |                            | 187,257    |                         |   | 175,785 |   |
| Buildings                and improvements                                                                      |   |                            | 803,988    |                         |   | 739,603 |   |
| Furniture                and equipment                                                                         |   |                            | 295,772    |                         |   | 281,371 |   |
| Rental                trailers and other rental equipment                                                      |   |                            | 201,277    |                         |   | 201,273 |   |
| Rental                trucks                                                                                   |   |                            | 1,505,270  |                         |   | 1,331,891 |   |
| SAC                Holding II - property, plant and equipment                                                  |   |                            | 79,946     |                         |   | 79,217 |   |
|                                                                                                           |   |                            | 3,073,510  |                         |   | 2,809,140 |   |
| Less:                Accumulated depreciation                                                                  |   |                            | (1,287,405 | )                            |   | (1,273,975 | ) |
| Total                property, plant and equipment                                                             |   |                            | 1,786,105  |                         |   | 1,535,165 |   |
| Total                assets                                                                                    |   | $                               | 3,672,496  |                         | $      | 3,367,218 |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**                                                        |   |                            |       |                         |   |   |   |
| Liabilities:                                                                                                   |   |                            |       |                         |   |   |   |
| Accounts                payable and accrued expenses                                                           |   | $                               | 242,798    |                         | $      | 235,878 |   |
| AMERCO's                notes and loans payable                                                                |   |                            | 1,223,405  |                         |   | 965,634 |   |
| SAC                Holding II notes and loans payable, non-recourse to AMERCO                                  |   |                            | 75,253     |                         |   | 76,232 |   |
| Policy                benefits and losses, claims and loss expenses payable                                    |   |                            | 792,366    |                         |   | 800,413 |   |
| Liabilities                from investment contracts                                                           |   |                            | 402,431    |                         |   | 449,149 |   |
| Other                policyholders' funds and liabilities                                                      |   |                            | 9,476      |                         |   | 7,705 |   |
| Deferred                income                                                                                 |   |                            | 12,853     |                         |   | 21,346 |   |
| Deferred                income taxes                                                                           |   |                            | 121,979    |                         |   | 108,092 |   |
| Related                party liabilities                                                                       |   |                            | 3,408      |                         |   | 7,165 |   |
| Total                liabilities                                                                               |   |                            | 2,883,969  |                         |   | 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 December 31 and March 31, 2006                    |   |                            | -          |                         |   | - |   |
| Series                B preferred stock, with no par value, 100,000 shares authorized;                none     |   |                            |       |                         |   |   |   |
| issued                and outstanding as of December 31 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 December 31 and March 31, 2006                                    |   |                            | 929        |                         |   | 929 |   |
| Common                stock of $0.25 par value, 150,000,000 shares authorized;                                 |   |                            |       |                         |   |   |   |
| 38,269,519                issued as of December 31 and March 31, 2006                                          |   |                            | 9,568      |                         |   | 9,568 |   |
| Additional                paid-in capital                                                                      |   |                            | 374,722    |                         |   | 367,655 |   |
| Accumulated                other comprehensive loss                                                            |   |                            | (40,650    | )                            |   | (28,902 | ) |
| Retained                earnings                                                                               |   |                            | 870,493    |                         |   | 773,784 |   |
| Cost                of common shares in treasury, net (20,701,096 shares as of                                 |   |                            |       |                         |   |   |   |
| December                31 and March 31, 2006)                                                                 |   |                            | (418,092   | )                            |   | (418,092 | ) |
| Unearned                employee stock ownership plan shares                                                   |   |                            | (8,443     | )                            |   | (9,338 | ) |
| Total                stockholders' equity                                                                      |   |                            | 788,527    |                         |   | 695,604 |   |
| Total                liabilities and stockholders' equity                                                      |   | $                               | 3,672,496  |                         | $      | 3,367,218 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                   |   |                                                                                                                                                                                                                                                                                       |   | **Quarter                Ended December 31,** |   |
|------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                   |   |                                                                                                                                                                                                                                                                                       |   | **2006**                                      |   | **2005** |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                       |   | (Unaudited)                                   |   |
|                                                                   |   |                                                     (In thousands, except share and per share amounts) |   |
| Revenues:                                                              |   |                                                                                                                                                                                                                                                                                       |   |                                          |   |   |   |   |   |   |
| Self-moving                equipment rentals                           |   |                                                                                                                                                                                                                                                                                       |   |                                          | $      | 328,149 |   | $ | 353,409 |   |
| Self-storage                revenues                                   |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 31,765 |   |   | 29,784 |   |
| Self-moving                and self-storage products and service sales |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 46,351 |   |   | 47,316 |   |
| Property                management fees                                |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 5,914 |   |   | 4,289 |   |
| Life                insurance premiums                                 |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 29,454 |   |   | 30,743 |   |
| Property                and casualty insurance premiums                |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 6,555 |   |   | 9,949 |   |
| Net                investment and interest income                      |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 13,019 |   |   | 12,807 |   |
| Other                revenue                                           |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 5,631 |   |   | 7,373 |   |
| Total                revenues                                          |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 466,838 |   |   | 495,670 |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                       |   |                                          |   |   |   |   |   |   |
| Costs                and expenses:                                     |   |                                                                                                                                                                                                                                                                                       |   |                                          |   |   |   |   |   |   |
| Operating                expenses                                      |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 271,891 |   |   | 271,368 |   |
| Commission                expenses                                     |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 39,316 |   |   | 42,548 |   |
| Cost                of sales                                           |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 24,970 |   |   | 23,376 |   |
| Benefits                and losses                                     |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 31,461 |   |   | 35,202 |   |
| Amortization                of deferred policy acquisition costs       |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 4,220 |   |   | 5,754 |   |
| Lease                expense                                           |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 36,701 |   |   | 37,182 |   |
| Depreciation,                net of (gains) losses on disposals        |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 50,017 |   |   | 34,821 |   |
| Total                costs and expenses                                |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 458,576 |   |   | 450,251 |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                       |   |                                          |   |   |   |   |   |   |
| Earnings                from operations                                |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 8,262 |   |   | 45,419 |   |
| Interest                expense                                        |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | (22,131 | ) |   | (17,791 | ) |
| Pretax                earnings (loss)                                  |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | (13,869 | ) |   | 27,628 |   |
| Income                tax benefit (expense)                            |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 4,389 |   |   | (12,458 | ) |
| Net                earnings (loss)                                     |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | (9,480 | ) |   | 15,170 |   |
| Less:                Preferred stock dividends                         |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | (3,241 | ) |   | (3,241 | ) |
| Earnings                (loss) available to common shareholders        |   |                                                                                                                                                                                                                                                                                       |   |                                          | $      | (12,721 | ) | $ | 11,929 |   |
| Basic                and diluted earnings (loss) per common share      |   |                                                                                                                                                                                                                                                                                       |   |                                          | $      | (0.61 | ) | $ | 0.57 |   |
| Weighted                average common shares outstanding:             |   |                                                                                                                                                                                                                                                                                       |   |                                          |   |   |   |   |   |   |
| Basic                and diluted                                       |   |                                                                                                                                                                                                                                                                                       |   |                                          |   | 20,922,433 |   |   | 20,865,684 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                   |   |                                                                                                                                                                                                                                                                                                   |   | **Nine                Months Ended December 31,** |   |
|------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                   |   |                                                                                                                                                                                                                                                                                                   |   | **2006**                                          |   | **2005** |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                                   |   | (Unaudited)                                       |   |
|                                                                   |   |                                                       (In thousands, except share and per share amounts) |   |
| Revenues:                                                              |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   |   |   |   |   |   |
| Self-moving                equipment rentals                           |   |                                                                                                                                                                                                                                                                                                   |   |                                              | $      | 1,181,103 |   | $ | 1,201,374 |   |
| Self-storage                revenues                                   |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 94,612 |   |   | 89,776 |   |
| Self-moving                and self-storage products and service sales |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 175,718 |   |   | 176,371 |   |
| Property                management fees                                |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 13,747 |   |   | 12,558 |   |
| Life                insurance premiums                                 |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 91,493 |   |   | 90,050 |   |
| Property                and casualty insurance premiums                |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 18,407 |   |   | 20,172 |   |
| Net                investment and interest income                      |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 42,757 |   |   | 38,873 |   |
| Other                revenue                                           |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 22,563 |   |   | 31,470 |   |
| Total                revenues                                          |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 1,640,400 |   |   | 1,660,644 |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   |   |   |   |   |   |
| Costs                and expenses:                                     |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   |   |   |   |   |   |
| Operating                expenses                                      |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 814,078 |   |   | 827,861 |   |
| Commission                expenses                                     |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 142,457 |   |   | 143,763 |   |
| Cost                of sales                                           |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 88,734 |   |   | 85,337 |   |
| Benefits                and losses                                     |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 90,909 |   |   | 89,225 |   |
| Amortization                of deferred policy acquisition costs       |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 14,671 |   |   | 17,806 |   |
| Lease                expense                                           |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 112,095 |   |   | 107,055 |   |
| Depreciation,                net of (gains) losses on disposals        |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 132,775 |   |   | 103,380 |   |
| Total                costs and expenses                                |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 1,395,719 |   |   | 1,374,427 |   |
|                                                                   |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   |   |   |   |   |   |
| Earnings                from operations                                |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 244,681 |   |   | 286,217 |   |
| Interest                expense                                        |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | (61,656 | ) |   | (52,672 | ) |
| Fees                and amortization on early extinguishment of debt   |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | (6,969 | ) |   | (35,627 | ) |
| Pretax                earnings                                         |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 176,056 |   |   | 197,918 |   |
| Income                tax expense                                      |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | (69,624 | ) |   | (78,564 | ) |
| Net                earnings                                            |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 106,432 |   |   | 119,354 |   |
| Less:                Preferred stock dividends                         |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | (9,723 | ) |   | (9,723 | ) |
| Earnings                available to common shareholders               |   |                                                                                                                                                                                                                                                                                                   |   |                                              | $      | 96,709 |   | $ | 109,631 |   |
| Basic                and diluted earnings per common share             |   |                                                                                                                                                                                                                                                                                                   |   |                                              | $      | 4.62 |   | $ | 5.26 |   |
| Weighted                average common shares outstanding:             |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   |   |   |   |   |   |
| Basic                and diluted                                       |   |                                                                                                                                                                                                                                                                                                   |   |                                              |   | 20,910,089 |   |   | 20,850,254 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME****(LOSS)**

|                                                          |   | **Quarter                Ended December 31,** |   |
|---------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                          |   | **2006**                                      |   | **2005** |   |
|                                                          |   | (Unaudited)                                   |   |
|                                                          |   | (In                thousands)                 |   |
| Comprehensive                income (loss):                   |   |                                          |   |   |   |   |   |
| Net                earnings (loss)                            |   | $                                             | (9,480 | ) | $ | 15,170 |   |
| Other                comprehensive income (loss), net of tax: |   |                                          |   |   |   |   |   |
| Foreign                currency translation                   |   |                                          | (3,396 | ) |   | (587 | ) |
| Unrealized                gain (loss) on investments, net     |   |                                          | 3,777  |   |   | (2,629 | ) |
| Fair                market value of cash flow hedges          |   |                                          | 191    |   |   | (128 | ) |
| Total                comprehensive income (loss)              |   | $                                             | (8,908 | ) | $ | 11,826 |   |
|                                                          |   |                                          |   |   |   |   |   |

|                                                          |   | **Nine                Months Ended December 31,** |    |
|---------------------------------------------------------------|--------|---------------------------------------------------|---------|
|                                                          |   | **2006**                                          |    | **2005** |   |
|                                                          |   | (Unaudited)                                       |    |
|                                                          |   | (In                thousands)                     |    |
| Comprehensive                income:                          |   |                                              |    |   |   |   |   |
| Net                earnings                                   |   | $                                                 | 106,432 |   | $ | 119,354 |   |
| Other                comprehensive income (loss), net of tax: |   |                                              |    |   |   |   |   |
| Foreign                currency translation                   |   |                                              | (2,336  | ) |   | (689 | ) |
| Unrealized                loss on investments, net            |   |                                              | (912    | ) |   | (1,373 | ) |
| Fair                market value of cash flow hedges          |   |                                              | (8,500  | ) |   | 3,119 |   |
| Total                comprehensive income                     |   | $                                                 | 94,684  |   | $ | 120,411 |   |
|                                                          |   |                                              |    |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS**

