**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 September 30, 2006**

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

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

|                                           |                                                                                                      |                                                                        |
|------------------------------------------------|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|
| **Commission****File                  Number** | **Registrant,                  State of Incorporation,****Address                  and Telephone Number** | **I.R.S.                  Employer****Identification                  No.** |
|                                      |                                                                                                           |                                                                        |
| 1-11255                                        | **AMERCO**                                                                                                | 88-0106815                                                                  |
|                                           | (A                  Nevada Corporation)                                                                   |                                                                        |
|                                           | 1325                  Airmotive Way, Ste. 100                                                             |                                                                        |
|                                           | Reno,                  Nevada 89502-3239                                                                  |                                                                        |
|                                           | Telephone                  (775) 688-6300                                                                 |                                                                        |
|                                           |                                                                                                      |                                                                        |
|                                           |                                                                                                           |                                                                        |
| 2-38498                                        | **U-Haul                  International, Inc.**                                                           | 86-0663060                                                                  |
|                                           | (A                  Nevada Corporation)                                                                   |                                                                        |
|                                           | 2727                  N. Central Avenue                                                                   |                                                                        |
|                                           | Phoenix,                  Arizona 85004-1158                                                              |                                                                        |
|                                           | Telephone                  (602) 263-6645                                                                 |                                                                        |

----

**TABLE        OF CONTENTS**

|                      |                                                                                                                                                                                         | Page                  No.                |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|
|                      | **PART                  I FINANCIAL INFORMATION**                                                                                                                                            |                                     |
| Item                  1.  | Financial                  Statements                                                                                                                                                        |                                     |
|                      | a)Condensed                  Consolidated Balance Sheets as of September 30, 2006 (unaudited)                  and March                  31, 2006                                           | 1                                        |
|                      | b)Condensed                  Consolidated Statements of Operations for the Quarters ended September                  30,                  2006 and 2005 (unaudited)                          | 2                                        |
|                      | c)Condensed                  Consolidated Statements of Operations for the Six Months ended                  September                  30, 2006 and 2005 (unaudited)                        | 3                                        |
|                      | c)Condensed                  Consolidated Statements of Comprehensive Income for the Quarters                  and Six                  Months ended September 30, 2006 and 2005 (unaudited) | 4                                        |
|                      | d)Condensed                  Consolidated Statements of Cash Flows for the Six Months ended                  September                  30, 2006 and 2005 (unaudited)                        | 5                                        |
|                      | e)Notes                  to Condensed Consolidated Financial Statements                  (unaudited)                                                                                         | 6                  -                  33 |
| Item                  2.  | Management’s                  Discussion and Analysis of Financial Condition and Results of                  Operations                                                                | 34                  - 55                 |
| Item                  3.  | Quantitative                  and Qualitative Disclosures About Market Risk                                                                                                                  | 56                                       |
| 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**

|                                                                                                               |   | **September                  30,** |       | **March                  31,** |   |
|--------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|------------|--------------------------------|--------|
|                                                                                                               |   | **2006**                           |       | **2006**                       |   |
|                                                                                                               |   | (Unaudited)                        |       |                           |   |
|                                                                                                               |   | (In                  thousands)    |       |
| **ASSETS**                                                                                                         |   |                               |       |                           |   |
| Cash                  and cash equivalents                                                                         |   | $                                  | 326,616    |                           | $      | 155,459 |   |
| Reinsurance                  recoverables and trade receivables, net                                               |   |                               | 215,236    |                           |   | 230,179 |   |
| Notes                  and mortgage receivables, net                                                               |   |                               | 2,260      |                           |   | 2,532 |   |
| Inventories,                  net                                                                                  |   |                               | 74,806     |                           |   | 64,919 |   |
| Prepaid                  expenses                                                                                  |   |                               | 47,529     |                           |   | 53,262 |   |
| Investments,                  fixed maturities and marketable equities                                             |   |                               | 685,428    |                           |   | 695,958 |   |
| Investments,                  other                                                                                |   |                               | 162,869    |                           |   | 209,361 |   |
| Deferred                  policy acquisition costs, net                                                            |   |                               | 53,727     |                           |   | 47,821 |   |
| Other                  assets                                                                                      |   |                               | 95,776     |                           |   | 102,094 |   |
| Related                  party assets                                                                              |   |                               | 259,530    |                           |   | 270,468 |   |
|                                                                                                               |   |                               | 1,923,777  |                           |   | 1,832,053 |   |
| Property,                  plant and equipment, at cost:                                                           |   |                               |       |                           |   |   |   |
| Land                                                                                                               |   |                               | 186,248    |                           |   | 175,785 |   |
| Buildings                  and improvements                                                                        |   |                               | 780,860    |                           |   | 739,603 |   |
| Furniture                  and equipment                                                                           |   |                               | 293,768    |                           |   | 281,371 |   |
| Rental                  trailers and other rental equipment                                                        |   |                               | 201,714    |                           |   | 201,273 |   |
| Rental                  trucks                                                                                     |   |                               | 1,519,981  |                           |   | 1,331,891 |   |
| SAC                  Holding II - property, plant and equipment                                                    |   |                               | 79,393     |                           |   | 79,217 |   |
|                                                                                                               |   |                               | 3,061,964  |                           |   | 2,809,140 |   |
| Less:                  Accumulated depreciation                                                                    |   |                               | (1,281,629 | )                              |   | (1,273,975 | ) |
| Total                  property, plant and equipment                                                               |   |                               | 1,780,335  |                           |   | 1,535,165 |   |
| Total                  assets                                                                                      |   | $                                  | 3,704,112  |                           | $      | 3,367,218 |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                                                          |   |                               |       |                           |   |   |   |
| Liabilities:                                                                                                       |   |                               |       |                           |   |   |   |
| Accounts                  payable and accrued expenses                                                             |   | $                                  | 248,438    |                           | $      | 235,878 |   |
| AMERCO's                  notes and loans payable                                                                  |   |                               | 1,201,081  |                           |   | 965,634 |   |
| SAC                  Holding II notes and loans payable, non-recourse to AMERCO                                    |   |                               | 75,597     |                           |   | 76,232 |   |
| Policy                  benefits and losses, claims and loss expenses payable                                      |   |                               | 800,763    |                           |   | 800,413 |   |
| Liabilities                  from investment contracts                                                             |   |                               | 417,318    |                           |   | 449,149 |   |
| Other                  policyholders' funds and liabilities                                                        |   |                               | 9,431      |                           |   | 7,705 |   |
| Deferred                  income                                                                                   |   |                               | 15,768     |                           |   | 21,346 |   |
| Deferred                  income taxes                                                                             |   |                               | 132,815    |                           |   | 108,092 |   |
| Related                  party liabilities                                                                         |   |                               | 3,332      |                           |   | 7,165 |   |
| Total                  liabilities                                                                                 |   |                               | 2,904,543  |                           |   | 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 September 30 and March 31,                  2006    |   |                               | -          |                           |   | - |   |
| Series                  B preferred stock, with no par value, 100,000 shares authorized;                  none     |   |                               |       |                           |   |   |   |
| issued                  and outstanding as of September 30 and March 31, 2006                                      |   |                               | -          |                           |   | - |   |
| Series                  common stock, with or without par value, 150,000,000 shares                  authorized:   |   |                               |       |                           |   |   |   |
| Series                  A common stock of $0.25 par value, 10,000,000 shares                  authorized;          |   |                               |       |                           |   |   |   |
| 3,716,181                  shares issued as of September 30 and March 31, 2006                                     |   |                               | 929        |                           |   | 929 |   |
| Common                  stock of $0.25 par value, 150,000,000 shares authorized;                                   |   |                               |       |                           |   |   |   |
| 38,269,519                  issued as of September 30 and March 31, 2006                                           |   |                               | 9,568      |                           |   | 9,568 |   |
| Additional                  paid-in capital                                                                        |   |                               | 373,902    |                           |   | 367,655 |   |
| Accumulated                  other comprehensive loss                                                              |   |                               | (41,222    | )                              |   | (28,902 | ) |
| Retained                  earnings                                                                                 |   |                               | 883,214    |                           |   | 773,784 |   |
| Cost                  of common shares in treasury, net (20,701,096 shares as of                                   |   |                               |       |                           |   |   |   |
| September                  30 and March 31, 2006)                                                                  |   |                               | (418,092   | )                              |   | (418,092 | ) |
| Unearned                  employee stock ownership plan shares                                                     |   |                               | (8,730     | )                              |   | (9,338 | ) |
| Total                  stockholders' equity                                                                        |   |                               | 799,569    |                           |   | 695,604 |   |
| Total                  liabilities and stockholders' equity                                                        |   | $                                  | 3,704,112  |                           | $      | 3,367,218 |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                       |   |                                                                                                                                                       |   | **Quarter                    Ended September 30,** |   |
|----------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|--------|
|                                                                       |   |                                                                                                                                                       |   | **2006**                                           |   | **2005** |   |
|                                                                       |   |                                                                                                                                                       |   | (Unaudited)                                        |   |
|                                                                       |   |                                   (In thousands, except share and per share amounts) |   |
| Revenues:                                                                  |   |                                                                                                                                                       |   |                                               |   |   |   |
| Self-moving                    equipment rentals                           |   |                                                                                                                                                       |   |                                               | $      | 445,720 |   | $ | 446,705 |   |
| Self-storage                    revenues                                   |   |                                                                                                                                                       |   |                                               |   | 32,416 |   |   | 31,224 |   |
| Self-moving                    and self-storage products and service sales |   |                                                                                                                                                       |   |                                               |   | 61,916 |   |   | 62,492 |   |
| Property                    management fees                                |   |                                                                                                                                                       |   |                                               |   | 3,986 |   |   | 3,829 |   |
| Life                    insurance premiums                                 |   |                                                                                                                                                       |   |                                               |   | 31,120 |   |   | 29,718 |   |
| Property                    and casualty insurance premiums                |   |                                                                                                                                                       |   |                                               |   | 6,470 |   |   | 5,399 |   |
| Net                    investment and interest income                      |   |                                                                                                                                                       |   |                                               |   | 15,908 |   |   | 12,352 |   |
| Other                    revenue                                           |   |                                                                                                                                                       |   |                                               |   | 8,999 |   |   | 13,797 |   |
| Total                    revenues                                          |   |                                                                                                                                                       |   |                                               |   | 606,535 |   |   | 605,516 |   |
|                                                                       |   |                                                                                                                                                       |   |                                               |   |   |   |   |   |   |
| Costs                    and expenses:                                     |   |                                                                                                                                                       |   |                                               |   |   |   |   |   |   |
| Operating                    expenses                                      |   |                                                                                                                                                       |   |                                               |   | 280,808 |   |   | 289,701 |   |
| Commission                    expenses                                     |   |                                                                                                                                                       |   |                                               |   | 53,605 |   |   | 53,197 |   |
| Cost                    of sales                                           |   |                                                                                                                                                       |   |                                               |   | 31,448 |   |   | 30,917 |   |
| Benefits                    and losses                                     |   |                                                                                                                                                       |   |                                               |   | 28,842 |   |   | 26,709 |   |
| Amortization                    of deferred policy acquisition costs       |   |                                                                                                                                                       |   |                                               |   | 4,825 |   |   | 5,854 |   |
| Lease                    expense                                           |   |                                                                                                                                                       |   |                                               |   | 37,667 |   |   | 36,578 |   |
| Depreciation,                    net of (gains) losses on disposals        |   |                                                                                                                                                       |   |                                               |   | 43,087 |   |   | 34,322 |   |
| Total                    costs and expenses                                |   |                                                                                                                                                       |   |                                               |   | 480,282 |   |   | 477,278 |   |
|                                                                       |   |                                                                                                                                                       |   |                                               |   |   |   |   |   |   |
| Earnings                    from operations                                |   |                                                                                                                                                       |   |                                               |   | 126,253 |   |   | 128,238 |   |
| Interest                    expense                                        |   |                                                                                                                                                       |   |                                               |   | (21,063 | ) |   | (15,245 | ) |
| Amortization                    of fees on early extinguishment of debt    |   |                                                                                                                                                       |   |                                               |   | (6,969 | ) |   | - |   |
| Pretax                    earnings                                         |   |                                                                                                                                                       |   |                                               |   | 98,221 |   |   | 112,993 |   |
| Income                    tax expense                                      |   |                                                                                                                                                       |   |                                               |   | (37,730 | ) |   | (43,871 | ) |
| Net                    earnings                                            |   |                                                                                                                                                       |   |                                               |   | 60,491 |   |   | 69,122 |   |
| Less:                    Preferred stock dividends                         |   |                                                                                                                                                       |   |                                               |   | (3,241 | ) |   | (3,241 | ) |
| Earnings                    available to common shareholders               |   |                                                                                                                                                       |   |                                               | $      | 57,250 |   | $ | 65,881 |   |
| Basic                    and diluted earnings per common share             |   |                                                                                                                                                       |   |                                               | $      | 2.74 |   | $ | 3.16 |   |
| Weighted                    average common shares outstanding:             |   |                                                                                                                                                       |   |                                               |   |   |   |   |   |   |
| Basic                    and diluted                                       |   |                                                                                                                                                       |   |                                               |   | 20,910,204 |   |   | 20,848,620 |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                       |   |                                                                                                                                                       |   | **Six                    Months Ended September 30,** |   |
|----------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|--------|
|                                                                       |   |                                                                                                                                                       |   | **2006**                                              |   | **2005** |   |
|                                                                       |   |                                                                                                                                                       |   | (Unaudited)                                           |   |
|                                                                       |   |                                   (In thousands, except share and per share amounts) |   |
| Revenues:                                                                  |   |                                                                                                                                                       |   |                                                  |   |   |   |
| Self-moving                    equipment rentals                           |   |                                                                                                                                                       |   |                                                  | $      | 852,954 |   | $ | 847,965 |   |
| Self-storage                    revenues                                   |   |                                                                                                                                                       |   |                                                  |   | 62,847 |   |   | 59,992 |   |
| Self-moving                    and self-storage products and service sales |   |                                                                                                                                                       |   |                                                  |   | 129,367 |   |   | 129,055 |   |
| Property                    management fees                                |   |                                                                                                                                                       |   |                                                  |   | 7,833 |   |   | 8,269 |   |
| Life                    insurance premiums                                 |   |                                                                                                                                                       |   |                                                  |   | 62,039 |   |   | 59,307 |   |
| Property                    and casualty insurance premiums                |   |                                                                                                                                                       |   |                                                  |   | 11,852 |   |   | 10,223 |   |
| Net                    investment and interest income                      |   |                                                                                                                                                       |   |                                                  |   | 29,738 |   |   | 26,066 |   |
| Other                    revenue                                           |   |                                                                                                                                                       |   |                                                  |   | 16,932 |   |   | 24,097 |   |
| Total                    revenues                                          |   |                                                                                                                                                       |   |                                                  |   | 1,173,562 |   |   | 1,164,974 |   |
|                                                                       |   |                                                                                                                                                       |   |                                                  |   |   |   |   |   |   |
| Costs                    and expenses:                                     |   |                                                                                                                                                       |   |                                                  |   |   |   |   |   |   |
| Operating                    expenses                                      |   |                                                                                                                                                       |   |                                                  |   | 542,187 |   |   | 556,493 |   |
| Commission                    expenses                                     |   |                                                                                                                                                       |   |                                                  |   | 103,141 |   |   | 101,215 |   |
| Cost                    of sales                                           |   |                                                                                                                                                       |   |                                                  |   | 63,764 |   |   | 61,961 |   |
| Benefits                    and losses                                     |   |                                                                                                                                                       |   |                                                  |   | 59,448 |   |   | 54,023 |   |
| Amortization                    of deferred policy acquisition costs       |   |                                                                                                                                                       |   |                                                  |   | 10,451 |   |   | 12,052 |   |
| Lease                    expense                                           |   |                                                                                                                                                       |   |                                                  |   | 75,394 |   |   | 69,873 |   |
| Depreciation,                    net of (gains) losses on disposals        |   |                                                                                                                                                       |   |                                                  |   | 82,758 |   |   | 68,559 |   |
| Total                    costs and expenses                                |   |                                                                                                                                                       |   |                                                  |   | 937,143 |   |   | 924,176 |   |
|                                                                       |   |                                                                                                                                                       |   |                                                  |   |   |   |   |   |   |
| Earnings                    from operations                                |   |                                                                                                                                                       |   |                                                  |   | 236,419 |   |   | 240,798 |   |
| Interest                    expense                                        |   |                                                                                                                                                       |   |                                                  |   | (39,525 | ) |   | (34,881 | ) |
| Fees                    and amortization on early extinguishment of debt   |   |                                                                                                                                                       |   |                                                  |   | (6,969 | ) |   | (35,627 | ) |
| Pretax                    earnings                                         |   |                                                                                                                                                       |   |                                                  |   | 189,925 |   |   | 170,290 |   |
| Income                    tax expense                                      |   |                                                                                                                                                       |   |                                                  |   | (74,013 | ) |   | (66,106 | ) |
| Net                    earnings                                            |   |                                                                                                                                                       |   |                                                  |   | 115,912 |   |   | 104,184 |   |
| Less:                    Preferred stock dividends                         |   |                                                                                                                                                       |   |                                                  |   | (6,482 | ) |   | (6,482 | ) |
| Earnings                    available to common shareholders               |   |                                                                                                                                                       |   |                                                  | $      | 109,430 |   | $ | 97,702 |   |
| Basic                    and diluted earnings per common share             |   |                                                                                                                                                       |   |                                                  | $      | 5.23 |   | $ | 4.69 |   |
| Weighted                    average common shares outstanding:             |   |                                                                                                                                                       |   |                                                  |   |   |   |   |   |   |
| Basic                    and diluted                                       |   |                                                                                                                                                       |   |                                                  |   | 20,903,946 |   |   | 20,842,539 |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

