##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2002

OR

[   ]   TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from __________________ to __________________

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

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [   ].

20,514,958 shares of AMERCO Common Stock, $0.25 par value were outstanding at
September 30, 2002.

5,385 shares of U-Haul International, Inc. Common Stock, $0.01 par value, were
outstanding at November 11, 2002.





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TABLE OF CONTENTS



|                              |                                                                                               |                                                           |  |  |  |  |  | 
|----------------------------- | --------------------------------------------------------------------------------------------- | --------------------------------------------------------- |  |  |  |  |  | 
|PART I. FINANCIAL INFORMATION
|                              | ITEM 1. FINANCIAL STATEMENTS                                                                 
|                              |                                                                                               | Condensed Consolidated Balance Sheets                    
|                              |                                                                                               | Condensed Consolidated Statements of Earnings            
|                              |                                                                                               | Condensed Consolidated Statements of Comprehensive Income
|                              |                                                                                               | Condensed Consolidated Statements of Earnings            
|                              |                                                                                               | Condensed Consolidated Statements of Comprehensive Income
|                              |                                                                                               | Condensed Consolidated Statements of Cash Flows          
|                              |                                                                                               | Notes to Condensed Consolidated Financial Statements     
|                              | ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|                              | ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                           
|                              | ITEM 4. CONTROLS AND PROCEDURES                                                              
|PART II. OTHER INFORMATION   
|                              | ITEM 1. LEGAL PROCEEDINGS                                                                    
|                              | ITEM 3. DEFAULTS UPON SENIOR SECURITIES                                                      
|                              | ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                  
|                              | ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                                                     
|EX-10.10A                    
|EX-10.11A                    
|EX-10.35                     
|EX-10.36                     
|EX-10.37                     
|EX-10.38                     
|EX-10.39                     
|EX-10.40                     
|EX-10.41                     
|EX-10.42                     
|EX-10.43                     
|EX-10.44                     
|EX-10.45                     
|EX-10.46                     
|EX-10.46A                    
|EX-10.47                     
|EX-10.48                     
|EX-10.48A                    
|EX-10.49                     
|EX-10.50                     
|EX-10.50A                    
|EX-10.51                     
|EX-10.52                     
|EX-10.53                     
|EX-10.53A                    
|EX-10.54                     
|EX-10.54.A                   
|EX-10.55                     
|EX-10.55a                    
|EX-10.56                     
|EX-10.56A                    
|EX-10.57                     
|EX-10.57A                    
|EX-10.58                     
|EX-10.58A                    
|EX-10.59                     
|EX-10.60                     
|EX-10.61                     
|EX-10.62                     
|EX-10.63                     
|EX-99.1                      
|EX-99.2                      
|EX-99.3                      
|EX-99.4                      



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TABLE OF CONTENTS

|        |  |                                                                                                                                            |  |   
|------- |  | ------------------------------------------------------------------------------------------------------------------------------------------ |  | --
|PART I  |  | FINANCIAL INFORMATION                                                                                                                      |  |   
|       
|       
|       
|       
|Item 1. |  | Financial Statements                                                                                                                       |  |   
|       
|       
|       
|       
|        |  | a)     Condensed Consolidated Balance Sheets as of September 30, 2002 (unaudited)
and March 31, 2002                                       |  | 4 
|       
|       
|       
|       
|        |  | b)     Condensed Consolidated Statements of Earnings for the Six months
ended September 30, 2002 and 2001          (unaudited)             |  | 6 
|       
|       
|       
|       
|        |  | c)     Condensed Consolidated Statements of Comprehensive Income for the
Six months ended September 30,
         2002 and 2001 (unaudited) |  | 7 
|       
|       
|       
|       
|        |  | d)      Condensed Consolidated Statements of Earnings for the Quarters ended
September 30, 2002 and 2001          (unaudited)              |  | 8 
|       
|       
|       
|       
|        |  | e)      Condensed Consolidated Statements of Comprehensive Income for the
Quarters ended September 30, 2002
         and 2001 (unaudited)  |  | 9 
|       
|       
|       
|       
|        |  | f)      Condensed Consolidated Statements of Cash Flows for the Six months
ended September 30, 2002 and 2001          (unaudited)          |  | 10
|       
|       
|       
|       
|        |  | g)       Notes to Condensed Consolidated Financial Statements                                                                              |  | 11
|       
|       
|       
|       
|Item 2. |  | Managements Discussion and Analysis of Financial Condition and Results of
Operations                                                      |  | 33
|       
|       
|       
|       
|Item 3. |  | Quantitative and Qualitative Disclosures About Market Risk                                                                                 |  | 41
|       
|       
|       
|       
|Item 4. |  | Controls and Procedures                                                                                                                    |  | 41
|       
|       
|       
|       
|PART II |  | OTHER INFORMATION                                                                                                                          |  |   
|       
|       
|       
|       
|Item 1. |  | Legal Proceedings                                                                                                                          |  | 42
|       
|       
|       
|       
|Item 3. |  | Defaults Upon Senior Securities                                                                                                            |  | 43
|       
|       
|       
|       
|Item 4. |  | Submission of Matters to a Vote of Security Holders                                                                                        |  | 43
|       
|       
|       
|       
|Item 6. |  | Exhibits and Reports on Form 8-K                                                                                                           |  | 44

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PART I. FINANCIAL INFORMATION




ITEM 1. FINANCIAL STATEMENTS




AMERCO AND CONSOLIDATED SUBSIDIARIES AND

SAC HOLDING CORPORATIONS AND CONSOLIDATED


SUBSIDIARIES


Condensed Consolidated Balance Sheets

|                                        |                                          |      |                |            |           |   |           |            |  
|--------------------------------------- | ---------------------------------------- | ---- | -------------- | ---------- | --------- | - | --------- | ---------- | -
|                                        |                                          |      | September 30,  |            | March 31,
|Assets                                  |                                          | 2002 |                | 2002      
|                                        |                                          |      |                |           
|                                        |                                          |      | (Unaudited)    |            |           |   |          
|                                        |                                          |      | (in thousands)
|Cash and cash equivalents               |                                          | $    | 83,530         |            |           | $ | 97,672    |           
|                                       
|                                       
|                                       
|                                       
|Receivables                             |                                          |      | 284,512        |            |           |   | 279,914   |           
|                                       
|                                       
|                                       
|                                       
|Inventories, net                        |                                          |      | 69,687         |            |           |   | 76,519    |           
|                                       
|                                       
|                                       
|                                       
|Prepaid expenses                        |                                          |      | 43,916         |            |           |   | 31,069    |           
|                                       
|                                       
|                                       
|                                       
|Investments, fixed maturities           |                                          |      | 894,295        |            |           |   | 994,875   |           
|                                       
|                                       
|                                       
|                                       
|Investments, other                      |                                          |      | 198,212        |            |           |   | 200,437   |           
|Other assets                            |                                          |      | 150,708        |            |           |   | 178,066   |           
|                                        |                                          |      |                |            |           |   |           |           
|                                       
|                                       
|                                       
|                                       
|                                        |                                          |      | 1,724,860      |            |           |   | 1,858,552 |           
|                                       
|                                       
|                                       
|                                       
|Property, plant and equipment, at cost: |                                          |      |                |            |           |   |           |           
|                                       
|                                       
|                                       
|                                       
|                                        | Buildings and improvements               |      |                | 716,346    |           |   |           | 703,841    |  
|                                       
|                                       
|                                       
|                                       
|                                        | SACH Buildings and improvements          |      |                | 468,804    |           |   |           | 458,077    |  
|                                       
|                                       
|                                       
|                                       
|                                        | Rental trucks                            |      |                | 1,119,666  |           |   |           | 1,071,604  |  
|                                       
|                                       
|                                       
|                                       
|                                        | Other property, plant and equipment      |      |                | 624,188    |           |   |           | 626,391    |  
|                                       
|                                       
|                                       
|                                       
|                                        | SACH other property, plant and equipment |      |                | 266,778    |           |   |           | 266,172    |  
|                                        |                                          |      |                |            |           |   |           |           
|                                        |                                          |      | 3,195,782      |            |           |   | 3,126,085 |           
|                                       
|                                       
|                                       
|                                       
|                                        | Less accumulated depreciation            |      |                | (1,257,013 | )         |   |           | (1,211,182 | )
|                                        |                                          |      |                |            |           |   |           |           
|                                        | Total property, plant and equipment      |      |                | 1,938,769  |           |   |           | 1,914,903  |  
|                                        |                                          |      |                |            |           |   |           |           
|Total Assets                            |                                          | $    | 3,663,629      |            |           | $ | 3,773,455 |           
|                                        |                                          |      |                |            |           |   |           |           

The accompanying notes are an integral part of these consolidated financial statements.

4



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AMERCO AND CONSOLIDATED SUBSIDIARIES AND

SAC HOLDING CORPORATIONS AND CONSOLIDATED


SUBSIDIARIES


Condensed Consolidated Balance Sheets, Continued

|                                           |                                                              |                            |           |                |           |           |           |           |           | 
|------------------------------------------ | ------------------------------------------------------------ | -------------------------- | --------- | -------------- | --------- | --------- | --------- | --------- | --------- | 
|                                           |                                                              |                            |           | September 30,  |           | March 31,
|Liabilities and Stockholders' Equity       |                                                              | 2002                       |           | 2002          
|                                           |                                                              |                            |           |               
|                                           |                                                              |                            |           | (Unaudited)    |           |           |           |          
|                                           |                                                              |                            |           | (in thousands)
|Liabilities:                               |                                                              |                            |           |                |           |           |           |          
|                                          
|                                          
|                                          
|                                          
|                                           | AMERCOs notes and loans payable                             |                            | $         | 908,509        |           |           | $         | 1,045,802 |          
|                                          
|                                          
|                                          
|                                          
|                                           | SAC Holdings notes and loans payable                         |                            |           | 579,403        |           |           |           | 557,761   |          
|                                          
|                                          
|                                          
|                                          
|                                           | Policy benefits and losses, claims and
loss expenses payable |                            |           | 703,304        |           |           |           | 729,343   |          
|                                          
|                                          
|                                          
|                                          
|                                           | Liabilities from premium deposits                            |                            |           | 610,248        |           |           |           | 572,793   |          
|                                          
|                                          
|                                          
|                                          
|                                           | Other liabilities                                            |                            |           | 295,032        |           |           |           | 368,650   |          
|                                           |                                                              |                            |           |                |           |           |           |           |          
|                                           |                                                              | Total liabilities          |           |                | 3,096,496 |           |           |           | 3,274,349 | 
|                                          
|                                          
|                                          
|                                          
|Commitments and Contingent Liabilities     |                                                              |                            |           |                |           |           |           |          
|                                          
|                                          
|                                          
|                                          
|Stockholders equity:                      |                                                              |                            |           |                |           |           |           |          
|                                          
|                                          
|                                          
|                                          
|                                           | Serial preferred stock -                                     |                            |           |                |           |           |           |           |          
|                                          
|                                          
|                                          
|                                          
|                                           |                                                              | Series A preferred stock   |           |                |          |           |           |           |          | 
|                                          
|                                          
|                                          
|                                          
|                                           |                                                              | Series B preferred stock   |           |                |          |           |           |           |          | 
|                                          
|                                          
|                                          
|                                          
|                                           | Serial common stock -                                        |                            |           |                |           |           |           |           |          
|                                          
|                                          
|                                          
|                                          
|                                           |                                                              | Series A common stock      |           |                | 1,441     |           |           |           | 1,441     | 
|                                          
|                                          
|                                          
|                                          
|                                          
|                                          
|                                          
|                                          
|                                           | Common stock                                                 |                            |           | 9,822          |           |           |           | 9,122     |          
|                                          
|                                          
|                                          
|                                          
|                                           | Additional paid-in capital                                   |                            |           | 261,217        |           |           |           | 267,712   |          
|                                          
|                                          
|                                          
|                                          
|                                           | Accumulated other comprehensive loss                         |                            |           | (48,418        | )         |           |           | (32,384   | )        
|                                          
|                                          
|                                          
|                                          
|                                           | Retained earnings                                            |                            |           | 792,484        |           |           |           | 716,614   |          
|                                          
|                                          
|                                          
|                                          
|                                           | Cost of common shares in treasury, net                       |                            |           | (435,555       | )         |           |           | (449,247  | )        
|                                          
|                                          
|                                          
|                                          
|                                           | Unearned ESOP shares                                         |                            |           | (13,858        | )         |           |           | (14,152   | )        
|                                           |                                                              |                            |           |                |           |           |           |           |          
|                                           |                                                              | Total stockholders equity |           |                | 567,133   |           |           |           | 499,106   | 
|                                          
|                                          
|                                          
|                                          
|Total Liabilities and Stockholders Equity |                                                              | $                          | 3,663,629 |                |           | $         | 3,773,455 |          
|                                           |                                                              |                            |           |                |           |           |           |           |          

The accompanying notes are an integral part of these consolidated financial statements.

5



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND

SAC HOLDING CORPORATION AND CONSOLIDATED


SUBSIDIARIES





Condensed Consolidated Statements of Earnings

Six months ended September 30,

(Unaudited)


|                                                     |                                                   |                |            |                                                 |           |      |            |         |           | 
|---------------------------------------------------- | ------------------------------------------------- | -------------- | ---------- | ----------------------------------------------- | --------- | ---- | ---------- | ------- | --------- | 
|                                                     |                                                   |                |            | 2002                                            |           | 2001
|                                                     |                                                   |                |            |                                                 |           |     
|                                                     |                                                   |                |            | (in thousands, except share and per share data)
|Revenues                                             |                                                   |                |            |                                                 |           |      |            |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Rental revenue                                    |                | $          | 788,904                                         |           |      | $          | 746,907 |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Net sales                                         |                |            | 130,635                                         |           |      |            | 130,592 |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Premiums                                          |                |            | 163,016                                         |           |      |            | 202,880 |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Net investment and interest income                |                |            | 25,356                                          |           |      |            | 31,482  |          
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          
|                                                     |                                                   | Total revenues |            |                                                 | 1,107,911 |      |            |         | 1,111,861 | 
|                                                    
|                                                    
|                                                    
|                                                    
|Costs and expenses                                   |                                                   |                |            |                                                 |           |      |            |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Operating expenses                                |                |            | 546,267                                         |           |      |            | 558,647 |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Cost of sales                                     |                |            | 65,522                                          |           |      |            | 71,171  |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Benefits and losses                               |                |            | 140,433                                         |           |      |            | 180,773 |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Amortization of deferred policy
acquisition costs |                |            | 21,642                                          |           |      |            | 20,933  |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Lease expense                                     |                |            | 88,055                                          |           |      |            | 91,213  |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Depreciation, net                                 |                |            | 64,904                                          |           |      |            | 45,707  |          
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          
|Total costs and expenses                             |                                                   |                | 926,823    |                                                 |           |      | 968,444    |        
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          
|Earnings from operations                             |                                                   |                | 181,088    |                                                 |           |      | 143,417    |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Interest expense                                  |                |            | 54,887                                          |           |      |            | 52,517  |          
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          
|Pretax earnings                                      |                                                   |                | 126,201    |                                                 |           |      | 90,900     |        
|                                                    
|                                                    
|                                                    
|                                                    
|Income tax expense                                   |                                                   |                | (45,108    | )                                               |           |      | (34,261    | )      
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Net earnings                                      |                |            | 81,093                                          |           |      |            | 56,639  |          
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          
|Less: Preferred Stock Dividends                      |                                                   |                | 6,482      |                                                 |           |      | 6,482      |        
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          
|Earnings available to common shareholders            |                                                   |                | 74,611     |                                                 |           |      | 50,157     |        
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          
|Basic and diluted earnings per common share:         |                                                   | $              | 3.59       |                                                 |           | $    | 2.37       |        
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          
|Basic and diluted average common shares
outstanding: |                                                   |                | 20,779,543 |                                                 |           |      | 21,192,166 |        
|                                                     |                                                   |                |            |                                                 |           |      |            |         |          

The accompanying notes are an integral part of these consolidated financial statements.