|                                                                          |   | **Nine                Months Ended December 31,** |     |
|-------------------------------------------------------------------------------|--------|---------------------------------------------------|----------|
|                                                                          |   | **2006**                                          |     | **2005** |   |
|                                                                          |   | (Unaudited)                                       |     |
|                                                                          |   | (In                thousands)                     |     |
| Cash                flow from operating activities:                           |   |                                              |     |   |   |   |   |
| Net                earnings                                                   |   | $                                                 | 106,432  |   | $ | 119,354 |   |
| Depreciation                                                                  |   |                                              | 133,571  |   |   | 96,219 |   |
| Amortization                of deferred policy acquisition costs              |   |                                              | 14,671   |   |   | 17,806 |   |
| Change                in provision for losses on trade receivables            |   |                                              | 202      |   |   | (24 | ) |
| Change                in provision for losses on mortgage notes               |   |                                              | (30      | ) |   | (1,216 | ) |
| Net                (gain) loss on sale of real and personal property          |   |                                              | (796     | ) |   | 7,161 |   |
| Net                loss on sale of investments                                |   |                                              | 1,615    |   |   | 3,041 |   |
| Write-off                of unamortized debt issuance costs                   |   |                                              | 6,969    |   |   | 13,629 |   |
| Deferred                income taxes                                          |   |                                              | 15,451   |   |   | 50,556 |   |
| Net                change in other operating assets and liabilities:          |   |                                              |     |   |   |   |   |
| Reinsurance                recoverables and trade receivables                 |   |                                              | 18,841   |   |   | (1,642 | ) |
| Inventories                                                                   |   |                                              | (3,082   | ) |   | (7,276 | ) |
| Prepaid                expenses                                               |   |                                              | 4,325    |   |   | (2,288 | ) |
| Capitalization                of deferred policy acquisition costs            |   |                                              | (4,192   | ) |   | (8,963 | ) |
| Other                assets                                                   |   |                                              | 2,487    |   |   | 2,215 |   |
| Related                party assets                                           |   |                                              | 40,279   |   |   | 5,589 |   |
| Accounts                payable and accrued expenses                          |   |                                              | 15,145   |   |   | (5,694 | ) |
| Policy                benefits and losses, claims and loss expenses payable   |   |                                              | (16,758  | ) |   | (5,618 | ) |
| Other                policyholders' funds and liabilities                     |   |                                              | 1,622    |   |   | (14,878 | ) |
| Deferred                income                                                |   |                                              | (2,359   | ) |   | (17,485 | ) |
| Related                party liabilities                                      |   |                                              | (23,634  | ) |   | 2,884 |   |
| Net                cash provided by operating activities                      |   |                                              | 310,759  |   |   | 253,370 |   |
|                                                                          |   |                                              |     |   |   |   |   |
| Cash                flows from investing activities:                          |   |                                              |     |   |   |   |   |
| Purchases                of:                                                  |   |                                              |     |   |   |   |   |
| Property,                plant and equipment                                  |   |                                              | (455,598 | ) |   | (252,362 | ) |
| Short                term investments                                         |   |                                              | (171,177 | ) |   | (369,804 | ) |
| Fixed                maturities investments                                   |   |                                              | (74,194  | ) |   | (183,677 | ) |
| Real                estate                                                    |   |                                              | -        |   |   | (2,362 | ) |
| Mortgage                loans                                                 |   |                                              | (9,550   | ) |   | (5,838 | ) |
| Proceeds                from sale of:                                         |   |                                              |     |   |   |   |   |
| Property,                plant and equipment                                  |   |                                              | 71,668   |   |   | 46,842 |   |
| Short                term investments                                         |   |                                              | 199,080  |   |   | 426,784 |   |
| Fixed                maturities investments                                   |   |                                              | 71,181   |   |   | 119,855 |   |
| Cash                received in excess of purchase for company acquired       |   |                                              | 1,235    |   |   | - |   |
| Equity                securities                                              |   |                                              | -        |   |   | 10,615 |   |
| Preferred                stock                                                |   |                                              | 225      |   |   | 8,403 |   |
| Real                estate                                                    |   |                                              | 9,542    |   |   | 45,425 |   |
| Mortgage                loans                                                 |   |                                              | 4,835    |   |   | 10,338 |   |
| Payments                from notes and mortgage receivables                   |   |                                              | 752      |   |   | 1,343 |   |
| Net                cash used by investing activities                          |   |                                              | (352,001 | ) |   | (144,438 | ) |
|                                                                          |   |                                              |     |   |   |   |   |
| Cash                flows from financing activities:                          |   |                                              |     |   |   |   |   |
| Borrowings                from credit facilities                              |   |                                              | 321,189  |   |   | 1,248,550 |   |
| Principal                repayments on credit facilities                      |   |                                              | (64,383  | ) |   | (1,087,716 | ) |
| Debt                issuance costs                                            |   |                                              | (2,323   | ) |   | (29,597 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                              | 895      |   |   | 1,251 |   |
| Preferred                stock dividends paid                                 |   |                                              | (9,723   | ) |   | (9,723 | ) |
| Investment                contract deposits                                   |   |                                              | 12,634   |   |   | 15,471 |   |
| Investment                contract withdrawals                                |   |                                              | (59,353  | ) |   | (55,943 | ) |
| Net                cash provided by financing activities                      |   |                                              | 198,936  |   |   | 82,293 |   |
|                                                                          |   |                                              |     |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                              | (22      | ) |   | (30 | ) |
|                                                                          |   |                                              |     |   |   |   |   |
| Increase                in cash equivalents                                   |   |                                              | 157,672  |   |   | 191,195 |   |
| Cash                and cash equivalents at the beginning of period           |   |                                              | 155,459  |   |   | 55,955 |   |
| Cash                and cash equivalents at the end of period                 |   | $                                                 | 313,131  |   | $ | 247,150 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Dec**
**ember      31, 2006, December 31, 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 (loss) per Share**

|                                                              |   | **Quarter                Ended December 31,** |       |
|-------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                              |   | **2006**                                      |       | **2005** |   |
|                                                              |   | (Unaudited)                                   |       |
| Basic                and diluted earnings (loss) per common share |   | $                                             | (0.61      | ) | $ | 0.57 |   |
| Weighted                average common shares outstanding:        |   |                                          |       |   |   |   |   |
| Basic                and diluted                                  |   |                                          | 20,922,433 |   |   | 20,865,684 |   |

|                                                       |   | **Nine                Months Ended December 31,** |       |
|------------------------------------------------------------|--------|---------------------------------------------------|------------|
|                                                       |   | **2006**                                          |       | **2005** |   |
|                                                       |   | (Unaudited)                                       |       |
| Basic                and diluted earnings per common share |   | $                                                 | 4.62       |   | $ | 5.26 |   |
| Weighted                average common shares outstanding: |   |                                              |       |   |   |   |   |
| Basic                and diluted                           |   |                                              | 20,910,089 |   |   | 20,850,254 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**3.      Borrowings**

**Long-*Term      Debt***

|                                                                                                                            |   |                             |       |           |   | **December                31,** |   | **March                31,** |      |
|---------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|------------|----------------|--------|---------------------------------|--------|------------------------------|-----------|
|                                                                                                                            |   | **2006                Rate (a)** |       | **Maturities** |   | **2006**                        |   | **2006**                     |      |
|                                                                                                                            |   |                             |       |           |   | (Unaudited)                     |   |                         |      |
|                                                                                                                            |   |                             |       |           |   | (In                thousands)   |   |
| Real                estate loan (amortizing term)                                                                               |   |                             | 6.93       | %              |   | 2018                            |   | $                            | 297,500   |   | $ | 242,585 |   |
| Real                estate loan (revolving credit)                                                                              |   |                             | -          |           |   | 2018                            |   |                         | -         |   |   | - |   |
| Senior                mortgages                                                                                                 |   |                             | 5.47%-5.75 | %              |   | 2015                            |   |                         | 523,906   |   |   | 531,309 |   |
| Mezzanine                loan (floating) (b)                                                                                    |   |                             | -          |           |   | -                               |   |                         | -         |   |   | 19,393 |   |
| Construction                loan (revolving credit)                                                                             |   |                             | -          |           |   | 2009                            |   |                         | -         |   |   | - |   |
| Working                capital loan (revolving credit)                                                                          |   |                             | -          |           |   | 2008                            |   |                         | -         |   |   | - |   |
| Fleet                loans (amortizing term)                                                                                    |   |                             | 6.81%-7.42 | %              |   | 2012-2013                       |   |                         | 311,999   |   |   | 82,347 |   |
| Fleet                loan (revolving credit)                                                                                    |   |                             | 7.10       | %              |   | 2010                            |   |                         | 90,000    |   |   | 90,000 |   |
| Total                AMERCO notes and loans payable                                                                             |   |                             |       |           |   |                            |   | $                            | 1,223,405 |   | $ | 965,634 |   |
|                                                                                                                            |   |                             |       |           |   |                            |   |                         |      |   |   |   |   |
| (a)                Interest rate as of December 31, 2006, including the effect of applicable                hedging instruments |   |                             |       |
| (b)                Paid in full on August 30, 2006                                                                              |   |                             |       |           |   |                            |   |                         |      |   |   |   |   |
|                                                                                                                            |   |                             |       |           |   |                            |   |                         |      |   |   |   |   |

***Real      Estate Backed Loans***

*Real      Estate Loan*

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

*Senior      Mortgages*

*Construction*
*/      Working Capital Loans*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***Fleet      Loans***

*Rental      Truck Amortizing Loans*

*Revolving      Credit Agreement*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                  |   | **Year                Ending December 31,** |   |
|---------------------------------------|--------|---------------------------------------------|--------|
|                                  |   | **2007**                                    |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **Thereafter** |   |
|                                  |   | (Unaudited)                                 |   |
|                                  |   | (In                thousands)               |   |
| Notes                payable, secured |   | $                                           | 47,350 |   | $ | 49,916 |   | $ | 92,660 |   | $ | 105,596 |   | $ | 57,295 |   | $ | 870,588 |   |
|                                  |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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

|                                                                 |   | **December                31,** |   | **March                31,** |   |
|----------------------------------------------------------------------|--------|---------------------------------|--------|------------------------------|--------|
|                                                                 |   | **2006**                        |   | **2006**                     |   |
|                                                                 |   | (Unaudited)                     |   |                         |   |
|                                                                 |   | (In                thousands)   |   |
| Notes                payable, secured, 7.87% interest rate, due 2027 |   | $                               | 75,253 |                         | $      | 76,232 |   |
|                                                                 |   |                            |   |                         |   |   |   |

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

|                                  |   | **Year                Ending December 31,** |   |
|---------------------------------------|--------|---------------------------------------------|--------|
|                                  |   | **2007**                                    |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **Thereafter** |   |
|                                  |   | (Unaudited)                                 |   |
|                                  |   | (In                thousands)               |   |
| Notes                payable, secured |   | $                                           | 1,394  |   | $ | 1,592 |   | $ | 1,756 |   | $ | 1,899 |   | $ | 2,054 |   | $ | 66,558 |   |
|                                  |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**W.P.      Carey Transactions**

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**4.      Interest on Borrowings**

***Interest      Expense***

|                                                                |   | **Quarter                Ended December 31,** |   |
|---------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                |   | **2006**                                      |   | **2005** |   |
|                                                                |   | (Unaudited)                                   |   |
|                                                                |   | (In                thousands)                 |   |
| Interest                expense                                     |   | $                                             | 20,531 |   | $ | 13,807 |   |
| Capitalized                interest                                 |   |                                          | (150   | ) |   | (39 | ) |
| Amortization                of transaction costs                    |   |                                          | 787    |   |   | 892 |   |
| Interest                expense (income) resulting from derivatives |   |                                          | (552   | ) |   | 1,589 |   |
| Total                AMERCO interest expense                        |   |                                          | 20,616 |   |   | 16,249 |   |
| SAC                Holding II interest expense                      |   |                                          | 3,265  |   |   | 3,403 |   |
| Less:                Intercompany transactions                      |   |                                          | 1,750  |   |   | 1,861 |   |
| Total                SAC Holding II interest expense                |   |                                          | 1,515  |   |   | 1,542 |   |
| Total                                                               |   | $                                             | 22,131 |   | $ | 17,791 |   |

|                                                                                                    |   | **Nine                Months Ended December 31,** |   |
|---------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                                                    |   | **2006**                                          |   | **2005** |   |
|                                                                                                    |   | (Unaudited)                                       |   |
|                                                                                                    |   | (In                thousands)                     |   |
| Interest                expense                                                                         |   | $                                                 | 56,419 |   | $ | 45,140 |   |
| Capitalized                interest                                                                     |   |                                              | (321   | ) |   | (115 | ) |
| Amortization                of transaction costs                                                        |   |                                              | 3,161  |   |   | 2,241 |   |
| Interest                expense (income) resulting from derivatives                                     |   |                                              | (2,153 | ) |   | 778 |   |
| Amortization                of transaction costs related to early extinguishment of                debt |   |                                              | 6,969  |   |   | 14,384 |   |
| Fees                on early extinguishment of debt                                                     |   |                                              | -      |   |   | 21,243 |   |
| Total                AMERCO interest expense                                                            |   |                                              | 64,075 |   |   | 83,671 |   |
| SAC                Holding II interest expense                                                          |   |                                              | 9,865  |   |   | 9,547 |   |
| Less:                Intercompany transactions                                                          |   |                                              | 5,315  |   |   | 4,919 |   |
| Total                SAC Holding II interest expense                                                    |   |                                              | 4,550  |   |   | 4,628 |   |
| Total                                                                                                   |   | $                                                 | 68,625 |   | $ | 88,299 |   |
|                                                                                                    |   |                                              |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***Interest      Rates***

|                                                                          |   | **Revolving                Credit Activity**         |   |
|-------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                                          |   | **Quarter                Ended December 31,**        |   |
|                                                                          |   | **2006**                                             |   | **2005** |   |
|                                                                          |   | (Unaudited)                                          |   |
|                                                                          |   | (In                thousands, except interest rates) |   |
| Weighted                average interest rate during the third fiscal quarter |   |                                                 | 7.08   | % |   | 5.81 | % |
| Interest                rate at the end of the third fiscal quarter           |   |                                                 | 7.10   | % |   | 6.11 | % |
| Maximum                amount outstanding during the third fiscal quarter     |   | $                                                    | 90,000 |   | $ | 90,000 |   |
| Average                amount outstanding during the third fiscal quarter     |   | $                                                    | 90,000 |   | $ | 90,000 |   |
|                                                                          |   |                                                 |   |   |   |   |   |

|                                                                       |   | **Revolving                Credit Activity**         |   |
|----------------------------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                                       |   | **Nine                Months Ended December 31,**    |   |
|                                                                       |   | **2006**                                             |   | **2005** |   |
|                                                                       |   | (Unaudited)                                          |   |
|                                                                       |   | (In                thousands, except interest rates) |   |
| Weighted                average interest rate during the first nine months |   |                                                 | 6.97   | % |   | 5.81 | % |
| Interest                rate at the end of the first nine months           |   |                                                 | 7.10   | % |   | 6.11 | % |
| Maximum                amount outstanding during the first nine months     |   | $                                                    | 90,000 |   | $ | 158,011 |   |
| Average                amount outstanding during the first nine months     |   | $                                                    | 90,000 |   | $ | 100,795 |   |
|                                                                       |   |                                                 |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**5.      Accumulated Other 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 | ) |
| Change                in foreign currency translation         |   |                                            | (2,336  | )                                                        |   | -                                                       |   |                                                             | -      |   |   | (2,336 | ) |
| Unrealized                loss on investments                 |   |                                            | -       |                                                     |   | (912                                                    | )      |                                                             | -      |   |   | (912 | ) |
| Change                in fair market value of cash flow hedge |   |                                            | -       |                                                     |   | -                                                       |   |                                                             | (8,500 | ) |   | (8,500 | ) |
| **Balance                at December 31, 2006**               |   | $                                               | (36,583 | )                                                        | $      | (195                                                    | )      | $                                                                | (3,872 | ) | $ | (40,650 | ) |
|                                                          |   |                                            |    |                                                     |   |                                                    |   |                                                             |   |   |   |   |   |

**6.      Contingent Liabilities and Commitments**

|                                   |   | **Property,****Plant                and****Equipment** |   | **Rental****Equipment**       |   | **Total** |   |
|----------------------------------------|--------|--------------------------------------------------------|--------|-------------------------------|--------|-----------|--------|
|                                   |   | (Unaudited)                                            |   |
|                                   |   |                                                   |   | (In                thousands) |   |      |   |
| Year-ended                December 31: |   |                                                   |   |                          |   |      |   |   |   |   |
| 2007                                   |   | $                                                      | 12,001 |                          | $      | 115,929   |   | $ | 127,930 |   |
| 2008                                   |   |                                                   | 11,771 |                          |   | 95,643    |   |   | 107,414 |   |
| 2009                                   |   |                                                   | 11,404 |                          |   | 82,487    |   |   | 93,891 |   |
| 2010                                   |   |                                                   | 11,067 |                          |   | 64,411    |   |   | 75,478 |   |
| 2011                                   |   |                                                   | 10,925 |                          |   | 45,859    |   |   | 56,784 |   |
| Thereafter                             |   |                                                   | 30,542 |                          |   | 46,089    |   |   | 76,631 |   |
| Total                                  |   | $                                                      | 87,710 |                          | $      | 450,418   |   | $ | 538,128 |   |
|                                   |   |                                                   |   |                          |   |      |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**7.      Contingencies**