|                                                            |   | **Quarter                  Ended September 30,** |
|-----------------------------------------------------------------|--------|--------------------------------------------------|
|                                                            |   | **2006**                                         |   | **2005** |
|                                                            |   | (Unaudited)                                      |
|                                                            |   | (In                  thousands)                  |
| Comprehensive                  income:                          |   |                                             |   |   |
| Net                  earnings                                   |   | $                                                | 60,491 |   | $ | 69,122 |
| Other                  comprehensive income (loss), net of tax: |   |                                             |   |   |   |   |
| Foreign                  currency translation                   |   |                                             | (862 | ) |   | 1,868 |
| Unrealized                  gain (loss) on investments, net     |   |                                             | (2,103 | ) |   | 6,796 |
| Fair                  market value of cash flow hedges          |   |                                             | (9,906 | ) |   | 3,656 |
| Total                  comprehensive income                     |   | $                                                | 47,620 |   | $ | 81,442 |

|                                                            |   | **Six                  Months Ended September 30,** |
|-----------------------------------------------------------------|--------|-----------------------------------------------------|
|                                                            |   | **2006**                                            |   | **2005** |
|                                                            |   | (Unaudited)                                         |
|                                                            |   | (In                  thousands)                     |
| Comprehensive                  income:                          |   |                                                |   |   |
| Net                  earnings                                   |   | $                                                   | 115,912 |   | $ | 104,184 |
| Other                  comprehensive income (loss), net of tax: |   |                                                |   |   |   |   |
| Foreign                  currency translation                   |   |                                                | 1,060 |   |   | (102) |
| Unrealized                  gain (loss) on investments, net     |   |                                                | (4,689 | ) |   | 1,256 |
| Fair                  market value of cash flow hedges          |   |                                                | (8,691 | ) |   | 3,247 |
| Total                  comprehensive income                     |   | $                                                   | 103,592 |   | $ | 108,585 |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF CASH FLOWS**

|                                                                            |   | **Six                  Months Ended September 30,** |     |
|---------------------------------------------------------------------------------|--------|-----------------------------------------------------|----------|
|                                                                            |   | **2006**                                            |     | **2005** |   |
|                                                                            |   | (Unaudited)                                         |     |
|                                                                            |   | (In                  thousands)                     |     |
| Cash                  flow from operating activities:                           |   |                                                |     |   |   |
| Net                  earnings                                                   |   | $                                                   | 115,912  |   | $ | 104,184 |   |
| Depreciation                                                                    |   |                                                | 86,545   |   |   | 62,618 |   |
| Amortization                  of deferred policy acquisition costs              |   |                                                | 10,451   |   |   | 13,463 |   |
| Change                  in provision for losses on trade receivables            |   |                                                | (11      | ) |   | (620 | ) |
| Change                  in provision for losses on mortgage notes               |   |                                                | (20      | ) |   | - |   |
| Reduction                  for inventory reserves                               |   |                                                | -        |   |   | (1,000 | ) |
| Net                  (gain) loss on sale of real and personal property          |   |                                                | (3,787   | ) |   | 5,941 |   |
| Net                  loss on sale of investments                                |   |                                                | 891      |   |   | 1,483 |   |
| Write-off                  of unamortized debt issuance costs                   |   |                                                | 6,969    |   |   | 13,629 |   |
| Deferred                  income taxes                                          |   |                                                | 27,677   |   |   | 45,859 |   |
| Net                  change in other operating assets and liabilities:          |   |                                                |     |   |   |   |   |
| Reinsurance                  recoverables and trade receivables                 |   |                                                | 18,383   |   |   | 3,821 |   |
| Inventories                                                                     |   |                                                | (8,357   | ) |   | (5,123 | ) |
| Prepaid                  expenses                                               |   |                                                | (2,962   | ) |   | (2,419 | ) |
| Capitalization                  of deferred policy acquisition costs            |   |                                                | (3,166   | ) |   | (1,490 | ) |
| Other                  assets                                                   |   |                                                | (95      | ) |   | 12,080 |   |
| Related                  party assets                                           |   |                                                | 12,899   |   |   | (2,707 | ) |
| Accounts                  payable and accrued expenses                          |   |                                                | 7,380    |   |   | (12,630 | ) |
| Policy                  benefits and losses, claims and loss expenses payable   |   |                                                | (8,420   | ) |   | (2,941 | ) |
| Other                  policyholders' funds and liabilities                     |   |                                                | 1,577    |   |   | (9,785 | ) |
| Deferred                  income                                                |   |                                                | 530      |   |   | 738 |   |
| Related                  party liabilities                                      |   |                                                | (10,016  | ) |   | (2,141 | ) |
| Net                  cash provided by operating activities                      |   |                                                | 252,380  |   |   | 222,960 |   |
|                                                                            |   |                                                |     |   |   |   |   |
| Cash                  flows from investing activities:                          |   |                                                |     |   |   |   |   |
| Purchases                  of:                                                  |   |                                                |     |   |   |   |   |
| Property,                  plant and equipment                                  |   |                                                | (378,605 | ) |   | (122,756 | ) |
| Short                  term investments                                         |   |                                                | (103,999 | ) |   | (220,480 | ) |
| Fixed                  maturities investments                                   |   |                                                | (59,033  | ) |   | (161,102 | ) |
| Mortgage                  loans                                                 |   |                                                | (8,855   | ) |   | (1,250 | ) |
| Proceeds                  from sale of:                                         |   |                                                |     |   |   |   |   |
| Property,                  plant and equipment                                  |   |                                                | 57,204   |   |   | 30,269 |   |
| Short                  term investments                                         |   |                                                | 145,044  |   |   | 308,147 |   |
| Fixed                  maturities investments                                   |   |                                                | 52,056   |   |   | 94,132 |   |
| Cash                  received in excess of purchase for company acquired       |   |                                                | 1,235    |   |   | - |   |
| Equity                  securities                                              |   |                                                | -        |   |   | 9,250 |   |
| Preferred                  stock                                                |   |                                                | 125      |   |   | 7,842 |   |
| Real                  estate                                                    |   |                                                | 10,113   |   |   | 36,002 |   |
| Mortgage                  loans                                                 |   |                                                | 4,182    |   |   | 4,823 |   |
| Payments                  from notes and mortgage receivables                   |   |                                                | 293      |   |   | (404 | ) |
| Net                  cash used by investing activities                          |   |                                                | (280,240 | ) |   | (15,527 | ) |
|                                                                            |   |                                                |     |   |   |   |   |
| Cash                  flows from financing activities:                          |   |                                                |     |   |   |   |   |
| Borrowings                  from credit facilities                              |   |                                                | 276,744  |   |   | 1,168,318 |   |
| Principal                  repayments on credit facilities                      |   |                                                | (39,614  | ) |   | (1,083,747 | ) |
| Debt                  issuance costs                                            |   |                                                | (539     | ) |   | (25,245 | ) |
| Leveraged                  Employee Stock Ownership Plan - repayments from loan |   |                                                | 608      |   |   | 435 |   |
| Preferred                  stock dividends paid                                 |   |                                                | (6,482   | ) |   | (6,482 | ) |
| Investment                  contract deposits                                   |   |                                                | 8,444    |   |   | 10,405 |   |
| Investment                  contract withdrawals                                |   |                                                | (40,275  | ) |   | (38,018 | ) |
| Net                  cash provided by financing activities                      |   |                                                | 198,886  |   |   | 25,666 |   |
|                                                                            |   |                                                |     |   |   |   |   |
| Effects                  of exchange rate on cash                               |   |                                                | 131      |   |   | 79 |   |
|                                                                            |   |                                                |     |   |   |   |   |
| Increase                  in cash equivalents                                   |   |                                                | 171,157  |   |   | 233,178 |   |
| Cash                  and cash equivalents at the beginning of period           |   |                                                | 155,459  |   |   | 55,955 |   |
| Cash                  and cash equivalents at the end of period                 |   | $                                                   | 326,616  |   | $ | 289,133 |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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

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

***Description        of Legal Entities***

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

***Description        of Operating Segments***

**2.        Earnings per Share**

|                                                         |   | **Quarter                  Ended September 30,** |
|--------------------------------------------------------------|--------|--------------------------------------------------|
|                                                         |   | **2006**                                         |   | **2005** |
|                                                         |   | (Unaudited)                                      |
| Basic                  and diluted earnings per common share |   | $                                                | 2.74 |   | $ | 3.16 |
| Weighted                  average common shares outstanding: |   |                                             |   |   |   |   |
| Basic                  and diluted                           |   |                                             | 20,910,204 |   |   | 20,848,620 |

|                                                         |   | **Six                  Months Ended September 30,** |
|--------------------------------------------------------------|--------|-----------------------------------------------------|
|                                                         |   | **2006**                                            |   | **2005** |
|                                                         |   | (Unaudited)                                         |
| Basic                  and diluted earnings per common share |   | $                                                   | 5.23 |   | $ | 4.69 |
| Weighted                  average common shares outstanding: |   |                                                |   |   |   |   |
| Basic                  and diluted                           |   |                                                | 20,903,946 |   |   | 20,842,539 |

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

**3.        Borrowings**

***Long-Term        Debt***

|                                                        |   |                               |       |           |   | **September                  30,** |   | **March                  31,** |
|-------------------------------------------------------------|--------|------------------------------------|------------|----------------|--------|------------------------------------|--------|--------------------------------|
|                                                        |   | **2006                  Rate (a)** |       | **Maturities** |   | **2006**                           |   | **2006**                       |
|                                                        |   |                               |       |           |   | (Unaudited)                        |   |                           |
|                                                        |   |                               |       |           |   | (In                  thousands)    |
| Real                  estate loan (floating)                |   |                               | 6.83       | %              |   | 2018                               |   | $                              | 300,000 |   | $ | 242,585 |
| Real                  estate loan (revolving credit)        |   |                               | -          |           |   | 2018                               |   |                           | - |   |   | - |
| Senior                  mortgages                           |   |                               | 5.47%-5.75 | %              |   | 2015                               |   |                           | 526,897 |   |   | 531,309 |
| Mezzanine                  loan (floating) (b)              |   |                               | -          |           |   | -                                  |   |                           | - |   |   | 19,393 |
| Construction                  loan (revolving credit)       |   |                               | -          |           |   | 2009                               |   |                           | - |   |   | - |
| Fleet                  loans (amortizing term)              |   |                               | 7.08       | %              |   | 2012-2013                          |   |                           | 284,184 |   |   | 82,347 |
| Fleet                  loan (revolving credit)              |   |                               | 7.08       | %              |   | 2010                               |   |                           | 90,000 |   |   | 90,000 |
| Total                  AMERCO notes and loans payable       |   |                               |       |           |   |                               |   | $                              | 1,201,081 |   | $ | 965,634 |
|                                                        |   |                               |       |           |   |                               |   |                           |   |   |   |   |
| (a)                  Interest rate as of September 30, 2006 |   |                               |       |           |   |                               |   |                           |   |   |   |   |
| (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 - (C**
**ONTINUED)**

*Senior        Mortgages*

*Mezzanine        Loan*

*Construction        Loan*

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

***Fleet        Loans***

*Rental        Truck Amortizing Loans*

*Revolving        Credit Agreement*

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

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

|                                    |   | **Year                  Ending September 30,** |   |
|-----------------------------------------|--------|------------------------------------------------|--------|
|                                    |   | **2007**                                       |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **Thereafter** |   |
|                                    |   | (Unaudited)                                    |   |
|                                    |   | (In                  thousands)                |   |
| Notes                  payable, secured |   | $                                              | 51,304 |   | $ | 54,124 |   | $ | 97,138 |   | $ | 110,361 |   | $ | 63,807 |   | $ | 824,347 |   |

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

|                                                                   |   | **September                  30,** |   | **March                  31,** |   |
|------------------------------------------------------------------------|--------|------------------------------------|--------|--------------------------------|--------|
|                                                                   |   | **2006**                           |   | **2006**                       |   |
|                                                                   |   | (Unaudited)                        |   |                           |   |
|                                                                   |   | (In                  thousands)    |   |
| Notes                  payable, secured, 7.87% interest rate, due 2027 |   | $                                  | 75,597 |                           | $      | 76,232 |   |

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

|                                    |   | **Year                  Ending September 30,** |   |
|-----------------------------------------|--------|------------------------------------------------|--------|
|                                    |   | **2007**                                       |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **Thereafter** |   |
|                                    |   | (Unaudited)                                    |   |
|                                    |   | (In                  thousands)                |   |
| Notes                  payable, secured |   | $                                              | 1,366  |   | $ | 1,529 |   | $ | 1,722 |   | $ | 1,862 |   | $ | 2,014 |   | $ | 67,104 |   |

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

**W.P.        Carey Transactions**

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

**4.        Interest on Borrowings**

***Interest        Expense***

|                                                                                                        |   | **Quarter                  Ended September 30,** |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|--------|
|                                                                                                        |   | **2006**                                         |   | **2005** |   |
|                                                                                                        |   | (Unaudited)                                      |   |
|                                                                                                        |   | (In                  thousands)                  |   |
| Interest                  expense                                                                           |   | $                                                | 19,331 |   | $ | 13,232 |   |
| Capitalized                  interest                                                                       |   |                                             | (129   | ) |   | (32 | ) |
| Amortization                  of transaction costs                                                          |   |                                             | 1,076  |   |   | 1,349 |   |
| Interest                  income resulting from derivatives                                                 |   |                                             | (738   | ) |   | (853 | ) |
| Amortization                  of transaction costs related to early extinguishment of                  debt |   |                                             | 6,969  |   |   | - |   |
| Total                  AMERCO interest expense                                                              |   |                                             | 26,509 |   |   | 13,696 |   |
| SAC                  Holding II interest expense                                                            |   |                                             | 3,206  |   |   | 3,014 |   |
| Less:                  Intercompany transactions                                                            |   |                                             | 1,683  |   |   | 1,465 |   |
| Total                  SAC Holding II interest expense                                                      |   |                                             | 1,523  |   |   | 1,549 |   |
| Total                                                                                                       |   | $                                                | 28,032 |   | $ | 15,245 |   |

|                                                                                                        |   |                                                |   |     |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|----------|--------|
|                                                                                                        |   | **Six                  Months Ended September 30,** |   |
|                                                                                                        |   | **2006**                                            |   | **2005** |   |
|                                                                                                        |   | (Unaudited)                                         |   |
|                                                                                                        |   | (In                  thousands)                     |   |
| Interest                  expense                                                                           |   | $                                                   | 35,888 |     | $      | 31,333 |   |
| Capitalized                  interest                                                                       |   |                                                | (171   | )        |   | (76 | ) |
| Amortization                  of transaction costs                                                          |   |                                                | 2,374  |     |   | 1,349 |   |
| Interest                  income resulting from derivatives                                                 |   |                                                | (1,601 | )        |   | (811 | ) |
| 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                                                              |   |                                                | 43,459 |     |   | 67,422 |   |
| SAC                  Holding II interest expense                                                            |   |                                                | 6,600  |     |   | 6,144 |   |
| Less:                  Intercompany transactions                                                            |   |                                                | 3,565  |     |   | 3,058 |   |
| Total                  SAC Holding II interest expense                                                      |   |                                                | 3,035  |     |   | 3,086 |   |
| Total                                                                                                       |   | $                                                   | 46,494 |     | $      | 70,508 |   |

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

***Interest        Rates***

|                                                                             |   | **Revolving                  Credit Activity**         |   |
|----------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|
|                                                                             |   | **Quarter                  Ended September 30,**       |   |
|                                                                             |   | **2006**                                               |   | **2005** |   |
|                                                                             |   | (Unaudited)                                            |   |
|                                                                             |   | (In                  thousands, except interest rates) |   |
| Weighted                  average interest rate during the second fiscal quarter |   | 5.35%                                                  |   | 5.30% |   |
| Interest                  rate at the end of the second fiscal quarter           |   | 5.32%                                                  |   | 5.48% |   |
| Maximum                  amount outstanding during the second fiscal quarter     |   | $                                                      | 90,000 |   | $ | 90,000 |   |
| Average                  amount outstanding during the second fiscal quarter     |   | $                                                      | 90,000 |   | $ | 90,000 |   |

|                                                                        |   | **Revolving                  Credit Activity**         |   |
|-----------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|
|                                                                        |   | **Six                  Months Ended September 30,**    |   |
|                                                                        |   | **2006**                                               |   | **2005** |   |
|                                                                        |   | (Unaudited)                                            |   |
|                                                                        |   | (In                  thousands, except interest rates) |   |
| Weighted                  average interest rate during the first six months |   | 6.04%                                                  |   | 5.84% |   |
| Interest                  rate at the end of the first six months           |   | 5.32%                                                  |   | 5.48% |   |
| Maximum                  amount outstanding during the first six months     |   | $                                                      | 90,000 |   | $ | 135,010 |   |
| Average                  amount outstanding during the first six months     |   | $                                                      | 90,000 |   | $ | 106,192 |   |
|                                                                        |   |                                                   |   |   |   |   |   |

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

**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         |   |                                              | 1,060   |                                                       |   | -                                                         |   |                                                              | -      |   |   | 1,060 |   |
| Unrealized                  loss on investments                 |   |                                              | -       |                                                       |   | (4,689                                                    | )      |                                                              | -      |   |   | (4,689 | ) |
| Change                  in fair market value of cash flow hedge |   |                                              | -       |                                                       |   | -                                                         |   |                                                              | (8,691 | ) |   | (8,691 | ) |
| **Balance                  at September 30, 2006**              |   | $                                                 | (33,187 | )                                                          | $      | (3,972                                                    | )      | $                                                                 | (4,063 | ) | $ | (41,222 | ) |