6



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND

SAC HOLDING CORPORATIONS AND CONSOLIDATED


SUBSIDIARIES





Condensed Consolidated Statements of Comprehensive Income

Six months ended September 30,

(Unaudited)


|                      |              |                                        |                                      |        |                |         |      |        |   |        |  
|--------------------- | ------------ | -------------------------------------- | ------------------------------------ | ------ | -------------- | ------- | ---- | ------ | - | ------ | -
|                      |              |                                        |                                      |        | 2002           |         | 2001
|                      |              |                                        |                                      |        |                |         |     
|                      |              |                                        |                                      |        | (in thousands)
|Comprehensive income: |              |                                        |                                      |        |                |         |      |       
|                     
|                     
|                     
|                     
|                      | Net earnings |                                        | $                                    | 81,093 |                |         | $    | 56,639 |  
|                     
|                     
|                     
|                     
|                      |              | Changes in other comprehensive income: |                                      |        |                |         |      |        |   |       
|                     
|                     
|                     
|                     
|                      |              |                                        | Foreign currency translation         |        |                | (3,381  | )    |        |   | (4,617 | )
|                     
|                     
|                     
|                     
|                      |              |                                        | Fair market value of cash flow hedge |        |                |        |      |        |   | (647   | )
|                     
|                     
|                     
|                     
|                      |              |                                        | Unrealized loss on investments       |        |                | (12,653 | )    |        |   | (4,374 | )
|                      |              |                                        |                                      |        |                |         |      |        |   |       
|                      |              |                                        | Total comprehensive income           |        | $              | 65,059  |      |        | $ | 47,001 |  
|                      |              |                                        |                                      |        |                |         |      |        |   |       

The accompanying notes are an integral part of these consolidated financial statements.

7



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND

SAC HOLDING CORPORATIONS AND CONSOLIDATED


SUBSIDIARIES





Condensed Consolidated Statements of Earnings

Quarters ended September 30,

(Unaudited)


|                                                     |                                                   |                |            |                                                 |         |      |            |         |         | 
|---------------------------------------------------- | ------------------------------------------------- | -------------- | ---------- | ----------------------------------------------- | ------- | ---- | ---------- | ------- | ------- | 
|                                                     |                                                   |                |            | 2002                                            |         | 2001
|                                                     |                                                   |                |            |                                                 |         |     
|                                                     |                                                   |                |            | (in thousands, except share and per share data)
|Revenues                                             |                                                   |                |            |                                                 |         |      |            |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Rental revenue                                    |                | $          | 413,050                                         |         |      | $          | 390,467 |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Net sales                                         |                |            | 62,447                                          |         |      |            | 61,803  |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Premiums                                          |                |            | 75,466                                          |         |      |            | 102,550 |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Net investment and interest income                |                |            | 11,591                                          |         |      |            | 16,387  |        
|                                                     |                                                   |                |            |                                                 |         |      |            |         |        
|                                                     |                                                   | Total revenues |            |                                                 | 562,554 |      |            |         | 571,207 | 
|                                                    
|                                                    
|                                                    
|                                                    
|Costs and expenses                                   |                                                   |                |            |                                                 |         |      |            |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Operating expense                                 |                |            | 283,481                                         |         |      |            | 293,100 |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Cost of sales                                     |                |            | 32,219                                          |         |      |            | 34,733  |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Benefits and losses                               |                |            | 64,015                                          |         |      |            | 89,341  |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Amortization of deferred policy
acquisition costs |                |            | 11,314                                          |         |      |            | 11,139  |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Lease expense                                     |                |            | 47,232                                          |         |      |            | 44,571  |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Depreciation, net                                 |                |            | 32,820                                          |         |      |            | 13,162  |        
|                                                     |                                                   |                |            |                                                 |         |      |            |         |        
|Total costs and expenses                             |                                                   |                | 471,081    |                                                 |         |      | 486,046    |        
|                                                    
|                                                    
|                                                    
|                                                    
|Earnings from operations                             |                                                   |                | 91,473     |                                                 |         |      | 85,161     |        
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Interest expense                                  |                |            | 27,955                                          |         |      |            | 27,008  |        
|                                                     |                                                   |                |            |                                                 |         |      |            |         |        
|Pretax earnings                                      |                                                   |                | 63,518     |                                                 |         |      | 58,153     |        
|                                                    
|                                                    
|                                                    
|                                                    
|Income tax expense                                   |                                                   |                | (22,964    | )                                               |         |      | (22,415    | )      
|                                                     |                                                   |                |            |                                                 |         |      |            |         |        
|                                                     |                                                   | Net earnings   |            |                                                 | 40,554  |      |            |         | 35,738  | 
|                                                     |                                                   |                |            |                                                 |         |      |            |         |        
|Less: Preferred Stock Dividends                      |                                                   |                | (3,241     | )                                               |         |      | (3,241     | )      
|                                                     |                                                   |                |            |                                                 |         |      |            |         |        
|Earnings available to common shareholders            |                                                   |                | 37,313     |                                                 |         |      | 32,497     |        
|                                                     |                                                   |                |            |                                                 |         |      |            |         |        
|Basic and diluted earnings per common share:         |                                                   | $              | 1.79       |                                                 |         | $    | 1.54       |        
|                                                     |                                                   |                |            |                                                 |         |      |            |         |        
|Basic and diluted average common shares
outstanding: |                                                   |                | 20,804,016 |                                                 |         |      | 21,106,343 |        
|                                                     |                                                   |                |            |                                                 |         |      |            |         |        

The accompanying notes are an integral part of these consolidated financial statements.

8



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES

SAC HOLDING CORPORATIONS AND CONSOLIDATED


SUBSIDIARIES





Condensed Consolidated Statements of Comprehensive Income

Quarters ended September 30,

(Unaudited)


|                      |              |                                        |                                      |        |                |        |      |        |   |         |  
|--------------------- | ------------ | -------------------------------------- | ------------------------------------ | ------ | -------------- | ------ | ---- | ------ | - | ------- | -
|                      |              |                                        |                                      |        | 2002           |        | 2001
|                      |              |                                        |                                      |        |                |        |     
|                      |              |                                        |                                      |        | (in thousands)
|Comprehensive income: |              |                                        |                                      |        |                |        |      |       
|                     
|                     
|                     
|                     
|                      | Net earnings |                                        | $                                    | 40,554 |                |        | $    | 35,738 |  
|                     
|                     
|                     
|                     
|                      |              | Changes in other comprehensive income: |                                      |        |                |        |      |        |   |        
|                     
|                     
|                     
|                     
|                      |              |                                        | Foreign currency translation         |        |                | (4,416 | )    |        |   | (6,114  | )
|                     
|                     
|                     
|                     
|                      |              |                                        | Fair market value of cash flow hedge |        |                |       |      |        |   | (1,004  | )
|                     
|                     
|                     
|                     
|                      |              |                                        | Unrealized loss on investments       |        |                | (9,315 | )    |        |   | (13,163 | )
|                      |              |                                        |                                      |        |                |        |      |        |   |        
|                      |              |                                        | Total comprehensive income           |        | $              | 26,823 |      |        | $ | 15,457  |  
|                      |              |                                        |                                      |        |                |        |      |        |   |        

The accompanying notes are an integral part of these consolidated financial statements.

9



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND

SAC HOLDING CORPORATIONS AND CONSOLIDATED


SUBSIDIARIES





Condensed Consolidated Statements of Cash Flows

Six months ended September 30,

(Unaudited)


|                                                 |                                          |                               |          |                |          |      |         |         |          |  
|------------------------------------------------ | ---------------------------------------- | ----------------------------- | -------- | -------------- | -------- | ---- | ------- | ------- | -------- | -
|                                                 |                                          |                               |          | 2002           |          | 2001
|                                                 |                                          |                               |          |                |          |     
|                                                 |                                          |                               |          | (in thousands)
|Net cash provided by operating activities        |                                          | $                             | 111,477  |                |          | $    | 43,912  |        
|                                                 |                                          |                               |          |                |          |      |         |        
|Cash flows from investing activities:            |                                          |                               |          |                |          |      |         |        
|                                                
|                                                
|                                                
|                                                
|                                                 | Purchases of investments:                |                               |          |                |          |      |         |         |         
|                                                
|                                                
|                                                
|                                                
|                                                 |                                          | Property, plant and equipment |          |                | (122,918 | )    |         |         | (108,224 | )
|                                                
|                                                
|                                                
|                                                
|                                                 |                                          | Fixed maturities              |          |                | (134,993 | )    |         |         | (92,465  | )
|                                                
|                                                
|                                                
|                                                
|                                                 |                                          | Real estate                   |          |                | (29,391  | )    |         |         | (36      | )
|                                                
|                                                
|                                                
|                                                
|                                                 |                                          | Mortgage loans                |          |                |         |      |         |         | (561     | )
|                                                
|                                                
|                                                
|                                                
|                                                 | Proceeds from sale of investments:       |                               |          |                |          |      |         |         |         
|                                                
|                                                
|                                                
|                                                
|                                                 |                                          | Property, plant and equipment |          |                | 46,030   |      |         |         | 60,945   |  
|                                                
|                                                
|                                                
|                                                
|                                                 |                                          | Fixed maturities              |          |                | 202,255  |      |         |         | 75,973   |  
|                                                
|                                                
|                                                
|                                                
|                                                 |                                          | Mortgage loans                |          |                | 10,450   |      |         |         | 6,889    |  
|                                                
|                                                
|                                                
|                                                
|Changes in other investments                     |                                          |                               | 32,751   |                |          |      | 38,751  |        
|                                                 |                                          |                               |          |                |          |      |         |        
|Net cash provided (used)
by investing activities |                                          |                               | 4,184    |                |          |      | (18,728 | )      
|                                                 |                                          |                               |          |                |          |      |         |        
|Cash flows from financing activities:            |                                          |                               |          |                |          |      |         |        
|                                                
|                                                
|                                                
|                                                
|                                                 | Net change in short-term borrowings      |                               |          | (12,500        | )        |      |         | (77,494 | )       
|                                                
|                                                
|                                                
|                                                
|                                                 | Principal borrowings (payments) on notes |                               |          | (150,014       | )        |      |         | 26,861  |         
|                                                
|                                                
|                                                
|                                                
|                                                 | Investment contract deposits             |                               |          | 89,083         |          |      |         | 74,159  |         
|                                                
|                                                
|                                                
|                                                
|                                                 | Investment contract withdrawals          |                               |          | (51,262        | )        |      |         | (65,079 | )       
|                                                
|                                                
|                                                
|                                                
|                                                 | Changes in other financing activities    |                               |          | 3,837          |          |      |         | (3,166  | )       
|                                                 |                                          |                               |          |                |          |      |         |        
|Net cash used by financing activities            |                                          |                               | (120,856 | )              |          |      | (44,719 | )      
|                                                 |                                          |                               |          |                |          |      |         |        
|Increase (decrease) in cash and cash equivalents |                                          |                               | (5,195   | )              |          |      | (19,535 | )      
|                                                
|                                                
|                                                
|                                                
|Cash and cash equivalents at beginning of period |                                          |                               | 88,725   |                |          |      | 92,525  |        
|                                                 |                                          |                               |          |                |          |      |         |        
|Cash and cash equivalents at end of period       |                                          | $                             | 83,530   |                |          | $    | 33,253  |        
|                                                 |                                          |                               |          |                |          |      |         |        

The accompanying notes are an integral part of these consolidated financial statements.

10



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES




Notes to Condensed Consolidated Financial Statements

September 30, 2002, March 31, 2002 and September 30, 2001
(Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

AMERCO, a Nevada corporation (AMERCO), is the holding company for U-Haul
International, Inc. (U-Haul), which conducts moving and storage operations;
Amerco Real Estate Company (Real Estate), which conducts real estate
operations; Republic Western Insurance Company (RepWest), which conducts
property and casualty insurance operations; and Oxford Life Insurance Company
(Oxford), which conducts life insurance operations.

SAC Holding Corporation and SAC Holding II Corporation (SAC Holdings) are
Nevada corporations owned by Mark V. Shoen. Mark V. Shoen is the beneficial
owner of 16.3% of AMERCOs common stock and is an executive officer of U-Haul.

PRINCIPLES OF CONSOLIDATION

The condensed consolidated financial statements include the accounts of
AMERCO and its wholly-owned subsidiaries and SAC Holdings and their
subsidiaries. All material intercompany accounts and transactions have been
eliminated in consolidation. AMERCO has made significant loans to SAC Holdings
and is entitled to participate in SAC Holdings excess cash flow (after senior
debt service). All of the equity interest of SAC Holdings is owned by Mark V.
Shoen, a significant shareholder and executive officer of AMERCO. AMERCO does
not have an equity ownership interest in SAC Holdings, except for investments
made by RepWest and Oxford in a SAC Holdings-controlled limited partnership
which holds Canadian self-storage properties. SAC Holdings are not legal
subsidiaries of AMERCO. AMERCO is not liable for the debts of SAC Holdings and
there are no default provisions in AMERCO indebtedness that cross-default to
SAC Holdings obligations. The condensed consolidated financial statements and
notes are presented as permitted by Form 10-Q and do not contain certain
information included in AMERCOs annual financial statements and notes. For a
more detailed presentation of the accounts and transactions of AMERCO, refer to
AMERCOs Form 10-K.

The condensed consolidated balance sheet as of September 30, 2002 and the
related condensed consolidated statements of earnings, comprehensive income,
and cash flows for the six months and quarters ended September 30, 2002 and
2001 are unaudited. In our opinion, all adjustments necessary for a fair
presentation of such condensed consolidated financial statements have been
included. Such adjustments consisted only of normal recurring items. Interim
results are not necessarily indicative of results for a full year.

The accounts of AMERCO and SAC Holdings are consolidated due to SAC
Holdings majority owner not qualifying as an independent third party to AMERCO
and not maintaining a substantive residual equity investment, exclusive of
unrealized appreciation of real estate held by SAC Holdings subsidiaries, in
SAC Holdings during the entire period.

The operating results and financial position of RepWest and Oxford have
been consolidated on the basis of a calendar year and, accordingly, are
determined on a one quarter lag for financial reporting purposes. There were
no effects related to intervening events, which would materially affect the
consolidated financial position or results of operations for the financial
statements presented herein except for a transfer of
$7.5 million in cash and $65.5 million in real estate from
the non-insurance operating entities to the insurance companies.
These transferred assets and any related income or depreciation
expense derived therefrom are not included in the consolidated
financial statements of AMERCO and SAC Holdings as of
September 30, 2002.

Certain reclassifications have been made to the financial statements for
the six months and the quarter ended September 30, 2001 to conform with the
current periods presentation.