**Shoen**

**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**

|                                                                                                                                                                                                                                                                                     |   | **December                31,** |    | **March                31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|------------------------------|--------|
|                                                                                                                                                                                                                                                                                     |   | **2006**                        |    | **2006**                     |   |
|                                                                                                                                                                                                                                                                                     |   | (Unaudited)                     |    |                         |   |
|                                                                                                                                                                                                                                                                                     |   | (In                thousands)   |    |
| Private                Mini notes, receivables and interest                                                                                                                                                                                                                              |   | $                               | 72,026  |                         | $      | 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                                                                                                                                                                                                                   |   |                            | 22,624  |                         |   | 42,189 |   |
| U-Haul                receivable from SAC Holding Corporation                                                                                                                                                                                                                            |   |                            | 15,547  |                         |   | 5,688 |   |
| SAC                Holding II receivable from parent                                                                                                                                                                                                                                     |   |                            | -       |                         |   | 2,900 |   |
| U-Haul                receivable from Mercury                                                                                                                                                                                                                                            |   |                            | 3,673   |                         |   | 2,342 |   |
| Oxford                and RepWest investment in Securespace                                                                                                                                                                                                                              |   |                            | -       |                         |   | 11,585 |   |
| Other                (a)                                                                                                                                                                                                                                                                 |   |                            | (2,576  | )                            |   | 2,719 |   |
|                                                                                                                                                                                                                                                                                     |   | $                               | 239,912 |                         | $      | 270,468 |   |
|                                                                                                                                                                                                                                                                                     |   |                            |    |                         |   |   |   |
| (a)                Credit balance due primarily to a timing difference between Oxford                and                AMERCO for payment of a surplus note and accrued interest; this will                reverse in the Company's March 31, 2007 financial                statements. |
|                                                                                                                                                                                                                                                                                     |   |                            |    |                         |   |   |   |   |   |   |   |   |   |   |   |