**6.        Contingent Liabilities and Commitments**

|                                      |   | **Property,****Plant                  and****Equipment**                                              |   | **Rental****Equipment**         |   | **Total** |   |
|-------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|-----------|--------|
|                                      |   |                               (Unaudited) |   |
|                                      |   |                                                                                                  |   | (In                  thousands) |   |      |   |
| Year-ended                  September 30: |   |                                                                                                  |   |                            |   |      |   |
| 2007                                      |   | $                                                                                                     | 11,816 |                            | $      | 115,408   |   | $ | 127,224 |   |
| 2008                                      |   |                                                                                                  | 11,617 |                            |   | 89,092    |   |   | 100,709 |   |
| 2009                                      |   |                                                                                                  | 11,336 |                            |   | 74,530    |   |   | 85,866 |   |
| 2010                                      |   |                                                                                                  | 10,905 |                            |   | 56,310    |   |   | 67,215 |   |
| 2011                                      |   |                                                                                                  | 10,778 |                            |   | 39,163    |   |   | 49,941 |   |
| Thereafter                                |   |                                                                                                  | 30,193 |                            |   | 32,353    |   |   | 62,546 |   |
| Total                                     |   | $                                                                                                     | 86,645 |                            | $      | 406,856   |   | $ | 493,501 |   |

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

**7.        Contingencies**

**Shoen**

**Securities        Litigation**

**Environmental        **

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

**Other**
** **

**8.        Related Party Transactions**

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

** **

** **

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

**Related        Party **
**Assets**

|                                                                                                                                                                                                                                                                                                         |   | **September                    30,** |    | **March                    31,** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|----------------------------------|
|                                                                                                                                                                                                                                                                                                         |   | **2006**                             |    | **2006**                         |
|                                                                                                                                                                                                                                                                                                         |   | (Unaudited)                          |    |                             |
|                                                                                                                                                                                                                                                                                                         |   | (In                    thousands)    |
| Private                    Mini notes, receivables and interest                                                                                                                                                                                                                                              |   | $                                    | 72,411  |                             | $ | 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                                                                                                                                                                                                                                   |   |                                 | 21,697  |                             |   | 42,189 |
| U-Haul                    receivable from SAC Holding Corporation                                                                                                                                                                                                                                            |   |                                 | 19,701  |                             |   | 5,688 |
| SAC                    Holding II receivable from parent                                                                                                                                                                                                                                                     |   |                                 | -       |                             |   | 2,900 |
| U-Haul                    receivable from Mercury                                                                                                                                                                                                                                                            |   |                                 | 3,218   |                             |   | 2,342 |
| Oxford                    and RepWest investment in Securespace (a)                                                                                                                                                                                                                                          |   |                                 | 11,774  |                             |   | 11,585 |
| Other                                                                                                                                                                                                                                                                                                        |   |                                 | 2,111   |                             |   | 2,719 |
|                                                                                                                                                                                                                                                                                                         |   | $                                    | 259,530 |                             | $ | 270,468 |
|                                                                                                                                                                                                                                                                                                         |   |                                 |    |                             |   |   |
| (a)                    Due to the one quarter reporting lag for the insurance companies,                    the                    ownership interest in Securspace will be reduced to zero in the                    Company's                    December 31, 2006 financial                    statements |

**Related        Party Liabilities**

|                                                 |   | **September                  30,** |   | **March                  31,** |
|------------------------------------------------------|--------|------------------------------------|--------|--------------------------------|
|                                                 |   | **2006**                           |   | **2006**                       |
|                                                 |   | (Unaudited)                        |   |                           |
|                                                 |   | (In                  thousands)    |
| SAC                  Holding II payable to affiliate |   | $                                  | 3,332  |                           | $ | 7,165 |

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

**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 - (C**
**ONTINUED)**

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

|                                                                                                                                                                           |   | Moving                  & Storage |      |   |   |                         |   | AMERCO                  Legal Group |     |   |   | AMERCO                  as Consolidated           |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|-----------|--------|--------|------------------------------|--------|-------------------------------------|----------|--------|--------|---------------------------------------------------|--------|
|                                                                                                                                                                           |   | AMERCO                                |      | U-Haul |   | Real                  Estate |   | Eliminations                        |     |   |   | Moving                  & StorageConsolidated |   | Property                  & Casualty Insurance (a) |   | Life                  Insurance                  (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                  Holding II |   | Eliminations |   |   |   | Total                  Consolidated |   |
|                                                                                                                                                                           |   | (Unaudited)                           |      |
|                                                                                                                                                                           |   | (In                  thousands)       |      |
| Assets:                                                                                                                                                                        |   |                                  |      |
| Cash                  and cash equivalents                                                                                                                                     |   | $                                     | 9         |   | $      | 297,334                      |   | $                                   | 776      |   | $      | -                                                 |   |   |   |   | $ | 298,119 |   | $ | 8,953 |   | $ | 8,880 |   | $ | 10,664 |   |   | (f | ) | $ | 326,616 |   | $ | - |   | $ | - |   |   |   |   | $ | 326,616 |   |
| Reinsurance                  recoverables and trade receivables, net                                                                                                           |   |                                  | -         |   |   | 20,228                       |   |                                | 24       |   |   | -                                                 |   |   |   |   |   | 20,252 |   |   | 179,783 |   |   | 15,201 |   |   | - |   |   |   |   |   | 215,236 |   |   | - |   |   | - |   |   |   |   |   | 215,236 |   |
| Notes                  and mortgage receivables, net                                                                                                                           |   |                                  | -         |   |   | 1,399                        |   |                                | 861      |   |   | -                                                 |   |   |   |   |   | 2,260 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,260 |   |   | - |   |   | - |   |   |   |   |   | 2,260 |   |
| Inventories,                  net                                                                                                                                              |   |                                  | -         |   |   | 73,364                       |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 73,364 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 73,364 |   |   | 1,442 |   |   | - |   |   |   |   |   | 74,806 |   |
| Prepaid                  expenses                                                                                                                                              |   |                                  | 718       |   |   | 46,646                       |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 47,364 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 47,364 |   |   | 165 |   |   | - |   |   |   |   |   | 47,529 |   |
| Investments,                  fixed maturities and marketable equities                                                                                                         |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | 129,290 |   |   | 556,138 |   |   | - |   |   |   |   |   | 685,428 |   |   | - |   |   | - |   |   |   |   |   | 685,428 |   |
| Investments,                  other                                                                                                                                            |   |                                  | -         |   |   | 1,314                        |   |                                | 6,946    |   |   | -                                                 |   |   |   |   |   | 8,260 |   |   | 90,588 |   |   | 73,227 |   |   | (9,206 | ) |   | (f | ) |   | 162,869 |   |   | - |   |   | - |   |   |   |   |   | 162,869 |   |
| Deferred                  policy acquisition costs, net                                                                                                                        |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | 594 |   |   | 53,133 |   |   | - |   |   |   |   |   | 53,727 |   |   | - |   |   | - |   |   |   |   |   | 53,727 |   |
| Other                  assets                                                                                                                                                  |   |                                  | 5         |   |   | 55,151                       |   |                                | 33,362   |   |   | -                                                 |   |   |   |   |   | 88,518 |   |   | 1,889 |   |   | 427 |   |   | - |   |   |   |   |   | 90,834 |   |   | 4,942 |   |   | - |   |   |   |   |   | 95,776 |   |
| Related                  party assets                                                                                                                                          |   |                                  | 1,238,466 |   |   | 249,103                      |   |                                | 12,627   |   |   | (1,166,549                                        | )      |   | (d | ) |   | 333,647 |   |   | 18,061 |   |   | 10,913 |   |   | (24,588 | ) |   | (d | ) |   | 338,033 |   |   | - |   |   | (78,503 | ) |   | (d | ) |   | 259,530 |   |
|                                                                                                                                                                           |   |                                  | 1,239,198 |   |   | 744,539                      |   |                                | 54,596   |   |   | (1,166,549                                        | )      |   |   |   |   | 871,784 |   |   | 429,158 |   |   | 717,919 |   |   | (23,130 | ) |   |   |   |   | 1,995,731 |   |   | 6,549 |   |   | (78,503 | ) |   |   |   |   | 1,923,777 |   |
|                                                                                                                                                                           |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment                  in subsidiaries                                                                                                                                    |   |                                  | (178,719  | )      |   | -                            |   |                                | -        |   |   | 453,317                                           |   |   | (c | ) |   | 274,598 |   |   | - |   |   | - |   |   | (274,598 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                  in SAC Holding II                                                                                                                                  |   |                                  | (8,786    | )      |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | (8,786 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (8,786 | ) |   | - |   |   | 8,786 |   |   | (c | ) |   | - |   |
| Total                  investment in subsidiaries and SAC Holding II                                                                                                           |   |                                  | (187,505  | )      |   | -                            |   |                                | -        |   |   | 453,317                                           |   |   |   |   |   | 265,812 |   |   | - |   |   | - |   |   | (274,598 | ) |   |   |   |   | (8,786 | ) |   | - |   |   | 8,786 |   |   |   |   |   | - |   |
|                                                                                                                                                                           |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment, at cost:                                                                                                                       |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                           |   |                                  | -         |   |   | 29,651                       |   |                                | 156,597  |   |   | -                                                 |   |   |   |   |   | 186,248 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 186,248 |   |   | - |   |   | - |   |   |   |   |   | 186,248 |   |
| Buildings                  and improvements                                                                                                                                    |   |                                  | -         |   |   | 89,463                       |   |                                | 691,397  |   |   | -                                                 |   |   |   |   |   | 780,860 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 780,860 |   |   | - |   |   | - |   |   |   |   |   | 780,860 |   |
| Furniture                  and equipment                                                                                                                                       |   |                                  | 3,521     |   |   | 272,337                      |   |                                | 17,910   |   |   | -                                                 |   |   |   |   |   | 293,768 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 293,768 |   |   | - |   |   | - |   |   |   |   |   | 293,768 |   |
| Rental                  trailers and other rental equipment                                                                                                                    |   |                                  | -         |   |   | 201,714                      |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 201,714 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 201,714 |   |   | - |   |   | - |   |   |   |   |   | 201,714 |   |
| Rental                  trucks                                                                                                                                                 |   |                                  | -         |   |   | 1,519,981                    |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 1,519,981 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,519,981 |   |   | - |   |   | - |   |   |   |   |   | 1,519,981 |   |
| SAC                  Holding II - property, plant and equipment (b)                                                                                                            |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 153,605 |   |   | (74,212 | ) |   | (e | ) |   | 79,393 |   |
|                                                                                                                                                                           |   |                                  | 3,521     |   |   | 2,113,146                    |   |                                | 865,904  |   |   | -                                                 |   |   |   |   |   | 2,982,571 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,982,571 |   |   | 153,605 |   |   | (74,212 | ) |   |   |   |   | 3,061,964 |   |
| Less:                  Accumulated depreciation                                                                                                                                |   |                                  | (456      | )      |   | (988,821                     | )      |                                | (291,008 | )      |   | -                                                 |   |   |   |   |   | (1,280,285 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,280,285 | ) |   | (11,289 | ) |   | 9,945 |   |   | (e | ) |   | (1,281,629 | ) |
| Total                  property, plant and equipment                                                                                                                           |   |                                  | 3,065     |   |   | 1,124,325                    |   |                                | 574,896  |   |   | -                                                 |   |   |   |   |   | 1,702,286 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,702,286 |   |   | 142,316 |   |   | (64,267 | ) |   |   |   |   | 1,780,335 |   |
| Total                  assets                                                                                                                                                  |   | $                                     | 1,054,758 |   | $      | 1,868,864                    |   | $                                   | 629,492  |   | $      | (713,232                                          | )      |   |   |   | $ | 2,839,882 |   | $ | 429,158 |   | $ | 717,919 |   | $ | (297,728 | ) |   |   |   | $ | 3,689,231 |   | $ | 148,865 |   | $ | (133,984 | ) |   |   |   | $ | 3,704,112 |   |
| (a)                  Balances as of June 30, 2006                                                                                                                              |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                  Included in this caption is land of $57,169, buildings and improvements                  of                  $95,990, and furniture and equipment of $446 |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| (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                                                                         |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                  Elimination related to sale of assets from RepWest to Real Estate                  during                  the second quarter                             |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  |   |

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

|                                                                                                                                               |   | 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                                                                                             |   | $                                     | 1,826     |   | $      | 235,569                      |   | $                                   | 4,383    |   | $      | -                                                 |   |   |   |   | $ | 241,778 |   | $ | - |   | $ | 4,960 |   | $ | - |   |   |   |   | $ | 246,738 |   | $ | 1,700 |   | $ | - |   |   |   |   | $ | 248,438 |   |
| AMERCO's                  notes and loans payable                                                                                                  |   |                                  | -         |   |   | 416,636                      |   |                                | 784,445  |   |   | -                                                 |   |   |   |   |   | 1,201,081 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,201,081 |   |   | - |   |   | - |   |   |   |   |   | 1,201,081 |   |
| SAC                  Holding II notes and loans                     payable, non-recourse to AMERCO                                      |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 75,597 |   |   | - |   |   |   |   |   | 75,597 |   |
| Policy                  benefits and losses,                     claims and loss expenses payable                                        |   |                                  | -         |   |   | 327,330                      |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 327,330 |   |   | 322,454 |   |   | 150,979 |   |   | - |   |   |   |   |   | 800,763 |   |   | - |   |   | - |   |   |   |   |   | 800,763 |   |
| Liabilities                  from investment contracts                                                                                             |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | 417,318 |   |   | - |   |   |   |   |   | 417,318 |   |   | - |   |   | - |   |   |   |   |   | 417,318 |   |
| Other                  policyholders' funds and liabilities                                                                                        |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | 7,085 |   |   | 2,346 |   |   | - |   |   |   |   |   | 9,431 |   |   | - |   |   | - |   |   |   |   |   | 9,431 |   |
| Deferred                  income                                                                                                                   |   |                                  | -         |   |   | 14,926                       |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 14,926 |   |   | 6,136 |   |   | - |   |   | (6,136 | ) |   | (e | ) |   | 14,926 |   |   | 842 |   |   | - |   |   |   |   |   | 15,768 |   |
| Deferred                  income taxes                                                                                                             |   |                                  | 207,243   |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 207,243 |   |   | (46,195 | ) |   | 967 |   |   | - |   |   |   |   |   | 162,015 |   |   | (2,323 | ) |   | (26,877 | ) |   | (d | ) |   | 132,815 |   |
| Related                  party liabilities                                                                                                         |   |                                  | -         |   |   | 1,151,308                    |   |                                | 25,806   |   |   | (1,166,549                                        | )      |   | (c | ) |   | 10,565 |   |   | 1,751 |   |   | 12,272 |   |   | (24,588 | ) |   | (c | ) |   | - |   |   | 81,835 |   |   | (78,503 | ) |   | (c | ) |   | 3,332 |   |
| Total                  liabilities                                                                                                                 |   |                                  | 209,069   |   |   | 2,145,769                    |   |                                | 814,634  |   |   | (1,166,549                                        | )      |   |   |   |   | 2,002,923 |   |   | 291,231 |   |   | 588,842 |   |   | (30,724 | ) |   |   |   |   | 2,852,272 |   |   | 157,651 |   |   | (105,380 | ) |   |   |   |   | 2,904,543 |   |
|                                                                                                                                               |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders'                  equity:                                                                                                             |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                  preferred stock:                                                                                                           |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                  A preferred stock                                                                                                          |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                  B preferred stock                                                                                                          |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                  A common stock                                                                                                             |   |                                  | 929       |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   |   |   |   | 929 |   |
| Common                  stock                                                                                                                      |   |                                  | 9,568     |   |   | 540                          |   |                                | 1        |   |   | (541                                              | )      |   | (b | ) |   | 9,568 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 9,568 |   |   | - |   |   | - |   |   |   |   |   | 9,568 |   |
| Additional                  paid-in capital                                                                                                        |   |                                  | 419,973   |   |   | 121,230                      |   |                                | 147,481  |   |   | (268,711                                          | )      |   | (b | ) |   | 419,973 |   |   | 80,369 |   |   | 26,271 |   |   | (106,640 | ) |   | (b | ) |   | 419,973 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 373,902 |   |
| Additional                  paid-in capital - SAC Holding II                                                                                       |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 4,492 |   |   | (4,492 | ) |   | (b | ) |   | - |   |
| Accumulated                  other comprehensive income (loss)                                                                                     |   |                                  | (41,222   | )      |   | (37,390                      | )      |                                | -        |   |   | 37,390                                            |   |   | (b | ) |   | (41,222 | ) |   | (1,269 | ) |   | (2,703 | ) |   | 3,972 |   |   | (b | ) |   | (41,222 | ) |   | - |   |   | - |   |   |   |   |   | (41,222 | ) |
| Retained                  earnings (deficit)                                                                                                       |   |                                  | 874,533   |   |   | (352,555                     | )      |                                | (332,624 | )      |   | 685,179                                           |   |   | (b | ) |   | 874,533 |   |   | 55,527 |   |   | 103,009 |   |   | (158,536 | ) |   | (b | ) |   | 874,533 |   |   | (13,278 | ) |   | 21,959 |   |   | (b,d | ) |   | 883,214 |   |
| Cost                  of common shares in treasury, net                                                                                            |   |                                  | (418,092  | )      |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                  employee stock                     ownership plan shares                                                       |   |                                  | -         |   |   | (8,730                       | )      |                                | -        |   |   | -                                                 |   |   |   |   |   | (8,730 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (8,730 | ) |   | - |   |   | - |   |   |   |   |   | (8,730 | ) |
| Total                  stockholders' equity (deficit)                                                                                              |   |                                  | 845,689   |   |   | (276,905                     | )      |                                | (185,142 | )      |   | 453,317                                           |   |   |   |   |   | 836,959 |   |   | 137,927 |   |   | 129,077 |   |   | (267,004 | ) |   |   |   |   | 836,959 |   |   | (8,786 | ) |   | (28,604 | ) |   |   |   |   | 799,569 |   |
| Total                  liabilities and stockholders' equity                                                                                        |   | $                                     | 1,054,758 |   | $      | 1,868,864                    |   | $                                   | 629,492  |   | $      | (713,232                                          | )      |   |   |   | $ | 2,839,882 |   | $ | 429,158 |   | $ | 717,919 |   | $ | (297,728 | ) |   |   |   | $ | 3,689,231 |   | $ | 148,865 |   | $ | (133,984 | ) |   |   |   | $ | 3,704,112 |   |
|                                                                                                                                               |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                  Balances as of June 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                                             |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                  Elimination related to sale of assets from RepWest to Real Estate                  during                  the second quarter |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO          AND CONSOLIDATED ENTITIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