11



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

2. INVESTMENTS

A comparison of amortized cost to estimated market value for fixed
maturities is as follows:

|                                                    |  |                |        |           |  |            |         |            |  |        |       |           |  |   |        |   |  |   |         | 
|--------------------------------------------------- |  | -------------- | ------ | --------- |  | ---------- | ------- | ---------- |  | ------ | ----- | --------- |  | - | ------ | - |  | - | ------- | 
|June 30, 2002                                       |  | Par Value      |        |           |  |            |         | Gross      |  | Gross  |       | Estimated
|Consolidated                                        |  | or number      |        | Amortized |  | unrealized |         | unrealized |  | market
|Held-to-Maturity                                    |  | of shares      |        | cost      |  | gains      |         | losses     |  | value 
|                                                    |  |                |        |           |  |            |         |            |  |       
|                                                    |  | (in thousands)
|U.S. treasury securities
and government obligations |  | $              |       |           |  | $          | 3,610   |            |  | $      | 164   |           |  |   |       |   |  | $ | 3,774   | 
|                                                   
|                                                   
|                                                   
|                                                   
|U.S. government agency
mortgage-backed securities   |  | $              |       |           |  |            | 11,245  |            |  |        | 265   |           |  |   | (13    | ) |  |   | 11,497  | 
|                                                   
|                                                   
|                                                   
|                                                   
|Corporate securities                                |  | $              | 43,607 |           |  |            | 43,704  |            |  |        | 1,591 |           |  |   | (42    | ) |  |   | 45,253  | 
|                                                   
|                                                   
|                                                   
|                                                   
|Mortgage-backed securities                          |  | $              | 35,264 |           |  |            | 34,827  |            |  |        | 699   |           |  |   | (69    | ) |  |   | 35,457  | 
|                                                   
|                                                   
|                                                   
|                                                   
|Redeemable preferred stocks                         |  |                | 4,541  |           |  |            | 114,674 |            |  |        | 247   |           |  |   | (3,307 | ) |  |   | 111,614 | 
|                                                    |  |                |        |           |  |            |         |            |  |        |       |           |  |   |        |   |  |   |         | 
|                                                    |  |                |        |           |  | $          | 208,060 |            |  | $      | 2,966 |           |  | $ | (3,431 | ) |  | $ | 207,595 | 
|                                                    |  |                |        |           |  |            |         |            |  |        |       |           |  |   |        |   |  |   |         | 

|                                                    |       |           |                |           |  |            |         |            |  |        |        |           |  |   |         |         |   |   |         |         | 
|--------------------------------------------------- | ----- | --------- | -------------- | --------- |  | ---------- | ------- | ---------- |  | ------ | ------ | --------- |  | - | ------- | ------- | - | - | ------- | ------- | 
|June 30, 2002                                       |       | Par Value |                |           |  |            |         | Gross      |  | Gross  |        | Estimated
|Consolidated                                        |       | or number |                | Amortized |  | unrealized |         | unrealized |  | market
|Available-for-Sale                                  |       | of shares |                | cost      |  | gains      |         | losses     |  | value 
|                                                    |       |           |                |           |  |            |         |            |  |        |       
|                                                    |       |           | (in thousands)
|U.S. treasury securities
and government obligations |       | $         | 42,760         |           |  | $          | 43,280  |            |  | $      | 1,812  |           |  | $ | (319    | )       |   | $ | 44,773  |        
|                                                   
|                                                   
|                                                   
|                                                   
|U.S. government agency
mortgage-backed securities   |       | $         | 31,620         |           |  |            | 31,364  |            |  |        | 725    |           |  |   | (39     | )       |   |   | 32,050  |        
|                                                   
|                                                   
|                                                   
|                                                   
|Obligations of states and
political subdivisions    |       | $         | 15,925         |           |  |            | 16,065  |            |  |        | 660    |           |  |   | (112    | )       |   |   | 16,613  |        
|                                                   
|                                                   
|                                                   
|                                                   
|Corporate securities                                |       | $         | 608,680        |           |  |            | 604,300 |            |  |        | 14,257 |           |  |   | (16,239 | )       |   |   | 602,318 |        
|                                                   
|                                                   
|                                                   
|                                                   
|Mortgage-backed securities                          |       | $         | 31,270         |           |  |            | 31,203  |            |  |        | 1,013  |           |  |   | (153    | )       |   |   | 32,063  |        
|                                                   
|                                                   
|                                                   
|                                                   
|Redeemable preferred stocks                         |       |           | 1,260          |           |  |            | 31,834  |            |  |        | 281    |           |  |   | (447    | )       |   |   | 31,668  |        
|                                                   
|                                                   
|                                                   
|                                                   
|Redeemable common stocks                            |       |           | 633            |           |  |            | 7,900   |            |  |        |       |           |  |   | (1,040  | )       |   |   | 6,860   |        
|                                                    |       |           |                |           |  |            |         |            |  |        |        |           |  |   |         |         |   |   |         |        
|                                                    |       |           |                |           |  |            | 765,946 |            |  |        | 18,748 |           |  |   | (18,349 | )       |   |   | 766,345 |        
|                                                    |       |           |                |           |  |            |         |            |  |        |        |           |  |   |         |         |   |   |         |        
|                                                    | Total |           |                |           |  |            | $       | 974,006    |  |        | $      | 21,714    |  |   | $       | (21,780 | ) |   | $       | 973,940 | 
|                                                    |       |           |                |           |  |            |         |            |  |        |        |           |  |   |         |         |   |   |         |        

12



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

3. SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES

A summarized condensed consolidated balance sheet for RepWest is
presented below:

|                                           |                   |                                            |         |                |         |      |         |         |         | 
|------------------------------------------ | ----------------- | ------------------------------------------ | ------- | -------------- | ------- | ---- | ------- | ------- | ------- | 
|                                           |                   |                                            |         | June 30,      
|                                           |                   |                                            |         |               
|                                           |                   |                                            |         | 2002           |         | 2001
|                                           |                   |                                            |         |                |         |     
|                                           |                   |                                            |         | (in thousands)
|Investments, fixed maturities              |                   | $                                          | 313,096 |                |         | $    | 396,466 |        
|                                          
|                                          
|                                          
|                                          
|Receivables                                |                   |                                            | 233,827 |                |         |      | 212,299 |        
|                                          
|                                          
|                                          
|                                          
|Due from affiliate                         |                   |                                            | 115,951 |                |         |      | 46,310  |        
|                                          
|                                          
|                                          
|                                          
|Other assets                               |                   |                                            | 123,988 |                |         |      | 79,996  |        
|                                           |                   |                                            |         |                |         |      |         |        
|                                           |                   | Total assets                               |         | $              | 786,862 |      |         | $       | 735,071 | 
|                                           |                   |                                            |         |                |         |      |         |        
|Policy liabilities and accruals            |                   | $                                          | 460,321 |                |         | $    | 381,350 |        
|                                          
|                                          
|                                          
|                                          
|Unearned premiums                          |                   |                                            | 64,568  |                |         |      | 113,463 |        
|                                          
|                                          
|                                          
|                                          
|Other policyholders funds and liabilities |                   |                                            | 52,081  |                |         |      | 59,117  |        
|                                           |                   |                                            |         |                |         |      |         |        
|                                           | Total liabilities |                                            |         | 576,970        |         |      |         | 553,930 |        
|                                          
|                                          
|                                          
|                                          
|Stockholders equity                       |                   |                                            | 209,892 |                |         |      | 181,141 |        
|                                           |                   |                                            |         |                |         |      |         |        
|                                           |                   | Total liabilities and
stockholders equity |         | $              | 786,862 |      |         | $       | 735,071 | 
|                                           |                   |                                            |         |                |         |      |         |        

A summarized condensed consolidated income statement for RepWest is
presented below:

|                                                  |                |                   |        |                |     |                  |         |        |        |      |        |         |        |   |         |         |         |  
|------------------------------------------------- | -------------- | ----------------- | ------ | -------------- | --- | ---------------- | ------- | ------ | ------ | ---- | ------ | ------- | ------ | - | ------- | ------- | ------- | -
|                                                  |                |                   |        | Quarter ended  |     | Six months ended
|                                                  |                |                   |        | June 30,       |     | June 30,        
|                                                  |                |                   |        |                |     |                 
|                                                  |                |                   |        | 2002           |     | 2001             |         | 2002   |        | 2001
|                                                  |                |                   |        |                |     |                  |         |        |        |     
|                                                  |                |                   |        | (in thousands)
|Premiums                                          |                | $                 | 39,710 |                |     | $                | 66,087  |        |        | $    | 86,319 |         |        | $ | 128,265 |        
|                                                 
|                                                 
|                                                 
|                                                 
|Net investment income                             |                |                   | 7,689  |                |     |                  | 7,449   |        |        |      | 15,257 |         |        |   | 15,865  |        
|                                                  |                |                   |        |                |     |                  |         |        |        |      |        |         |        |   |         |        
|                                                  | Total revenue  |                   |        | 47,399         |     |                  |         | 73,536 |        |      |        | 101,576 |        |   |         | 144,130 |        
|                                                 
|                                                 
|                                                 
|                                                 
|Benefits and losses                               |                |                   | 34,298 |                |     |                  | 62,371  |        |        |      | 79,945 |         |        |   | 122,638 |        
|                                                 
|                                                 
|                                                 
|                                                 
|Amortization of deferred
policy acquisition costs |                |                   | 6,218  |                |     |                  | 6,590   |        |        |      | 11,521 |         |        |   | 11,630  |        
|                                                 
|                                                 
|                                                 
|                                                 
|Operating expenses                                |                |                   | 6,633  |                |     |                  | 17,904  |        |        |      | 12,647 |         |        |   | 28,774  |        
|                                                  |                |                   |        |                |     |                  |         |        |        |      |        |         |        |   |         |        
|                                                  | Total expenses |                   |        | 47,149         |     |                  |         | 86,865 |        |      |        | 104,113 |        |   |         | 163,042 |        
|                                                  |                |                   |        |                |     |                  |         |        |        |      |        |         |        |   |         |        
|Income (loss) from operations                     |                |                   | 250    |                |     |                  | (13,329 | )      |        |      | (2,537 | )       |        |   | (18,912 | )      
|                                                 
|                                                 
|                                                 
|                                                 
|Income tax benefit (expense)                      |                |                   | (45    | )              |     |                  | 4,708   |        |        |      | 960    |         |        |   | 6,687   |        
|                                                  |                |                   |        |                |     |                  |         |        |        |      |        |         |        |   |         |        
|                                                  |                | Net income (loss) |        | $              | 205 |                  |         | $      | (8,621 | )    |        | $       | (1,577 | ) |         | $       | (12,225 | )
|                                                  |                |                   |        |                |     |                  |         |        |        |      |        |         |        |   |         |        

13



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

3. SUMMARIZED CONSOLIDATED
FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES, continued

A summarized condensed consolidated balance sheet for Oxford is presented
below:

|                                          |                   |                                            |         |                |         |      |         |         |         | 
|----------------------------------------- | ----------------- | ------------------------------------------ | ------- | -------------- | ------- | ---- | ------- | ------- | ------- | 
|                                          |                   |                                            |         | June 30,      
|                                          |                   |                                            |         |               
|                                          |                   |                                            |         | 2002           |         | 2001
|                                          |                   |                                            |         |                |         |     
|                                          |                   |                                            |         | (in thousands)
|Investments, fixed maturities             |                   | $                                          | 581,199 |                |         | $    | 577,939 |        
|                                         
|                                         
|                                         
|                                         
|Investments, other                        |                   |                                            | 169,775 |                |         |      | 119,972 |        
|                                         
|                                         
|                                         
|                                         
|Receivables                               |                   |                                            | 33,162  |                |         |      | 30,541  |        
|                                         
|                                         
|                                         
|                                         
|Deferred policy acquisition costs         |                   |                                            | 91,585  |                |         |      | 83,280  |        
|                                         
|                                         
|                                         
|                                         
|Other assets                              |                   |                                            | 37,621  |                |         |      | 53,355  |        
|                                          |                   |                                            |         |                |         |      |         |        
|                                          | Total assets      |                                            | $       | 913,342        |         |      | $       | 865,087 |        
|                                          |                   |                                            |         |                |         |      |         |        
|Policy liabilities and accruals           |                   | $                                          | 178,415 |                |         | $    | 187,758 |        
|                                         
|                                         
|                                         
|                                         
|Premium deposits                          |                   |                                            | 610,248 |                |         |      | 532,993 |        
|                                         
|                                         
|                                         
|                                         
|Other policyholders fund and liabilities |                   |                                            | 8,549   |                |         |      | 26,556  |        
|                                         
|                                         
|                                         
|                                         
|Deferred federal income taxes             |                   |                                            | 3,052   |                |         |      | 12,211  |        
|                                          |                   |                                            |         |                |         |      |         |        
|                                          | Total liabilities |                                            |         | 800,264        |         |      |         | 759,518 |        
|                                         
|                                         
|                                         
|                                         
|Stockholders equity                      |                   |                                            | 113,078 |                |         |      | 105,569 |        
|                                          |                   |                                            |         |                |         |      |         |        
|                                          |                   | Total liabilities and
stockholders equity |         | $              | 913,342 |      |         | $       | 865,087 | 
|                                          |                   |                                            |         |                |         |      |         |        

A summarized condensed consolidated income statement for Oxford is
presented below:

|                                                  |                |                   |        |                |        |                  |        |        |     |      |        |        |        |   |        |        |       | 
|------------------------------------------------- | -------------- | ----------------- | ------ | -------------- | ------ | ---------------- | ------ | ------ | --- | ---- | ------ | ------ | ------ | - | ------ | ------ | ----- | 
|                                                  |                |                   |        | Quarter ended  |        | Six months ended
|                                                  |                |                   |        | June 30,       |        | June 30,        
|                                                  |                |                   |        |                |        |                 
|                                                  |                |                   |        | 2002           |        | 2001             |        | 2002   |     | 2001
|                                                  |                |                   |        |                |        |                  |        |        |     |     
|                                                  |                |                   |        | (in thousands)
|Premiums                                          |                | $                 | 41,035 |                |        |                  | 37,905 |        |     | $    | 80,693 |        |        | $ | 77,538 |       
|                                                 
|                                                 
|                                                 
|                                                 
|Net investment income                             |                |                   | 2,443  |                |        |                  | 6,975  |        |     |      | 7,773  |        |        |   | 13,184 |       
|                                                  |                |                   |        |                |        |                  |        |        |     |      |        |        |        |   |        |       
|                                                  | Total revenue  |                   |        | 43,478         |        |                  |        | 44,881 |     |      |        | 88,466 |        |   |        | 90,722 |      
|                                                 
|                                                 
|                                                 
|                                                 
|Benefits and losses                               |                |                   | 29,717 |                |        |                  | 26,970 |        |     |      | 60,488 |        |        |   | 58,135 |       
|                                                 
|                                                 
|                                                 
|                                                 
|Amortization of deferred
policy acquisition costs |                |                   | 5,096  |                |        |                  | 4,538  |        |     |      | 10,121 |        |        |   | 9,292  |       
|                                                 
|                                                 
|                                                 
|                                                 
|Operating expenses                                |                |                   | 11,537 |                |        |                  | 12,197 |        |     |      | 19,849 |        |        |   | 19,436 |       
|                                                  |                |                   |        |                |        |                  |        |        |     |      |        |        |        |   |        |       
|                                                  | Total expenses |                   |        | 46,350         |        |                  |        | 43,705 |     |      |        | 90,458 |        |   |        | 86,863 |      
|                                                 
|                                                 
|                                                 
|                                                 
|Income (loss) from operations                     |                |                   | (2,872 | )              |        |                  | 1,176  |        |     |      | (1,992 | )      |        |   | 3,859  |       
|                                                 
|                                                 
|                                                 
|                                                 
|Income tax benefit (expense)                      |                |                   | 1,003  |                |        |                  | (272   | )      |     |      | 699    |        |        |   | (1,232 | )     
|                                                  |                |                   |        |                |        |                  |        |        |     |      |        |        |        |   |        |       
|                                                  |                | Net income (loss) |        | $              | (1,869 | )                |        |        | 904 |      |        | $      | (1,293 | ) |        | $      | 2,627 | 
|                                                  |                |                   |        |                |        |                  |        |        |     |      |        |        |        |   |        |       