**Related      Party Liabilities**

|                                               |   | **December                31,** |   | **March                31,** |   |
|----------------------------------------------------|--------|---------------------------------|--------|------------------------------|--------|
|                                               |   | **2006**                        |   | **2006**                     |   |
|                                               |   | (Unaudited)                     |   |                         |   |
|                                               |   | (In                thousands)   |   |
| SAC                Holding II payable to affiliate |   | $                               | 3,408  |                         | $      | 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) | Property                and Casualty Insurance, comprised of RepWest and its wholly-owned                subsidiary |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (c) | Life                Insurance, comprised of 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                                                                                                                                 |   | $                                   | 8         |   | $      | 296,694                    |   | $                                 | 813      |   | $      | -                                               |   |   |   |   | $ | 297,515 |   | $ | 7,395 |   | $ | 8,221 |   | $ | - |   |   |   |   | $ | 313,131 |   | $ | - |   | $ | - |   |   |   |   | $ | 313,131 |   |
| Reinsurance                recoverables and trade receivables, net                                                                                                       |   |                                | -         |   |   | 20,504                     |   |                              | 25       |   |   | -                                               |   |   |   |   |   | 20,529 |   |   | 178,856 |   |   | 15,132 |   |   | - |   |   |   |   |   | 214,517 |   |   | - |   |   | - |   |   |   |   |   | 214,517 |   |
| Notes                and mortgage receivables, net                                                                                                                       |   |                                | -         |   |   | 1,294                      |   |                              | 516      |   |   | -                                               |   |   |   |   |   | 1,810 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,810 |   |   | - |   |   | - |   |   |   |   |   | 1,810 |   |
| Inventories,                net                                                                                                                                          |   |                                | -         |   |   | 68,065                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 68,065 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 68,065 |   |   | 1,460 |   |   | - |   |   |   |   |   | 69,525 |   |
| Prepaid                expenses                                                                                                                                          |   |                                | 437       |   |   | 39,492                     |   |                              | 219      |   |   | -                                               |   |   |   |   |   | 40,148 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 40,148 |   |   | 162 |   |   | - |   |   |   |   |   | 40,310 |   |
| Investments,                fixed maturities and marketable equities                                                                                                     |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 143,030 |   |   | 550,592 |   |   | - |   |   |   |   |   | 693,622 |   |   | - |   |   | - |   |   |   |   |   | 693,622 |   |
| Investments,                other                                                                                                                                        |   |                                | -         |   |   | 1,166                      |   |                              | 8,124    |   |   | -                                               |   |   |   |   |   | 9,290 |   |   | 84,171 |   |   | 82,779 |   |   | - |   |   |   |   |   | 176,240 |   |   | - |   |   | - |   |   |   |   |   | 176,240 |   |
| Deferred                policy acquisition costs, net                                                                                                                    |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 335 |   |   | 42,131 |   |   | - |   |   |   |   |   | 42,466 |   |   | - |   |   | - |   |   |   |   |   | 42,466 |   |
| Other                assets                                                                                                                                              |   |                                | 5         |   |   | 55,026                     |   |                              | 32,960   |   |   | -                                               |   |   |   |   |   | 87,991 |   |   | 1,787 |   |   | 621 |   |   | - |   |   |   |   |   | 90,399 |   |   | 4,459 |   |   | - |   |   |   |   |   | 94,858 |   |
| Related                party assets                                                                                                                                      |   |                                | 1,244,904 |   |   | 247,434                    |   |                              | 12,654   |   |   | (1,177,341                                      | )      |   | (d | ) |   | 327,651 |   |   | 10,526 |   |   | 5,040 |   |   | (24,190 | ) |   | (d | ) |   | 319,027 |   |   | - |   |   | (79,115 | ) |   | (d | ) |   | 239,912 |   |
|                                                                                                                                                                     |   |                                | 1,245,354 |   |   | 729,675                    |   |                              | 55,311   |   |   | (1,177,341                                      | )      |   |   |   |   | 852,999 |   |   | 426,100 |   |   | 704,516 |   |   | (24,190 | ) |   |   |   |   | 1,959,425 |   |   | 6,081 |   |   | (79,115 | ) |   |   |   |   | 1,886,391 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment                in subsidiaries                                                                                                                                |   |                                | (200,459  | )      |   | -                          |   |                              | -        |   |   | 480,274                                         |   |   | (c | ) |   | 279,815 |   |   | - |   |   | - |   |   | (279,815 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                in SAC Holding II                                                                                                                              |   |                                | (8,946    | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (8,946 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (8,946 | ) |   | - |   |   | 8,946 |   |   | (c | ) |   | - |   |
| Total                investment in subsidiaries and SAC Holding II                                                                                                       |   |                                | (209,405  | )      |   | -                          |   |                              | -        |   |   | 480,274                                         |   |   |   |   |   | 270,869 |   |   | - |   |   | - |   |   | (279,815 | ) |   |   |   |   | (8,946 | ) |   | - |   |   | 8,946 |   |   |   |   |   | - |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, at cost:                                                                                                                   |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                     |   |                                | -         |   |   | 29,175                     |   |                              | 158,082  |   |   | -                                               |   |   |   |   |   | 187,257 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 187,257 |   |   | - |   |   | - |   |   |   |   |   | 187,257 |   |
| Buildings                and improvements                                                                                                                                |   |                                | -         |   |   | 109,938                    |   |                              | 694,050  |   |   | -                                               |   |   |   |   |   | 803,988 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 803,988 |   |   | - |   |   | - |   |   |   |   |   | 803,988 |   |
| Furniture                and equipment                                                                                                                                   |   |                                | 3,535     |   |   | 274,325                    |   |                              | 17,912   |   |   | -                                               |   |   |   |   |   | 295,772 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 295,772 |   |   | - |   |   | - |   |   |   |   |   | 295,772 |   |
| Rental                trailers and other rental equipment                                                                                                                |   |                                | -         |   |   | 201,277                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 201,277 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 201,277 |   |   | - |   |   | - |   |   |   |   |   | 201,277 |   |
| Rental                trucks                                                                                                                                             |   |                                | -         |   |   | 1,505,270                  |   |                              | -        |   |   | -                                               |   |   |   |   |   | 1,505,270 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,505,270 |   |   | - |   |   | - |   |   |   |   |   | 1,505,270 |   |
| SAC                Holding II - property, plant and equipment (b)                                                                                                        |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 154,158 |   |   | (74,212 | ) |   | (e | ) |   | 79,946 |   |
|                                                                                                                                                                     |   |                                | 3,535     |   |   | 2,119,985                  |   |                              | 870,044  |   |   | -                                               |   |   |   |   |   | 2,993,564 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,993,564 |   |   | 154,158 |   |   | (74,212 | ) |   |   |   |   | 3,073,510 |   |
| Less:                Accumulated depreciation                                                                                                                            |   |                                | (517      | )      |   | (991,306                   | )      |                              | (293,745 | )      |   | -                                               |   |   |   |   |   | (1,285,568 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,285,568 | ) |   | (11,922 | ) |   | 10,085 |   |   | (e | ) |   | (1,287,405 | ) |
| Total                property, plant and equipment                                                                                                                       |   |                                | 3,018     |   |   | 1,128,679                  |   |                              | 576,299  |   |   | -                                               |   |   |   |   |   | 1,707,996 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,707,996 |   |   | 142,236 |   |   | (64,127 | ) |   |   |   |   | 1,786,105 |   |
| Total                assets                                                                                                                                              |   | $                                   | 1,038,967 |   | $      | 1,858,354                  |   | $                                 | 631,610  |   | $      | (697,067                                        | )      |   |   |   | $ | 2,831,864 |   | $ | 426,100 |   | $ | 704,516 |   | $ | (304,005 | ) |   |   |   | $ | 3,658,475 |   | $ | 148,317 |   | $ | (134,296 | ) |   |   |   | $ | 3,672,496 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of September 30, 2006                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Included in this caption is land of $57,169, buildings and improvements                of                $96,460, and furniture and equipment of $529 |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| (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                                                                  |   | $                                   | 9,380     |   | $      | 223,172                    |   | $                                 | 4,653    |   | $      | -                                               |   |   |   |   | $ | 237,205 |   | $ | - |   | $ | 4,463 |   | $ | - |   |   |   |   | $ | 241,668 |   | $ | 1,130 |   | $ | - |   |   |   |   | $ | 242,798 |   |
| AMERCO's                notes and loans payable                                                                       |   |                                | -         |   |   | 443,774                    |   |                              | 779,631  |   |   | -                                               |   |   |   |   |   | 1,223,405 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,223,405 |   |   | - |   |   | - |   |   |   |   |   | 1,223,405 |   |
| SAC                Holding II notes and loans                     payable, non-recourse to AMERCO |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 75,253 |   |   | - |   |   |   |   |   | 75,253 |   |
| Policy                benefits and losses,                     claims and loss expenses payable   |   |                                | -         |   |   | 328,241                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 328,241 |   |   | 317,247 |   |   | 146,878 |   |   | - |   |   |   |   |   | 792,366 |   |   | - |   |   | - |   |   |   |   |   | 792,366 |   |
| Liabilities                from investment contracts                                                                  |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 402,431 |   |   | - |   |   |   |   |   | 402,431 |   |   | - |   |   | - |   |   |   |   |   | 402,431 |   |
| Other                policyholders' funds and liabilities                                                             |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 7,004 |   |   | 2,472 |   |   | - |   |   |   |   |   | 9,476 |   |   | - |   |   | - |   |   |   |   |   | 9,476 |   |
| Deferred                income                                                                                        |   |                                | -         |   |   | 12,068                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 12,068 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 12,068 |   |   | 785 |   |   | - |   |   |   |   |   | 12,853 |   |
| Deferred                income taxes                                                                                  |   |                                | 195,314   |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | 195,314 |   |   | (45,332 | ) |   | 1,249 |   |   | - |   |   |   |   |   | 151,231 |   |   | (2,428 | ) |   | (26,824 | ) |   | (d | ) |   | 121,979 |   |
| Related                party liabilities                                                                              |   |                                | -         |   |   | 1,154,272                  |   |                              | 32,870   |   |   | (1,177,341                                      | )      |   | (c | ) |   | 9,801 |   |   | 1,855 |   |   | 12,534 |   |   | (24,190 | ) |   | (c | ) |   | - |   |   | 82,523 |   |   | (79,115 | ) |   | (c | ) |   | 3,408 |   |
| Total                liabilities                                                                                      |   |                                | 204,694   |   |   | 2,161,527                  |   |                              | 817,154  |   |   | (1,177,341                                      | )      |   |   |   |   | 2,006,034 |   |   | 280,774 |   |   | 570,027 |   |   | (24,190 | ) |   |   |   |   | 2,832,645 |   |   | 157,263 |   |   | (105,939 | ) |   |   |   |   | 2,883,969 |   |
|                                                                                                                  |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                                                                             |   |                                | 420,793   |   |   | 121,230                    |   |                              | 147,481  |   |   | (268,711                                        | )      |   | (b | ) |   | 420,793 |   |   | 86,121 |   |   | 26,271 |   |   | (112,392 | ) |   | (b | ) |   | 420,793 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 374,722 |   |
| Additional                paid-in capital - SAC Holding II                                                            |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 4,492 |   |   | (4,492 | ) |   | (b | ) |   | - |   |
| Accumulated                other comprehensive income (loss)                                                          |   |                                | (40,650   | )      |   | (40,541                    | )      |                              | -        |   |   | 40,541                                          |   |   | (b | ) |   | (40,650 | ) |   | (102 | ) |   | (92 | ) |   | 194 |   |   | (b | ) |   | (40,650 | ) |   | - |   |   | - |   |   |   |   |   | (40,650 | ) |
| Retained                earnings (deficit)                                                                            |   |                                | 861,725   |   |   | (375,959                   | )      |                              | (333,026 | )      |   | 708,985                                         |   |   | (b | ) |   | 861,725 |   |   | 56,007 |   |   | 105,810 |   |   | (161,817 | ) |   | (b | ) |   | 861,725 |   |   | (13,438 | ) |   | 22,206 |   |   | (b,d | ) |   | 870,493 |   |
| Cost                of common shares in treasury, net                                                                 |   |                                | (418,092  | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                employee stock                     ownership plan shares                  |   |                                | -         |   |   | (8,443                     | )      |                              | -        |   |   | -                                               |   |   |   |   |   | (8,443 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (8,443 | ) |   | - |   |   | - |   |   |   |   |   | (8,443 | ) |
| Total                stockholders' equity (deficit)                                                                   |   |                                | 834,273   |   |   | (303,173                   | )      |                              | (185,544 | )      |   | 480,274                                         |   |   |   |   |   | 825,830 |   |   | 145,326 |   |   | 134,489 |   |   | (279,815 | ) |   |   |   |   | 825,830 |   |   | (8,946 | ) |   | (28,357 | ) |   |   |   |   | 788,527 |   |
| Total                liabilities and stockholders' equity                                                             |   | $                                   | 1,038,967 |   | $      | 1,858,354                  |   | $                                 | 631,610  |   | $      | (697,067                                        | )      |   |   |   | $ | 2,831,864 |   | $ | 426,100 |   | $ | 704,516 |   | $ | (304,005 | ) |   |   |   | $ | 3,658,475 |   | $ | 148,317 |   | $ | (134,296 | ) |   |   |   | $ | 3,672,496 |   |
|                                                                                                                  |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of September 30, 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                                                                                           |   | $                                   | -       |   | $      | 328,149                    |   | $                                 | -       |   | $      | -                                               |   |   |   |   | $ | 328,149 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 328,149 |   | $ | 2,018 |   | $ | (2,018 | ) |   | (b | ) | $ | 328,149 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 26,251                     |   |                              | 455     |   |   | -                                               |   |   |   |   |   | 26,706 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 26,706 |   |   | 5,059 |   |   | - |   |   |   |   |   | 31,765 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 42,992                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 42,992 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 42,992 |   |   | 3,359 |   |   | - |   |   |   |   |   | 46,351 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 6,559                      |   |                              | -       |   |   | -                                               |   |   |   |   |   | 6,559 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 6,559 |   |   | - |   |   | (645 | ) |   | (g | ) |   | 5,914 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 29,847 |   |   | (393 | ) |   | (c | ) |   | 29,454 |   |   | - |   |   | - |   |   |   |   |   | 29,454 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 6,555 |   |   | - |   |   | - |   |   |   |   |   | 6,555 |   |   | - |   |   | - |   |   |   |   |   | 6,555 |   |
| Net                investment and interest income                                                                                      |   |                                | 1,232   |   |   | 8,294                      |   |                              | (36     | )      |   | -                                               |   |   |   |   |   | 9,490 |   |   | 5,112 |   |   | 5,021 |   |   | (4,854 | ) |   | (d | ) |   | 14,769 |   |   | - |   |   | (1,750 | ) |   | (d | ) |   | 13,019 |   |
| Other                revenue                                                                                                           |   |                                | (1      | )      |   | 5,945                      |   |                              | 16,943  |   |   | (18,290                                         | )      |   | (b | ) |   | 4,597 |   |   | - |   |   | 967 |   |   | (130 | ) |   | (b | ) |   | 5,434 |   |   | 374 |   |   | (177 | ) |   | (b | ) |   | 5,631 |   |
| Total                revenues                                                                                                          |   |                                | 1,231   |   |   | 418,190                    |   |                              | 17,362  |   |   | (18,290                                         | )      |   |   |   |   | 418,493 |   |   | 11,667 |   |   | 35,835 |   |   | (5,377 | ) |   |   |   |   | 460,618 |   |   | 10,810 |   |   | (4,590 | ) |   |   |   |   | 466,838 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 2,339   |   |   | 277,433                    |   |                              | 2,231   |   |   | (18,290                                         | )      |   | (b | ) |   | 263,713 |   |   | 2,261 |   |   | 6,404 |   |   | (5,450 | ) |   | (b,c | ) |   | 266,928 |   |   | 5,608 |   |   | (645 | ) |   | (g | ) |   | 271,891 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 41,334                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 41,334 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 41,334 |   |   | - |   |   | (2,018 | ) |   | (b | ) |   | 39,316 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 23,447                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 23,447 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 23,447 |   |   | 1,523 |   |   | - |   |   |   |   |   | 24,970 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 8,226 |   |   | 21,320 |   |   | 1,915 |   |   | (c | ) |   | 31,461 |   |   | - |   |   | - |   |   |   |   |   | 31,461 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 442 |   |   | 3,778 |   |   | - |   |   |   |   |   | 4,220 |   |   | - |   |   | - |   |   |   |   |   | 4,220 |   |
| Lease                expense                                                                                                           |   |                                | 22      |   |   | 36,839                     |   |                              | 17      |   |   | -                                               |   |   |   |   |   | 36,878 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 36,878 |   |   | - |   |   | (177 | ) |   | (b | ) |   | 36,701 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 61      |   |   | 46,691                     |   |                              | 2,737   |   |   | -                                               |   |   |   |   |   | 49,489 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 49,489 |   |   | 668 |   |   | (140 | ) |   | (e | ) |   | 50,017 |   |
| Total                costs and expenses                                                                                                |   |                                | 2,422   |   |   | 425,744                    |   |                              | 4,985   |   |   | (18,290                                         | )      |   |   |   |   | 414,861 |   |   | 10,929 |   |   | 31,502 |   |   | (3,535 | ) |   |   |   |   | 453,757 |   |   | 7,799 |   |   | (2,980 | ) |   |   |   |   | 458,576 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | (22,367 | )      |   | -                          |   |                              | -       |   |   | 23,806                                          |   |   | (f | ) |   | 1,439 |   |   | - |   |   | - |   |   | (1,439 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | (160    | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (160 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (160 | ) |   | - |   |   | 160 |   |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | (22,527 | )      |   | -                          |   |                              | -       |   |   | 23,806                                          |   |   |   |   |   | 1,279 |   |   | - |   |   | - |   |   | (1,439 | ) |   |   |   |   | (160 | ) |   | - |   |   | 160 |   |   |   |   |   | - |   |
| Earnings                (loss) from operations                                                                                         |   |                                | (23,718 | )      |   | (7,554                     | )      |                              | 12,377  |   |   | 23,806                                          |   |   |   |   |   | 4,911 |   |   | 738 |   |   | 4,333 |   |   | (3,281 | ) |   |   |   |   | 6,701 |   |   | 3,011 |   |   | (1,450 | ) |   |   |   |   | 8,262 |   |
| Interest                income (expense)                                                                                               |   |                                | 22,906  |   |   | (30,783                    | )      |                              | (12,739 | )      |   | -                                               |   |   |   |   |   | (20,616 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (20,616 | ) |   | (3,265 | ) |   | 1,750 |   |   | (d | ) |   | (22,131 | ) |
| Pretax                earnings (loss)                                                                                                  |   |                                | (812    | )      |   | (38,337                    | )      |                              | (362    | )      |   | 23,806                                          |   |   |   |   |   | (15,705 | ) |   | 738 |   |   | 4,333 |   |   | (3,281 | ) |   |   |   |   | (13,915 | ) |   | (254 | ) |   | 300 |   |   |   |   |   | (13,869 | ) |
| Income                tax benefit (expense)                                                                                            |   |                                | (8,755  | )      |   | 14,933                     |   |                              | (40     | )      |   | -                                               |   |   |   |   |   | 6,138 |   |   | (258 | ) |   | (1,532 | ) |   | - |   |   |   |   |   | 4,348 |   |   | 94 |   |   | (53 | ) |   | (e | ) |   | 4,389 |   |
| Net                earnings (loss)                                                                                                     |   |                                | (9,567  | )      |   | (23,404                    | )      |                              | (402    | )      |   | 23,806                                          |   |   |   |   |   | (9,567 | ) |   | 480 |   |   | 2,801 |   |   | (3,281 | ) |   |   |   |   | (9,567 | ) |   | (160 | ) |   | 247 |   |   |   |   |   | (9,480 | ) |
| Less:                Preferred stock dividends                                                                                         |   |                                | (3,241  | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | (12,808 | )      | $      | (23,404                    | )      | $                                 | (402    | )      | $      | 23,806                                          |   |   |   |   | $ | (12,808 | ) | $ | 480 |   | $ | 2,801 |   | $ | (3,281 | ) |   |   |   | $ | (12,808 | ) | $ | (160 | ) | $ | 247 |   |   |   |   | $ | (12,721 | ) |
| (a)                Balances for the quarter ended September 30, 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                                                                                           |   | $                                   | -       |   | $      | 353,409                    |   | $                                 | -      |   | $      | -                                               |   |   |   |   | $ | 353,409 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 353,409 |   | $ | 2,211 |   | $ | (2,211 | ) |   | (b | ) | $ | 353,409 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 24,655                     |   |                              | 400    |   |   | -                                               |   |   |   |   |   | 25,055 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 25,055 |   |   | 4,729 |   |   | - |   |   |   |   |   | 29,784 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 43,697                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 43,697 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 43,697 |   |   | 3,619 |   |   | - |   |   |   |   |   | 47,316 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 4,942                      |   |                              | -      |   |   | -                                               |   |   |   |   |   | 4,942 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 4,942 |   |   | - |   |   | (653 | ) |   | (g | ) |   | 4,289 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 31,123 |   |   | (380 | ) |   | (c | ) |   | 30,743 |   |   | - |   |   | - |   |   |   |   |   | 30,743 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 9,949 |   |   | - |   |   | - |   |   |   |   |   | 9,949 |   |   | - |   |   | - |   |   |   |   |   | 9,949 |   |
| Net                investment and interest income                                                                                      |   |                                | 908     |   |   | 7,538                      |   |                              | (6     | )      |   | -                                               |   |   |   |   |   | 8,440 |   |   | 2,878 |   |   | 4,437 |   |   | (1,087 | ) |   | (d | ) |   | 14,668 |   |   | - |   |   | (1,861 | ) |   | (d | ) |   | 12,807 |   |
| Other                revenue                                                                                                           |   |                                | -       |   |   | 7,709                      |   |                              | 16,243 |   |   | (17,770                                         | )      |   | (b | ) |   | 6,182 |   |   | - |   |   | 1,504 |   |   | (447 | ) |   | (b | ) |   | 7,239 |   |   | 311 |   |   | (177 | ) |   | (b | ) |   | 7,373 |   |
| Total                revenues                                                                                                          |   |                                | 908     |   |   | 441,950                    |   |                              | 16,637 |   |   | (17,770                                         | )      |   |   |   |   | 441,725 |   |   | 12,827 |   |   | 37,064 |   |   | (1,914 | ) |   |   |   |   | 489,702 |   |   | 10,870 |   |   | (4,902 | ) |   |   |   |   | 495,670 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 4,009   |   |   | 271,957                    |   |                              | 2,306  |   |   | (17,770                                         | )      |   | (b | ) |   | 260,502 |   |   | 4,133 |   |   | 6,269 |   |   | (4,404 | ) |   | (b,c | ) |   | 266,500 |   |   | 5,521 |   |   | (653 | ) |   | (g | ) |   | 271,368 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 44,759                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 44,759 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 44,759 |   |   | - |   |   | (2,211 | ) |   | (b | ) |   | 42,548 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 21,973                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 21,973 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 21,973 |   |   | 1,403 |   |   | - |   |   |   |   |   | 23,376 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 10,041 |   |   | 22,671 |   |   | 2,490 |   |   | (c | ) |   | 35,202 |   |   | - |   |   | - |   |   |   |   |   | 35,202 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 250 |   |   | 5,504 |   |   | - |   |   |   |   |   | 5,754 |   |   | - |   |   | - |   |   |   |   |   | 5,754 |   |
| Lease                expense                                                                                                           |   |                                | 23      |   |   | 37,317                     |   |                              | 19     |   |   | -                                               |   |   |   |   |   | 37,359 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 37,359 |   |   | - |   |   | (177 | ) |   | (b | ) |   | 37,182 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 5       |   |   | 32,600                     |   |                              | 2,040  |   |   | -                                               |   |   |   |   |   | 34,645 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 34,645 |   |   | 316 |   |   | (140 | ) |   | (e | ) |   | 34,821 |   |
| Total                costs and expenses                                                                                                |   |                                | 4,037   |   |   | 408,606                    |   |                              | 4,365  |   |   | (17,770                                         | )      |   |   |   |   | 399,238 |   |   | 14,424 |   |   | 34,444 |   |   | (1,914 | ) |   |   |   |   | 446,192 |   |   | 7,240 |   |   | (3,181 | ) |   |   |   |   | 450,251 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 23,792  |   |   | -                          |   |                              | -      |   |   | (23,726                                         | )      |   | (f | ) |   | 66 |   |   | - |   |   | - |   |   | (66 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 136     |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | 136 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 136 |   |   | - |   |   | (136 | ) |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 23,928  |   |   | -                          |   |                              | -      |   |   | (23,726                                         | )      |   |   |   |   | 202 |   |   | - |   |   | - |   |   | (66 | ) |   |   |   |   | 136 |   |   | - |   |   | (136 | ) |   |   |   |   | - |   |
| Earnings                (loss) from operations                                                                                         |   |                                | 20,799  |   |   | 33,344                     |   |                              | 12,272 |   |   | (23,726                                         | )      |   |   |   |   | 42,689 |   |   | (1,597 | ) |   | 2,620 |   |   | (66 | ) |   |   |   |   | 43,646 |   |   | 3,630 |   |   | (1,857 | ) |   |   |   |   | 45,419 |   |
| Interest                expense                                                                                                        |   |                                | (10,850 | )      |   | (620                       | )      |                              | (4,779 | )      |   | -                                               |   |   |   |   |   | (16,249 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (16,249 | ) |   | (3,403 | ) |   | 1,861 |   |   | (d | ) |   | (17,791 | ) |
| Pretax                earnings (loss)                                                                                                  |   |                                | 9,949   |   |   | 32,724                     |   |                              | 7,493  |   |   | (23,726                                         | )      |   |   |   |   | 26,440 |   |   | (1,597 | ) |   | 2,620 |   |   | (66 | ) |   |   |   |   | 27,397 |   |   | 227 |   |   | 4 |   |   |   |   |   | 27,628 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | 5,134   |   |   | (13,472                    | )      |                              | (3,019 | )      |   | -                                               |   |   |   |   |   | (11,357 | ) |   | 560 |   |   | (1,517 | ) |   | - |   |   |   |   |   | (12,314 | ) |   | (91 | ) |   | (53 | ) |   | (e | ) |   | (12,458 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 15,083  |   |   | 19,252                     |   |                              | 4,474  |   |   | (23,726                                         | )      |   |   |   |   | 15,083 |   |   | (1,037 | ) |   | 1,103 |   |   | (66 | ) |   |   |   |   | 15,083 |   |   | 136 |   |   | (49 | ) |   |   |   |   | 15,170 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (3,241  | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 11,842  |   | $      | 19,252                     |   | $                                 | 4,474  |   | $      | (23,726                                         | )      |   |   |   | $ | 11,842 |   | $ | (1,037 | ) | $ | 1,103 |   | $ | (66 | ) |   |   |   | $ | 11,842 |   | $ | 136 |   | $ | (49 | ) |   |   |   | $ | 11,929 |   |
| (a)                Balances for the quarter ended September 30, 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 |   | 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                                                                                           |   | $                                   | -       |   | $      | 1,181,103                  |   | $                                 | -       |   | $      | -                                               |   |   |   |   | $ | 1,181,103 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 1,181,103 |   | $ | 7,328 |   | $ | (7,328 | ) |   | (b | ) | $ | 1,181,103 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 78,400                     |   |                              | 1,263   |   |   | -                                               |   |   |   |   |   | 79,663 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 79,663 |   |   | 14,949 |   |   | - |   |   |   |   |   | 94,612 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 163,222                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 163,222 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 163,222 |   |   | 12,496 |   |   | - |   |   |   |   |   | 175,718 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 15,893                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 15,893 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 15,893 |   |   | - |   |   | (2,146 | ) |   | (g | ) |   | 13,747 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 92,683 |   |   | (1,190 | ) |   | (c | ) |   | 91,493 |   |   | - |   |   | - |   |   |   |   |   | 91,493 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 18,407 |   |   | - |   |   | - |   |   |   |   |   | 18,407 |   |   | - |   |   | - |   |   |   |   |   | 18,407 |   |
| Net                investment and interest income                                                                                      |   |                                | 3,694   |   |   | 22,680                     |   |                              | (36     | )      |   | -                                               |   |   |   |   |   | 26,338 |   |   | 10,588 |   |   | 16,298 |   |   | (5,152 | ) |   | (d | ) |   | 48,072 |   |   | - |   |   | (5,315 | ) |   | (d | ) |   | 42,757 |   |
| Other                revenue                                                                                                           |   |                                | 203     |   |   | 22,697                     |   |                              | 50,706  |   |   | (54,873                                         | )      |   | (b | ) |   | 18,733 |   |   | - |   |   | 3,722 |   |   | (411 | ) |   | (b | ) |   | 22,044 |   |   | 1,051 |   |   | (532 | ) |   | (b | ) |   | 22,563 |   |
| Total                revenues                                                                                                          |   |                                | 3,897   |   |   | 1,483,995                  |   |                              | 51,933  |   |   | (54,873                                         | )      |   |   |   |   | 1,484,952 |   |   | 28,995 |   |   | 112,703 |   |   | (6,753 | ) |   |   |   |   | 1,619,897 |   |   | 35,824 |   |   | (15,321 | ) |   |   |   |   | 1,640,400 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 9,672   |   |   | 823,019                    |   |                              | 6,949   |   |   | (54,873                                         | )      |   | (b | ) |   | 784,767 |   |   | 5,828 |   |   | 20,374 |   |   | (11,791 | ) |   | (b,c | ) |   | 799,178 |   |   | 17,046 |   |   | (2,146 | ) |   | (g | ) |   | 814,078 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 149,785                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 149,785 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 149,785 |   |   | - |   |   | (7,328 | ) |   | (b | ) |   | 142,457 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 83,235                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 83,235 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 83,235 |   |   | 5,499 |   |   | - |   |   |   |   |   | 88,734 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 17,357 |   |   | 67,678 |   |   | 5,874 |   |   | (c | ) |   | 90,909 |   |   | - |   |   | - |   |   |   |   |   | 90,909 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 1,707 |   |   | 12,964 |   |   | - |   |   |   |   |   | 14,671 |   |   | - |   |   | - |   |   |   |   |   | 14,671 |   |
| Lease                expense                                                                                                           |   |                                | 63      |   |   | 112,565                    |   |                              | 835     |   |   | -                                               |   |   |   |   |   | 113,463 |   |   | - |   |   | - |   |   | (836 | ) |   | (b | ) |   | 112,627 |   |   | - |   |   | (532 | ) |   | (b | ) |   | 112,095 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 183     |   |   | 127,330                    |   |                              | 3,676   |   |   | -                                               |   |   |   |   |   | 131,189 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 131,189 |   |   | 2,006 |   |   | (420 | ) |   | (e | ) |   | 132,775 |   |
| Total                costs and expenses                                                                                                |   |                                | 9,918   |   |   | 1,295,934                  |   |                              | 11,460  |   |   | (54,873                                         | )      |   |   |   |   | 1,262,439 |   |   | 24,892 |   |   | 101,016 |   |   | (6,753 | ) |   |   |   |   | 1,381,594 |   |   | 24,551 |   |   | (10,426 | ) |   |   |   |   | 1,395,719 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 67,522  |   |   | -                          |   |                              | -       |   |   | (57,250                                         | )      |   | (f | ) |   | 10,272 |   |   | - |   |   | - |   |   | (10,272 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 837     |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | 837 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 837 |   |   | - |   |   | (837 | ) |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 68,359  |   |   | -                          |   |                              | -       |   |   | (57,250                                         | )      |   |   |   |   | 11,109 |   |   | - |   |   | - |   |   | (10,272 | ) |   |   |   |   | 837 |   |   | - |   |   | (837 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 62,338  |   |   | 188,061                    |   |                              | 40,473  |   |   | (57,250                                         | )      |   |   |   |   | 233,622 |   |   | 4,103 |   |   | 11,687 |   |   | (10,272 | ) |   |   |   |   | 239,140 |   |   | 11,273 |   |   | (5,732 | ) |   |   |   |   | 244,681 |   |
| Interest                income (expense)                                                                                               |   |                                | 67,008  |   |   | (85,309                    | )      |                              | (38,805 | )      |   | -                                               |   |   |   |   |   | (57,106 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (57,106 | ) |   | (9,865 | ) |   | 5,315 |   |   | (d | ) |   | (61,656 | ) |
| Amortization                of fees on early extinguishment of debt                                                                    |   |                                | -       |   |   | (302                       | )      |                              | (6,667  | )      |   | -                                               |   |   |   |   |   | (6,969 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (6,969 | ) |   | - |   |   | - |   |   |   |   |   | (6,969 | ) |
| Pretax                earnings (loss)                                                                                                  |   |                                | 129,346 |   |   | 102,450                    |   |                              | (4,999  | )      |   | (57,250                                         | )      |   |   |   |   | 169,547 |   |   | 4,103 |   |   | 11,687 |   |   | (10,272 | ) |   |   |   |   | 175,065 |   |   | 1,408 |   |   | (417 | ) |   |   |   |   | 176,056 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | (23,175 | )      |   | (41,492                    | )      |                              | 1,291   |   |   | -                                               |   |   |   |   |   | (63,376 | ) |   | (1,436 | ) |   | (4,082 | ) |   | - |   |   |   |   |   | (68,894 | ) |   | (571 | ) |   | (159 | ) |   | (e | ) |   | (69,624 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 106,171 |   |   | 60,958                     |   |                              | (3,708  | )      |   | (57,250                                         | )      |   |   |   |   | 106,171 |   |   | 2,667 |   |   | 7,605 |   |   | (10,272 | ) |   |   |   |   | 106,171 |   |   | 837 |   |   | (576 | ) |   |   |   |   | 106,432 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (9,723  | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (9,723 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,723 | ) |   | - |   |   | - |   |   |   |   |   | (9,723 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 96,448  |   | $      | 60,958                     |   | $                                 | (3,708  | )      | $      | (57,250                                         | )      |   |   |   | $ | 96,448 |   | $ | 2,667 |   | $ | 7,605 |   | $ | (10,272 | ) |   |   |   | $ | 96,448 |   | $ | 837 |   | $ | (576 | ) |   |   |   | $ | 96,709 |   |
| (a)                Balances for the nine months ended September 30, 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                                                                                           |   | $                                   | -       |   | $      | 1,201,374                  |   | $                                 | -       |   | $      | -                                               |   |   |   |   | $ | 1,201,374 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 1,201,374 |   | $ | 7,560 |   | $ | (7,560 | ) |   | (b | ) | $ | 1,201,374 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 74,450                     |   |                              | 1,296   |   |   | -                                               |   |   |   |   |   | 75,746 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 75,746 |   |   | 14,030 |   |   | - |   |   |   |   |   | 89,776 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 163,369                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 163,369 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 163,369 |   |   | 13,002 |   |   | - |   |   |   |   |   | 176,371 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 14,688                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 14,688 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 14,688 |   |   | - |   |   | (2,130 | ) |   | (g | ) |   | 12,558 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 91,187 |   |   | (1,137 | ) |   | (c | ) |   | 90,050 |   |   | - |   |   | - |   |   |   |   |   | 90,050 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 20,172 |   |   | - |   |   | - |   |   |   |   |   | 20,172 |   |   | - |   |   | - |   |   |   |   |   | 20,172 |   |