|                                                                                                                                                                           |   | 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 - (C**
**ONTINUED)**

|                                                                                                          |   | 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 - (C**
**ONTINUED)**

|                                                                                                                                                       |   | 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                                                                                                           |   | $                                       | -      |   | $      | 445,720                        |   | $                                     | -       |   | $      | -                                                   |   |   |   |   | $ | 445,720 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 445,720 |   | $ | 2,754 |   | $ | (2,754 | ) |   | (b | ) | $ | 445,720 |   |
| Self-storage                    revenues                                                                                                                   |   |                                    | -      |   |   | 26,970                         |   |                                  | 398     |   |   | -                                                   |   |   |   |   |   | 27,368 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 27,368 |   |   | 5,048 |   |   | - |   |   |   |   |   | 32,416 |   |
| Self-moving                    & self-storage products & service sales                                                                             |   |                                    | -      |   |   | 57,531                         |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | 57,531 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 57,531 |   |   | 4,385 |   |   | - |   |   |   |   |   | 61,916 |   |
| Property                    management fees                                                                                                                |   |                                    | -      |   |   | 4,738                          |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | 4,738 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 4,738 |   |   | - |   |   | (752 | ) |   | (g | ) |   | 3,986 |   |
| Life                    insurance premiums                                                                                                                 |   |                                    | -      |   |   | -                              |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | - |   |   | - |   |   | 31,519 |   |   | (399 | ) |   | (c | ) |   | 31,120 |   |   | - |   |   | - |   |   |   |   |   | 31,120 |   |
| Property                    and casualty insurance premiums                                                                                                |   |                                    | -      |   |   | -                              |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | - |   |   | 6,470 |   |   | - |   |   | - |   |   |   |   |   | 6,470 |   |   | - |   |   | - |   |   |   |   |   | 6,470 |   |
| Net                    investment and interest income                                                                                                      |   |                                    | 1,242  |   |   | 7,818                          |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | 9,060 |   |   | 2,790 |   |   | 5,771 |   |   | (30 | ) |   | (d | ) |   | 17,591 |   |   | - |   |   | (1,683 | ) |   | (d | ) |   | 15,908 |   |
| Other                    revenue                                                                                                                           |   |                                    | 174    |   |   | 8,625                          |   |                                  | 16,940  |   |   | (18,335                                             | )      |   | (b | ) |   | 7,404 |   |   | - |   |   | 1,441 |   |   | (16 | ) |   | (b | ) |   | 8,829 |   |   | 348 |   |   | (178 | ) |   | (b | ) |   | 8,999 |   |
| Total                    revenues                                                                                                                          |   |                                    | 1,416  |   |   | 551,402                        |   |                                  | 17,338  |   |   | (18,335                                             | )      |   |   |   |   | 551,821 |   |   | 9,260 |   |   | 38,731 |   |   | (445 | ) |   |   |   |   | 599,367 |   |   | 12,535 |   |   | (5,367 | ) |   |   |   |   | 606,535 |   |
|                                                                                                                                                       |   |                                    |   |   |   |                           |   |                                  |    |   |   |                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                    and expenses:                                                                                                                     |   |                                    |   |   |   |                           |   |                                  |    |   |   |                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                    expenses                                                                                                                      |   |                                    | 2,768  |   |   | 282,779                        |   |                                  | 2,705   |   |   | (18,335                                             | )      |   | (b | ) |   | 269,917 |   |   | 2,004 |   |   | 7,221 |   |   | (3,419 | ) |   | (b,c | ) |   | 275,723 |   |   | 5,837 |   |   | (752 | ) |   | (g | ) |   | 280,808 |   |
| Commission                    expenses                                                                                                                     |   |                                    | -      |   |   | 56,359                         |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | 56,359 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 56,359 |   |   | - |   |   | (2,754 | ) |   | (b | ) |   | 53,605 |   |
| Cost                    of sales                                                                                                                           |   |                                    | -      |   |   | 29,559                         |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | 29,559 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 29,559 |   |   | 1,889 |   |   | - |   |   |   |   |   | 31,448 |   |
| Benefits                    and losses                                                                                                                     |   |                                    | -      |   |   | -                              |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | - |   |   | 4,949 |   |   | 21,925 |   |   | 1,968 |   |   | (c | ) |   | 28,842 |   |   | - |   |   | - |   |   |   |   |   | 28,842 |   |
| Amortization                    of deferred policy acquisition costs                                                                                       |   |                                    | -      |   |   | -                              |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | - |   |   | 643 |   |   | 4,182 |   |   | - |   |   |   |   |   | 4,825 |   |   | - |   |   | - |   |   |   |   |   | 4,825 |   |
| Lease                    expense                                                                                                                           |   |                                    | 22     |   |   | 37,858                         |   |                                  | 801     |   |   | -                                                   |   |   |   |   |   | 38,681 |   |   | - |   |   | - |   |   | (836 | ) |   | (b | ) |   | 37,845 |   |   | - |   |   | (178 | ) |   | (b | ) |   | 37,667 |   |
| Depreciation,                    net of (gains) losses on disposals                                                                                        |   |                                    | 60     |   |   | 43,366                         |   |                                  | (869    | )      |   | -                                                   |   |   |   |   |   | 42,557 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 42,557 |   |   | 670 |   |   | (140 | ) |   | (e | ) |   | 43,087 |   |
| Total                    costs and expenses                                                                                                                |   |                                    | 2,850  |   |   | 449,921                        |   |                                  | 2,637   |   |   | (18,335                                             | )      |   |   |   |   | 437,073 |   |   | 7,596 |   |   | 33,328 |   |   | (2,287 | ) |   |   |   |   | 475,710 |   |   | 8,396 |   |   | (3,824 | ) |   |   |   |   | 480,282 |   |
| Equity                    in earnings of subsidiaries                                                                                                      |   |                                    | 46,841 |   |   | -                              |   |                                  | -       |   |   | (40,359                                             | )      |   | (f | ) |   | 6,482 |   |   | - |   |   | - |   |   | (6,482 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                    in earnings of SAC Holding II                                                                                                    |   |                                    | 560    |   |   | -                              |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | 560 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 560 |   |   | - |   |   | (560 | ) |   | (f | ) |   | - |   |
| Total                    - equity in earnings of subsidiaries and SAC Holding II                                                                           |   |                                    | 47,401 |   |   | -                              |   |                                  | -       |   |   | (40,359                                             | )      |   |   |   |   | 7,042 |   |   | - |   |   | - |   |   | (6,482 | ) |   |   |   |   | 560 |   |   | - |   |   | (560 | ) |   |   |   |   | - |   |
| Earnings                    from operations                                                                                                                |   |                                    | 45,967 |   |   | 101,481                        |   |                                  | 14,701  |   |   | (40,359                                             | )      |   |   |   |   | 121,790 |   |   | 1,664 |   |   | 5,403 |   |   | (4,640 | ) |   |   |   |   | 124,217 |   |   | 4,139 |   |   | (2,103 | ) |   |   |   |   | 126,253 |   |
| Interest                    income (expense)                                                                                                               |   |                                    | 21,981 |   |   | (27,685                        | )      |                                  | (13,836 | )      |   | -                                                   |   |   |   |   |   | (19,540 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (19,540 | ) |   | (3,206 | ) |   | 1,683 |   |   | (d | ) |   | (21,063 | ) |
| Amortization                    of fees on early extinguishment of debt                                                                                    |   |                                    | -      |   |   | (302                           | )      |                                  | (6,667  | )      |   | -                                                   |   |   |   |   |   | (6,969 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (6,969 | ) |   | - |   |   | - |   |   |   |   |   | (6,969 | ) |
| Pretax                    earnings (loss)                                                                                                                  |   |                                    | 67,948 |   |   | 73,494                         |   |                                  | (5,802  | )      |   | (40,359                                             | )      |   |   |   |   | 95,281 |   |   | 1,664 |   |   | 5,403 |   |   | (4,640 | ) |   |   |   |   | 97,708 |   |   | 933 |   |   | (420 | ) |   |   |   |   | 98,221 |   |
| Income                    tax benefit (expense)                                                                                                            |   |                                    | (7,544 | )      |   | (29,328                        | )      |                                  | 1,995   |   |   | -                                                   |   |   |   |   |   | (34,877 | ) |   | (560 | ) |   | (1,867 | ) |   | - |   |   |   |   |   | (37,304 | ) |   | (373 | ) |   | (53 | ) |   | (e | ) |   | (37,730 | ) |
| Net                    earnings (loss)                                                                                                                     |   |                                    | 60,404 |   |   | 44,166                         |   |                                  | (3,807  | )      |   | (40,359                                             | )      |   |   |   |   | 60,404 |   |   | 1,104 |   |   | 3,536 |   |   | (4,640 | ) |   |   |   |   | 60,404 |   |   | 560 |   |   | (473 | ) |   |   |   |   | 60,491 |   |
| Less:                    Preferred stock dividends                                                                                                         |   |                                    | (3,241 | )      |   | -                              |   |                                  | -       |   |   | -                                                   |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                    (loss) available to common shareholders                                                                                        |   | $                                       | 57,163 |   | $      | 44,166                         |   | $                                     | (3,807  | )      | $      | (40,359                                             | )      |   |   |   | $ | 57,163 |   | $ | 1,104 |   | $ | 3,536 |   | $ | (4,640 | ) |   |   |   | $ | 57,163 |   | $ | 560 |   | $ | (473 | ) |   |   |   | $ | 57,250 |   |
| (a)                    Balances for the quarter ended June 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 - (C**
**ONTINUED)**

|                                                                                                                                                                         |   | 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                                                                                                                       |   | $                                             | -       |   | $      | 446,705                              |   | $                                           | -      |   | $      | -                                                         |   |   |   |   | $ | 446,705 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 446,705 |   | $ | 2,861 |   | $ | (2,861 | ) |   | (b | ) | $ | 446,705 |   |
| Self-storage                          revenues                                                                                                                               |   |                                          | -       |   |   | 26,002                               |   |                                        | 441    |   |   | -                                                         |   |   |   |   |   | 26,443 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 26,443 |   |   | 4,781 |   |   | - |   |   |   |   |   | 31,224 |   |
| Self-moving                          & self-storage products & service sales                                                                                         |   |                                          | -       |   |   | 57,874                               |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | 57,874 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 57,874 |   |   | 4,618 |   |   | - |   |   |   |   |   | 62,492 |   |
| Property                          management fees                                                                                                                            |   |                                          | -       |   |   | 4,578                                |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | 4,578 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 4,578 |   |   | - |   |   | (749 | ) |   | (g | ) |   | 3,829 |   |
| Life                          insurance premiums                                                                                                                             |   |                                          | -       |   |   | -                                    |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | - |   |   | - |   |   | 30,098 |   |   | (380 | ) |   | (c | ) |   | 29,718 |   |   | - |   |   | - |   |   |   |   |   | 29,718 |   |
| Property                          and casualty insurance premiums                                                                                                            |   |                                          | -       |   |   | -                                    |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | - |   |   | 5,399 |   |   | - |   |   | - |   |   |   |   |   | 5,399 |   |   | - |   |   | - |   |   |   |   |   | 5,399 |   |
| Net                          investment and interest income                                                                                                                  |   |                                          | 1,550   |   |   | 5,978                                |   |                                        | 21     |   |   | -                                                         |   |   |   |   |   | 7,549 |   |   | 2,658 |   |   | 4,609 |   |   | (999 | ) |   | (d | ) |   | 13,817 |   |   | - |   |   | (1,465 | ) |   | (d | ) |   | 12,352 |   |
| Other                          revenue                                                                                                                                       |   |                                          | 166     |   |   | 13,422                               |   |                                        | 14,251 |   |   | (15,605                                                   | )      |   | (b | ) |   | 12,234 |   |   | - |   |   | 1,563 |   |   | (174 | ) |   | (b | ) |   | 13,623 |   |   | 352 |   |   | (178 | ) |   | (b | ) |   | 13,797 |   |
| Total                          revenues                                                                                                                                      |   |                                          | 1,716   |   |   | 554,559                              |   |                                        | 14,713 |   |   | (15,605                                                   | )      |   |   |   |   | 555,383 |   |   | 8,057 |   |   | 36,270 |   |   | (1,553 | ) |   |   |   |   | 598,157 |   |   | 12,612 |   |   | (5,253 | ) |   |   |   |   | 605,516 |   |
|                                                                                                                                                                         |   |                                          |    |   |   |                                 |   |                                        |   |   |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                          and expenses:                                                                                                                                 |   |                                          |    |   |   |                                 |   |                                        |   |   |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                          expenses                                                                                                                                  |   |                                          | 1,633   |   |   | 291,334                              |   |                                        | 1,550  |   |   | (15,605                                                   | )      |   | (b | ) |   | 278,912 |   |   | 2,022 |   |   | 6,802 |   |   | (3,652 | ) |   | (b,c | ) |   | 284,084 |   |   | 6,366 |   |   | (749 | ) |   | (g | ) |   | 289,701 |   |
| Commission                          expenses                                                                                                                                 |   |                                          | -       |   |   | 56,058                               |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | 56,058 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 56,058 |   |   | - |   |   | (2,861 | ) |   | (b | ) |   | 53,197 |   |
| Cost                          of sales                                                                                                                                       |   |                                          | -       |   |   | 28,423                               |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | 28,423 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 28,423 |   |   | 2,494 |   |   | - |   |   |   |   |   | 30,917 |   |
| Benefits                          and losses                                                                                                                                 |   |                                          | -       |   |   | -                                    |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | - |   |   | 3,658 |   |   | 20,952 |   |   | 2,099 |   |   | (c | ) |   | 26,709 |   |   | - |   |   | - |   |   |   |   |   | 26,709 |   |
| Amortization                          of deferred policy acquisition costs                                                                                                   |   |                                          | -       |   |   | -                                    |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | - |   |   | 635 |   |   | 5,219 |   |   | - |   |   |   |   |   | 5,854 |   |   | - |   |   | - |   |   |   |   |   | 5,854 |   |
| Lease                          expense                                                                                                                                       |   |                                          | 22      |   |   | 36,721                               |   |                                        | 13     |   |   | -                                                         |   |   |   |   |   | 36,756 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 36,756 |   |   | - |   |   | (178 | ) |   | (b | ) |   | 36,578 |   |
| Depreciation,                          net of (gains) losses on disposals                                                                                                    |   |                                          | 8       |   |   | 31,384                               |   |                                        | 2,367  |   |   | -                                                         |   |   |   |   |   | 33,759 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 33,759 |   |   | 703 |   |   | (140 | ) |   | (e | ) |   | 34,322 |   |
| Total                          costs and expenses                                                                                                                            |   |                                          | 1,663   |   |   | 443,920                              |   |                                        | 3,930  |   |   | (15,605                                                   | )      |   |   |   |   | 433,908 |   |   | 6,315 |   |   | 32,973 |   |   | (1,553 | ) |   |   |   |   | 471,643 |   |   | 9,563 |   |   | (3,928 | ) |   |   |   |   | 477,278 |   |
|                                                                                                                                                                         |   |                                          |    |   |   |                                 |   |                                        |   |   |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                          in earnings of subsidiaries                                                                                                                  |   |                                          | 84,599  |   |   | -                                    |   |                                        | -      |   |   | (81,518                                                   | )      |   | (f | ) |   | 3,081 |   |   | - |   |   | - |   |   | (3,081 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                          in earnings of SAC Holding II                                                                                                                |   |                                          | 17      |   |   | -                                    |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | 17 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 17 |   |   | - |   |   | (17 | ) |   | (f | ) |   | - |   |
| Total                          - equity in earnings of subsidiaries and SAC Holding II                                                                                       |   |                                          | 84,616  |   |   | -                                    |   |                                        | -      |   |   | (81,518                                                   | )      |   |   |   |   | 3,098 |   |   | - |   |   | - |   |   | (3,081 | ) |   |   |   |   | 17 |   |   | - |   |   | (17 | ) |   |   |   |   | - |   |
| Earnings                          from operations                                                                                                                            |   |                                          | 84,669  |   |   | 110,639                              |   |                                        | 10,783 |   |   | (81,518                                                   | )      |   |   |   |   | 124,573 |   |   | 1,742 |   |   | 3,297 |   |   | (3,081 | ) |   |   |   |   | 126,531 |   |   | 3,049 |   |   | (1,342 | ) |   |   |   |   | 128,238 |   |
| Interest                          income (expense)                                                                                                                           |   |                                          | (24,676 | )      |   | 10,796                               |   |                                        | 184    |   |   | -                                                         |   |   |   |   |   | (13,696 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (13,696 | ) |   | (3,014 | ) |   | 1,465 |   |   | (d | ) |   | (15,245 | ) |
| Pretax                          earnings                                                                                                                                     |   |                                          | 59,993  |   |   | 121,435                              |   |                                        | 10,967 |   |   | (81,518                                                   | )      |   |   |   |   | 110,877 |   |   | 1,742 |   |   | 3,297 |   |   | (3,081 | ) |   |   |   |   | 112,835 |   |   | 35 |   |   | 123 |   |   |   |   |   | 112,993 |   |
| Income                          tax benefit (expense)                                                                                                                        |   |                                          | 9,042   |   |   | (46,603                              | )      |                                        | (4,281 | )      |   | -                                                         |   |   |   |   |   | (41,842 | ) |   | (610 | ) |   | (1,348 | ) |   | - |   |   |   |   |   | (43,800 | ) |   | (18 | ) |   | (53 | ) |   | (e | ) |   | (43,871 | ) |
| Net                          earnings                                                                                                                                        |   |                                          | 69,035  |   |   | 74,832                               |   |                                        | 6,686  |   |   | (81,518                                                   | )      |   |   |   |   | 69,035 |   |   | 1,132 |   |   | 1,949 |   |   | (3,081 | ) |   |   |   |   | 69,035 |   |   | 17 |   |   | 70 |   |   |   |   |   | 69,122 |   |
| Less:                          Preferred stock dividends                                                                                                                     |   |                                          | (3,241  | )      |   | -                                    |   |                                        | -      |   |   | -                                                         |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                          available to common shareholders                                                                                                           |   | $                                             | 65,794  |   | $      | 74,832                               |   | $                                           | 6,686  |   | $      | (81,518                                                   | )      |   |   |   | $ | 65,794 |   | $ | 1,132 |   | $ | 1,949 |   | $ | (3,081 | ) |   |   |   | $ | 65,794 |   | $ | 17 |   | $ | 70 |   |   |   |   | $ | 65,881 |   |
| (a)                          Balances for the quarter ended June 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 - (C**
**ONTINUED)**