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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

4. CONTINGENT LIABILITIES AND COMMITMENTS

During the six months ended September 30, 2002, a subsidiary of AMERCO
entered into two transactions whereby the subsidiary sold rental trucks and
trailers to unrelated third parties, which were subsequently leased back to an
AMERCO subsidiary. AMERCO has guaranteed approximately $3.3 million of residual
values at September 30, 2002 for these assets at the end of the lease.
Following are the lease commitments for the leases executed during the six
months and quarter ended September 30, 2002, and subsequently which have a term
of more than one year:

|            |  |             |        | 
|----------- |  | ----------- | ------ | 
|Year ending |  | Lease      
|March 31,   |  | Commitments
|            |  |            
|2003        |  | $           | 708    | 
|           
|           
|           
|           
|2004        |  |             | 1,415  | 
|           
|           
|           
|           
|2005        |  |             | 1,415  | 
|           
|           
|           
|           
|2006        |  |             | 1,415  | 
|           
|           
|           
|           
|2007        |  |             | 1,415  | 
|           
|           
|           
|           
|Thereafter  |  |             | 4,753  | 
|            |  |             |        | 
|            |  | $           | 11,121 | 
|            |  |             |        | 

In the normal course of business, AMERCO is a defendant in a number of
suits and claims. AMERCO is also a party to several administrative
proceedings arising from state and local provisions that regulate the removal
and/or clean-up of underground fuel storage tanks. In our opinion, none of
such suits, claims or proceedings involving AMERCO, individually, or in the
aggregate, are expected to result in a material loss.

Compliance with environmental requirements of federal, state and local
governments significantly affects Real Estates business operations. Among
other things, these requirements regulate the discharge of materials into the
water, air and land and govern the use and disposal of hazardous substances.
Real Estate is aware of issues regarding hazardous substances on some of its
properties. Real Estate regularly makes capital and operating expenditures to
stay in compliance with environmental laws and has put in place a remedial
plan at each site where it believes such a plan is necessary. Since 1988, Real
Estate has managed a testing and removal program for underground storage
tanks. Under this program, over 3,000 tanks have been removed at a cost of
approximately $44.5 million.

A subsidiary of U-Haul, INW Company (INW), owns one property located
within two different state hazardous substance sites in the State of
Washington. The sites are referred to as the Yakima Valley Spray Site and
the Yakima Railroad Area. INW has been named as apotentially responsible
party under state law with respect to this property as it relates to both
sites. As a result of the cleanup costs of approximately $5.5 to $10.0 million
required by the State of Washington, INW filed for reorganization under
federal bankruptcy laws in May of 2001. The potential liability to INW could
be in the range of $2.0 million to $5.5 million.

Based upon the information currently available, compliance with the
environmental laws and the costs of investigation and cleanup of known
hazardous waste sites are not expected to have a material adverse affect on
AMERCOs financial position of operating results.

We are currently under IRS examination for the years 1996-1997. The IRS
has proposed adjustments to our 1997 and 1996 tax returns in the amount of
$233.1 million and $99.0 million, respectively. Nearly all of the adjustments
relate to denials of deductions that we

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##### Table of Contents



took for costs incurred in resolution of prior litigation with certain
members of the Shoen family and their corporations. We believe these income
tax deductions are appropriate and we are vigorously contesting the IRS
adjustments. We estimate that if we are unsuccessful in our challenge in all
respects, based on our current tax positions, we could incur tax exposure
totaling approximately $76.1 million plus interest.

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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

5. SUPPLEMENTAL CASH FLOWS INFORMATION

The (increase) decrease in receivables, inventories, investments, other
assets and other liabilities net of other operating and
investing activities follows:

|                  |  |                  |          |      |  |  |         |  
|----------------- |  | ---------------- | -------- | ---- |  |  | ------- | -
|                  |  | Six months ended
|                  |  | September 30,   
|                  |  |                 
|                  |  | 2002             |          | 2001
|                  |  |                  |          |     
|                  |  | (in thousands)  
|Receivables       |  | $                | 4,598    |      |  |  | (14,209 | )
|                  |  |                  |          |      |  |  |         |  
|Inventories       |  | $                | (6,832   | )    |  |  | 3,689   |  
|                  |  |                  |          |      |  |  |         |  
|Investments       |  | $                | (102,805 | )    |  |  | 9,731   |  
|                  |  |                  |          |      |  |  |         |  
|Other Assets      |  | $                | (27,358  | )    |  |  | 31,576  |  
|                  |  |                  |          |      |  |  |         |  
|Other
liabilities |  | $                | (56,066  | )    |  |  | (28,448 | )
|                  |  |                  |          |      |  |  |         |  

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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

6. NEW ACCOUNTING STANDARDS

In July 2002, the Financial Accounting Standards Board (FASB) issued
Statements of Financial Accounting Standards No. 141, Business Combinations,
and No. 142, Goodwill and Other Intangible Assets.

SFAS 141 supercedes Accounting Principles Board Opinion No. 16 (APB 16),
Business Combinations. The most significant changes made by SFAS 141 are: (1)
requiring that the purchase method of accounting be used for all business
combinations initiated after June 30, 2001, (2) establishing specific criteria
for the recognition of intangible assets separately from goodwill, and (3)
requiring unallocated negative goodwill to be written off immediately as an
extraordinary gain (instead of being deferred and amortized).

SFAS 142 supercedes APB 17, Intangible Assets. SFAS 142 primarily
addresses the accounting for goodwill and intangible assets subsequent to their
acquisition (i.e., the post-acquisition accounting). The provisions of SFAS
142 will be effective for fiscal years beginning after December 15, 2002. The
most significant changes made by SFAS 142 are: (1) goodwill and indefinite
lived intangible assets will no longer be amortized, (2) goodwill will be
tested for impairment at least annually at the reporting unit level, (3)
intangible assets deemed to have an indefinite life will be tested for
impairment at least annually, and (4) the amortization period of intangible
assets with finite lives will no longer be limited to forty years.

Implementation of SFAS Nos. 141 and 142 did not affect the consolidated
financial position or results of operations.

Statement of Financial Accounting Standards No. 143, Accounting for Asset
Retirement Obligations, requires recognition of the fair value of liabilities
associated with the retirement of long-lived assets when a legal obligation to
incur such costs arises as a result of the acquisition, construction,
development and/or the normal operation of a long-lived asset. Upon
recognition of the liability, a corresponding asset is recorded at present
value and accreted over the life of the asset and depreciated over the
remaining life of the long-lived asset. SFAS 143 defines a legal obligation as
one that a party is required to settle as a result of an existing or enacted
law, statute, ordinance, or written or oral contract or by legal construction
of a contract under the doctrine of promissory estoppel. SFAS 143 is effective
for fiscal years beginning after June 15, 2002.

In October 2001, the FASB issued SFAS No. 144, Accounting for the
Impairment or Disposal of Long-Lived Assets. SFAS 144 requires that those
long-lived assets be measured at the lower of carrying amount or fair value
less cost to sell, whether reported in continuing operations or in discontinued
operations. Therefore, discontinued operations will no longer be measured at
net realizable value or include amounts for operating losses that have not yet
occurred. SFAS 144 is effective for financial statements issued for fiscal
years beginning after December 15, 2001 and, generally, are to be applied
prospectively. We have adopted this statement effective April 1, 2002 and it
did not affect our consolidated financial position or results of operations.

In April 2002, the FASB issued SFAS No. 145, Rescission of No. 4,
(Reporting Gains and Losses from Extinguishment of Debt), No. 44 (Accounting
for Intangible Assets of Motor Carriers), No. 64, (Extinguishments of Debt Made
to Satisfy Sinking-Fund Requirements), Amendment of FASB Statement No. 13
(Accounting for Leases) and Technical Corrections. This statement eliminates
the current requirement that gains and losses on debt extinguishement must be
classified as extraordinary items in the income statement. Instead, such gains
and losses will be classified as extraordinary items only if they are deemed to
be unusual and infrequent, in accordance with the current GAAP criteria for
extraordinary classification. In addition, SFAS 145 eliminates an inconsistency
in lease accounting by requiring that modification of capital leases that
result in reclassification as operating leases be accounted for consistent with
sale-leaseback accounting rules. The statement also contains other
nonsubstantive corrections to authoritative accounting literature. The changes
related to debt extinguishment will be effective for fiscal years beginning
after May 15, 2002, and the changes related to lease accounting will be
effective for transactions occurring after May 15, 2002. Management recognizes
the need to reclassify debt extinguishments previously reported as
extraordinary.

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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

In June 2002, the FASB issued Statement of Financial Accounting Standards
No. 146, (SFAS 146) Accounting for Costs Associated with Exit or Disposal
Activities, which addresses accounting for restructuring and similar costs.
SFAS 146 supersedes previous accounting guidance, principally Emerging Issues
Task Force (EITF) Issue No. 94-3. SFAS 146 requires that the liability for
costs associated with an exit or disposal activity be recognized when the
liability is incurred. Under EITF No. 94-3, a liability for an exit cost was
recognized at the date of a companys commitment to an exit plan. SFAS 146 also
establishes that the liability should initially be measured and recorded at
fair value. Accordingly, SFAS 146 may affect the timing of recognizing future
restructuring costs as well as the amount recognized. The provisions of this
Statement are effective for exit or disposal activities that are initiated
after December 31, 2002. The Company intends to adopt the Statement at that
time.

7. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA

Industry Segment Data  AMERCO has four industry segments represented by
Moving and Storage Operations (U-Haul), Real Estate (AREC), Property and
Casualty Insurance (RepWest) and Life Insurance (Oxford). SAC Holdings has one
industry segment, Moving and Storage.

Information concerning operations by industry segment follows:

|                                       |                |            |                |            |  |        |         |           |  |           |         |              |  |              |         |             |  |  |         |        |  |  |            |         |   |  |           |           | 
|-------------------------------------- | -------------- | ---------- | -------------- | ---------- |  | ------ | ------- | --------- |  | --------- | ------- | ------------ |  | ------------ | ------- | ----------- |  |  | ------- | ------ |  |  | ---------- | ------- | - |  | --------- | --------- | 
|Industry Segment                       |                | U-Haul     |                | SACH       |  |        |         |           |  |           |         |              |  |              |         |             |  |  |         |        |  |  |            |        
|                                       |                | Moving and |                | Moving and |  |        |         |           |  | Property/ |         |              |  |              |         | Adjustments |  |  |         |       
|                                       |                | Storage    |                | Storage    |  | Real   |         | Casualty  |  | Life      |         | and          |  |              |         |            
|                                       |                | Operations |                | Operations |  | Estate |         | Insurance |  | Insurance |         | Eliminations |  | Consolidated
|                                       |                |            |                |            |  |        |         |           |  |           |         |              |  |              |        
|                                       |                |            | (in thousands)
|Six months ended
September 30, 2002    |                |            |                |            |  |        |         |           |  |           |         |              |  |              |         |             |  |  |         |        |  |  |            |         |   |  |           |          
|                                      
|                                      
|                                      
|                                      
|Revenues:                              |                |            |                |            |  |        |         |           |  |           |         |              |  |              |         |             |  |  |         |        |  |  |            |         |   |  |           |          
|                                      
|                                      
|                                      
|                                      
|                                       | Outside        |            | $              | 827,975    |  |        |         | 88,087    |  |           |         | 5,019        |  |              |         | 99,269      |  |  |         | 87,561 |  |  |            |        |   |  |           | 1,107,911 | 
|                                      
|                                      
|                                      
|                                      
|                                       | Intersegment   |            |                |           |  |        |         | 24,231    |  |           |         | 29,709       |  |              |         | 2,306       |  |  |         | 905    |  |  |            | (57,151 | ) |  |           |          | 
|                                       |                |            |                |            |  |        |         |           |  |           |         |              |  |              |         |             |  |  |         |        |  |  |            |         |   |  |           |           | 
|                                       | Total revenues |            |                | 827,975    |  |        |         | 112,318   |  |           |         | 34,728       |  |              |         | 101,575     |  |  |         | 88,466 |  |  |            | (57,151 | ) |  |           | 1,107,911 | 
|                                      
|                                      
|                                      
|                                      
|Depreciation/amortization              |                |            | 49,930         |            |  |        | 9,790   |           |  |           | 4,287   |              |  |              | 12,038  |             |  |  | 10,051  |        |  |  |           |         |   |  | 86,096    |          
|                                      
|                                      
|                                      
|                                      
|Interest expense                       |                |            | 23,335         |            |  |        | 40,068  |           |  |           | 8,797   |              |  |              |        |             |  |  |        |        |  |  | (17,313    | )       |   |  | 54,887    |          
|                                      
|                                      
|                                      
|                                      
|Pretax Earnings (loss)                 |                |            | 111,962        |            |  |        | (205    | )         |  |           | 18,803  |              |  |              | (2,537  | )           |  |  | (1,992  | )      |  |  | 170        |         |   |  | 126,201   |          
|                                      
|                                      
|                                      
|                                      
|Income
tax Benefit (expense)           |                |            | (40,334        | )          |  |        | (851    | )         |  |           | (6,581  | )            |  |              | 960     |             |  |  | 699     |        |  |  | 999        |         |   |  | (45,108   | )        
|                                      
|                                      
|                                      
|                                      
|Net Earnings                           |                |            | 71,628         |            |  |        | (1,056  | )         |  |           | 12,222  |              |  |              | (1,577  | )           |  |  | (1,293  | )      |  |  | 1,169      |         |   |  | 81,093    |          
|                                      
|                                      
|                                      
|                                      
|Earnings Available
Common Shareholders |                | $          | 65,146         |            |  |        | (1,056  | )         |  |           | 12,222  |              |  |              | (1,577  | )           |  |  | (1,293  | )      |  |  | 1,169      |         |   |  | 74,611    |          
|                                      
|                                      
|                                      
|                                      
|Contribution to
Earnings/Share         |                | $          | 3.19           |            |  |        | (0.05   | )         |  |           | 0.59    |              |  |              | (0.08   | )           |  |  | (0.06   | )      |  |  |           |         |   |  | 3.59      |          
|                                      
|                                      
|                                      
|                                      
|Identifiable assets                    |                | $          | 1,518,008      |            |  |        | 996,720 |           |  |           | 604,531 |              |  |              | 786,862 |             |  |  | 913,342 |        |  |  | (1,155,834 | )       |   |  | 3,663,629 |          