| Net                investment and interest income                                                                                      |   |                                | 3,870   |   |   | 18,254                     |   |                              | 19      |   |   | -                                               |   |   |   |   |   | 22,143 |   |   | 9,021 |   |   | 15,712 |   |   | (3,084 | ) |   | (d | ) |   | 43,792 |   |   | - |   |   | (4,919 | ) |   | (d | ) |   | 38,873 |   |
| Other                revenue                                                                                                           |   |                                | 175     |   |   | 31,147                     |   |                              | 44,957  |   |   | (48,928                                         | )      |   | (b | ) |   | 27,351 |   |   | - |   |   | 4,508 |   |   | (806 | ) |   | (b | ) |   | 31,053 |   |   | 949 |   |   | (532 | ) |   | (b | ) |   | 31,470 |   |
| Total                revenues                                                                                                          |   |                                | 4,045   |   |   | 1,503,282                  |   |                              | 46,272  |   |   | (48,928                                         | )      |   |   |   |   | 1,504,671 |   |   | 29,193 |   |   | 111,407 |   |   | (5,027 | ) |   |   |   |   | 1,640,244 |   |   | 35,541 |   |   | (15,141 | ) |   |   |   |   | 1,660,644 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 9,039   |   |   | 829,566                    |   |                              | 5,447   |   |   | (48,928                                         | )      |   | (b | ) |   | 795,124 |   |   | 8,555 |   |   | 20,459 |   |   | (11,556 | ) |   | (b,c | ) |   | 812,582 |   |   | 17,409 |   |   | (2,130 | ) |   | (g | ) |   | 827,861 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 151,323                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 151,323 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 151,323 |   |   | - |   |   | (7,560 | ) |   | (b | ) |   | 143,763 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 79,683                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 79,683 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 79,683 |   |   | 5,654 |   |   | - |   |   |   |   |   | 85,337 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 17,172 |   |   | 65,524 |   |   | 6,529 |   |   | (c | ) |   | 89,225 |   |   | - |   |   | - |   |   |   |   |   | 89,225 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 1,739 |   |   | 16,067 |   |   | - |   |   |   |   |   | 17,806 |   |   | - |   |   | - |   |   |   |   |   | 17,806 |   |
| Lease                expense                                                                                                           |   |                                | 64      |   |   | 107,474                    |   |                              | 49      |   |   | -                                               |   |   |   |   |   | 107,587 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 107,587 |   |   | - |   |   | (532 | ) |   | (b | ) |   | 107,055 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 20      |   |   | 95,501                     |   |                              | 6,531   |   |   | -                                               |   |   |   |   |   | 102,052 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 102,052 |   |   | 1,748 |   |   | (420 | ) |   | (e | ) |   | 103,380 |   |
| Total                costs and expenses                                                                                                |   |                                | 9,123   |   |   | 1,263,547                  |   |                              | 12,027  |   |   | (48,928                                         | )      |   |   |   |   | 1,235,769 |   |   | 27,466 |   |   | 102,050 |   |   | (5,027 | ) |   |   |   |   | 1,360,258 |   |   | 24,811 |   |   | (10,642 | ) |   |   |   |   | 1,374,427 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 173,673 |   |   | -                          |   |                              | -       |   |   | (167,061                                        | )      |   | (f | ) |   | 6,612 |   |   | - |   |   | - |   |   | (6,612 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 713     |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | 713 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 713 |   |   | - |   |   | (713 | ) |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 174,386 |   |   | -                          |   |                              | -       |   |   | (167,061                                        | )      |   |   |   |   | 7,325 |   |   | - |   |   | - |   |   | (6,612 | ) |   |   |   |   | 713 |   |   | - |   |   | (713 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 169,308 |   |   | 239,735                    |   |                              | 34,245  |   |   | (167,061                                        | )      |   |   |   |   | 276,227 |   |   | 1,727 |   |   | 9,357 |   |   | (6,612 | ) |   |   |   |   | 280,699 |   |   | 10,730 |   |   | (5,212 | ) |   |   |   |   | 286,217 |   |
| Interest                income (expense)                                                                                               |   |                                | (46,674 | )      |   | 9,498                      |   |                              | (10,868 | )      |   | -                                               |   |   |   |   |   | (48,044 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (48,044 | ) |   | (9,547 | ) |   | 4,919 |   |   | (d | ) |   | (52,672 | ) |
| Fees                and amortization on early extinguishment of debt                                                                   |   |                                | (35,627 | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (35,627 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (35,627 | ) |   | - |   |   | - |   |   |   |   |   | (35,627 | ) |
| Pretax                earnings                                                                                                         |   |                                | 87,007  |   |   | 249,233                    |   |                              | 23,377  |   |   | (167,061                                        | )      |   |   |   |   | 192,556 |   |   | 1,727 |   |   | 9,357 |   |   | (6,612 | ) |   |   |   |   | 197,028 |   |   | 1,183 |   |   | (293 | ) |   |   |   |   | 197,918 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | 32,086  |   |   | (96,148                    | )      |                              | (9,401  | )      |   | -                                               |   |   |   |   |   | (73,463 | ) |   | (604 | ) |   | (3,868 | ) |   | - |   |   |   |   |   | (77,935 | ) |   | (470 | ) |   | (159 | ) |   | (e | ) |   | (78,564 | ) |
| Net                earnings                                                                                                            |   |                                | 119,093 |   |   | 153,085                    |   |                              | 13,976  |   |   | (167,061                                        | )      |   |   |   |   | 119,093 |   |   | 1,123 |   |   | 5,489 |   |   | (6,612 | ) |   |   |   |   | 119,093 |   |   | 713 |   |   | (452 | ) |   |   |   |   | 119,354 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (9,723  | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (9,723 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,723 | ) |   | - |   |   | - |   |   |   |   |   | (9,723 | ) |
| Earnings                available to common shareholders                                                                               |   | $                                   | 109,370 |   | $      | 153,085                    |   | $                                 | 13,976  |   | $      | (167,061                                        | )      |   |   |   | $ | 109,370 |   | $ | 1,123 |   | $ | 5,489 |   | $ | (6,612 | ) |   |   |   | $ | 109,370 |   | $ | 713 |   | $ | (452 | ) |   |   |   | $ | 109,631 |   |
| (a)                Balances for the nine months ended September 30, 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)                                          |   | $                                        | 106,171 |   | $      | 60,958                            |   | $           | (3,708  | )                                                | $      | (57,250                                                                            | )      | $                                                | 106,171  |   | $ | 2,667 |   | $ | 7,605 |   | $ | (10,272 | ) | $ | 106,171 |   | $ | 837 |   | $ | (576 | ) | $ | 106,432 |   |
| Earnings                from consolidated entities                          |   |                                     | (68,359 | )      |   | -                                 |   |        | -       |                                             |   | 57,250                                                                             |   |                                             | (11,109  | ) |   | - |   |   | - |   |   | 10,272 |   |   | (837 | ) |   | - |   |   | 837 |   |   | - |   |
| Depreciation                                                                |   |                                     | 183     |   |   | 123,742                           |   |        | 8,060   |                                             |   | -                                                                                  |   |                                             | 131,985  |   |   | - |   |   | - |   |   | - |   |   | 131,985 |   |   | 2,006 |   |   | (420 | ) |   | 133,571 |   |
| Amortization                of deferred policy acquisition costs            |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 1,707 |   |   | 12,964 |   |   | - |   |   | 14,671 |   |   | - |   |   | - |   |   | 14,671 |   |
| Change                in provision for losses on trade receivables          |   |                                     | -       |   |   | 86                                |   |        | -       |                                             |   | -                                                                                  |   |                                             | 86       |   |   | - |   |   | 116 |   |   | - |   |   | 202 |   |   | - |   |   | - |   |   | 202 |   |
| Change                in provision for losses on mortgage notes             |   |                                     | -       |   |   | (30                               | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (30      | ) |   | - |   |   | - |   |   | - |   |   | (30 | ) |   | - |   |   | - |   |   | (30 | ) |
| Net                (gain) loss on sale of real and personal property        |   |                                     | -       |   |   | 3,588                             |   |        | (4,384  | )                                                |   | -                                                                                  |   |                                             | (796     | ) |   | - |   |   | - |   |   | - |   |   | (796 | ) |   | - |   |   | - |   |   | (796 | ) |
| Net                loss on sale of investments                              |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 799 |   |   | 816 |   |   | - |   |   | 1,615 |   |   | - |   |   | - |   |   | 1,615 |   |
| Write-off                of unamortized debt issuance costs                 |   |                                     | -       |   |   | 302                               |   |        | 6,667   |                                             |   | -                                                                                  |   |                                             | 6,969    |   |   | - |   |   | - |   |   | - |   |   | 6,969 |   |   | - |   |   | - |   |   | 6,969 |   |
| Deferred                income taxes                                        |   |                                     | 13,959  |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | 13,959   |   |   | 887 |   |   | (94 | ) |   | - |   |   | 14,752 |   |   | 539 |   |   | 160 |   |   | 15,451 |   |
| Net                change in other operating assets and liabilities:        |   |                                     |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                     | -       |   |   | (3,265                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (3,265   | ) |   | 21,052 |   |   | 1,054 |   |   | - |   |   | 18,841 |   |   | - |   |   | - |   |   | 18,841 |   |
| Inventories                                                                 |   |                                     | -       |   |   | (2,956                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (2,956   | ) |   | - |   |   | - |   |   | - |   |   | (2,956 | ) |   | (126 | ) |   | - |   |   | (3,082 | ) |
| Prepaid                expenses                                             |   |                                     | 1,322   |   |   | 3,339                             |   |        | (219    | )                                                |   | -                                                                                  |   |                                             | 4,442    |   |   | - |   |   | - |   |   | - |   |   | 4,442 |   |   | (117 | ) |   | - |   |   | 4,325 |   |
| Capitalization                of deferred policy acquisition costs          |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (882 | ) |   | (3,310 | ) |   | - |   |   | (4,192 | ) |   | - |   |   | - |   |   | (4,192 | ) |
| Other                assets                                                 |   |                                     | (3      | )      |   | 900                               |   |        | 1,725   |                                             |   | -                                                                                  |   |                                             | 2,622    |   |   | 240 |   |   | (183 | ) |   | - |   |   | 2,679 |   |   | (192 | ) |   | - |   |   | 2,487 |   |
| Related                party assets                                         |   |                                     | (1,493  | )      |   | 1,006                             |   |        | 17      |                                             |   | 29,460                                                                             |   |                                             | 28,990   |   |   | 13,767 |   |   | 5,781 |   |   | (5,966 | ) |   | 42,572 |   |   | 2,900 |   |   | (5,193 | ) |   | 40,279 |   |
| Accounts                payable and accrued expenses                        |   |                                     | (11,450 | )      |   | 25,357                            |   |        | (340    | )                                                |   | -                                                                                  |   |                                             | 13,567   |   |   | - |   |   | 1,502 |   |   | - |   |   | 15,069 |   |   | 76 |   |   | - |   |   | 15,145 |   |
| Policy                benefits and losses, claims and loss expenses payable |   |                                     | -       |   |   | 32,733                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 32,733   |   |   | (35,713 | ) |   | (13,778 | ) |   | - |   |   | (16,758 | ) |   | - |   |   | - |   |   | (16,758 | ) |
| Other                policyholders' funds and liabilities                   |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 1,782 |   |   | (160 | ) |   | - |   |   | 1,622 |   |   | - |   |   | - |   |   | 1,622 |   |
| Deferred                income                                              |   |                                     | -       |   |   | (2,346                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (2,346   | ) |   | - |   |   | - |   |   | - |   |   | (2,346 | ) |   | (13 | ) |   | - |   |   | (2,359 | ) |
| Related                party liabilities                                    |   |                                     | (201    | )      |   | 752                               |   |        | -       |                                             |   | (29,460                                                                            | )      |                                             | (28,909  | ) |   | (1,873 | ) |   | 447 |   |   | 5,966 |   |   | (24,369 | ) |   | (4,457 | ) |   | 5,192 |   |   | (23,634 | ) |
| Net                cash provided by operating activities                    |   |                                     | 40,129  |   |   | 244,166                           |   |        | 7,818   |                                             |   | -                                                                                  |   |                                             | 292,113  |   |   | 4,433 |   |   | 12,760 |   |   | - |   |   | 309,306 |   |   | 1,453 |   |   | - |   |   | 310,759 |   |
| Cash                flows from investing activities:                        |   |                                     |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                                     |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                     | (945    | )      |   | (409,737                          | )      |        | (44,187 | )                                                |   | -                                                                                  |   |                                             | (454,869 | ) |   | - |   |   | - |   |   | - |   |   | (454,869 | ) |   | (729 | ) |   | - |   |   | (455,598 | ) |
| Short                term investments                                       |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (54,480 | ) |   | (116,697 | ) |   | - |   |   | (171,177 | ) |   | - |   |   | - |   |   | (171,177 | ) |
| Fixed                maturities investments                                 |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (48,993 | ) |   | (25,201 | ) |   | - |   |   | (74,194 | ) |   | - |   |   | - |   |   | (74,194 | ) |
| Mortgage                loans                                               |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (9,550 | ) |   | - |   |   | (9,550 | ) |   | - |   |   | - |   |   | (9,550 | ) |
| Proceeds                from sales of:                                      |   |                                     |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                     | -       |   |   | 67,280                            |   |        | 4,388   |                                             |   | -                                                                                  |   |                                             | 71,668   |   |   | - |   |   | - |   |   | - |   |   | 71,668 |   |   | - |   |   | - |   |   | 71,668 |   |
| Short                term investments                                       |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 73,716 |   |   | 125,364 |   |   | - |   |   | 199,080 |   |   | - |   |   | - |   |   | 199,080 |   |
| Fixed                maturities investments                                 |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 13,239 |   |   | 57,942 |   |   | - |   |   | 71,181 |   |   | - |   |   | - |   |   | 71,181 |   |
| Cash                received in excess of purchase of company acquired      |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 1,235 |   |   | - |   |   | 1,235 |   |   | - |   |   | - |   |   | 1,235 |   |
| Preferred                stock                                              |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 225 |   |   | - |   |   | 225 |   |   | - |   |   | - |   |   | 225 |   |
| Real                estate                                                  |   |                                     | -       |   |   | 148                               |   |        | (271    | )                                                |   | -                                                                                  |   |                                             | (123     | ) |   | 9,665 |   |   | - |   |   | - |   |   | 9,542 |   |   | - |   |   | - |   |   | 9,542 |   |
| Mortgage                loans                                               |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 4,835 |   |   | - |   |   | 4,835 |   |   | - |   |   | - |   |   | 4,835 |   |
| Payments                from notes and mortgage receivables                 |   |                                     | -       |   |   | 69                                |   |        | 683     |                                             |   | -                                                                                  |   |                                             | 752      |   |   | - |   |   | - |   |   | - |   |   | 752 |   |   | - |   |   | - |   |   | 752 |   |
| Net                cash provided (used) by investing activities             |   |                                     | (945    | )      |   | (342,240                          | )      |        | (39,387 | )                                                |   | -                                                                                  |   |                                             | (382,572 | ) |   | (6,853 | ) |   | 38,153 |   |   | - |   |   | (351,272 | ) |   | (729 | ) |   | - |   |   | (352,001 | ) |
|                                                                        |   | (page                1 of 2)   |
| (a)                Balance for the nine months ended September 30, 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                              |   |                                | -       |   |   | 266,260                           |   |        | 54,929  |                                             |   | -                                                                                  |   |                                             | 321,189 |   |   | - |   |   | - |   |   | - |   |   | 321,189 |   |   | - |   |   | - |   |   | 321,189 |   |
| Principal                repayments on credit facilities                      |   |                                | -       |   |   | (34,611                           | )      |        | (28,793 | )                                                |   | -                                                                                  |   |                                             | (63,404 | ) |   | - |   |   | - |   |   | - |   |   | (63,404 | ) |   | (979 | ) |   | - |   |   | (64,383 | ) |
| Debt                issuance costs                                            |   |                                | -       |   |   | (1,837                            | )      |        | (486    | )                                                |   | -                                                                                  |   |                                             | (2,323  | ) |   | - |   |   | - |   |   | - |   |   | (2,323 | ) |   | - |   |   | - |   |   | (2,323 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | -       |   |   | 895                               |   |        | -       |                                             |   | -                                                                                  |   |                                             | 895     |   |   | - |   |   | - |   |   | - |   |   | 895 |   |   | - |   |   | - |   |   | 895 |   |
| Proceeds                from (repayment of) intercompany loans                |   |                                | (29,460 | )      |   | 23,584                            |   |        | 5,876   |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (9,723  | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (9,723  | ) |   | - |   |   | - |   |   | - |   |   | (9,723 | ) |   | - |   |   | - |   |   | (9,723 | ) |
| Investment                contract deposits                                   |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | 12,634 |   |   | - |   |   | 12,634 |   |   | - |   |   | - |   |   | 12,634 |   |
| Investment                contract withdrawals                                |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | (59,353 | ) |   | - |   |   | (59,353 | ) |   | - |   |   | - |   |   | (59,353 | ) |
| Net                cash provided (used) by financing activities               |   |                                | (39,183 | )      |   | 254,291                           |   |        | 31,526  |                                             |   | -                                                                                  |   |                                             | 246,634 |   |   | - |   |   | (46,719 | ) |   | - |   |   | 199,915 |   |   | (979 | ) |   | - |   |   | 198,936 |   |
|                                                                          |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                | -       |   |   | (22                               | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (22     | ) |   | - |   |   | - |   |   | - |   |   | (22 | ) |   | - |   |   | - |   |   | (22 | ) |
|                                                                          |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | 1       |   |   | 156,195                           |   |        | (43     | )                                                |   | -                                                                                  |   |                                             | 156,153 |   |   | (2,420 | ) |   | 4,194 |   |   | - |   |   | 157,927 |   |   | (255 | ) |   | - |   |   | 157,672 |   |
| 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                     |   | $                                   | 8       |   | $      | 296,694                           |   | $           | 813     |                                             | $      | -                                                                                  |   | $                                                | 297,515 |   | $ | 7,395 |   | $ | 8,221 |   | $ | - |   | $ | 313,131 |   | $ | - |   | $ | - |   | $ | 313,131 |   |
|                                                                          |   | (page                2 of 2)   |
| (a)                Balance for the nine months ended September 30, 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                                                 |   | $                                        | 119,093  |   | $      | 153,085                           |   | $           | 13,976  |                                             | $      | (167,061                                                                           | )      | $                                                | 119,093  |   | $ | 1,123 |   | $ | 5,489 |   | $ | (6,612 | ) | $ | 119,093 |   | $ | 713 |   | $ | (452 | ) | $ | 119,354 |   |
| Earnings                from consolidated entities                          |   |                                     | (174,386 | )      |   | -                                 |   |        | -       |                                             |   | 167,061                                                                            |   |                                             | (7,325   | ) |   | - |   |   | - |   |   | 6,612 |   |   | (713 | ) |   | - |   |   | 713 |   |   | - |   |
| Depreciation                                                                |   |                                     | 20       |   |   | 87,858                            |   |        | 7,013   |                                             |   | -                                                                                  |   |                                             | 94,891   |   |   | - |   |   | - |   |   | - |   |   | 94,891 |   |   | 1,748 |   |   | (420 | ) |   | 96,219 |   |
| Amortization                of deferred policy acquisition costs            |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 1,739 |   |   | 16,067 |   |   | - |   |   | 17,806 |   |   | - |   |   | - |   |   | 17,806 |   |
| Change                in provision for losses on trade receivables          |   |                                     | -        |   |   | (24                               | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (24      | ) |   | - |   |   | - |   |   | - |   |   | (24 | ) |   | - |   |   | - |   |   | (24 | ) |
| Change                in provision for losses on mortgage notes             |   |                                     | -        |   |   | (1,216                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (1,216   | ) |   | - |   |   | - |   |   | - |   |   | (1,216 | ) |   | - |   |   | - |   |   | (1,216 | ) |
| Net                (gain) loss on sale of real and personal property        |   |                                     | -        |   |   | 7,643                             |   |        | (482    | )                                                |   | -                                                                                  |   |                                             | 7,161    |   |   | - |   |   | - |   |   | - |   |   | 7,161 |   |   | - |   |   | - |   |   | 7,161 |   |
| Net                loss on sale of investments                              |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 1,082 |   |   | 1,959 |   |   | - |   |   | 3,041 |   |   | - |   |   | - |   |   | 3,041 |   |
| Write-off                of unamortized debt issuance costs                 |   |                                     | 13,629   |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | 13,629   |   |   | - |   |   | - |   |   | - |   |   | 13,629 |   |   | - |   |   | - |   |   | 13,629 |   |
| Deferred                income taxes                                        |   |                                     | 53,921   |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | 53,921   |   |   | (1,919 | ) |   | (2,116 | ) |   | - |   |   | 49,886 |   |   | 458 |   |   | 212 |   |   | 50,556 |   |
| Net                change in other operating assets and liabilities:        |   |                                     |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                     | -        |   |   | (9,326                            | )      |        | 4       |                                             |   | -                                                                                  |   |                                             | (9,322   | ) |   | 9,928 |   |   | (2,248 | ) |   | - |   |   | (1,642 | ) |   | - |   |   | - |   |   | (1,642 | ) |
| Inventories                                                                 |   |                                     | -        |   |   | (7,061                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (7,061   | ) |   | - |   |   | - |   |   | - |   |   | (7,061 | ) |   | (215 | ) |   | - |   |   | (7,276 | ) |
| Prepaid                expenses                                             |   |                                     | (1,978   | )      |   | (395                              | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (2,373   | ) |   | - |   |   | - |   |   | - |   |   | (2,373 | ) |   | 85 |   |   | - |   |   | (2,288 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (1,750 | ) |   | (7,213 | ) |   | - |   |   | (8,963 | ) |   | - |   |   | - |   |   | (8,963 | ) |
| Other                assets                                                 |   |                                     | 341      |   |   | 11,581                            |   |        | (12,056 | )                                                |   | -                                                                                  |   |                                             | (134     | ) |   | 2,395 |   |   | 458 |   |   | - |   |   | 2,719 |   |   | (504 | ) |   | - |   |   | 2,215 |   |
| Related                party assets                                         |   |                                     | 400,318  |   |   | (9,448                            | )      |        | (54     | )                                                |   | (380,768                                                                           | )      |                                             | 10,048   |   |   | (716 | ) |   | 392 |   |   | (5,943 | ) |   | 3,781 |   |   | (698 | ) |   | 2,506 |   |   | 5,589 |   |
| Accounts                payable and accrued expenses                        |   |                                     | (1,047   | )      |   | (24,491                           | )      |        | 16,828  |                                             |   | -                                                                                  |   |                                             | (8,710   | ) |   | 2,938 |   |   | 4,845 |   |   | (5,652 | ) |   | (6,579 | ) |   | 885 |   |   | - |   |   | (5,694 | ) |
| Policy                benefits and losses, claims and loss expenses payable |   |                                     | -        |   |   | 37,776                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 37,776   |   |   | (34,179 | ) |   | (9,215 | ) |   | - |   |   | (5,618 | ) |   | - |   |   | - |   |   | (5,618 | ) |
| Other                policyholders' funds and liabilities                   |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (2,547 | ) |   | (12,331 | ) |   | - |   |   | (14,878 | ) |   | - |   |   | - |   |   | (14,878 | ) |
| Deferred                income                                              |   |                                     | -        |   |   | (250                              | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (250     | ) |   | (2,841 | ) |   | - |   |   | (14,599 | ) |   | (17,690 | ) |   | 205 |   |   | - |   |   | (17,485 | ) |
| Related                party liabilities                                    |   |                                     | (167     | )      |   | (338,031                          | )      |        | (94,914 | )                                                |   | 380,768                                                                            |   |                                             | (52,344  | ) |   | 5,425 |   |   | (94 | ) |   | 52,149 |   |   | 5,136 |   |   | 307 |   |   | (2,559 | ) |   | 2,884 |   |
| Net                cash provided (used) by operating activities             |   |                                     | 409,744  |   |   | (92,299                           | )      |        | (69,685 | )                                                |   | -                                                                                  |   |                                             | 247,760  |   |   | (19,322 | ) |   | (4,007 | ) |   | 25,955 |   |   | 250,386 |   |   | 2,984 |   |   | - |   |   | 253,370 |   |
| Cash                flows from investing activities:                        |   |                                     |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                                     |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                     | (1       | )      |   | (186,534                          | )      |        | (64,275 | )                                                |   | -                                                                                  |   |                                             | (250,810 | ) |   | - |   |   | - |   |   | - |   |   | (250,810 | ) |   | (1,552 | ) |   | - |   |   | (252,362 | ) |
| Short                term investments                                       |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (172,117 | ) |   | (197,687 | ) |   | - |   |   | (369,804 | ) |   | - |   |   | - |   |   | (369,804 | ) |
| Fixed                maturities investments                                 |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (42,604 | ) |   | (141,073 | ) |   | - |   |   | (183,677 | ) |   | - |   |   | - |   |   | (183,677 | ) |
| Real                estate                                                  |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | - |   |   | (2,362 | ) |   | (2,362 | ) |   | - |   |   | - |   |   | (2,362 | ) |
| Mortgage                loans                                               |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (5,838 | ) |   | - |   |   | (5,838 | ) |   | - |   |   | - |   |   | (5,838 | ) |
| Proceeds                from sales of:                                      |   |                                     |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                     | -        |   |   | 40,395                            |   |        | 6,447   |                                             |   | -                                                                                  |   |                                             | 46,842   |   |   | - |   |   | - |   |   | - |   |   | 46,842 |   |   | - |   |   | - |   |   | 46,842 |   |
| Short                term investments                                       |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 152,237 |   |   | 274,547 |   |   | - |   |   | 426,784 |   |   | - |   |   | - |   |   | 426,784 |   |
| Fixed                maturities investments                                 |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 25,786 |   |   | 94,069 |   |   | - |   |   | 119,855 |   |   | - |   |   | - |   |   | 119,855 |   |
| Equity                securities                                            |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 10,615 |   |   | - |   |   | 10,615 |   |   | - |   |   | - |   |   | 10,615 |   |
| Preferred                stock                                              |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 8,403 |   |   | - |   |   | - |   |   | 8,403 |   |   | - |   |   | - |   |   | 8,403 |   |
| Real                estate                                                  |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 44,911 |   |   | 514 |   |   | - |   |   | 45,425 |   |   | - |   |   | - |   |   | 45,425 |   |
| Mortgage                loans                                               |   |                                     | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 10,338 |   |   | - |   |   | 10,338 |   |   | - |   |   | - |   |   | 10,338 |   |
| Payments                from notes and mortgage receivables                 |   |                                     | -        |   |   | 804                               |   |        | 539     |                                             |   | -                                                                                  |   |                                             | 1,343    |   |   | - |   |   | - |   |   | - |   |   | 1,343 |   |   | - |   |   | - |   |   | 1,343 |   |
| Net                cash provided (used) by investing activities             |   |                                     | (1       | )      |   | (145,335                          | )      |        | (57,289 | )                                                |   | -                                                                                  |   |                                             | (202,625 | ) |   | 16,616 |   |   | 45,485 |   |   | (2,362 | ) |   | (142,886 | ) |   | (1,552 | ) |   | - |   |   | (144,438 | ) |
|                                                                        |   | (page                1 of 2)   |
| (a)                Balance for the nine months ended September 30, 2005     |   |                                     |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**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                              |   |                                     | 80,266   |   |   | 215,950                           |   |        | 952,334  |                                             |   | -                                                                                  |   |                                             | 1,248,550  |   |   | - |   |   | - |   |   | - |   |   | 1,248,550 |   |   | - |   |   | - |   |   | 1,248,550 |   |
| Principal                repayments on credit facilities                      |   |                                     | (860,274 | )      |   | (10,383                           | )      |        | (216,157 | )                                                |   | -                                                                                  |   |                                             | (1,086,814 | ) |   | - |   |   | - |   |   | - |   |   | (1,086,814 | ) |   | (902 | ) |   | - |   |   | (1,087,716 | ) |
| Debt                issuance costs                                            |   |                                     | -        |   |   | (5,152                            | )      |        | (24,445  | )                                                |   | -                                                                                  |   |                                             | (29,597    | ) |   | - |   |   | - |   |   | - |   |   | (29,597 | ) |   | - |   |   | - |   |   | (29,597 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                     | -        |   |   | 1,251                             |   |        | -        |                                             |   | -                                                                                  |   |                                             | 1,251      |   |   | - |   |   | - |   |   | - |   |   | 1,251 |   |   | - |   |   | - |   |   | 1,251 |   |
| Proceeds                from (repayment of) intercompany loans                |   |                                     | 379,984  |   |   | 208,996                           |   |        | (588,980 | )                                                |   | -                                                                                  |   |                                             | -          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                     | (9,723   | )      |   | -                                 |   |        | -        |                                             |   | -                                                                                  |   |                                             | (9,723     | ) |   | - |   |   | - |   |   | - |   |   | (9,723 | ) |   | - |   |   | - |   |   | (9,723 | ) |
| Investment                contract deposits                                   |   |                                     | -        |   |   | -                                 |   |        | -        |                                             |   | -                                                                                  |   |                                             | -          |   |   | - |   |   | 15,471 |   |   | - |   |   | 15,471 |   |   | - |   |   | - |   |   | 15,471 |   |
| Investment                contract withdrawals                                |   |                                     | -        |   |   | -                                 |   |        | -        |                                             |   | -                                                                                  |   |                                             | -          |   |   | - |   |   | (55,943 | ) |   | - |   |   | (55,943 | ) |   | - |   |   | - |   |   | (55,943 | ) |
| Net                cash provided (used) by financing activities               |   |                                     | (409,747 | )      |   | 410,662                           |   |        | 122,752  |                                             |   | -                                                                                  |   |                                             | 123,667    |   |   | - |   |   | (40,472 | ) |   | - |   |   | 83,195 |   |   | (902 | ) |   | - |   |   | 82,293 |   |
|                                                                          |   |                                     |     |   |   |                              |   |        |     |                                             |   |                                                                               |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                     | -        |   |   | (30                               | )      |        | -        |                                             |   | -                                                                                  |   |                                             | (30        | ) |   | - |   |   | - |   |   | - |   |   | (30 | ) |   | - |   |   | - |   |   | (30 | ) |
|                                                                          |   |                                     |     |   |   |                              |   |        |     |                                             |   |                                                                               |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                     | (4       | )      |   | 172,998                           |   |        | (4,222   | )                                                |   | -                                                                                  |   |                                             | 168,772    |   |   | (2,706 | ) |   | 1,006 |   |   | 23,593 |   |   | 190,665 |   |   | 530 |   |   | - |   |   | 191,195 |   |
| 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                     |   | $                                        | 10       |   | $      | 210,624                           |   | $           | 105      |                                             | $      | -                                                                                  |   | $                                                | 210,739    |   | $ | 7,932 |   | $ | 3,998 |   | $ | 23,593 |   | $ | 246,262 |   | $ | 888 |   | $ | - |   | $ | 247,150 |   |
|                                                                          |   | (page                2 of 2)   |
| (a)                Balance for the nine months ended September 30, 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 December 31, 2006**                               |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                                                    |   | $                                                         | 447,195   |       | $      | 19,643           |   | $ | 466,838 |   |
| Depreciation                and amortization, net of (gains) losses on disposals |   |                                                      | 54,696    |       |   | (459             | )      |   | 54,237 |   |
| Interest                expense                                                  |   |                                                      | 21,994    |       |   | 137              |   |   | 22,131 |   |
| Pretax                loss                                                       |   |                                                      | (10,820   | )          |   | (3,049           | )      |   | (13,869 | ) |
| Income                tax benefit                                                |   |                                                      | (3,352    | )          |   | (1,037           | )      |   | (4,389 | ) |
| Identifiable                assets                                               |   |                                                      | 3,586,132 |       |   | 86,364           |   |   | 3,672,496 |   |
|                                                                             |   |                                                      |      |       |   |             |   |   |   |   |
| **Quarter                Ended December 31, 2005**                               |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                                                    |   | $                                                         | 477,893   |       | $      | 17,777           |   | $ | 495,670 |   |
| Depreciation                and amortization, net of (gains) losses on disposals |   |                                                      | 42,385    |       |   | (1,810           | )      |   | 40,575 |   |
| Interest                expense                                                  |   |                                                      | 17,598    |       |   | 193              |   |   | 17,791 |   |
| Pretax                earnings (loss)                                            |   |                                                      | 28,755    |       |   | (1,127           | )      |   | 27,628 |   |
| Income                tax expense (benefit)                                      |   |                                                      | 12,506    |       |   | (48              | )      |   | 12,458 |   |
| Identifiable                assets                                               |   |                                                      | 3,295,119 |       |   | 71,088           |   |   | 3,366,207 |   |
|                                                                             |   |                                                      |      |       |   |             |   |   |   |   |