|                                                                                                                                                                         |   | 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                                                                                                                       |   | $                                             | -       |   | $      | 852,954                              |   | $                                           | -       |   | $      | -                                                         |   |   |   |   | $ | 852,954 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 852,954 |   | $ | 5,310 |   | $ | (5,310 | ) |   | (b | ) | $ | 852,954 |   |
| Self-storage                          revenues                                                                                                                               |   |                                          | -       |   |   | 52,149                               |   |                                        | 808     |   |   | -                                                         |   |   |   |   |   | 52,957 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 52,957 |   |   | 9,890 |   |   | - |   |   |   |   |   | 62,847 |   |
| Self-moving                          & self-storage products & service sales                                                                                         |   |                                          | -       |   |   | 120,230                              |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | 120,230 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 120,230 |   |   | 9,137 |   |   | - |   |   |   |   |   | 129,367 |   |
| Property                          management fees                                                                                                                            |   |                                          | -       |   |   | 9,334                                |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | 9,334 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 9,334 |   |   | - |   |   | (1,501 | ) |   | (g | ) |   | 7,833 |   |
| Life                          insurance premiums                                                                                                                             |   |                                          | -       |   |   | -                                    |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | - |   |   | - |   |   | 62,836 |   |   | (797 | ) |   | (c | ) |   | 62,039 |   |   | - |   |   | - |   |   |   |   |   | 62,039 |   |
| Property                          and casualty insurance premiums                                                                                                            |   |                                          | -       |   |   | -                                    |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | - |   |   | 11,852 |   |   | - |   |   | - |   |   |   |   |   | 11,852 |   |   | - |   |   | - |   |   |   |   |   | 11,852 |   |
| Net                          investment and interest income                                                                                                                  |   |                                          | 2,462   |   |   | 14,386                               |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | 16,848 |   |   | 5,476 |   |   | 11,277 |   |   | (298 | ) |   | (d | ) |   | 33,303 |   |   | - |   |   | (3,565 | ) |   | (d | ) |   | 29,738 |   |
| Other                          revenue                                                                                                                                       |   |                                          | 204     |   |   | 16,752                               |   |                                        | 33,763  |   |   | (36,583                                                   | )      |   | (b | ) |   | 14,136 |   |   | - |   |   | 2,755 |   |   | (281 | ) |   | (b | ) |   | 16,610 |   |   | 677 |   |   | (355 | ) |   | (b | ) |   | 16,932 |   |
| Total                          revenues                                                                                                                                      |   |                                          | 2,666   |   |   | 1,065,805                            |   |                                        | 34,571  |   |   | (36,583                                                   | )      |   |   |   |   | 1,066,459 |   |   | 17,328 |   |   | 76,868 |   |   | (1,376 | ) |   |   |   |   | 1,159,279 |   |   | 25,014 |   |   | (10,731 | ) |   |   |   |   | 1,173,562 |   |
|                                                                                                                                                                         |   |                                          |    |   |   |                                 |   |                                        |    |   |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                          and expenses:                                                                                                                                 |   |                                          |    |   |   |                                 |   |                                        |    |   |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                          expenses                                                                                                                                  |   |                                          | 7,333   |   |   | 545,586                              |   |                                        | 4,718   |   |   | (36,583                                                   | )      |   | (b | ) |   | 521,054 |   |   | 3,567 |   |   | 13,970 |   |   | (6,341 | ) |   | (b,c | ) |   | 532,250 |   |   | 11,438 |   |   | (1,501 | ) |   | (g | ) |   | 542,187 |   |
| Commission                          expenses                                                                                                                                 |   |                                          | -       |   |   | 108,451                              |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | 108,451 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 108,451 |   |   | - |   |   | (5,310 | ) |   | (b | ) |   | 103,141 |   |
| Cost                          of sales                                                                                                                                       |   |                                          | -       |   |   | 59,788                               |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | 59,788 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 59,788 |   |   | 3,976 |   |   | - |   |   |   |   |   | 63,764 |   |
| Benefits                          and losses                                                                                                                                 |   |                                          | -       |   |   | -                                    |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | - |   |   | 9,131 |   |   | 46,358 |   |   | 3,959 |   |   | (c | ) |   | 59,448 |   |   | - |   |   | - |   |   |   |   |   | 59,448 |   |
| Amortization                          of deferred policy acquisition costs                                                                                                   |   |                                          | -       |   |   | -                                    |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | - |   |   | 1,265 |   |   | 9,186 |   |   | - |   |   |   |   |   | 10,451 |   |   | - |   |   | - |   |   |   |   |   | 10,451 |   |
| Lease                          expense                                                                                                                                       |   |                                          | 41      |   |   | 75,726                               |   |                                        | 818     |   |   | -                                                         |   |   |   |   |   | 76,585 |   |   | - |   |   | - |   |   | (836 | ) |   | (b | ) |   | 75,749 |   |   | - |   |   | (355 | ) |   | (b | ) |   | 75,394 |   |
| Depreciation,                          net of (gains) losses on disposals                                                                                                    |   |                                          | 122     |   |   | 80,639                               |   |                                        | 939     |   |   | -                                                         |   |   |   |   |   | 81,700 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 81,700 |   |   | 1,338 |   |   | (280 | ) |   | (e | ) |   | 82,758 |   |
| Total                          costs and expenses                                                                                                                            |   |                                          | 7,496   |   |   | 870,190                              |   |                                        | 6,475   |   |   | (36,583                                                   | )      |   |   |   |   | 847,578 |   |   | 13,963 |   |   | 69,514 |   |   | (3,218 | ) |   |   |   |   | 927,837 |   |   | 16,752 |   |   | (7,446 | ) |   |   |   |   | 937,143 |   |
| Equity                          in earnings of subsidiaries                                                                                                                  |   |                                          | 89,889  |   |   | -                                    |   |                                        | -       |   |   | (81,056                                                   | )      |   | (f | ) |   | 8,833 |   |   | - |   |   | - |   |   | (8,833 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                          in earnings of SAC Holding II                                                                                                                |   |                                          | 997     |   |   | -                                    |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | 997 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 997 |   |   | - |   |   | (997 | ) |   | (f | ) |   | - |   |
| Total                          - equity in earnings of subsidiaries and SAC Holding II                                                                                       |   |                                          | 90,886  |   |   | -                                    |   |                                        | -       |   |   | (81,056                                                   | )      |   |   |   |   | 9,830 |   |   | - |   |   | - |   |   | (8,833 | ) |   |   |   |   | 997 |   |   | - |   |   | (997 | ) |   |   |   |   | - |   |
| Earnings                          from operations                                                                                                                            |   |                                          | 86,056  |   |   | 195,615                              |   |                                        | 28,096  |   |   | (81,056                                                   | )      |   |   |   |   | 228,711 |   |   | 3,365 |   |   | 7,354 |   |   | (6,991 | ) |   |   |   |   | 232,439 |   |   | 8,262 |   |   | (4,282 | ) |   |   |   |   | 236,419 |   |
| Interest                          income (expense)                                                                                                                           |   |                                          | 44,102  |   |   | (54,526                              | )      |                                        | (26,066 | )      |   | -                                                         |   |   |   |   |   | (36,490 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (36,490 | ) |   | (6,600 | ) |   | 3,565 |   |   | (d | ) |   | (39,525 | ) |
| Amortization                          of fees on early extinguishment of debt                                                                                                |   |                                          | -       |   |   | (302                                 | )      |                                        | (6,667  | )      |   | -                                                         |   |   |   |   |   | (6,969 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (6,969 | ) |   | - |   |   | - |   |   |   |   |   | (6,969 | ) |
| Pretax                          earnings (loss)                                                                                                                              |   |                                          | 130,158 |   |   | 140,787                              |   |                                        | (4,637  | )      |   | (81,056                                                   | )      |   |   |   |   | 185,252 |   |   | 3,365 |   |   | 7,354 |   |   | (6,991 | ) |   |   |   |   | 188,980 |   |   | 1,662 |   |   | (717 | ) |   |   |   |   | 189,925 |   |
| Income                          tax benefit (expense)                                                                                                                        |   |                                          | (14,420 | )      |   | (56,425                              | )      |                                        | 1,331   |   |   | -                                                         |   |   |   |   |   | (69,514 | ) |   | (1,178 | ) |   | (2,550 | ) |   | - |   |   |   |   |   | (73,242 | ) |   | (665 | ) |   | (106 | ) |   | (e | ) |   | (74,013 | ) |
| Net                          earnings (loss)                                                                                                                                 |   |                                          | 115,738 |   |   | 84,362                               |   |                                        | (3,306  | )      |   | (81,056                                                   | )      |   |   |   |   | 115,738 |   |   | 2,187 |   |   | 4,804 |   |   | (6,991 | ) |   |   |   |   | 115,738 |   |   | 997 |   |   | (823 | ) |   |   |   |   | 115,912 |   |
| Less:                          Preferred stock dividends                                                                                                                     |   |                                          | (6,482  | )      |   | -                                    |   |                                        | -       |   |   | -                                                         |   |   |   |   |   | (6,482 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (6,482 | ) |   | - |   |   | - |   |   |   |   |   | (6,482 | ) |
| Earnings                          (loss) available to common shareholders                                                                                                    |   | $                                             | 109,256 |   | $      | 84,362                               |   | $                                           | (3,306  | )      | $      | (81,056                                                   | )      |   |   |   | $ | 109,256 |   | $ | 2,187 |   | $ | 4,804 |   | $ | (6,991 | ) |   |   |   | $ | 109,256 |   | $ | 997 |   | $ | (823 | ) |   |   |   | $ | 109,430 |   |
| (a)                          Balances for the six months ended June 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 - (C**
**ONTINUED)**

|                                                                                                                                                             |   | 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                                                                                                               |   | $                                         | -       |   | $      | 847,965                          |   | $                                       | -      |   | $      | -                                                     |   |   |   |   | $ | 847,965 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 847,965 |   | $ | 5,349 |   | $ | (5,349 | ) |   | (b | ) | $ | 847,965 |   |
| Self-storage                      revenues                                                                                                                       |   |                                      | -       |   |   | 49,795                           |   |                                    | 896    |   |   | -                                                     |   |   |   |   |   | 50,691 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 50,691 |   |   | 9,301 |   |   | - |   |   |   |   |   | 59,992 |   |
| Self-moving                      & self-storage products & service sales                                                                                 |   |                                      | -       |   |   | 119,672                          |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | 119,672 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 119,672 |   |   | 9,383 |   |   | - |   |   |   |   |   | 129,055 |   |
| Property                      management fees                                                                                                                    |   |                                      | -       |   |   | 9,746                            |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | 9,746 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 9,746 |   |   | - |   |   | (1,477 | ) |   | (g | ) |   | 8,269 |   |
| Life                      insurance premiums                                                                                                                     |   |                                      | -       |   |   | -                                |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | - |   |   | - |   |   | 60,064 |   |   | (757 | ) |   | (c | ) |   | 59,307 |   |   | - |   |   | - |   |   |   |   |   | 59,307 |   |
| Property                      and casualty insurance premiums                                                                                                    |   |                                      | -       |   |   | -                                |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | - |   |   | 10,223 |   |   | - |   |   | - |   |   |   |   |   | 10,223 |   |   | - |   |   | - |   |   |   |   |   | 10,223 |   |
| Net                      investment and interest income                                                                                                          |   |                                      | 2,962   |   |   | 10,716                           |   |                                    | 25     |   |   | -                                                     |   |   |   |   |   | 13,703 |   |   | 6,143 |   |   | 11,275 |   |   | (1,997 | ) |   | (d | ) |   | 29,124 |   |   | - |   |   | (3,058 | ) |   | (d | ) |   | 26,066 |   |
| Other                      revenue                                                                                                                               |   |                                      | 175     |   |   | 23,438                           |   |                                    | 28,714 |   |   | (31,158                                               | )      |   | (b | ) |   | 21,169 |   |   | - |   |   | 3,004 |   |   | (359 | ) |   | (b | ) |   | 23,814 |   |   | 638 |   |   | (355 | ) |   | (b | ) |   | 24,097 |   |
| Total                      revenues                                                                                                                              |   |                                      | 3,137   |   |   | 1,061,332                        |   |                                    | 29,635 |   |   | (31,158                                               | )      |   |   |   |   | 1,062,946 |   |   | 16,366 |   |   | 74,343 |   |   | (3,113 | ) |   |   |   |   | 1,150,542 |   |   | 24,671 |   |   | (10,239 | ) |   |   |   |   | 1,164,974 |   |
|                                                                                                                                                             |   |                                      |    |   |   |                             |   |                                    |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                      and expenses:                                                                                                                         |   |                                      |    |   |   |                             |   |                                    |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                      expenses                                                                                                                          |   |                                      | 5,030   |   |   | 557,609                          |   |                                    | 3,141  |   |   | (31,158                                               | )      |   | (b | ) |   | 534,622 |   |   | 4,422 |   |   | 14,190 |   |   | (7,152 | ) |   | (b,c | ) |   | 546,082 |   |   | 11,888 |   |   | (1,477 | ) |   | (g | ) |   | 556,493 |   |
| Commission                      expenses                                                                                                                         |   |                                      | -       |   |   | 106,564                          |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | 106,564 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 106,564 |   |   | - |   |   | (5,349 | ) |   | (b | ) |   | 101,215 |   |
| Cost                      of sales                                                                                                                               |   |                                      | -       |   |   | 57,710                           |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | 57,710 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 57,710 |   |   | 4,251 |   |   | - |   |   |   |   |   | 61,961 |   |
| Benefits                      and losses                                                                                                                         |   |                                      | -       |   |   | -                                |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | - |   |   | 7,131 |   |   | 42,853 |   |   | 4,039 |   |   | (c | ) |   | 54,023 |   |   | - |   |   | - |   |   |   |   |   | 54,023 |   |
| Amortization                      of deferred policy acquisition costs                                                                                           |   |                                      | -       |   |   | -                                |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | - |   |   | 1,489 |   |   | 10,563 |   |   | - |   |   |   |   |   | 12,052 |   |   | - |   |   | - |   |   |   |   |   | 12,052 |   |
| Lease                      expense                                                                                                                               |   |                                      | 41      |   |   | 70,157                           |   |                                    | 30     |   |   | -                                                     |   |   |   |   |   | 70,228 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 70,228 |   |   | - |   |   | (355 | ) |   | (b | ) |   | 69,873 |   |
| Depreciation,                      net of (gains) losses on disposals                                                                                            |   |                                      | 15      |   |   | 62,901                           |   |                                    | 4,491  |   |   | -                                                     |   |   |   |   |   | 67,407 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 67,407 |   |   | 1,432 |   |   | (280 | ) |   | (e | ) |   | 68,559 |   |
| Total                      costs and expenses                                                                                                                    |   |                                      | 5,086   |   |   | 854,941                          |   |                                    | 7,662  |   |   | (31,158                                               | )      |   |   |   |   | 836,531 |   |   | 13,042 |   |   | 67,606 |   |   | (3,113 | ) |   |   |   |   | 914,066 |   |   | 17,571 |   |   | (7,461 | ) |   |   |   |   | 924,176 |   |
|                                                                                                                                                             |   |                                      |    |   |   |                             |   |                                    |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                      in earnings of subsidiaries                                                                                                          |   |                                      | 149,881 |   |   | -                                |   |                                    | -      |   |   | (143,335                                              | )      |   | (f | ) |   | 6,546 |   |   | - |   |   | - |   |   | (6,546 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                      in earnings of SAC Holding II                                                                                                        |   |                                      | 577     |   |   | -                                |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | 577 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 577 |   |   | - |   |   | (577 | ) |   | (f | ) |   | - |   |
| Total                      - equity in earnings of subsidiaries and SAC Holding II                                                                               |   |                                      | 150,458 |   |   | -                                |   |                                    | -      |   |   | (143,335                                              | )      |   |   |   |   | 7,123 |   |   | - |   |   | - |   |   | (6,546 | ) |   |   |   |   | 577 |   |   | - |   |   | (577 | ) |   |   |   |   | - |   |
| Earnings                      from operations                                                                                                                    |   |                                      | 148,509 |   |   | 206,391                          |   |                                    | 21,973 |   |   | (143,335                                              | )      |   |   |   |   | 233,538 |   |   | 3,324 |   |   | 6,737 |   |   | (6,546 | ) |   |   |   |   | 237,053 |   |   | 7,100 |   |   | (3,355 | ) |   |   |   |   | 240,798 |   |
| Interest                      income (expense)                                                                                                                   |   |                                      | (35,824 | )      |   | 10,118                           |   |                                    | 6,089  | )      |   | -                                                     |   |   |   |   |   | (31,795 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (31,795 | ) |   | (6,144 | ) |   | 3,058 |   |   | (d | ) |   | (34,881 | ) |
| Fees                      and amortization on early extinguishment of debt                                                                                       |   |                                      | (35,627 | )      |   | -                                |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | (35,627 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (35,627 | ) |   | - |   |   | - |   |   |   |   |   | (35,627 | ) |
| Pretax                      earnings                                                                                                                             |   |                                      | 77,058  |   |   | 216,509                          |   |                                    | 15,884 |   |   | (143,335                                              | )      |   |   |   |   | 166,116 |   |   | 3,324 |   |   | 6,737 |   |   | (6,546 | ) |   |   |   |   | 169,631 |   |   | 956 |   |   | (297 | ) |   |   |   |   | 170,290 |   |
| Income                      tax benefit (expense)                                                                                                                |   |                                      | 26,952  |   |   | (82,676                          | )      |                                    | (6,382 | )      |   | -                                                     |   |   |   |   |   | (62,106 | ) |   | (1,164 | ) |   | (2,351 | ) |   | - |   |   |   |   |   | (65,621 | ) |   | (379 | ) |   | (106 | ) |   | (e | ) |   | (66,106 | ) |
| Net                      earnings                                                                                                                                |   |                                      | 104,010 |   |   | 133,833                          |   |                                    | 9,502  |   |   | (143,335                                              | )      |   |   |   |   | 104,010 |   |   | 2,160 |   |   | 4,386 |   |   | (6,546 | ) |   |   |   |   | 104,010 |   |   | 577 |   |   | (403 | ) |   |   |   |   | 104,184 |   |
| Less:                      Preferred stock dividends                                                                                                             |   |                                      | (6,482  | )      |   | -                                |   |                                    | -      |   |   | -                                                     |   |   |   |   |   | (6,482 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (6,482 | ) |   | - |   |   | - |   |   |   |   |   | (6,482 | ) |
| Earnings                      available to common shareholders                                                                                                   |   | $                                         | 97,528  |   | $      | 133,833                          |   | $                                       | 9,502  |   | $      | (143,335                                              | )      |   |   |   | $ | 97,528 |   | $ | 2,160 |   | $ | 4,386 |   | $ | (6,546 | ) |   |   |   | $ | 97,528 |   | $ | 577 |   | $ | (403 | ) |   |   |   | $ | 97,702 |   |
| (a)                      Balances for the six months ended June 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 - (C**
**ONTINUED)**