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##### Table of Contents



7. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA- continued

Information concerning operations by industry segment follows:

|                                       |  |                   |           |                 |  |        |         |           |  |           |         |              |  |              |         |             |  |  |         |   |  |  |          |   |  |   |           |  
|-------------------------------------- |  | ----------------- | --------- | --------------- |  | ------ | ------- | --------- |  | --------- | ------- | ------------ |  | ------------ | ------- | ----------- |  |  | ------- | - |  |  | -------- | - |  | - | --------- | -
|Industry Segment                       |  | U-Haul
Moving and |           | SACH
Moving and |  |        |         |           |  | Property/ |         |              |  |              |         | Adjustments |  |  |         |  
|                                       |  | Storage           |           | Storage         |  | Real   |         | Casualty  |  | Life      |         | and          |  |              |         |            
|                                       |  | Operations        |           | Operations      |  | Estate |         | Insurance |  | Insurance |         | Eliminations |  | Consolidated
|                                       |  |                   |           |                 |  |        |         |           |  |           |         |              |  |             
|                                       |  | (in thousands)   
|Six months ended
September 30, 2001    |  |                   |           |                 |  |        |         |           |  |           |         |              |  |              |         |             |  |  |         |   |  |  |          |   |  |   |           |  
|                                      
|                                      
|                                      
|                                      
|Revenues:                              |  |                   |           |                 |  |        |         |           |  |           |         |              |  |              |         |             |  |  |         |   |  |  |          |   |  |   |           |  
|                                      
|                                      
|                                      
|                                      
|Outside                                |  | $                 | 829,252   |                 |  |        | 45,852  |           |  |           | 4,829   |              |  |              | 141,985 |             |  |  | 89,943  |   |  |  |         |   |  |   | 1,111,861 |  
|                                      
|                                      
|                                      
|                                      
|Intersegment                           |  |                   |          |                 |  |        | 19,486  |           |  |           | 34,855  |              |  |              | 2,145   |             |  |  | 779     |   |  |  | (57,265  | ) |  |   |          |  
|                                       |  |                   |           |                 |  |        |         |           |  |           |         |              |  |              |         |             |  |  |         |   |  |  |          |   |  |   |           |  
|Total revenues                         |  |                   | 829,252   |                 |  |        | 65,338  |           |  |           | 39,684  |              |  |              | 144,130 |             |  |  | 90,722  |   |  |  | (57,265  | ) |  |   | 1,111,861 |  
|                                      
|                                      
|                                      
|                                      
|Depreciation/amortization              |  |                   | 51,923    |                 |  |        | 4,134   |           |  |           | 5,429   |              |  |              | 12,261  |             |  |  | 9,411   |   |  |  |         |   |  |   | 83,158    |  
|                                      
|                                      
|                                      
|                                      
|Interest expense                       |  |                   | 21,132    |                 |  |        | 27,281  |           |  |           | 19,724  |              |  |              |        |             |  |  |        |   |  |  | (15,620  | ) |  |   | 52,517    |  
|                                      
|                                      
|                                      
|                                      
|Pretax Earnings (loss)                 |  |                   | 73,996    |                 |  |        | (1,590  | )         |  |           | 22,693  |              |  |              | (18,912 | )           |  |  | 3,859   |   |  |  | 10,854   |   |  |   | 90,900    |  
|                                      
|                                      
|                                      
|                                      
|Income
tax Benefit (expenses)          |  |                   | (30,912   | )               |  |        | (40     | )         |  |           | (7,943  | )            |  |              | 6,687   |             |  |  | (1,232  | ) |  |  | (821     | ) |  |   | (34,261   | )
|                                      
|                                      
|                                      
|                                      
|Net Earnings                           |  |                   | 42,122    |                 |  |        | (668    | )         |  |           | 14,750  |              |  |              | (12,225 | )           |  |  | 2,627   |   |  |  | 10,033   |   |  |   | 56,639    |  
|                                      
|                                      
|                                      
|                                      
|Earnings Available
Common Shareholders |  |                   | 35,640    |                 |  |        | (668    | )         |  |           | 14,750  |              |  |              | (12,225 | )           |  |  | 2,627   |   |  |  | 10,033   |   |  |   | 50,157    |  
|                                      
|                                      
|                                      
|                                      
|Contribution to
Earnings/Share         |  | $                 | 2.16      |                 |  |        | (0.03   | )         |  |           | 0.70    |              |  |              | (0.58   | )           |  |  | 0.12    |   |  |  |         |   |  | $ | 2.37      |  
|                                      
|                                      
|                                      
|                                      
|Identifiable assets                    |  |                   | 1,489,276 |                 |  |        | 519,746 |           |  |           | 685,777 |              |  |              | 814,516 |             |  |  | 873,028 |   |  |  | (778,673 | ) |  |   | 3,603,670 |  

20



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND

SAC HOLDING CORPORATIONS AND CONSOLIDATED


SUBSIDIARIES


Notes to Condensed Consolidated Financial Statements, Continued

(Unaudited)


7. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

|                                       |                |                   |                |                 |            |  |         |        |           |           |           |        |              |  |              |             |  |  |         |        |  |  |            |         |   |  |           |         | 
|-------------------------------------- | -------------- | ----------------- | -------------- | --------------- | ---------- |  | ------- | ------ | --------- | --------- | --------- | ------ | ------------ |  | ------------ | ----------- |  |  | ------- | ------ |  |  | ---------- | ------- | - |  | --------- | ------- | 
|Industry
Segment                       |                |                   |                |                 |            |  |         |        |           |           |           |        |              |  |              |             |  |  |         |        |  |  |            |        
|                                       |                | U-Haul
Moving and |                | SACH
Moving and |            |  |         |        |           | Property/ |           |        |              |  |              | Adjustments |  |  |         |       
|                                       |                |                   | Storage        |                 | Storage    |  | Real    |        | Casualty  |           | Life      |        | and          |  |              |             | 
|                                       |                |                   | Operations     |                 | Operations |  | Estate  |        | Insurance |           | Insurance |        | Eliminations |  | Consolidated
|                                       |                |                   |                |                 |            |  |         |        |           |           |           |        |              |  |             
|                                       |                |                   | (in thousands)
|Quarter ended September 30, 2002       |                |                   |                |                 |            |  |         |        |           |           |           |        |              |  |              |             |  |  |         |        |  |  |            |         |   |  |           |        
|                                      
|                                      
|                                      
|                                      
|Revenues:                              |                |                   |                |                 |            |  |         |        |           |           |           |        |              |  |              |             |  |  |         |        |  |  |            |         |   |  |           |        
|                                      
|                                      
|                                      
|                                      
|                                       | Outside        | $                 | 426,788        |                 |            |  | 44,262  |        |           |           | 2,226     |        |              |  | 46,256       |             |  |  | 43,022  |        |  |  |           |         |   |  | 562,554   |        
|                                      
|                                      
|                                      
|                                      
|                                       | Intersegment   |                   |                |                |            |  |         | 13,309 |           |           |           | 14,325 |              |  |              | 1,142       |  |  |         | 455    |  |  |            | (29,231 | ) |  |           |        | 
|                                       |                |                   |                |                 |            |  |         |        |           |           |           |        |              |  |              |             |  |  |         |        |  |  |            |         |   |  |           |        
|                                       | Total revenues |                   |                | 426,788         |            |  |         | 57,571 |           |           |           | 16,551 |              |  |              | 47,398      |  |  |         | 43,477 |  |  |            | (29,231 | ) |  |           | 562,554 | 
|                                      
|                                      
|                                      
|                                      
|Depreciation/amortization              |                |                   | 25,384         |                 |            |  | 5,146   |        |           |           | 2,131     |        |              |  | 6,485        |             |  |  | 4,281   |        |  |  |           |         |   |  | 43,427    |        
|                                      
|                                      
|                                      
|                                      
|Interest expense                       |                |                   | 10,335         |                 |            |  | 20,421  |        |           |           | 3,495     |        |              |  |             |             |  |  |        |        |  |  | (6,296     | )       |   |  | 27,955    |        
|                                      
|                                      
|                                      
|                                      
|Pretax Earnings (loss)                 |                |                   | 55,321         |                 |            |  | 143     |        |           |           | 9,433     |        |              |  | 250          |             |  |  | (2,874  | )      |  |  | 1,245      |         |   |  | 63,518    |        
|                                      
|                                      
|                                      
|                                      
|Income
tax Benefit (expenses)          |                |                   | (19,904        | )               |            |  | (810    | )      |           |           | (3,302    | )      |              |  | (45          | )           |  |  | 1,003   |        |  |  | 94         |         |   |  | (22,964   | )      
|                                      
|                                      
|                                      
|                                      
|Net Earnings                           |                |                   | 35,417         |                 |            |  | (667    | )      |           |           | 6,131     |        |              |  | 205          |             |  |  | (1,871  | )      |  |  | 1,339      |         |   |  | 40,554    |        
|                                      
|                                      
|                                      
|                                      
|Earnings
Available Common Shareholders |                |                   | 32,176         |                 |            |  | (667    | )      |           |           | 6,131     |        |              |  | 205          |             |  |  | (1,871  | )      |  |  | 1,339      |         |   |  | 37,313    |        
|                                      
|                                      
|                                      
|                                      
|Contribution to Earnings/Share         |                |                   | 1.61           |                 |            |  | (0.03   | )      |           |           | 0.30      |        |              |  | 0.01         |             |  |  | (0.09   | )      |  |  |           |         |   |  | 1.79      |        
|                                      
|                                      
|                                      
|                                      
|Identifiable assets                    |                |                   | 1,518,008      |                 |            |  | 996,720 |        |           |           | 604,531   |        |              |  | 786,862      |             |  |  | 913,342 |        |  |  | (1,155,834 | )       |   |  | 3,663,269 |        
|                                      
|                                      
|                                      
|                                      
|Quarter ended September 30, 2001       |                |                   |                |                 |            |  |         |        |           |           |           |        |              |  |              |             |  |  |         |        |  |  |            |         |   |  |           |        
|                                      
|                                      
|                                      
|                                      
|Revenues:                              |                |                   |                |                 |            |  |         |        |           |           |           |        |              |  |              |             |  |  |         |        |  |  |            |         |   |  |           |        
|                                      
|                                      
|                                      
|                                      
|                                       | Outside        |                   | $              | 429,946         |            |  |         | 22,498 |           |           |           | 2,961  |              |  |              | 46,256      |  |  |         | 44,474 |  |  |            |        |   |  |           | 572,379 | 
|                                      
|                                      
|                                      
|                                      
|                                       | Intersegment   |                   |                |                |            |  |         | 10,354 |           |           |           | 16,979 |              |  |              | 1,036       |  |  |         | 407    |  |  |            | (28,776 | ) |  |           |        | 
|                                       |                |                   |                |                 |            |  |         |        |           |           |           |        |              |  |              |             |  |  |         |        |  |  |            |         |   |  |           |        
|                                       | Total revenues |                   |                | 429,946         |            |  |         | 32,852 |           |           |           | 19,940 |              |  |              | 73,536      |  |  |         | 44,881 |  |  |            | (28,776 | ) |  |           | 572,379 | 
|                                      
|                                      
|                                      
|                                      
|Depreciation/amortization              |                |                   | 22,058         |                 |            |  | 2,152   |        |           |           | 2,735     |        |              |  | 6,975        |             |  |  | 4,617   |        |  |  |           |         |   |  | 38,537    |        
|                                      
|                                      
|                                      
|                                      
|Interest expense                       |                |                   | 10,219         |                 |            |  | 15,081  |        |           |           | 9,517     |        |              |  |             |             |  |  |        |        |  |  | (8,375     | )       |   |  | 26,442    |        
|                                      
|                                      
|                                      
|                                      
|Pretax Earnings (loss)                 |                |                   | 51,727         |                 |            |  | (1,589  | )      |           |           | 18,085    |        |              |  | (13,329      | )           |  |  | (5,740  | )      |  |  | 16,250     |         |   |  | 65,404    |        
|                                      
|                                      
|                                      
|                                      
|Income
tax Benefit (expenses)          |                |                   | (21,797        | )               |            |  | (40     | )      |           |           | (6,331    | )      |              |  | 4,708        |             |  |  | (272    | )      |  |  | (540       | )       |   |  | (24,272   | )      
|                                      
|                                      
|                                      
|                                      
|Net Earnings                           |                |                   | 29,930         |                 |            |  | (1,629  | )      |           |           | 11,754    |        |              |  | (8,621       | )           |  |  | (6,012  | )      |  |  | 15,710     |         |   |  | 41,132    |        
|                                      
|                                      
|                                      
|                                      
|Earnings
Available Common Shareholders |                |                   | 26,689         |                 |            |  | (1,629  | )      |           |           | 11,754    |        |              |  | (8,621       | )           |  |  | (6,012  | )      |  |  | 15,710     |         |   |  | 37,891    |        
|                                      
|                                      
|                                      
|                                      
|Contribution to Earnings/Share         |                | $                 | 1.99           |                 |            |  | (0.08   | )      |           |           | 0.56      |        |              |  | (0.41        | )           |  |  | (0.68   | )      |  |  |           |         |   |  | 1.78      |        
|                                      
|                                      
|                                      
|                                      
|Identifiable assets                    |                | $                 | 1,489,276      |                 |            |  | 519,746 |        |           |           | 685,777   |        |              |  | 814,516      |             |  |  | 873,028 |        |  |  | (778,673   | )       |   |  | 3,603,670 |        

21



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES AND

SAC HOLDING CORPORATIONS AND CONSOLIDATED


SUBSIDIARIES


Notes to Condensed Consolidated Financial Statements, Continued


(Unaudited)


7. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

|                              |  |                  |           |               |  |              |        |        |  |                |           |              |  |   |           |   |  |   |        |  |  |   |           |  
|----------------------------- |  | ---------------- | --------- | ------------- |  | ------------ | ------ | ------ |  | -------------- | --------- | ------------ |  | - | --------- | - |  | - | ------ |  |  | - | --------- | -
|Geographic Area Data -        |  | United           |           |               |  |              |        |        |  |                |           | United       |  |   |           |   |  |   |        | 
|(All amounts are in U.S. $'s) |  | States           |           | Canada        |  | Consolidated |        | States |  | Canada         |           | Consolidated
|                              |  |                  |           |               |  |              |        |        |  |                |           |             
|                              |  | Six months ended |           | Quarter ended
|                              |  |                  |           |              
|                              |  |                  |           |               |  |              |        |        |  | (in thousands) |           |              |  |   |           |   |  |  
|September 30, 2002            |  |                  |           |               |  |              |        |        |  |                |           |              |  |   |           |   |  |   |        |  |  |   |           |  
|                             
|                             
|                             
|                             
|Total revenues                |  | $                | 1,078,943 |               |  | $            | 28,968 |        |  | $              | 1,107,911 |              |  | $ | 547,544   |   |  | $ | 15,010 |  |  | $ | 562,554   |  
|                             
|                             
|                             
|                             
|Depreciation/amortization     |  |                  | 83,426    |               |  |              | 2,670  |        |  |                | 86,096    |              |  |   | 42,087    |   |  |   | 1,340  |  |  |   | 43,427    |  
|                             
|                             
|                             
|                             
|Interest expense              |  |                  | 52,542    |               |  |              | 2,345  |        |  |                | 54,887    |              |  |   | 26,744    |   |  |   | 1,211  |  |  |   | 27,955    |  
|                             
|                             
|                             
|                             
|Pretax earnings               |  |                  | 119,665   |               |  |              | 6,536  |        |  |                | 126,201   |              |  |   | 59,961    |   |  |   | 3,557  |  |  |   | 63,518    |  
|                             
|                             
|                             
|                             
|Income tax                    |  |                  | (45,108   | )             |  |              |       |        |  |                | (45,108   | )            |  |   | (22,964   | ) |  |   |       |  |  |   | (22,964   | )
|                             
|                             
|                             
|                             
|Identifiable assets           |  |                  | 3,614,557 |               |  |              | 49,072 |        |  |                | 3,663,629 |              |  |   | 3,614,557 |   |  |   | 49,072 |  |  |   | 3,663,629 |  
|                             
|                             
|                             
|                             
|September 30, 2001            |  |                  |           |               |  |              |        |        |  |                |           |              |  |   |           |   |  |   |        |  |  |   |           |  
|                             
|                             
|                             
|                             
|Total revenues                |  | $                | 1,087,234 |               |  |              | 27,699 |        |  |                | 1,114,933 |              |  |   | 531,500   |   |  |   | 14,635 |  |  |   | 546,135   |  
|                             
|                             
|                             
|                             
|Depreciation/amortization     |  |                  | 81,024    |               |  |              | 2,134  |        |  |                | 83,158    |              |  |   | 37,613    |   |  |   | 924    |  |  |   | 38,537    |  
|                             
|                             
|                             
|                             
|Interest expense              |  |                  | 50,445    |               |  |              | 2,094  |        |  |                | 52,539    |              |  |   | 25,317    |   |  |   | 1,125  |  |  |   | 26,442    |  
|                             
|                             
|                             
|                             
|Pretax earnings               |  |                  | 97,228    |               |  |              | 6,985  |        |  |                | 104,213   |              |  |   | 61,456    |   |  |   | 3,948  |  |  |   | 65,404    |  
|                             
|                             
|                             
|                             
|Income tax                    |  |                  | (37,757   | )             |  |              |       |        |  |                | (37,757   | )            |  |   | (24,272   | ) |  |   |       |  |  |   | (24,272   | )
|                             
|                             
|                             
|                             
|Identifiable assets           |  |                  | 3,565,292 |               |  |              | 38,378 |        |  |                | 3,603,670 |              |  |   | 3,565,292 |   |  |   | 38,378 |  |  |   | 3,603,670 |  

During September, 2001 the Company consummated a legal transfer of cash in
the amount of $7.5 million and real estate properties in the amount of $65.5
million from Moving and Storage Operations and Real Estate to Oxford and
RepWest. The transferred assets were recorded by RepWest and Oxford at their
original book value; however, because the operating results and financial
position of the Companys insurance operations are reflected on a one quarter
lag, the asset and related depreciation expense have not been reflected within
the identifiable assets line of the Property/Casualty or Life Insurance
segments above. Since the Moving and Storage and Real Estate operations are
not reported on a one quarter lag, the assets have been removed from the Real
Estate industry segment identifiable assets and are reflected as an adjustment
and elimination within the above table for the inclusion within the
consolidated company.

8. SUBSEQUENT EVENTS

On October 15, 2002 the Company failed to make a $100 million principal
payment and a $3.6 million interest payment due to the
Series 1997-C Bond Backed,
Asset Trust. On that date, the Company also failed to pay $26.5 million in the
aggregate to Citibank and Bank of America in connection with the Series 1997-C
bonds. This expense will be recognized in the third fiscal quarter.

As a result of the foregoing, the Company is in default with respect to
its other credit arrangements which contain cross-default provisions, including
its 3-Year Credit Agreement dated June 28, 2002 (the Credit Agreement). In
addition to the cross-default under the Credit Agreement, the Company is also
in default under that agreement as a result of its failure to obtain
incremental net cash proceeds and/or availability from additional financings in
the aggregate amount of at least $150.0 million prior to October 15, 2002. The
total amount of obligations currently in default (either directly or as a
result of a cross-default) is approximately $1,175.4 million.

On November 11, 2002, AMERCO announced that it will not be making the
dividend payment to the holders of its Series A 8 1/2% preferred stock due
December 1, 2002.

22



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##### Table of Contents



9. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

During the quarter and six months ended September 30, 2002, the Company
purchased $396,000 and $1.22 million, respectively of printing from
Form Builders, Inc. Mark V. Shoen, his daughter and Edward J. Shoens sons are
major stockholders of Form Builders, Inc.

10. AMERCO AND CONSOLIDATED SUBSIDIARIES ADDITIONAL INFORMATION

AMERCO AND CONSOLIDATED SUBSIDIARIES

Additional Information


Consolidating Balance Sheet


September 30, 2002


|                                |                               |           |           |           |         |             |         |          |         |        |           |         |    |        |         |              |   |  |         |   |   |         |            |   |   |  |           |            |           | 
|------------------------------- | ----------------------------- | --------- | --------- | --------- | ------- | ----------- | ------- | -------- | ------- | ------ | --------- | ------- | -- | ------ | ------- | ------------ | - |  | ------- | - | - | ------- | ---------- | - | - |  | --------- | ---------- | --------- | 
|                                |                               |           |           |           |         |             |         | AMERCO   |         |        |           |         |    |        |         |              |   |  |         |   |   | ADJUST& |            |   |   | 
|                                |                               |           |           | U-Haul    |         | Real Estate |         | AMERCO   |         | Oxford |           | RepWest |    | ELIMIN |         | CONSOLIDATED
|                                |                               |           |           |           |         |             |         |          |         |        |           |         |    |        |         |             
|ASSETS                          |                               |           |           |           |         |             |         |          |         |        |           |         |    |        |         |              |   |  |         |   |   |         |            |   |   |  |           |           
|                               
|                               
|                               
|                               
|Cash                            |                               | $         | 19,477    |           |         |             | 510     |          |         |        | 10,422    |         |    |        | 47,322  |              |   |  | 5,789   |   |   |         |           |   |   |  | 83,520    |           
|                               
|                               
|                               
|                               
|Receivables
 Trade             |                               |           | 33,171    |           |         |             | 4,336   |          |         |        | 16        |         |    |        | 33,162  |              |   |  | 233,827 |   |   |         |           |   |   |  | 304,512   |           
|                               
|                               
|                               
|                               
|Receivables  Notes & Mortgages |                               |           | 1,302     |           |         |             | 3,949   |          |         |        |          |         |    |        |        |              |   |  |        |   |   |         |           |   |   |  | 5,251     |           
|                               
|                               
|                               
|                               
|Inventories                     |                               |           | 65,491    |           |         |             | 4       |          |         |        |          |         |    |        |        |              |   |  |        |   |   |         |           |   |   |  | 65,495    |           
|                               
|                               
|                               
|                               
|Prepaid Expenses                |                               |           | 42,282    |           |         |             | 11      |          |         |        | 93        |         |    |        |        |              |   |  |        |   |   |         |           |   |   |  | 42,386    |           
|                               
|                               
|                               
|                               
|Investments,
fixed maturities   |                               |           |          |           |         |             |        |          |         |        |          |         |    |        | 581,199 |              |   |  | 313,096 |   |   |         |           |   |   |  | 894,295   |           
|                               
|                               
|                               
|                               
|Investments, other              |                               |           | 259,675   |           |         |             | 94,658  |          |         |        | 10,000    |         |    |        | 169,775 |              |   |  | 88,243  |   |   |         | (49,500    | ) |   |  | 572,851   |           
|                               
|                               
|                               
|                               
|DAC*                            |                               |           |          |           |         |             |        |          |         |        |          |         |    |        | 91,585  |              |   |  | 13,318  |   |   |         |           |   |   |  | 104,903   |           
|                               
|                               
|                               
|                               
|Investment in Subsidiary        |                               |           |          |           |         |             |        |          |         |        | 1,173,140 |         |    |        |         |              |   |  |         |   |   |         | (1,173,140 | ) |   |  |          |           
|                               
|                               
|                               
|                               
|Other Assets (incl Trust Funds) |                               |           | (30,274   | )         |         |             | 5,026   |          |         |        | 39,823    |         |    |        | 1,606   |              |   |  | 5,181   |   |   |         |           |   |   |  | 10,174    |           
|                               
|                               
|                               
|                               
|Deferred tax asset              |                               |           |          |           |         |             |        |          |         |        |          |         |    |        |        |              |   |  | 11,457  |   |   |         | (11,457    | ) |   |  |          |           
|                               
|                               
|                               
|                               
|Due from affiliates             |                               |           |          |           |         |             |        |          |         |        | 740,541   |         |    |        | (11,307 | )            |   |  | 115,951 |   |   |         | (845,185   | ) |   |  |          |           
|                               
|                               
|                               
|                               
|Property, Plant, & Equipment    |                               |           |           |           |         |             |         |          |         |        |           |         |    |        |         |              |   |  |         |   |   |         |            |   |   |  |           |           
|                               
|                               
|                               
|                               
|                                | Land                          |           |           | 18,390    |         |             |         | 139,794  |         |        |           |        |    |        |         |             |   |  |         |  |   |         |            |  |   |  |           | 158,184    |          
|                               
|                               
|                               
|                               
|                                | Buildings & improvements      |           |           | 127,446   |         |             |         | 588,900  |         |        |           |        |    |        |         |             |   |  |         |  |   |         |            |  |   |  |           | 716,346    |          
|                               
|                               
|                               
|                               
|                                | Furniture & Equipment         |           |           | 271,287   |         |             |         | 18,022   |         |        |           | 396     |    |        |         |             |   |  |         |  |   |         |            |  |   |  |           | 289,705    |          
|                               
|                               
|                               
|                               
|                                | Rental Trailers & GRI         |           |           | 176,299   |         |             |         |         |         |        |           |        |    |        |         |             |   |  |         |  |   |         |            |  |   |  |           | 176,299    |          
|                               
|                               
|                               
|                               
|                                | Rental Trucks                 |           |           | 1,119,666 |         |             |         |         |         |        |           |        |    |        |         |             |   |  |         |  |   |         |            |  |   |  |           | 1,119,666  |          
|                                |                               |           |           |           |         |             |         |          |         |        |           |         |    |        |         |              |   |  |         |   |   |         |            |   |   |  |           |           
|                                |                               |           | 1,713,088 |           |         |             | 746,716 |          |         |        | 396       |         |    |        |        |              |   |  |        |   |   |         |           |   |   |  | 2,460,200 |           
|                                | Less accumulated depreciation |           |           | (957,979  | )       |             |         | (250,679 | )       |        |           | (308    | )  |        |         |             |   |  |         |  |   |         |            |  |   |  |           | (1,208,966 | )        
|                                |                               |           |           |           |         |             |         |          |         |        |           |         |    |        |         |              |   |  |         |   |   |         |            |   |   |  |           |           
|                                |                               | Total PPE |           |           | 755,109 |             |         |          | 496,037 |        |           |         | 88 |        |         |              |  |  |         |   |  |         |            |   |  |  |           |            | 1,251,234 | 
|                               
|                               
|                               
|                               
|TOTAL ASSETS                    |                               | $         | 1,146,233 |           |         |             | 604,531 |          |         |        | 1,974,123 |         |    |        | 913,342 |              |   |  | 786,862 |   |   |         | (488,122   | ) |   |  | 3,334,621 |           
|                                |                               |           |           |           |         |             |         |          |         |        |           |         |    |        |         |              |   |  |         |   |   |         |            |   |   |  |           |           