|                                                                             |   | **United                States**                          |      | **Canada** |   | **Consolidated** |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                                             |   | (Unaudited)                                               |      |
|                                                                             |   | (All                amounts are in thousands of U.S. $'s) |      |
| **Nine                Months Ended December 31, 2006**                           |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                                                    |   | $                                                         | 1,564,837 |       | $      | 75,563           |   | $ | 1,640,400 |   |
| Depreciation                and amortization, net of (gains) losses on disposals |   |                                                      | 142,397   |       |   | 5,049            |   |   | 147,446 |   |
| Interest                expense                                                  |   |                                                      | 61,254    |       |   | 402              |   |   | 61,656 |   |
| Pretax                earnings                                                   |   |                                                      | 173,800   |       |   | 2,256            |   |   | 176,056 |   |
| Income                tax expense                                                |   |                                                      | 68,857    |       |   | 767              |   |   | 69,624 |   |
| Identifiable                assets                                               |   |                                                      | 3,586,132 |       |   | 86,364           |   |   | 3,672,496 |   |
|                                                                             |   |                                                      |      |       |   |             |   |   |   |   |
| **Nine                Months Ended December 31, 2005**                           |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                                                    |   | $                                                         | 1,590,900 |       | $      | 69,744           |   | $ | 1,660,644 |   |
| Depreciation                and amortization, net of (gains) losses on disposals |   |                                                      | 116,338   |       |   | 4,848            |   |   | 121,186 |   |
| Interest                expense (income)                                         |   |                                                      | 52,187    |       |   | 485              |   |   | 52,672 |   |
| Pretax                earnings                                                   |   |                                                      | 192,443   |       |   | 5,475            |   |   | 197,918 |   |
| Income                tax expense (benefit)                                      |   |                                                      | 78,588    |       |   | (24              | )      |   | 78,564 |   |
| Identifiable                assets                                               |   |                                                      | 3,295,119 |       |   | 71,088           |   |   | 3,366,207 |   |
|                                                                             |   |                                                      |      |       |   |             |   |   |   |   |