|                                                                          |   | 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)                                          |   | $                                     | 115,738 |   | $      | 84,362                              |   | $           | (3,306  | )                                                  | $      | (81,056                                                                                  | )      | $                                                    | 115,738  |   | $ | 2,187 |   | $ | 4,804 |   | $ | (6,991 | ) | $ | 115,738 |   | $ | 997 |   | $ | (823 | ) | $ | 115,912 |   |
| Earnings                  from consolidated entities                          |   |                                  | (90,886 | )      |   | -                                   |   |        | -       |                                               |   | 81,056                                                                                   |   |                                                 | (9,830   | ) |   | - |   |   | - |   |   | 8,833 |   |   | (997 | ) |   | - |   |   | 997 |   |   | - |   |
| Depreciation                                                                  |   |                                  | 122     |   |   | 80,042                              |   |        | 5,323   |                                               |   | -                                                                                        |   |                                                 | 85,487   |   |   | - |   |   | - |   |   | - |   |   | 85,487 |   |   | 1,338 |   |   | (280 | ) |   | 86,545 |   |
| Amortization                  of deferred policy acquisition costs            |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 1,265 |   |   | 9,186 |   |   | - |   |   | 10,451 |   |   | - |   |   | - |   |   | 10,451 |   |
| Change                  in provision for losses on trade receivables          |   |                                  | -       |   |   | (57                                 | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (57      | ) |   | - |   |   | 46 |   |   | - |   |   | (11 | ) |   | - |   |   | - |   |   | (11 | ) |
| Change                  in provision for losses on mortgage notes             |   |                                  | -       |   |   | (20                                 | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (20      | ) |   | - |   |   | - |   |   | - |   |   | (20 | ) |   | - |   |   | - |   |   | (20 | ) |
| Net                  (gain) loss on sale of real and personal property        |   |                                  | -       |   |   | 597                                 |   |        | (4,384  | )                                                  |   | -                                                                                        |   |                                                 | (3,787   | ) |   | - |   |   | - |   |   | - |   |   | (3,787 | ) |   | - |   |   | - |   |   | (3,787 | ) |
| Net                  loss on sale of investments                              |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 505 |   |   | 386 |   |   | - |   |   | 891 |   |   | - |   |   | - |   |   | 891 |   |
| Write-off                  of unamortized debt issuance costs                 |   |                                  | -       |   |   | 302                                 |   |        | 6,667   |                                               |   | -                                                                                        |   |                                                 | 6,969    |   |   | - |   |   | - |   |   | - |   |   | 6,969 |   |   | - |   |   | - |   |   | 6,969 |   |
| Deferred                  income taxes                                        |   |                                  | 25,888  |   |   | (16                                 | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | 25,872   |   |   | 24 |   |   | 1,030 |   |   | - |   |   | 26,926 |   |   | 644 |   |   | 107 |   |   | 27,677 |   |
| Net                  change in other operating assets and liabilities:        |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                  recoverables and trade receivables               |   |                                  | -       |   |   | (2,797                              | )      |        | 1       |                                               |   | -                                                                                        |   |                                                 | (2,796   | ) |   | 20,125 |   |   | 1,054 |   |   | - |   |   | 18,383 |   |   | - |   |   | - |   |   | 18,383 |   |
| Inventories                                                                   |   |                                  | -       |   |   | (8,249                              | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (8,249   | ) |   | - |   |   | - |   |   | - |   |   | (8,249 | ) |   | (108 | ) |   | - |   |   | (8,357 | ) |
| Prepaid                  expenses                                             |   |                                  | 1,096   |   |   | (3,938                              | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (2,842   | ) |   | - |   |   | - |   |   | - |   |   | (2,842 | ) |   | (120 | ) |   | - |   |   | (2,962 | ) |
| Capitalization                  of deferred policy acquisition costs          |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (699 | ) |   | (2,467 | ) |   | - |   |   | (3,166 | ) |   | - |   |   | - |   |   | (3,166 | ) |
| Other                  assets                                                 |   |                                  | (3      | )      |   | (936                                | )      |        | 1,266   |                                               |   | -                                                                                        |   |                                                 | 327      |   |   | 138 |   |   | 11 |   |   | - |   |   | 476 |   |   | (571 | ) |   | - |   |   | (95 | ) |
| Related                  party assets                                         |   |                                  | (17,621 | )      |   | 11,360                              |   |        | 2,793   |                                               |   | 18,668                                                                                   |   |                                                 | 15,200   |   |   | 6,232 |   |   | (60 | ) |   | (5,568 | ) |   | 15,804 |   |   | 2,900 |   |   | (5,805 | ) |   | 12,899 |   |
| Accounts                  payable and accrued expenses                        |   |                                  | (19,824 | )      |   | 31,704                              |   |        | (6,774  | )                                                  |   | -                                                                                        |   |                                                 | 5,106    |   |   | - |   |   | 1,697 |   |   | - |   |   | 6,803 |   |   | 577 |   |   | - |   |   | 7,380 |   |
| Policy                  benefits and losses, claims and loss expenses payable |   |                                  | -       |   |   | 31,763                              |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 31,763   |   |   | (30,506 | ) |   | (9,677 | ) |   | - |   |   | (8,420 | ) |   | - |   |   | - |   |   | (8,420 | ) |
| Other                  policyholders' funds and liabilities                   |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 1,863 |   |   | (286 | ) |   | - |   |   | 1,577 |   |   | - |   |   | - |   |   | 1,577 |   |
| Deferred                  income                                              |   |                                  | -       |   |   | 486                                 |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 486      |   |   | - |   |   | - |   |   | - |   |   | 486 |   |   | 44 |   |   | - |   |   | 530 |   |
| Related                  party liabilities                                    |   |                                  | (201    | )      |   | 4,801                               |   |        | -       |                                               |   | (18,668                                                                                  | )      |                                                 | (14,068  | ) |   | (1,977 | ) |   | 186 |   |   | 5,184 |   |   | (10,675 | ) |   | (5,145 | ) |   | 5,804 |   |   | (10,016 | ) |
| Net                  cash provided (used) by operating activities             |   |                                  | 14,309  |   |   | 229,404                             |   |        | 1,586   |                                               |   | -                                                                                        |   |                                                 | 245,299  |   |   | (843 | ) |   | 5,910 |   |   | 1,458 |   |   | 251,824 |   |   | 556 |   |   | - |   |   | 252,380 |   |
| Cash                  flows from investing activities:                        |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                  of:                                                |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment                                |   |                                  | (931    | )      |   | (340,932                            | )      |        | (36,566 | )                                                  |   | -                                                                                        |   |                                                 | (378,429 | ) |   | - |   |   | - |   |   | - |   |   | (378,429 | ) |   | (176 | ) |   | - |   |   | (378,605 | ) |
| Short                  term investments                                       |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (28,201 | ) |   | (75,798 | ) |   | - |   |   | (103,999 | ) |   | - |   |   | - |   |   | (103,999 | ) |
| Fixed                  maturities investments                                 |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (33,855 | ) |   | (25,178 | ) |   | - |   |   | (59,033 | ) |   | - |   |   | - |   |   | (59,033 | ) |
| Mortgage                  loans                                               |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | (8,855 | ) |   | - |   |   | (8,855 | ) |   | - |   |   | - |   |   | (8,855 | ) |
| Proceeds                  from sales of:                                      |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment                                |   |                                  | -       |   |   | 52,817                              |   |        | 4,387   |                                               |   | -                                                                                        |   |                                                 | 57,204   |   |   | - |   |   | - |   |   | - |   |   | 57,204 |   |   | - |   |   | - |   |   | 57,204 |   |
| Short                  term investments                                       |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 51,069 |   |   | 93,975 |   |   | - |   |   | 145,044 |   |   | - |   |   | - |   |   | 145,044 |   |
| Fixed                  maturities investments                                 |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 10,968 |   |   | 41,088 |   |   | - |   |   | 52,056 |   |   | - |   |   | - |   |   | 52,056 |   |
| Cash                  received in excess of purchase of company acquired      |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | 1,235 |   |   | - |   |   | 1,235 |   |   | - |   |   | - |   |   | 1,235 |   |
| Preferred                  stock                                              |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | 125 |   |   | - |   |   | 125 |   |   | - |   |   | - |   |   | 125 |   |
| Real                  estate                                                  |   |                                  | -       |   |   | -                                   |   |        | 907     |                                               |   | -                                                                                        |   |                                                 | 907      |   |   | - |   |   | - |   |   | 9,206 |   |   | 10,113 |   |   | - |   |   | - |   |   | 10,113 |   |
| Mortgage                  loans                                               |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | 4,182 |   |   | - |   |   | 4,182 |   |   | - |   |   | - |   |   | 4,182 |   |
| Payments                  from notes and mortgage receivables                 |   |                                  | -       |   |   | (45                                 | )      |        | 338     |                                               |   | -                                                                                        |   |                                                 | 293      |   |   | - |   |   | - |   |   | - |   |   | 293 |   |   | - |   |   | - |   |   | 293 |   |
| Net                  cash provided (used) by investing activities             |   |                                  | (931    | )      |   | (288,160                            | )      |        | (30,934 | )                                                  |   | -                                                                                        |   |                                                 | (320,025 | ) |   | (19 | ) |   | 30,774 |   |   | 9,206 |   |   | (280,064 | ) |   | (176 | ) |   | - |   |   | (280,240 | ) |
|                                                                          |   | (page                  1 of 2)   |
| (a)                  Balance for the six months ended June 30, 2006           |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                          |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO            AND CONSOLIDATED ENTITIES**

**NOTES            TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

|                                                                            |   | 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                              |   |                                  | -       |   |   | 221,815                             |   |        | 54,929  |                                               |   | -                                                                                        |   |                                                 | 276,744 |   |   | - |   |   | - |   |   | - |   |   | 276,744 |   |   | - |   |   | - |   |   | 276,744 |   |
| Principal                  repayments on credit facilities                      |   |                                  | -       |   |   | (17,684                             | )      |        | (21,295 | )                                                  |   | -                                                                                        |   |                                                 | (38,979 | ) |   | - |   |   | - |   |   | - |   |   | (38,979 | ) |   | (635 | ) |   | - |   |   | (39,614 | ) |
| Debt                  issuance costs                                            |   |                                  | -       |   |   | (110                                | )      |        | (429    | )                                                  |   | -                                                                                        |   |                                                 | (539    | ) |   | - |   |   | - |   |   | - |   |   | (539 | ) |   | - |   |   | - |   |   | (539 | ) |
| Leveraged                  Employee Stock Ownership Plan - repayments from loan |   |                                  | -       |   |   | 608                                 |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 608     |   |   | - |   |   | - |   |   | - |   |   | 608 |   |   | - |   |   | - |   |   | 608 |   |
| Proceeds                  from (repayment of) intercompany loans                |   |                                  | (6,894  | )      |   | 10,831                              |   |        | (3,937  | )                                                  |   | -                                                                                        |   |                                                 | -       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                  stock dividends paid                                 |   |                                  | (6,482  | )      |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | (6,482  | ) |   | - |   |   | - |   |   | - |   |   | (6,482 | ) |   | - |   |   | - |   |   | (6,482 | ) |
| Investment                  contract deposits                                   |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -       |   |   | - |   |   | 8,444 |   |   | - |   |   | 8,444 |   |   | - |   |   | - |   |   | 8,444 |   |
| Investment                  contract withdrawals                                |   |                                  | -       |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -       |   |   | - |   |   | (40,275 | ) |   | - |   |   | (40,275 | ) |   | - |   |   | - |   |   | (40,275 | ) |
| Net                  cash provided (used) by financing activities               |   |                                  | (13,376 | )      |   | 215,460                             |   |        | 29,268  |                                               |   | -                                                                                        |   |                                                 | 231,352 |   |   | - |   |   | (31,831 | ) |   | - |   |   | 199,521 |   |   | (635 | ) |   | - |   |   | 198,886 |   |
|                                                                            |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                  of exchange rate on cash                               |   |                                  | -       |   |   | 131                                 |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 131     |   |   | - |   |   | - |   |   | - |   |   | 131 |   |   | - |   |   | - |   |   | 131 |   |
|                                                                            |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                  (decrease) in cash and cash equivalents               |   |                                  | 2       |   |   | 156,835                             |   |        | (80     | )                                                  |   | -                                                                                        |   |                                                 | 156,757 |   |   | (862 | ) |   | 4,853 |   |   | 10,664 |   |   | 171,412 |   |   | (255 | ) |   | - |   |   | 171,157 |   |
| Cash                  and cash equivalents at beginning of period               |   |                                  | 7       |   |   | 140,499                             |   |        | 856     |                                               |   | -                                                                                        |   |                                                 | 141,362 |   |   | 9,815 |   |   | 4,027 |   |   | - |   |   | 155,204 |   |   | 255 |   |   | - |   |   | 155,459 |   |
| Cash                  and cash equivalents at end of period                     |   | $                                     | 9       |   | $      | 297,334                             |   | $           | 776     |                                               | $      | -                                                                                        |   | $                                                    | 298,119 |   | $ | 8,953 |   | $ | 8,880 |   | $ | 10,664 |   | $ | 326,616 |   | $ | - |   | $ | - |   | $ | 326,616 |   |
|                                                                            |   | (page                  2 of 2)   |
| (a)                  Balance for the six months ended June 30, 2006             |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   |                                  |    |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO            AND CONSOLIDATED ENTITIES**