* Deferred Policy Acquisition Cost

23



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##### Table of Contents



10. AMERCO AND CONSOLIDATED SUBSIDIARIES ADDITIONAL INFORMATIONcontinued

AMERCO AND CONSOLIDATED SUBSIDIARIES

Additional Information


Consolidating Balance Sheet


September 30, 2002


|                                       |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |              |         |  |  |         |         |         |  |            |          |   |  |           |          |  
|-------------------------------------- | ------------------------ | - | --------- | ------- | ----------- |  | ------- | ------- | ------ |  | --------- | -------- | ------ |  | ------------ | ------- |  |  | ------- | ------- | ------- |  | ---------- | -------- | - |  | --------- | -------- | -
|                                       |                          |   |           |         |             |  | AMERCO  |         |        |  |           |          |        |  |              |         |  |  |         |         | ADJUST& |  |            |          |  
|                                       |                          |   | U-Haul    |         | Real Estate |  | AMERCO  |         | Oxford |  | RepWest   |          | ELIMIN |  | CONSOLIDATED
|                                       |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |             
|LIABILITIES                            |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |              |         |  |  |         |         |         |  |            |          |   |  |           |         
|                                      
|                                      
|                                      
|                                      
|Accounts payable & accrued liabilities |                          | $ | 138,163   |         |             |  | 2,732   |         |        |  | 197,684   |          |        |  | (1,142       | )       |  |  |        |         |         |  | (153,568   | )        |   |  | 79,344    |         
|                                      
|                                      
|                                      
|                                      
|Notes & Loans                          |                          |   | 14,790    |         |             |  | 193     |         |        |  | 933,026   |          |        |  |             |         |  |  |        |         |         |  | (39,500    | )        |   |  | 908,509   |         
|                                      
|                                      
|                                      
|                                      
|Policy liabilities & accruals          |                          |   |          |         |             |  |        |         |        |  |          |          |        |  | 178,415      |         |  |  | 524,889 |         |         |  |           |          |   |  | 703,304   |         
|                                      
|                                      
|                                      
|                                      
|Liabilities from premium deposits      |                          |   |          |         |             |  |        |         |        |  |          |          |        |  | 610,248      |         |  |  |        |         |         |  |           |          |   |  | 610,248   |         
|                                      
|                                      
|                                      
|                                      
|Cash overdraft                         |                          |   | 26,861    |         |             |  |        |         |        |  |          |          |        |  |             |         |  |  |        |         |         |  |           |          |   |  | 26,861    |         
|                                      
|                                      
|                                      
|                                      
|                                       | and Other liabilities    |   |           |        |             |  |         |        |        |  |           |         |        |  |              | 9,691   |  |  |         | 52,081  |         |  |            |         |   |  |           | 61,772   |  
|                                      
|                                      
|                                      
|                                      
|Due to affiliates                      |                          |   | 61,791    |         |             |  | 299,188 |         |        |  |          |          |        |  |             |         |  |  |        |         |         |  | (360,979   | )        |   |  |          |         
|                                      
|                                      
|                                      
|                                      
|Deferred credits                       |                          |   | 23,639    |         |             |  | 996     |         |        |  | (9        | )        |        |  |             |         |  |  |        |         |         |  |           |          |   |  | 24,626    |         
|                                      
|                                      
|                                      
|                                      
|Deferred income taxes                  |                          |   | 243,916   |         |             |  | 90,630  |         |        |  | 207,869   |          |        |  | 3,052        |         |  |  |        |         |         |  | (362,834   | )        |   |  | 182,633   |         
|                                       |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |              |         |  |  |         |         |         |  |            |          |   |  |           |         
|                                       |                          |   | 509,160   |         |             |  | 393,739 |         |        |  | 1,234,045 |          |        |  | 800,264      |         |  |  | 576,970 |         |         |  | (916,881   | )        |   |  | 2,597,297 |         
|                                      
|                                      
|                                      
|                                      
|STOCKHOLDERS EQUITY                    |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |              |         |  |  |         |         |         |  |            |          |   |  |           |         
|                                      
|                                      
|                                      
|                                      
|Common stock                           |                          |   | 540       |         |             |  | 1       |         |        |  | 10,563    |          |        |  | 2,500        |         |  |  | 3,300   |         |         |  | (6,341     | )        |   |  | 10,563    |         
|                                      
|                                      
|                                      
|                                      
|Additional paid in capital             |                          |   | 130,465   |         |             |  | 147,481 |         |        |  | 401,130   |          |        |  | 15,168       |         |  |  | 67,175  |         |         |  | (360,289   | )        |   |  | 401,130   |         
|                                      
|                                      
|                                      
|                                      
|AOCI
 Foreign currency
translation    |                          |   | (43,185   | )       |             |  |        |         |        |  | (43,185   | )        |        |  |             |         |  |  |        |         |         |  |           |          |   |  | (43,185   | )       
|                                      
|                                      
|                                      
|                                      
|AOCI  Net unreal gain (loss)          |                          |   |           |         |             |  |        |         |        |  | (2,739    | )        |        |  | (9,483       | )       |  |  | 6,744   |         |         |  | 2,739      |          |   |  | (2,739    | )       
|                                      
|                                      
|                                      
|                                      
|AOCI  Cash Flow Hedge                 |                          |   |          |         |             |  |        |         |        |  | (2,494    | )        |        |  |             |         |  |  |        |         |         |  |           |          |   |  | (2,494    | )       
|                                      
|                                      
|                                      
|                                      
|Retained earnings                      |                          |   | 563,131   |         |             |  | 63,310  |         |        |  | 806,085   |          |        |  | 104,893      |         |  |  | 132,673 |         |         |  | (852,883   | )        |   |  | 806,085   |         
|                                       |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |              |         |  |  |         |         |         |  |            |          |   |  |           |         
|                                       |                          |   | 650,951   |         |             |  | 210,792 |         |        |  | 1,158,236 |          |        |  | 113,078      |         |  |  | 209,892 |         |         |  | (1,173,589 | )        |   |  | 1,169,360 |         
|                                      
|                                      
|                                      
|                                      
|Less:                                  |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |              |         |  |  |         |         |         |  |            |          |   |  |           |         
|                                      
|                                      
|                                      
|                                      
|                                       | Treasury shares          |   |           |        |             |  |         |        |        |  |           | (418,178 | )      |  |              |        |  |  |         |        |         |  |            |         |   |  |           | (418,178 | )
|                                      
|                                      
|                                      
|                                      
|                                       | Loan-leveraged ESOP      |   |           | (13,878 | )           |  |         |        |        |  |           | 20       |        |  |              |        |  |  |         |        |         |  |            |         |   |  |           | (13,858  | )
|                                       |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |              |         |  |  |         |         |         |  |            |          |   |  |           |         
|                                       | TOTAL
SHAREHOLDER EQUITY |   |           | 637,073 |             |  |         | 210,792 |        |  |           | 740,078  |        |  |              | 113,078 |  |  |         | 209,892 |         |  |            | (322,970 | ) |  |           | 737,324  |  
|                                       |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |              |         |  |  |         |         |         |  |            |          |   |  |           |         
|TOTAL
LIABILITIES & SHAREHOLDER EQUITY |                          | $ | 1,146,233 |         |             |  | 604,531 |         |        |  | 1,974,123 |          |        |  | 913,342      |         |  |  | 786,862 |         |         |  | (2,090,470 | )        |   |  | 3,334,621 |         
|                                       |                          |   |           |         |             |  |         |         |        |  |           |          |        |  |              |         |  |  |         |         |         |  |            |          |   |  |           |         

24



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##### Table of Contents



10. AMERCO AND CONSOLIDATED SUBSIDIARIES ADDITIONAL INFORMATION,continued

AMERCO AND CONSOLIDATED SUBSIDIARIES

Additional Information


Consolidating Statement of Earnings


September 30, 2002


|                                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |           |        | 
|------------------------------------------ | ---------------------------- | ------------ | ------- | ------- | ------ | ----------- | ------ | ------ | ------ | ------ | ------- | ------- | ------ | ------ | ------- | ------------ | ------ | - | ------- | ------- | ------ | ------- | -------- | -------- | ------- | - | ------- | --------- | ------ | 
|                                           |                              |              |         |         |        |             |        | AMERCO |        |        |         |         |        |        |         |              |        |   |         |         |        | ADJUST& |          |          |         |  
|                                           |                              |              |         | U-Haul  |        | Real Estate |        | AMERCO |        | Oxford |         | RepWest |        | ELIMIN |         | CONSOLIDATED
|                                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |             
|INCOME STATEMENT                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |          
|                                          
|                                          
|                                          
|                                          
|Rental & other revenue                     |                              | $            | 711,494 |         |        |             | 29,709 |        |        |        |        |         |        |        |        |              |        |   |        |         |        |         | (30,345  | )        |         |   | 710,858 |          
|                                          
|                                          
|                                          
|                                          
|Net sales                                  |                              |              | 102,673 |         |        |             | 35     |        |        |        |        |         |        |        |         |              |        |   |        |         |        |         |         |          |         |   | 102,708 |          
|                                          
|                                          
|                                          
|                                          
|Equity in earnings of sub                  |                              |              |        |         |        |             |       |        |        |        | 134,849 |         |        |        |        |              |        |   |        |         |        |         | (134,849 | )        |         |   |        |          
|                                          
|                                          
|                                          
|                                          
|Premiums                                   |                              |              |        |         |        |             |       |        |        |        | 0       |         |        |        | 80,693  |              |        |   | 86,319  |         |        |         | (3,996   | )        |         |   | 163,016 |          
|                                          
|                                          
|                                          
|                                          
|Net investment & interest income           |                              |              | 15,963  |         |        |             | 4,984  |        |        |        | 10,214  |         |        |        | 7,773   |              |        |   | 15,257  |         |        |         | (11,644  | )        |         |   | 42,547  |          
|                                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |          
|                                           | Total Revenues               |              |         | 830,130 |        |             |        | 34,728 |        |        |         | 145,063 |        |        |         | 88,466       |        |   |         | 101,576 |        |         |          | (180,835 | )       |   |         | 1,019,128 |       
|                                          
|                                          
|                                          
|                                          
|Costs & expenses:                          |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |          
|                                          
|                                          
|                                          
|                                          
|                                           | Operating expense            |              |         | 503,428 |        |             |        | (1,884 | )      |        |         | 5,134   |        |        |         | 19,849       |        |   |         | 12,647  |        |         |          | (36,786  | )       |   |         | 502,388   |       
|                                          
|                                          
|                                          
|                                          
|                                           | Cost of sales                |              |         | 53,065  |        |             |        | 16     |        |        |         |        |        |        |         |             |        |   |         |        |        |         |          |         |         |   |         | 53,081    |       
|                                          
|                                          
|                                          
|                                          
|                                           | Benefits
& Losses            |              |         |        |        |             |        |       |        |        |         |        |        |        |         | 60,488       |        |   |         | 79,945  |        |         |          |         |         |   |         | 140,433   |       
|                                          
|                                          
|                                          
|                                          
|                                           | Amortization of DAC*         |              |         |        |        |             |        |       |        |        |         |        |        |        |         | 10,121       |        |   |         | 11,521  |        |         |          |         |         |   |         | 21,642    |       
|                                          
|                                          
|                                          
|                                          
|                                           | Lease expense                |              |         | 80,037  |        |             |        | 4,732  |        |        |         | 463     |        |        |         |             |        |   |         |        |        |         |          |         |         |   |         | 85,232    |       
|                                          
|                                          
|                                          
|                                          
|                                           | Depreciation Net             |              |         | 50,843  |        |             |        | 4,263  |        |        |         | 8       |        |        |         |             |        |   |         |        |        |         |          |         |         |   |         | 55,114    |       
|                                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |          
|                                           | Total Costs & Expenses       |              |         | 687,373 |        |             |        | 7,127  |        |        |         | 5,606   |        |        |         | 90,458       |        |   |         | 104,113 |        |         |          | (36,786  | )       |   |         | 857,890   |       
|                                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |          
|Earnings from operations                   |                              |              | 142,757 |         |        |             | 27,601 |        |        |        | 139,458 |         |        |        | (1,992  | )            |        |   | (2,537  | )       |        |         | (144,049 | )        |         |   | 161,238 |          
|                                          
|                                          
|                                          
|                                          
|                                           | Interest Expense             |              |         | 6,125   |        |             |        | 8,797  |        |        |         | 26,406  |        |        |         |             |        |   |         |        |        |         |          | (9,199   | )       |   |         | 32,132    |       
|                                          
|                                          
|                                          
|                                          
|Pretax
earnings from continuing operations |                              |              | 136,632 |         |        |             | 18,804 |        |        |        | 113,049 |         |        |        | (1,992  | )            |        |   | (2,537  | )       |        |         | (134,850 | )        |         |   | 129,106 |          
|                                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |          
|                                           | Income tax benefit (expense) |              |         | (47,964 | )      |             |        | (6,581 | )      |        |         | (30,960 | )      |        |         | 699          |        |   |         | 960     |        |         |          | 38,590   |         |   |         | (45,256   | )     
|                                          
|                                          
|                                          
|                                          
|Earnings
from continuing operations        |                              |              | 88,668  |         |        |             | 12,223 |        |        |        | 82,089  |         |        |        | (1,293  | )            |        |   | (1,577  | )       |        |         | (96,260  | )        |         |   | 83,850  |          
|                                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |          
|                                           |                              | Net earnings |         |         | 88,668 |             |        |        | 12,223 |        |         |         | 83,089 |        |         |              | (1,293 | ) |         |         | (1,577 | )       |          |          | (96,260 | ) |         |           | 83,850 | 
|                                          
|                                          
|                                          
|                                          
|Beginning Retained Earnings                |                              |              | 474,463 |         |        |             | 51,087 |        |        |        | 719,354 |         |        |        | 106,186 |              |        |   | 134,250 |         |        |         | (756,623 | )        |         |   | 728,717 |          
|                                          
|                                          
|                                          
|                                          
|Dividends                                  |                              |              |        |         |        |             |       |        |        |        | (6,482  | )       |        |        |        |              |        |   |        |         |        |         |         |          |         |   | (6,482  | )        
|                                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |          
|Ending Retained Earnings                   |                              | $            | 563,131 |         |        |             | 63,310 |        |        |        | 794,961 |         |        |        | 104,893 |              |        |   | 132,673 |         |        |         | (852,883 | )        |         |   | 806,085 |          
|                                           |                              |              |         |         |        |             |        |        |        |        |         |         |        |        |         |              |        |   |         |         |        |         |          |          |         |   |         |          

* Deferred Policy Acquisition Cost

25



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##### Table of Contents



10. AMERCO AND CONSOLIDATED SUBSIDIARIES ADDITIONAL INFORMATIONcontinued

AMERCO AND CONSOLIDATED SUBSIDIARIES

Additional Information


Consolidating Statement of Cash Flows


September 30, 2002


|                                                 |                                     |                                             |          |        |   |        |         |             |   |        |        |         |   |      |         |              |     |  |         |        |         |          |         |        |   |  |         |          |         |  
|------------------------------------------------ | ----------------------------------- | ------------------------------------------- | -------- | ------ | - | ------ | ------- | ----------- | - | ------ | ------ | ------- | - | ---- | ------- | ------------ | --- |  | ------- | ------ | ------- | -------- | ------- | ------ | - |  | ------- | -------- | ------- | -
|                                                 |                                     |                                             |          |        |   |        |         |             |   |        |        | Amerco  |   |      |         |              |     |  |         |        |         | ADJUST & |         |        |   | 
|                                                 |                                     |                                             |          | AMERCO |   | U-Haul |         | Real Estate |   | Oxford |        | RepWest |   | ELIM |         | Consolidated
|                                                 |                                     |                                             |          |        |   |        |         |             |   |        |        |         |   |      |         |             
|OPERATING ACTIVITIES                             |                                     |                                             |          |        |   |        |         |             |   |        |        |         |   |      |         |              |     |  |         |        |         |          |         |        |   |  |         |         
|                                                
|                                                
|                                                
|                                                
|Net income (loss)                                |                                     | $                                           | 82,089   |        |   |        | 88,668  |             |   |        | 12,223 |         |   |      | (1,293  | )            |     |  | (1,577  | )      |         |          | (96,260 | )      |   |  | 83,850  |         
|                                                
|                                                
|                                                
|                                                
|Depreciation & Amortization                      |                                     |                                             | (66      | )      |   |        | 46,002  |             |   |        | 4,345  |         |   |      | 10,051  |              |     |  | 12,038  |        |         |          |        |        |   |  | 72,370  |         
|                                                
|                                                
|                                                
|                                                
|Provision for bad debt                           |                                     |                                             |         |        |   |        | 1,105   |             |   |        |       |         |   |      |        |              |     |  |        |        |         |          |        |        |   |  | 1,105   |         
|                                                
|                                                
|                                                
|                                                
|Earnings
in subsidiaries                         |                                     |                                             | (134,849 | )      |   |        |         |             |   |        |       |         |   |      |        |              |     |  |        |        |         |          | 134,849 |        |   |  | 0       |         
|                                                
|                                                
|                                                
|                                                
|(Gain) loss on sale of PPE                       |                                     |                                             |         |        |   |        | 3,674   |             |   |        | (24    | )       |   |      |        |              |     |  |        |        |         |          |        |        |   |  | 3,650   |         
|                                                
|                                                
|                                                
|                                                
|(Gain) loss-sale of investments                  |                                     |                                             |         |        |   |        |        |             |   |        |       |         |   |      | 4,336   |              |     |  | (479    | )      |         |          |        |        |   |  | 3,857   |         
|                                                
|                                                
|                                                
|                                                
|                                                 |                                     | Total
Changes-policy liabilities & accruals |          |        |  |        |         |             |  |        |        |         |  |      |         |              | 635 |  |         |        | (35,995 | )        |         |        |  |  |         |          | (35,360 | )
|                                                
|                                                
|                                                
|                                                
|Additions to DAC                                 |                                     |                                             |         |        |   |        |        |             |   |        |       |         |   |      | (15,774 | )            |     |  | (8,493  | )      |         |          |        |        |   |  | (24,267 | )       
|                                                
|                                                
|                                                
|                                                
|Net
change in operating assets & liabilities     |                                     |                                             | 174,162  |        |   |        | (78,843 | )           |   |        | (8,378 | )       |   |      | (26,689 | )            |     |  | (15,391 | )      |         |          | (38,589 | )      |   |  | 6,272   |         
|                                                 |                                     |                                             |          |        |   |        |         |             |   |        |        |         |   |      |         |              |     |  |         |        |         |          |         |        |   |  |         |         
|Net cash provided (used) by operations           |                                     |                                             | 121,336  |        |   |        | 60,605  |             |   |        | 8,166  |         |   |      | (28,734 | )            |     |  | (49,897 | )      |         |          |         |        |   |  | 111,477 |         
|                                                
|                                                
|                                                
|                                                
|INVESTING ACTIVITIES                             |                                     |                                             |          |        |   |        |         |             |   |        |        |         |   |      |         |              |     |  |         |        |         |          |         |        |   |  |         |         
|                                                
|                                                
|                                                
|                                                
|                                                 | Purchases of PPE                    |                                             |          |       |   |        |         | (111,445    | ) |        |        | (11,473 | ) |      |         |             |     |  |         |       |         |          |         |       |   |  |         | (122,918 | )      
|                                                
|                                                
|                                                
|                                                
|                                                 | Purchases of Fixed Maturities       |                                             |          |       |   |        |         |            |   |        |        |        |   |      |         | (134,993     | )   |  |         |       |         |          |         |       |   |  |         | (134,993 | )      
|                                                
|                                                
|                                                
|                                                
|                                                 | Purchases of Other Asset
Investment |                                             |          |       |   |        |         |            |   |        |        |        |   |      |         | (17,407      | )   |  |         |        |         |          |         | 17,500 |   |  |         | 93       |        
|                                                
|                                                
|                                                
|                                                
|                                                 | Purchases of Real Estate            |                                             |          |       |   |        |         |            |   |        |        |        |   |      |         | (21,759      | )   |  |         | (7,632 | )       |          |         |        |   |  |         | (29,391  | )      
|                                                
|                                                
|                                                
|                                                
|                                                 | Purchases of Mortgage Loans         |                                             |          |       |   |        |         |            |   |        |        |        |   |      |         | (22,000      | )   |  |         |        |         |          |         | 22,000 |   |  |         | 0        |        
|                                                
|                                                
|                                                
|                                                
|                                                 | Proceeds sale of PPE                |                                             |          |       |   |        |         | 42,685      |   |        |        | 3,345   |   |      |         |             |     |  |         |       |         |          |         |       |   |  |         | 46,030   |        
|                                                
|                                                
|                                                
|                                                
|                                                 | Proceeds sale of Fixed Maturities   |                                             |          |       |   |        |         |            |   |        |        |        |   |      |         | 157,182      |     |  |         | 45,073 |         |          |         |       |   |  |         | 202,255  |        
|                                                
|                                                
|                                                
|                                                
|                                                 | Proceeds sale of Real Estate        |                                             |          |       |   |        |         |            |   |        |        |        |   |      |         |              |     |  |         | 399    |         |          |         |       |   |  |         | 399      |        
|                                                
|                                                
|                                                
|                                                
|                                                 | Proceeds sale of Preferred stock    |                                             |          |       |   |        |         |            |   |        |        |        |   |      |         | 2,578        |     |  |         |       |         |          |         |       |   |  |         | 2,578    |        
|                                                
|                                                
|                                                
|                                                
|                                                 | Proceeds sale of Mortgage Loans     |                                             |          |       |   |        |         |            |   |        |        |        |   |      |         | 9,889        |     |  |         | 561    |         |          |         |       |   |  |         | 10,450   |        
|                                                
|                                                
|                                                
|                                                
|Changes in Other Investments                     |                                     |                                             |         |        |   |        | 5,309   |             |   |        | 587    |         |   |      | 12,412  |              |     |  | 11,373  |        |         |          |        |        |   |  | 29,681  |         
|                                                 |                                     |                                             |          |        |   |        |         |             |   |        |        |         |   |      |         |              |     |  |         |        |         |          |         |        |   |  |         |         
|Net cash provided (used) by
investing activities |                                     | $                                           | 0        |        |   |        | (63,451 | )           |   |        | (7,541 | )       |   |      | (14,098 | )            |     |  | 49,774  |        |         |          | 39,500  |        |   |  | 4,184   |         