----

**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      Holding II Operating Segment**

----

**Critical      Accounting Policies and Estimates**

**Principles      of Consolidation**

----

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

----

**Insurance      Reserves**
** **

**Investments**

**Income      Taxe**
**s**

**Recent      Accounting Pronouncements**

*Accounting      for Uncertainty in Income Taxes*

----

*Considering      the Effects of Prior Year Misstatements in Current Year Financial      Statements*

----

**Results      of Operations**

**AMERCO and      Consolidated Entities**

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

|                                                                   |   | **Quarter                Ended December 31,** |    |
|------------------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                                   |   | **2006**                                      |    | **2005** |   |
|                                                                   |   | (Unaudited)                                   |    |
|                                                                   |   | (In                thousands)                 |    |
| Self-moving                equipment rentals                           |   | $                                             | 328,149 |   | $ | 353,409 |   |
| Self-storage                revenues                                   |   |                                          | 31,765  |   |   | 29,784 |   |
| Self-moving                and self-storage products and service sales |   |                                          | 46,351  |   |   | 47,316 |   |
| Property                management fees                                |   |                                          | 5,914   |   |   | 4,289 |   |
| Life                insurance premiums                                 |   |                                          | 29,454  |   |   | 30,743 |   |
| Property                and casualty insurance premiums                |   |                                          | 6,555   |   |   | 9,949 |   |
| Net                investment and interest income                      |   |                                          | 13,019  |   |   | 12,807 |   |
| Other                revenue                                           |   |                                          | 5,631   |   |   | 7,373 |   |
| Consolidated                revenue                                    |   | $                                             | 466,838 |   | $ | 495,670 |   |
|                                                                   |   |                                          |    |   |   |   |   |