**NOTES            TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

|                                                                          |   | 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                                                 |   | $                                     | 104,010  |   | $      | 133,833                             |   | $           | 9,502   |                                               | $      | (143,335                                                                                 | )      | $                                                    | 104,010  |   | $ | 2,160 |   | $ | 4,386 |   | $ | (6,546 | ) | $ | 104,010 |   | $ | 577 |   | $ | (403 | ) | $ | 104,184 |   |
| Earnings                  from consolidated entities                          |   |                                  | (150,458 | )      |   | -                                   |   |        | -       |                                               |   | 143,335                                                                                  |   |                                                 | (7,123   | ) |   | - |   |   | - |   |   | 6,546 |   |   | (577 | ) |   | - |   |   | 577 |   |   | - |   |
| Depreciation                                                                  |   |                                  | 15       |   |   | 56,960                              |   |        | 4,491   |                                               |   | -                                                                                        |   |                                                 | 61,466   |   |   | - |   |   | - |   |   | - |   |   | 61,466 |   |   | 1,432 |   |   | (280 | ) |   | 62,618 |   |
| Amortization                  of deferred policy acquisition costs            |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 1,852 |   |   | 11,611 |   |   | - |   |   | 13,463 |   |   | - |   |   | - |   |   | 13,463 |   |
| Change                  in provision for losses on trade receivables          |   |                                  | -        |   |   | (620                                | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (620     | ) |   | - |   |   | - |   |   | - |   |   | (620 | ) |   | - |   |   | - |   |   | (620 | ) |
| Change                  in provision for losses on trade receivables          |   |                                  | -        |   |   | (1,000                              | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (1,000   | ) |   | - |   |   | - |   |   | - |   |   | (1,000 | ) |   | - |   |   | - |   |   | (1,000 | ) |
| Net                  loss on sale of real and personal property               |   |                                  | -        |   |   | 5,941                               |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 5,941    |   |   | - |   |   | - |   |   | - |   |   | 5,941 |   |   | - |   |   | - |   |   | 5,941 |   |
| Net                  loss on sale of investments                              |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 794 |   |   | 689 |   |   | - |   |   | 1,483 |   |   | - |   |   | - |   |   | 1,483 |   |
| Write-off                  of unamortized debt issuance costs                 |   |                                  | 13,629   |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 13,629   |   |   | - |   |   | - |   |   | - |   |   | 13,629 |   |   | - |   |   | - |   |   | 13,629 |   |
| Deferred                  income taxes                                        |   |                                  | 44,993   |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 44,993   |   |   | 1,039 |   |   | (702 | ) |   | - |   |   | 45,330 |   |   | 370 |   |   | 159 |   |   | 45,859 |   |
| Net                  change in other operating assets and liabilities:        |   |                                  |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                  recoverables and trade receivables               |   |                                  | -        |   |   | (6,237                              | )      |        | 3       |                                               |   | -                                                                                        |   |                                                 | (6,234   | ) |   | 7,643 |   |   | 2,412 |   |   | - |   |   | 3,821 |   |   | - |   |   | - |   |   | 3,821 |   |
| Inventories                                                                   |   |                                  | -        |   |   | (5,009                              | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (5,009   | ) |   | - |   |   | - |   |   | - |   |   | (5,009 | ) |   | (114 | ) |   | - |   |   | (5,123 | ) |
| Prepaid                  expenses                                             |   |                                  | (1,774   | )      |   | (778                                | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (2,552   | ) |   | - |   |   | - |   |   | - |   |   | (2,552 | ) |   | 133 |   |   | - |   |   | (2,419 | ) |
| Capitalization                  of deferred policy acquisition costs          |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (1,490 | ) |   | - |   |   | - |   |   | (1,490 | ) |   | - |   |   | - |   |   | (1,490 | ) |
| Other                  assets                                                 |   |                                  | 13,970   |   |   | 11,396                              |   |        | (13,150 | )                                                  |   | -                                                                                        |   |                                                 | 12,216   |   |   | 167 |   |   | 481 |   |   | - |   |   | 12,864 |   |   | (784 | ) |   | - |   |   | 12,080 |   |
| Related                  party assets                                         |   |                                  | 380,996  |   |   | (461                                | )      |        | 1,227   |                                               |   | (389,978                                                                                 | )      |                                                 | (8,216   | ) |   | 2,040 |   |   | 166 |   |   | 2,155 |   |   | (3,855 | ) |   | 602 |   |   | 546 |   |   | (2,707 | ) |
| Accounts                  payable and accrued expenses                        |   |                                  | (22,664  | )      |   | 2,350                               |   |        | 4,765   |                                               |   | -                                                                                        |   |                                                 | (15,549  | ) |   | (301 | ) |   | (2,290 | ) |   | 4,858 |   |   | (13,282 | ) |   | 652 |   |   | - |   |   | (12,630 | ) |
| Policy                  benefits and losses, claims and loss expenses payable |   |                                  | -        |   |   | 29,348                              |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 29,348   |   |   | (23,787 | ) |   | (8,502 | ) |   | - |   |   | (2,941 | ) |   | - |   |   | - |   |   | (2,941 | ) |
| Other                  policyholders' funds and liabilities                   |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 327 |   |   | (10,112 | ) |   | - |   |   | (9,785 | ) |   | - |   |   | - |   |   | (9,785 | ) |
| Deferred                  income                                              |   |                                  | -        |   |   | 3,453                               |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 3,453    |   |   | - |   |   | - |   |   | (2,842 | ) |   | 611 |   |   | 127 |   |   | - |   |   | 738 |   |
| Related                  party liabilities                                    |   |                                  | (9,626   | )      |   | (284,635                            | )      |        | (94,914 | )                                                  |   | 389,978                                                                                  |   |                                                 | 803      |   |   | (290 | ) |   | 818 |   |   | (2,566 | ) |   | (1,235 | ) |   | (307 | ) |   | (599 | ) |   | (2,141 | ) |
| Net                  cash provided (used) by operating activities             |   |                                  | 373,091  |   |   | (55,459                             | )      |        | (88,076 | )                                                  |   | -                                                                                        |   |                                                 | 229,556  |   |   | (9,846 | ) |   | (1,043 | ) |   | 1,605 |   |   | 220,272 |   |   | 2,688 |   |   | - |   |   | 222,960 |   |
| Cash                  flows from investing activities:                        |   |                                  |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                  of:                                                |   |                                  |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment                                |   |                                  | -        |   |   | (80,601                             | )      |        | (41,773 | )                                                  |   | -                                                                                        |   |                                                 | (122,374 | ) |   | - |   |   | - |   |   | - |   |   | (122,374 | ) |   | (382 | ) |   | - |   |   | (122,756 | ) |
| Short                  term investments                                       |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (98,015 | ) |   | (121,760 | ) |   | - |   |   | (219,775 | ) |   | (705 | ) |   | - |   |   | (220,480 | ) |
| Fixed                  maturities investments                                 |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (31,432 | ) |   | (129,670 | ) |   | - |   |   | (161,102 | ) |   | - |   |   | - |   |   | (161,102 | ) |
| Mortgage                  loans                                               |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | (1,250 | ) |   | - |   |   | (1,250 | ) |   | - |   |   | - |   |   | (1,250 | ) |
| Proceeds                  from sales of:                                      |   |                                  |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment                                |   |                                  | -        |   |   | 30,264                              |   |        | 5       |                                               |   | -                                                                                        |   |                                                 | 30,269   |   |   | - |   |   | - |   |   | - |   |   | 30,269 |   |   | - |   |   | - |   |   | 30,269 |   |
| Short                  term investments                                       |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 110,674 |   |   | 197,473 |   |   | - |   |   | 308,147 |   |   | - |   |   | - |   |   | 308,147 |   |
| Fixed                  maturities investments                                 |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 21,235 |   |   | 72,897 |   |   | - |   |   | 94,132 |   |   | - |   |   | - |   |   | 94,132 |   |
| Equity                  securities                                            |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | 9,250 |   |   | - |   |   | 9,250 |   |   | - |   |   | - |   |   | 9,250 |   |
| Preferred                  stock                                              |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 7,842 |   |   | - |   |   | - |   |   | 7,842 |   |   | - |   |   | - |   |   | 7,842 |   |
| Real                  estate                                                  |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 332 |   |   | 514 |   |   | 35,156 |   |   | 36,002 |   |   | - |   |   | - |   |   | 36,002 |   |
| Mortgage                  loans                                               |   |                                  | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | 4,823 |   |   | - |   |   | 4,823 |   |   | - |   |   | - |   |   | 4,823 |   |
| Payments                  from notes and mortgage receivables                 |   |                                  | -        |   |   | (441                                | )      |        | 37      |                                               |   | -                                                                                        |   |                                                 | (404     | ) |   | - |   |   | - |   |   | - |   |   | (404 | ) |   | - |   |   | - |   |   | (404 | ) |
| Net                  cash provided (used) by investing activities             |   |                                  | -        |   |   | (50,778                             | )      |        | (41,731 | )                                                  |   | -                                                                                        |   |                                                 | (92,509  | ) |   | 10,636 |   |   | 32,277 |   |   | 35,156 |   |   | (14,440 | ) |   | (1,087 | ) |   | - |   |   | (15,527 | ) |
|                                                                          |   | (page                  1 of 2)   |
| (a)                  Balance for the six months ended June 30, 2005           |   |                                  |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO            AND CONSOLIDATED ENTITIES**

**NOTES            TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

|                                                                                                          |   | 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   |   |   | 139,557                             |   |        | 948,495  |                                               |   | -                                                                                        |   |                                                 | 1,168,318  |   |   | - |   |   | - |   |   | - |   |   | 1,168,318 |   |   | - |   |   | - |   |   | 1,168,318 |   |
|                     Principal repayments on credit facilities                                       |   |                                  | (860,274 | )      |   | (17,981                             | )      |        | (204,908 | )                                                  |   | -                                                                                        |   |                                                 | (1,083,163 | ) |   | - |   |   | - |   |   | - |   |   | (1,083,163 | ) |   | (584 | ) |   | - |   |   | (1,083,747 | ) |
|                     Debt issuance costs                                                             |   |                                  | -        |   |   | (698                                | )      |        | (24,547  | )                                                  |   | -                                                                                        |   |                                                 | (25,245    | ) |   | - |   |   | - |   |   | - |   |   | (25,245 | ) |   | - |   |   | - |   |   | (25,245 | ) |
|                     Leveraged Employee Stock Ownership Plan - repayments from                  loan |   |                                  | -        |   |   | 435                                 |   |        | -        |                                               |   | -                                                                                        |   |                                                 | 435        |   |   | - |   |   | - |   |   | - |   |   | 435 |   |   | - |   |   | - |   |   | 435 |   |
|                     Proceeds from (repayment of) intercompany loans                                 |   |                                  | 413,393  |   |   | 180,051                             |   |        | (593,444 | )                                                  |   | -                                                                                        |   |                                                 | -          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
|                     Preferred stock dividends paid                                                  |   |                                  | (6,482   | )      |   | -                                   |   |        | -        |                                               |   | -                                                                                        |   |                                                 | (6,482     | ) |   | - |   |   | - |   |   | - |   |   | (6,482 | ) |   | - |   |   | - |   |   | (6,482 | ) |
|                     Investment contract deposits                                                    |   |                                  | -        |   |   | -                                   |   |        | -        |                                               |   | -                                                                                        |   |                                                 | -          |   |   | - |   |   | 10,405 |   |   | - |   |   | 10,405 |   |   | - |   |   | - |   |   | 10,405 |   |
|                     Investment contract withdrawals                                                 |   |                                  | -        |   |   | -                                   |   |        | -        |                                               |   | -                                                                                        |   |                                                 | -          |   |   | - |   |   | (38,018 | ) |   | - |   |   | (38,018 | ) |   | - |   |   | - |   |   | (38,018 | ) |
| Net                  cash provided (used) by financing activities                                             |   |                                  | (373,097 | )      |   | 301,364                             |   |        | 125,596  |                                               |   | -                                                                                        |   |                                                 | 53,863     |   |   | - |   |   | (27,613 | ) |   | - |   |   | 26,250 |   |   | (584 | ) |   | - |   |   | 25,666 |   |
|                                                                                                          |   |                                  |     |   |   |                                |   |        |     |                                               |   |                                                                                     |   |                                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                  of exchange rate on cash                                                             |   |                                  | -        |   |   | 79                                  |   |        | -        |                                               |   | -                                                                                        |   |                                                 | 79         |   |   | - |   |   | - |   |   | - |   |   | 79 |   |   | - |   |   | - |   |   | 79 |   |
|                                                                                                          |   |                                  |     |   |   |                                |   |        |     |                                               |   |                                                                                     |   |                                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                  (decrease) in cash and cash equivalents                                             |   |                                  | (6       | )      |   | 195,206                             |   |        | (4,211   | )                                                  |   | -                                                                                        |   |                                                 | 190,989    |   |   | 790 |   |   | 3,621 |   |   | 36,761 |   |   | 232,161 |   |   | 1,017 |   |   | - |   |   | 233,178 |   |
| 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                                                   |   | $                                     | 8        |   | $      | 232,832                             |   | $           | 116      |                                               | $      | -                                                                                        |   | $                                                    | 232,956    |   | $ | 11,428 |   | $ | 6,613 |   | $ | 36,761 |   | $ | 287,758 |   | $ | 1,375 |   | $ | - |   | $ | 289,133 |   |
|                                                                                                          |   | (page                  2 of 2)   |
| (a)                  Balance for the six months ended June 30, 2005                                           |   |                                  |     |   |   |                                |   |        |     |                                               |   |                                                                                     |   |                                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO            AND CONSOLIDATED ENTITIES**

**NOTES            TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (C**
**ONTINUED)**

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

|                                                                               |   | **United                  States**                          |      | **Canada** |   | **Consolidated** |
|------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|-----------|------------|--------|------------------|
|                                                                               |   | (Unaudited)                                                 |
|                                                                               |   | (All                  amounts are in thousands of U.S. $'s) |
| **Quarter                  Ended September 30, 2006**                              |   |                                                        |      |       |   |             |
| Total                  revenues                                                    |   | $                                                           | 589,789   |       | $      | 16,746           |   | $ | 606,535 |
| Depreciation                  and amortization, net of (gains) losses on disposals |   |                                                        | 46,061    |       |   | 1,851            |   |   | 47,912 |
| Interest                  expense                                                  |   |                                                        | 20,959    |       |   | 104              |   |   | 21,063 |
| Pretax                  earnings                                                   |   |                                                        | 94,987    |       |   | 3,234            |   |   | 98,221 |
| Income                  tax expense                                                |   |                                                        | 36,630    |       |   | 1,100            |   |   | 37,730 |
| Identifiable                  assets                                               |   |                                                        | 3,614,398 |       |   | 89,714           |   |   | 3,704,112 |
|                                                                               |   |                                                        |      |       |   |             |   |   |   |
| **Quarter                  Ended September 30, 2005**                              |   |                                                        |      |       |   |             |   |   |   |
| Total                  revenues                                                    |   | $                                                           | 587,108   |       | $      | 18,408           |   | $ | 605,516 |
| Depreciation                  and amortization, net of (gains) losses on disposals |   |                                                        | 39,326    |       |   | 850              |   |   | 40,176 |
| Interest                  expense (income)                                         |   |                                                        | 18,163    |       |   | (2,918           | ) |   | 15,245 |
| Pretax                  earnings                                                   |   |                                                        | 109,260   |       |   | 3,733            |   |   | 112,993 |
| Income                  tax expense                                                |   |                                                        | 43,847    |       |   | 24               |   |   | 43,871 |
| Identifiable                  assets                                               |   |                                                        | 3,231,345 |       |   | 74,375           |   |   | 3,305,720 |

|                                                                               |   | **United                  States**                          |      | **Canada** |   | **Consolidated** |
|------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|-----------|------------|--------|------------------|
|                                                                               |   | (Unaudited)                                                 |
|                                                                               |   | (All                  amounts are in thousands of U.S. $'s) |
| **Six                  Months Ended September 30, 2006**                           |   |                                                        |      |       |   |             |
| Total                  revenues                                                    |   | $                                                           | 1,142,525 |       | $      | 31,037           |   | $ | 1,173,562 |
| Depreciation                  and amortization, net of (gains) losses on disposals |   |                                                        | 89,636    |       |   | 3,573            |   |   | 93,209 |
| Interest                  expense                                                  |   |                                                        | 39,260    |       |   | 265              |   |   | 39,525 |
| Pretax                  earnings                                                   |   |                                                        | 184,620   |       |   | 5,305            |   |   | 189,925 |
| Income                  tax expense                                                |   |                                                        | 72,209    |       |   | 1,804            |   |   | 74,013 |
| Identifiable                  assets                                               |   |                                                        | 3,614,398 |       |   | 89,714           |   |   | 3,704,112 |
|                                                                               |   |                                                        |      |       |   |             |   |   |   |
| **Six                  Months Ended September 30, 2005**                           |   |                                                        |      |       |   |             |   |   |   |
| Total                  revenues                                                    |   | $                                                           | 1,132,185 |       | $      | 32,789           |   | $ | 1,164,974 |
| Depreciation                  and amortization, net of (gains) losses on disposals |   |                                                        | 78,130    |       |   | 2,481            |   |   | 80,611 |
| Interest                  expense (income)                                         |   |                                                        | 37,803    |       |   | (2,922           | ) |   | 34,881 |
| Pretax                  earnings                                                   |   |                                                        | 163,688   |       |   | 6,602            |   |   | 170,290 |
| Income                  tax expense                                                |   |                                                        | 66,082    |       |   | 24               |   |   | 66,106 |
| Identifiable                  assets                                               |   |                                                        | 3,231,345 |       |   | 74,375           |   |   | 3,305,720 |
|                                                                               |   |                                                        |      |       |   |             |   |   |   |

----

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

|                                                                     |   | **Quarter                  Ended September 30,** |
|--------------------------------------------------------------------------|--------|--------------------------------------------------|
|                                                                     |   | **2006**                                         |   | **2005** |
|                                                                     |   | (Unaudited)                                      |
|                                                                     |   | (In                  thousands)                  |
| Self-moving                  equipment rentals                           |   | $                                                | 445,720 |   | $ | 446,705 |
| Self-storage                  revenues                                   |   |                                             | 32,416 |   |   | 31,224 |
| Self-moving                  and self-storage products and service sales |   |                                             | 61,916 |   |   | 62,492 |
| Property                  management fees                                |   |                                             | 3,986 |   |   | 3,829 |
| Life                  insurance premiums                                 |   |                                             | 31,120 |   |   | 29,718 |
| Property                  and casualty insurance premiums                |   |                                             | 6,470 |   |   | 5,399 |
| Net                  investment and interest income                      |   |                                             | 15,908 |   |   | 12,352 |
| Other                  revenue                                           |   |                                             | 8,999 |   |   | 13,797 |
|     Consolidated                  revenue            |   | $                                                | 606,535 |   | $ | 605,516 |

----

|                                                                                 |   | **Quarter                  Ended September 30,** |    |
|--------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                                                 |   | **2006**                                         |    | **2005** |   |
|                                                                                 |   | (Unaudited)                                      |    |
|                                                                                 |   | (In                  thousands)                  |    |
| Moving                  and storage                                                  |   |                                             |    |   |   |
|                          Revenues                 |   | $                                                | 551,821 |   | $ | 555,383 |   |
|                          Earnings from operations |   |                                             | 121,790 |   |   | 124,573 |   |
| Property                  and casualty insurance                                     |   |                                             |    |   |   |   |   |
|                          Revenues                 |   |                                             | 9,260   |   |   | 8,057 |   |
|                          Earnings from operations |   |                                             | 1,664   |   |   | 1,742 |   |
| Life                  insurance                                                      |   |                                             |    |   |   |   |   |
|                          Revenues                 |   |                                             | 38,731  |   |   | 36,270 |   |
|                          Earnings from operations |   |                                             | 5,403   |   |   | 3,297 |   |
| SAC                  Holding II                                                      |   |                                             |    |   |   |   |   |
|                          Revenues                 |   |                                             | 12,535  |   |   | 12,612 |   |
|                          Earnings from operations |   |                                             | 4,139   |   |   | 3,049 |   |
| Eliminations                                                                         |   |                                             |    |   |   |   |   |
|                          Revenues                 |   |                                             | (5,812  | ) |   | (6,806 | ) |
|                          Earnings from operations |   |                                             | (6,743  | ) |   | (4,423 | ) |
| Consolidated                  results                                                |   |                                             |    |   |   |   |   |
|                          Revenues                 |   |                                             | 606,535 |   |   | 605,516 |   |
|                          Earnings from operations |   |                                             | 126,253 |   |   | 128,238 |   |

----

**Moving        and Storage**

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

|                                                                     |   | **Quarter                  Ended September 30,** |
|--------------------------------------------------------------------------|--------|--------------------------------------------------|
|                                                                     |   | **2006**                                         |   | **2005** |
|                                                                     |   | (Unaudited)                                      |
|                                                                     |   | (In                  thousands)                  |
| Self-moving                  equipment rentals                           |   | $                                                | 445,720 |   | $ | 446,705 |
| Self-storage                  revenues                                   |   |                                             | 27,368 |   |   | 26,443 |
| Self-moving                  and self-storage products and service sales |   |                                             | 57,531 |   |   | 57,874 |
| Property                  management fees                                |   |                                             | 4,738 |   |   | 4,578 |
| Net                  investment and interest income                      |   |                                             | 9,060 |   |   | 7,549 |
| Other                  revenue                                           |   |                                             | 7,404 |   |   | 12,234 |
|     Moving                  and Storage revenue      |   | $                                                | 551,821 |   | $ | 555,383 |

|                                                        |   | **Quarter                  Ended September 30,**       |
|-------------------------------------------------------------|--------|--------------------------------------------------------|
|                                                        |   | **2006**                                               |   | **2005** |
|                                                        |   | (Unaudited)                                            |
|                                                        |   | (In                  thousands, except occupancy rate) |
| Room                  count as of September 30              |   | 125                                                    |   | 125 |
| Square                  footage as of September 30          |   | 9,853                                                  |   | 9,708 |
| Average                  number of rooms occupied           |   | 111                                                    |   | 112 |
| Average                  occupancy rate based on room count |   | 89.2%                                                  |   | 90.0% |
| Average                  square footage occupied            |   | 8,877                                                  |   | 8,893 |

----

**U-Haul        International, Inc.**

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

|                                                                        |   | **Quarter                  Ended September 30,** |    |
|-----------------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                                        |   | **2006**                                         |    | **2005** |   |
|                                                                        |   | (Unaudited)                                      |    |
|                                                                        |   | (In                  thousands)                  |    |
| Self-moving                  equipment rentals                              |   | $                                                | 445,720 |   | $ | 446,705 |   |
| Self-storage                  revenues                                      |   |                                             | 26,970  |   |   | 26,002 |   |
| Self-moving                  and self-storage products and service sales    |   |                                             | 57,531  |   |   | 57,874 |   |
| Property                  management fees                                   |   |                                             | 4,738   |   |   | 4,578 |   |
| Net                  investment and interest income                         |   |                                             | 7,818   |   |   | 5,978 |   |
| Other                  revenue                                              |   |                                             | 8,625   |   |   | 13,422 |   |
|     U-Haul                  International, Inc. revenue |   | $                                                | 551,402 |   | $ | 554,559 |   |

----

**Republic        Western Insurance Company**

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

**Oxford        Life Insurance Company**

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

----

**SAC        Holding II**

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

|                                                                     |   | **Quarter                  Ended September 30,** |   |
|--------------------------------------------------------------------------|--------|--------------------------------------------------|--------|
|                                                                     |   | **2006**                                         |   | **2005** |   |
|                                                                     |   | (Unaudited)                                      |   |
|                                                                     |   | (In                  thousands)                  |   |
| Self-moving                  equipment rentals                           |   | $                                                | 2,754  |   | $ | 2,861 |   |
| Self-storage                  revenues                                   |   |                                             | 5,048  |   |   | 4,781 |   |
| Self-moving                  and self-storage products and service sales |   |                                             | 4,385  |   |   | 4,618 |   |
| Other                  revenue                                           |   |                                             | 348    |   |   | 352 |   |
|     Segment                  revenue                 |   | $                                                | 12,535 |   | $ | 12,612 |   |

----

**AMERCO        and Consolidated Entities**

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

|                                                                     |   | **Six                  Months Ended September 30,** |      |
|--------------------------------------------------------------------------|--------|-----------------------------------------------------|-----------|
|                                                                     |   | **2006**                                            |      | **2005** |   |
|                                                                     |   | (Unaudited)                                         |      |
|                                                                     |   | (In                  thousands)                     |      |
| Self-moving                  equipment rentals                           |   | $                                                   | 852,954   |   | $ | 847,965 |   |
| Self-storage                  revenues                                   |   |                                                | 62,847    |   |   | 59,992 |   |
| Self-moving                  and self-storage products and service sales |   |                                                | 129,367   |   |   | 129,055 |   |
| Property                  management fees                                |   |                                                | 7,833     |   |   | 8,269 |   |
| Life                  insurance premiums                                 |   |                                                | 62,039    |   |   | 59,307 |   |
| Property                  and casualty insurance premiums                |   |                                                | 11,852    |   |   | 10,223 |   |
| Net                  investment and interest income                      |   |                                                | 29,738    |   |   | 26,066 |   |
| Other                  revenue                                           |   |                                                | 16,932    |   |   | 24,097 |   |
|     Consolidated                  revenue            |   | $                                                   | 1,173,562 |   | $ | 1,164,974 |   |

----

|                                                                           |   | **Six                  Months Ended September 30,** |      |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------------|-----------|
|                                                                           |   | **2006**                                            |      | **2005** |   |
|                                                                           |   | (Unaudited)                                         |      |
|                                                                           |   | (In                  thousands)                     |      |
| Moving                  and storage                                            |   |                                                |      |   |   |
|                         Revenues                 |   | $                                                   | 1,066,459 |   | $ | 1,062,946 |   |
|                         Earnings from operations |   |                                                | 228,711   |   |   | 233,538 |   |
| Property                  and casualty insurance                               |   |                                                |      |   |   |   |   |
|                         Revenues                 |   |                                                | 17,328    |   |   | 16,366 |   |
|                         Earnings from operations |   |                                                | 3,365     |   |   | 3,324 |   |
| Life                  insurance                                                |   |                                                |      |   |   |   |   |
|                         Revenues                 |   |                                                | 76,868    |   |   | 74,343 |   |
|                         Earnings from operations |   |                                                | 7,354     |   |   | 6,737 |   |
| SAC                  Holding II                                                |   |                                                |      |   |   |   |   |
|                         Revenues                 |   |                                                | 25,014    |   |   | 24,671 |   |
|                         Earnings from operations |   |                                                | 8,262     |   |   | 7,100 |   |
| Eliminations                                                                   |   |                                                |      |   |   |   |   |
|                         Revenues                 |   |                                                | (12,107   | ) |   | (13,352 | ) |
|                         Earnings from operations |   |                                                | (11,273   | ) |   | (9,901 | ) |
| Consolidated                  results                                          |   |                                                |      |   |   |   |   |
|                         Revenues                 |   |                                                | 1,173,562 |   |   | 1,164,974 |   |
|                         Earnings from operations |   |                                                | 236,419   |   |   | 240,798 |   |

----

**Moving        and Storage**

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

|                                                                     |   | **Six                  Months Ended September 30,** |
|--------------------------------------------------------------------------|--------|-----------------------------------------------------|
|                                                                     |   | **2006**                                            |   | **2005** |
|                                                                     |   | (Unaudited)                                         |
|                                                                     |   | (In                  thousands)                     |
| Self-moving                  equipment rentals                           |   | $                                                   | 852,954 |   | $ | 847,965 |
| Self-storage                  revenues                                   |   |                                                | 52,957 |   |   | 50,691 |
| Self-moving                  and self-storage products and service sales |   |                                                | 120,230 |   |   | 119,672 |
| Property                  management fees                                |   |                                                | 9,334 |   |   | 9,746 |
| Net                  investment and interest income                      |   |                                                | 16,848 |   |   | 13,703 |
| Other                  revenue                                           |   |                                                | 14,136 |   |   | 21,169 |
|     Moving                  and Storage revenue      |   | $                                                   | 1,066,459 |   | $ | 1,062,946 |

|                                                        |   | **Six                  Months Ended September 30,**    |
|-------------------------------------------------------------|--------|--------------------------------------------------------|
|                                                        |   | **2006**                                               |   | **2005** |
|                                                        |   | (Unaudited)                                            |
|                                                        |   | (In                  thousands, except occupancy rate) |
| Room                  count as of September 30              |   | 125                                                    |   | 125 |
| Square                  footage as of September 30          |   | 9,853                                                  |   | 9,708 |
| Average                  number of rooms occupied           |   | 110                                                    |   | 112 |
| Average                  occupancy rate based on room count |   | 88.7%                                                  |   | 89.7% |
| Average                  square footage occupied            |   | 8,760                                                  |   | 8,871 |

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**U-Haul        International, Inc.**

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

|                                                                        |   | **Six                  Months Ended September 30,** |      |
|-----------------------------------------------------------------------------|--------|-----------------------------------------------------|-----------|
|                                                                        |   | **2006**                                            |      | **2005** |   |
|                                                                        |   | (Unaudited)                                         |      |
|                                                                        |   | (In                  thousands)                     |      |
| Self-moving                  equipment rentals                              |   | $                                                   | 852,954   |   | $ | 847,965 |   |
| Self-storage                  revenues                                      |   |                                                | 52,149    |   |   | 49,795 |   |
| Self-moving                  and self-storage products and service sales    |   |                                                | 120,230   |   |   | 119,672 |   |
| Property                  management fees                                   |   |                                                | 9,334     |   |   | 9,746 |   |
| Net                  investment and interest income                         |   |                                                | 14,386    |   |   | 10,716 |   |
| Other                  revenue                                              |   |                                                | 16,752    |   |   | 23,438 |   |
|     U-Haul                  International, Inc. revenue |   | $                                                   | 1,065,805 |   | $ | 1,061,332 |   |

----

**Republic        Western Insurance Company**

***Six        Months Ended June 30***
**,        *2006 compared with the Six Months Ended June 30,        2005***

**Oxford        Life Insurance Company**

***Six        Months***
***Ended        June 30, 2006 compared with the Six Months Ended June 30,        2005***

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**SAC        Holding II**

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

|                                                                     |   | **Six                  Months Ended September 30,** |   |
|--------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|
|                                                                     |   | **2006**                                            |   | **2005** |   |
|                                                                     |   | (Unaudited)                                         |   |
|                                                                     |   | (In                  thousands)                     |   |
| Self-moving                  equipment rentals                           |   | $                                                   | 5,310  |   | $ | 5,349 |   |
| Self-storage                  revenues                                   |   |                                                | 9,890  |   |   | 9,301 |   |
| Self-moving                  and self-storage products and service sales |   |                                                | 9,137  |   |   | 9,383 |   |
| Other                  revenue                                           |   |                                                | 677    |   |   | 638 |   |
|     Segment                  revenue                 |   | $                                                   | 25,014 |   | $ | 24,671 |   |

**Liquidity        and Capital Resources**

| Real                  estate loan (revolving credit)  |   | $      | 200.0 |   |
|-------------------------------------------------------|--------|--------|-------|--------|
| Construction                  loan (revolving credit) |   |   | 40.0  |   |
| Fleet                  loan (amortizing term)         |   |   | 46.4  |   |
| Fleet                  loan (revolving credit)        |   |   | 60.0  |   |
|                                                  |   | $      | 346.4 |   |

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**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***

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**Off-Balance        Sheet Arrangements**

----

**Fiscal        2007**
**        Outlook**

**Cautionary        Statements Regarding Forward-Looking Statements**

----

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

**Interest        rate risk**

| Notional                  Amount                        |        |   | Effective                  Date |   | Expiration                  Date |       | Fixed                  Rate |   | Floating                  Rate |   |
|---------------------------------------------------------|-------------|--------|---------------------------------|--------|----------------------------------|------------|-----------------------------|--------|--------------------------------|--------|
|                                                    |        |   |                            |   |                             |       |                        |   |                           |   |
| $                                                       | 132,264,384 |   | (a),                  (c        | )      |                             | 5/10/2006  |                        |   | 4/10/2012                      |   |   | 5.06 | % |   | 1                  Month LIBOR |   |
|                                                    | 144,871,327 |   | (a),                  (c        | )      |                             | 10/10/2006 |                        |   | 10/10/2012                     |   |   | 5.57 | % |   | 1                  Month LIBOR |   |
|                                                    | 48,309,827  |   | (a),                  (c        | )      |                             | 7/10/2006  |                        |   | 7/10/2013                      |   |   | 5.67 | % |   | 1                  Month LIBOR |   |
|                                                    | 300,000,000 |   | (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**

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**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.

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

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

The        2006        Annual Meeting of Stockholders was held on August 25, 2006. At the 2006 Annual        Meeting of Stockholders, William E. Carty and Charles J. Bayer were elected        as        class IV Directors to serve until the 2010 Annual Meeting of Stockholders.        John        P. Brogan and Daniel R. Mullen continue as directors with terms that expire        at        the 2007 Annual Meeting of Stockholders; Edward J. Shoen and M. Frank Lyons        continue as directors with terms that expire at the 2008 Annual Meeting of        Stockholders; and John M. Dodds and James P. Shoen continue as directors        with        terms that expire at the 2009 Annual Meeting of Stockholders. The following        table sets forth the votes cast for, against or withheld, as well as the        number        of abstentions and broker non-votes with respect to each matter voted on        at the        2006 Annual Meeting of Stockholders.

|                                       | **Votes                  Cast For** | **Votes                  Cast Against** | **Withheld** | **Abstentions** | **Non-Votes** |
|--------------------------------------------|-------------------------------------|-----------------------------------------|--------------|-----------------|---------------|
|                                       |                                |                                    |         |            |          |
| **Election                  of Directors** |                                |                                    |         |            |          |
| William                  E. Carty          | 20,276,032                          | -                                       | 643,498      | -               | 365,074       |
|                                       |                                |                                    |         |            |          |
| Charles                  J. Bayer          | 20,042,584                          | -                                       | 876,946      | -               | 365,074       |
|                                       |                                |                                    |         |            |          |

**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           |
| 10.1                                | Amendment                  No. 1 to the Amended and Restated Credit Agreement and Security                  Agreement,                  dated as of August 18, 2006, to the Amended and Restated Credit                  Agreement,                  dated as of June 8, 2005, among Amerco Real Estate Company of Texas,                  Inc.,                  Amerco Real Estate Company of Alabama, Inc., U-Haul Co. of Florida,                  Inc.,                  U-Haul International, Inc. and the Marketing Grantors named therein                  in                  favor of Merrill Lynch Commercial Finance Corp. | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed August 23, 2006,                  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 U-Haul International, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                               | Filed                  herewith                                                                                                                                        |
| 31.2                                | Rule                  13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting                  Officer                  of AMERCO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Filed                  herewith                                                                                                                                        |
| 31.3                                | Rule                  13a-14(a)/15d-14(a) Certificate of Robert T. Peterson, Chief Financial                  Officer of U-Haul International, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Filed                  herewith                                                                                                                                        |
| 32.1                                | Certificate                  of Edward J. Shoen, President and Chairman of the Board of AMERCO                  and                  U-Haul International, Inc. pursuant to Section 906 of the Sarbanes-Oxley                  Act of 2002                                                                                                                                                                                                                                                                                                                                                                                             | Furnished                  herewith                                                                                                                                    |
| 32.2                                | Certificate                  of Jason A. Berg, Chief Accounting Officer of AMERCO pursuant to                  Section                  906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Furnished                  herewith                                                                                                                                    |
| 32.3                                | Certificate                  of Robert T. Peterson, Chief Financial Officer of U-Haul                  International, Inc. pursuant to Section 906 of the Sarbanes-Oxley                  Act of                  2002                                                                                                                                                                                                                                                                                                                                                                                                                 | Furnished                  herewith                                                                                                                                    |

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