----

|                                           |   | **Quarter                Ended December 31,** |    |
|------------------------------------------------|--------|-----------------------------------------------|---------|
|                                           |   | **2006**                                      |    | **2005** |   |
|                                           |   | (Unaudited)                                   |    |
|                                           |   | (In                thousands)                 |    |
| Moving                and storage              |   |                                          |    |   |   |   |   |
| Revenues                                       |   | $                                             | 418,493 |   | $ | 441,725 |   |
| Earnings                from operations        |   |                                          | 4,911   |   |   | 42,689 |   |
| Property                and casualty insurance |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | 11,667  |   |   | 12,827 |   |
| Earnings                (loss) from operations |   |                                          | 738     |   |   | (1,597 | ) |
| Life                insurance                  |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | 35,835  |   |   | 37,064 |   |
| Earnings                from operations        |   |                                          | 4,333   |   |   | 2,620 |   |
| SAC                Holding II                  |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | 10,810  |   |   | 10,870 |   |
| Earnings                from operations        |   |                                          | 3,011   |   |   | 3,630 |   |
| Eliminations                                   |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | (9,967  | ) |   | (6,816 | ) |
| Earnings                from operations        |   |                                          | (4,731  | ) |   | (1,923 | ) |
| Consolidated                results            |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | 466,838 |   |   | 495,670 |   |
| Earnings                from operations        |   |                                          | 8,262   |   |   | 45,419 |   |
|                                           |   |                                          |    |   |   |   |   |

----

**Moving      and Storage**

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

|                                                                   |   | **Quarter                Ended December 31,** |    |
|------------------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                                   |   | **2006**                                      |    | **2005** |   |
|                                                                   |   | (Unaudited)                                   |    |
|                                                                   |   | (In                thousands)                 |    |
| Self-moving                equipment rentals                           |   | $                                             | 328,149 |   | $ | 353,409 |   |
| Self-storage                revenues                                   |   |                                          | 26,706  |   |   | 25,055 |   |
| Self-moving                and self-storage products and service sales |   |                                          | 42,992  |   |   | 43,697 |   |
| Property                management fees                                |   |                                          | 6,559   |   |   | 4,942 |   |
| Net                investment and interest income                      |   |                                          | 9,490   |   |   | 8,440 |   |
| Other                revenue                                           |   |                                          | 4,597   |   |   | 6,182 |   |
| Moving                and Storage revenue                              |   | $                                             | 418,493 |   | $ | 441,725 |   |
|                                                                   |   |                                          |    |   |   |   |   |

|                                                      |   | **Quarter                Ended December 31,**        |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2006**                                             |   | **2005** |   |
|                                                      |   | (Unaudited)                                          |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of December 31               |   |                                                 | 126    |   |   | 123 |   |
| Square                footage as of December 31           |   |                                                 | 9,948  |   |   | 9,515 |   |
| Average                number of rooms occupied           |   |                                                 | 107    |   |   | 107 |   |
| Average                occupancy rate based on room count |   |                                                 | 85.4   | % |   | 86.9 | % |
| Average                square footage occupied            |   |                                                 | 8,585  |   |   | 8,448 |   |
|                                                      |   |                                                 |   |   |   |   |   |

----

**U-Haul      International, Inc.**

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

|                                                                   |   | **Quarter                Ended December 31,** |    |
|------------------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                                   |   | **2006**                                      |    | **2005** |   |
|                                                                   |   | (Unaudited)                                   |    |
|                                                                   |   | (In                thousands)                 |    |
| Self-moving                equipment rentals                           |   | $                                             | 328,149 |   | $ | 353,409 |   |
| Self-storage                revenues                                   |   |                                          | 26,251  |   |   | 24,655 |   |
| Self-moving                and self-storage products and service sales |   |                                          | 42,992  |   |   | 43,697 |   |
| Property                management fees                                |   |                                          | 6,559   |   |   | 4,942 |   |
| Net                investment and interest income                      |   |                                          | 8,294   |   |   | 7,538 |   |
| Other                revenue                                           |   |                                          | 5,945   |   |   | 7,709 |   |
| U-Haul                International, Inc. revenue                      |   | $                                             | 418,190 |   | $ | 441,950 |   |
|                                                                   |   |                                          |    |   |   |   |   |

----

**Republic      Western Insurance Company**

***Quarter      Ended September 30****,      2006 compared with the Quarter Ended September 30,      2005***

**Oxford      Life Insurance Company**

***Quarter      Ended****September      30, 2006 compared with the Quarter Ended September 30,      2005***

----

**SAC      Holding II**

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

|                                                                   |   | **Quarter                Ended December 31,** |   |
|------------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                   |   | **2006**                                      |   | **2005** |   |
|                                                                   |   | (Unaudited)                                   |   |
|                                                                   |   | (In                thousands)                 |   |
| Self-moving                equipment rentals                           |   | $                                             | 2,018  |   | $ | 2,211 |   |
| Self-storage                revenues                                   |   |                                          | 5,059  |   |   | 4,729 |   |
| Self-moving                and self-storage products and service sales |   |                                          | 3,359  |   |   | 3,619 |   |
| Other                revenue                                           |   |                                          | 374    |   |   | 311 |   |
| Segment                revenue                                         |   | $                                             | 10,810 |   | $ | 10,870 |   |
|                                                                   |   |                                          |   |   |   |   |   |

----

**AMERCO      and Consolidated Entities**

***Nine      Months***
***Ended      December 31, 2006 compared with the Nine Months Ended December 31,      2005***

|                                                                   |   | **Nine                Months Ended December 31,** |      |
|------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                   |   | **2006**                                          |      | **2005** |   |
|                                                                   |   | (Unaudited)                                       |      |
|                                                                   |   | (In                thousands)                     |      |
| Self-moving                equipment rentals                           |   | $                                                 | 1,181,103 |   | $ | 1,201,374 |   |
| Self-storage                revenues                                   |   |                                              | 94,612    |   |   | 89,776 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 175,718   |   |   | 176,371 |   |
| Property                management fees                                |   |                                              | 13,747    |   |   | 12,558 |   |
| Life                insurance premiums                                 |   |                                              | 91,493    |   |   | 90,050 |   |
| Property                and casualty insurance premiums                |   |                                              | 18,407    |   |   | 20,172 |   |
| Net                investment and interest income                      |   |                                              | 42,757    |   |   | 38,873 |   |
| Other                revenue                                           |   |                                              | 22,563    |   |   | 31,470 |   |
| Consolidated                revenue                                    |   | $                                                 | 1,640,400 |   | $ | 1,660,644 |   |
|                                                                   |   |                                              |      |   |   |   |   |

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|                                           |   | **Nine                Months Ended December 31,** |      |
|------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                           |   | **2006**                                          |      | **2005** |   |
|                                           |   | (Unaudited)                                       |      |
|                                           |   | (In                thousands)                     |      |
| Moving                and storage              |   |                                              |      |   |   |   |   |
| Revenues                                       |   | $                                                 | 1,484,952 |   | $ | 1,504,671 |   |
| Earnings                from operations        |   |                                              | 233,622   |   |   | 276,227 |   |
| Property                and casualty insurance |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 28,995    |   |   | 29,193 |   |
| Earnings                from operations        |   |                                              | 4,103     |   |   | 1,727 |   |
| Life                insurance                  |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 112,703   |   |   | 111,407 |   |
| Earnings                from operations        |   |                                              | 11,687    |   |   | 9,357 |   |
| SAC                Holding II                  |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 35,824    |   |   | 35,541 |   |
| Earnings                from operations        |   |                                              | 11,273    |   |   | 10,730 |   |
| Eliminations                                   |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | (22,074   | ) |   | (20,168 | ) |
| Earnings                from operations        |   |                                              | (16,004   | ) |   | (11,824 | ) |
| Consolidated                results            |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 1,640,400 |   |   | 1,660,644 |   |
| Earnings                from operations        |   |                                              | 244,681   |   |   | 286,217 |   |
|                                           |   |                                              |      |   |   |   |   |

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**Moving      and Storage**

***Nine      Months****Ended December 31, 2006 compared with the Nine Months Ended December 31,      2005***

|                                                                   |   | **Nine                Months Ended December 31,** |      |
|------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                   |   | **2006**                                          |      | **2005** |   |
|                                                                   |   | (Unaudited)                                       |      |
|                                                                   |   | (In                thousands)                     |      |
| Self-moving                equipment rentals                           |   | $                                                 | 1,181,103 |   | $ | 1,201,374 |   |
| Self-storage                revenues                                   |   |                                              | 79,663    |   |   | 75,746 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 163,222   |   |   | 163,369 |   |
| Property                management fees                                |   |                                              | 15,893    |   |   | 14,688 |   |
| Net                investment and interest income                      |   |                                              | 26,338    |   |   | 22,143 |   |
| Other                revenue                                           |   |                                              | 18,733    |   |   | 27,351 |   |
| Moving                and Storage revenue                              |   | $                                                 | 1,484,952 |   | $ | 1,504,671 |   |
|                                                                   |   |                                              |      |   |   |   |   |

|                                                      |   | **Nine                Months Ended December 31,**    |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2006**                                             |   | **2005** |   |
|                                                      |   | (Unaudited)                                          |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of December 31               |   |                                                 | 126    |   |   | 123 |   |
| Square                footage as of December 31           |   |                                                 | 9,948  |   |   | 9,515 |   |
| Average                number of rooms occupied           |   |                                                 | 109    |   |   | 108 |   |
| Average                occupancy rate based on room count |   |                                                 | 87.6   | % |   | 88.0 | % |
| Average                square footage occupied            |   |                                                 | 8,702  |   |   | 8,545 |   |
|                                                      |   |                                                 |   |   |   |   |   |

----

**U-Haul      International, Inc.**

***Nine      Months***
***Ended      December 31, 2006 compared with the Nine Months Ended December 31,      2005***

|                                                                   |   | **Nine                Months Ended December 31,** |      |
|------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                   |   | **2006**                                          |      | **2005** |   |
|                                                                   |   | (Unaudited)                                       |      |
|                                                                   |   | (In                thousands)                     |      |
| Self-moving                equipment rentals                           |   | $                                                 | 1,181,103 |   | $ | 1,201,374 |   |
| Self-storage                revenues                                   |   |                                              | 78,400    |   |   | 74,450 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 163,222   |   |   | 163,369 |   |
| Property                management fees                                |   |                                              | 15,893    |   |   | 14,688 |   |
| Net                investment and interest income                      |   |                                              | 22,680    |   |   | 18,254 |   |
| Other                revenue                                           |   |                                              | 22,697    |   |   | 31,147 |   |
| U-Haul                International, Inc. revenue                      |   | $                                                 | 1,483,995 |   | $ | 1,503,282 |   |
|                                                                   |   |                                              |      |   |   |   |   |

----

**Republic      Western Insurance Company**

***Nine      Months Ended September 30***
**,*2006 compared with the Nine Months Ended September 30,      2005***

**Oxford      Life Insurance Company**

***Nine      Months***
***Ended      September 30, 2006 compared with the Nine Months Ended September 30,      2005***

----

**SAC      Holding II**

***Nine      Months***
***Ended      December 31, 2006 compared with the Nine Months Ended December 31,      2005***

|                                                                   |   | **Nine                Months Ended December 31,** |   |
|------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                   |   | **2006**                                          |   | **2005** |   |
|                                                                   |   | (Unaudited)                                       |   |
|                                                                   |   | (In                thousands)                     |   |
| Self-moving                equipment rentals                           |   | $                                                 | 7,328  |   | $ | 7,560 |   |
| Self-storage                revenues                                   |   |                                              | 14,949 |   |   | 14,030 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 12,496 |   |   | 13,002 |   |
| Other                revenue                                           |   |                                              | 1,051  |   |   | 949 |   |
| Segment                revenue                                         |   | $                                                 | 35,824 |   | $ | 35,541 |   |
|                                                                   |   |                                              |   |   |   |   |   |

**Liquidity      and Capital Resources**

|                                        |   | Moving                & Storage |      | RepWest                (a) |   | Oxford                (a) |   | SAC                Holding II |    |
|---------------------------------------------|--------|-------------------------------------|-----------|----------------------------|--------|---------------------------|--------|-------------------------------|---------|
| Cash                & cash equivalents  |   |                                | 297,515   |                       |   | 7,395                     |   |                          | 8,221   |   |   | - |   |
| Other                financial assets       |   |                                | 359,280   |                       |   | 416,583                   |   |                          | 653,543 |   |   | - |   |
| Debt                obligations             |   |                                | 1,223,405 |                       |   | -                         |   |                          | -       |   |   | 75,253 |   |
|                                        |   |                                |      |                       |   |                      |   |                          |    |   |   |   |   |
| (a)                As of September 30, 2006 |   |                                |      |                       |   |                      |   |                          |    |

| Real                estate loan (revolving credit)     |   | $      | 200.0 |   |
|--------------------------------------------------------|--------|--------|-------|--------|
| Construction                loan (revolving credit)    |   |   | 40.0  |   |
| Working                capital loan (revolving credit) |   |   | 20.0  |   |
| Fleet                loan (revolving credit)           |   |   | 60.0  |   |
|                                                   |   | $      | 320.0 |   |

----

**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      2008**
**      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 |   |
|--------|-------------------------------------------------------|--------------------------------------|--------|--------|------------------------|--------|--------|-------------------------------|--------|--------|--------------------------------|--------|--------|---------------------------|--------|--------|------------------------------|--------|
|   |                                                  |                                 |   |   |                   |   |   |                          |   |   |                           |   |   |                      |   |   |                         |   |
|   | $                                                     | 124,887,977                          |   |   | (a),                (c | )      |   | 5/10/2006                     |   |   | 4/10/2012                      |   |   | 5.06                      | %      |   | 1                Month LIBOR |   |
|   |                                                  | 139,922,909                          |   |   | (a),                (c | )      |   | 10/10/2006                    |   |   | 10/10/2012                     |   |   | 5.57                      | %      |   | 1                Month LIBOR |   |
|   |                                                  | 45,811,129                           |   |   | (a),                (c | )      |   | 7/10/2006                     |   |   | 7/10/2013                      |   |   | 5.67                      | %      |   | 1                Month LIBOR |   |
|   |                                                  | 296,666,667                          |   |   | (a                     | )      |   | 8/18/2006                     |   |   | 8/10/2018                      |   |   | 5.43                      | %      |   | 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***

Information      regarding our legal proceedings can be found under Note 7 “Contingencies” to the“Notes to Condensed Consolidated Financial Statements.”

**Item      1A.*****Risk      Factors***

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

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

On      September 13, 2006, the Company announced that its Board of Directors has      authorized the Company to repurchase up to $50.0 million of its Common Stock.      The stock may be repurchased by the Company from time to time on the open market      between September 13, 2006 and October 31, 2007. The extent to which the Company      repurchases its shares and the timing of such purchases will depend upon market      conditions and other corporate considerations. The purchases will be funded      from      available working capital. There were no repurchases made during the period      covered by this Form 10-Q.

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**Item      3. *Defaults upon Senior Securities***

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

Not      applicable.

**Item      5. **
***Other      Information***

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**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                                 |   |   | First                  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           |   |
| 31.1                                |   |   | Rule                  13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and                  Chairman                  of the Board of AMERCO and Chief Executive Officer and Chairman                  of the                  Board of 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                  Chief Executive Officer and Chairman of the Board of 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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