26



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##### Table of Contents



|                                |                         |   |          |          |        |  |             |        |        |  |         |      |      |  |              |        |  |  |       |   |  |  |         |         |   |  |          |          |  
|------------------------------- | ----------------------- | - | -------- | -------- | ------ |  | ----------- | ------ | ------ |  | ------- | ---- | ---- |  | ------------ | ------ |  |  | ----- | - |  |  | ------- | ------- | - |  | -------- | -------- | -
|                                |                         |   |          |          |        |  |             |        |        |  | Amerco  |      |      |  |              |        |  |  |       |   |  |  |         |         |   |  |         
|                                |                         |   | AMERCO   |          | U-Haul |  | Real Estate |        | Oxford |  | RepWest |      | ELIM |  | Consolidated
|                                |                         |   |          |          |        |  |             |        |        |  |         |      |      |  |             
|FINANCING ACTIVITIES            |                         |   |          |          |        |  |             |        |        |  |         |      |      |  |              |        |  |  |       |   |  |  |         |         |   |  |          |         
|                               
|                               
|                               
|                               
|Net changes in ST borrowings    |                         | $ | 5,000    |          |        |  |            |        |        |  |        |      |      |  |              |        |  |  |      |   |  |  |        |         |   |  | (12,500  | )       
|                               
|                               
|                               
|                               
|Principal payments on notes     |                         |   | (150,000 | )        |        |  | (3          | )      |        |  | (11     | )    |      |  |              |        |  |  |      |   |  |  |        |         |   |  | (150,014 | )       
|                               
|                               
|                               
|                               
|Proceeds from notes             |                         |   | 44,009   |          |        |  |            |        |        |  | 0       |      |      |  |              |        |  |  |       |   |  |  | (39,500 | )       |   |  | 22,009   |         
|                               
|                               
|                               
|                               
|Loan to leveraged ESOP          |                         |   |         |          |        |  |            |        |        |  |        |      |      |  |              |        |  |  |      |   |  |  |        |         |   |  |         |         
|                               
|                               
|                               
|                               
|Paydown on ESOP                 |                         |   |         |          |        |  | 293         |        |        |  |        |      |      |  |              |        |  |  |      |   |  |  |        |         |   |  | 293      |         
|                               
|                               
|                               
|                               
|Dividends paid                  |                         |   | (6,482   | )        |        |  | 0           |        |        |  |        |      |      |  |              |        |  |  |      |   |  |  |        |         |   |  | (6,482   | )       
|                               
|                               
|                               
|                               
|Net
Change  Cash Overdraft     |                         |   |          |          |        |  | (7,768      | )      |        |  |        |      |      |  |              |        |  |  |      |   |  |  |        |         |   |  | (7,768   | )       
|                               
|                               
|                               
|                               
|Treasury Stock Purchase         |                         |   | (1,407   | )        |        |  |             |        |        |  |        |      |      |  |              |        |  |  |      |   |  |  |        |         |   |  | (1,407   | )       
|                               
|                               
|                               
|                               
|Investment contract deposits    |                         |   |         |          |        |  |            |        |        |  |        |      |      |  | 89,083       |        |  |  |      |   |  |  |        |         |   |  | 89,083   |         
|                               
|                               
|                               
|                               
|Investment contract withdrawals |                         |   |         |          |        |  |            |        |        |  |        |      |      |  | (51,262      | )      |  |  |      |   |  |  |        |         |   |  | (51,262  | )       
|                               
|                               
|                               
|                               
|Net cash provided (used)        |                         |   |         |          |        |  |            |        |        |  |        |      |      |  |              |        |  |  |      |   |  |  |        |         |   |  |          |         
|                               
|                               
|                               
|                               
|                                | by financing activities |   |          | (110,985 | )      |  |             | (7,501 | )      |  |         | (691 | )    |  |              | 37,821 |  |  |       |   |  |  |         | (39,500 | ) |  |          | (120,856 | )
|                               
|                               
|                               
|                               
|Net cash provided (used)        |                         |   | 10,351   |          |        |  | (10,347     | )      |        |  | (66     | )    |      |  | (5,011       | )      |  |  | (123  | ) |  |  |         |         |   |  | (5,196   | )       
|                               
|                               
|                               
|                               
|Cash
at beginning of period     |                         |   | 71       |          |        |  | 29,823      |        |        |  | 576     |      |      |  | 52,333       |        |  |  | 5,912 |   |  |  |         |         |   |  | 88,715   |         
|                                |                         |   |          |          |        |  |             |        |        |  |         |      |      |  |              |        |  |  |       |   |  |  |         |         |   |  |          |         
|Cash at end of period           |                         | $ | 10,422   |          |        |  | 19,476      |        |        |  | 510     |      |      |  | 47,322       |        |  |  | 5,789 |   |  |  |        |         |   |  | 83,520   |         

27



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES
Additional Information
Consolidating Balance Sheet
March 31, 2002

|                                |                          |           |           |           |         |             |         |         |         |        |           |         |    |      |         |          |   |      |         |      |   |              |            |   |   |  |           |           |           |  |           |         |         |  |          |          |          |   |           |            |           | 
|------------------------------- | ------------------------ | --------- | --------- | --------- | ------- | ----------- | ------- | ------- | ------- | ------ | --------- | ------- | -- | ---- | ------- | -------- | - | ---- | ------- | ---- | - | ------------ | ---------- | - | - |  | --------- | --------- | --------- |  | --------- | ------- | ------- |  | -------- | -------- | -------- | - | --------- | ---------- | --------- | 
|                                |                          |           |           |           |         |             |         | AMERCO  |         |        |           |         |    |      |         |          |   |      |         |      |   |              |            |   |   |  |           |           |           |  |           |         |         |  |          |          |          |   |           |           
|                                |                          |           |           | U-Haul    |         | Real Estate |         | AMERCO  |         | Oxford |           | RepWest |    | ELIM |         | CONS F/S |   | SACH |         | ELIM |   | CONSOLIDATED
|                                |                          |           |           |           |         |             |         |         |         |        |           |         |    |      |         |          |   |      |         |      |   |             
|ASSETS                          |                          |           |           |           |         |             |         |         |         |        |           |         |    |      |         |          |   |      |         |      |   |              |            |   |   |  |           |           |           |  |           |         |         |  |          |          |          |   |           |           
|Cash                            |                          |           | 29,823    |           |         |             | 576     |         |         |        | 71        |         |    |      | 61,280  |          |   |      | 5,912   |      |   |              |           |   |   |  | 97,662    |           |           |  | 10        |         |         |  |         |          |          |   | 97,672    |           
|Receivables  Trade             |                          |           | 17,970    |           |         |             | 5,020   |         |         |        | 7         |         |    |      | 26,689  |          |   |      | 230,228 |      |   |              |           |   |   |  | 279,914   |           |           |  |          |         |         |  |         |          |          |   | 279,914   |           
|Receivables  Notes & Mortgages |                          |           | 28,688    |           |         |             | 686     |         |         |        |          |         |    |      |        |          |   |      |        |      |   |              |           |   |   |  | 29,374    |           |           |  |          |         |         |  | (13,469  | )        |          |   | 15,905    |           
|Inventories                     |                          |           | 72,323    |           |         |             | 4       |         |         |        |          |         |    |      |        |          |   |      |        |      |   |              |           |   |   |  | 72,327    |           |           |  | 4,192     |         |         |  |         |          |          |   | 76,519    |           
|Prepaid Expenses                |                          |           | 44,461    |           |         |             | 11      |         |         |        | 112       |         |    |      |        |          |   |      |        |      |   |              |           |   |   |  | 44,584    |           |           |  |          |         |         |  | (13,513  | )        |          |   | 31,071    |           
|Investments, fixed maturies     |                          |           |          |           |         |             |        |         |         |        |          |         |    |      | 632,306 |          |   |      | 362,569 |      |   |              |           |   |   |  | 994,875   |           |           |  |          |         |         |  |         |          |          |   | 994,875   |           
|Investments, other              |                          |           | 264,984   |           |         |             | 95,245  |         |         |        | 10,000    |         |    |      | 122,260 |          |   |      | 95,918  |      |   |              | (24,855    | ) |   |  | 563,552   |           |           |  | 30,090    |         |         |  | (393,206 | )        |          |   | 200,436   |           
|Deferred pol acq costs          |                          |           |          |           |         |             |        |         |         |        |          |         |    |      | 85,099  |          |   |      | 16,209  |      |   |              |           |   |   |  | 101,308   |           |           |  |          |         |         |  |         |          |          |   | 101,308   |           
|Investment in Subsidiary        |                          |           |          |           |         |             |        |         |         |        | 1,121,630 |         |    |      |        |          |   |      |        |      |   |              | (1,121,630 | ) |   |  |          |           |           |  |          |         |         |  |         |          |          |   |          |           
|Other Assets (incd Trust Funds) |                          |           | 3,306     |           |         |             | 3,715   |         |         |        | 4,873     |         |    |      | 1,737   |          |   |      | 6,997   |      |   |              | 14,530     |   |   |  | 35,158    |           |           |  | 25,695    |         |         |  |         |          |          |   | 60,853    |           
|Deferred tax asset              |                          |           |          |           |         |             |        |         |         |        |          |         |    |      |        |          |   |      | 12,048  |      |   |              | (12,048    | ) |   |  |          |           |           |  |          |         |         |  |         |          |          |   |          |           
|Due from affiliates             |                          |           |          |           |         |             |        |         |         |        | 890,880   |         |    |      | (10,660 | )        |   |      | 89,939  |      |   |              | (970,159   | ) |   |  |          |           |           |  |          |         |         |  |         |          |          |   |          |           
|Property, Plant, & Equipment    |                          |           |           |           |         |             |         |         |         |        |           |         |    |      |         |          |   |      |         |      |   |              |            |   |   |  |           |           |           |  |           |         |         |  |          |          |          |   |           |           
|                                | Land                     |           |           | 18,358    |         |             |         | 142,540 |         |        |           |        |    |      |         |         |   |      |         |     |   |              |            |  |   |  |           | 160,898   |           |  |           | 264,409 |         |  |          |         |          |   |           | 425,307    |          
|                                | Buildings & improvements |           |           | 124,059   |         |             |         | 579,782 |         |        |           |        |    |      |         |         |   |      |         |     |   |              |            |  |   |  |           | 703,841   |           |  |           | 713,107 |         |  |          | (255,030 | )        |   |           | 1,161,918  |          
|                                | Furniture & Equipment    |           |           | 270,071   |         |             |         | 18,241  |         |        |           | 395     |    |      |         |         |   |      |         |     |   |              |            |  |   |  |           | 288,707   |           |  |           | 1,763   |         |  |          |         |          |   |           | 290,470    |          
|                                | Rental Trailers & GRI    |           |           | 176,785   |         |             |         |        |         |        |           |        |    |      |         |         |   |      |         |     |   |              |            |  |   |  |           | 176,785   |           |  |           |        |         |  |          |         |          |   |           | 176,785    |          
|                                | Rental Trucks            |           |           | 1,071,604 |         |             |         |        |         |        |           |        |    |      |         |         |   |      |         |     |   |              |            |  |   |  |           | 1,071,604 |           |  |           |        |         |  |          |         |          |   |           | 1,071,604  |          
|                                |                          |           |           |           |         |             |         |         |         |        |           |         |    |      |         |          |   |      |         |      |   |              |            |   |   |  |           |           |           |  |           |         |         |  |          |          |          |   |           |            |          
|                                |                          |           | 1,660,877 |           |         |             | 740,563 |         |         |        | 395       |         |    |      |        |          |   |      |        |      |   |              |           |   |   |  | 2,401,835 |           |           |  | 979,279   |         |         |  | (255,030 | )        |          |   | 3,126,084 |           
|                                | Less accum depr          |           |           | 923,685   |         |             |         | 248,525 |         |        |           | 299     |    |      |         |         |   |      |         |     |   |              |            |  |   |  |           | 1,172,509 |           |  |           | 37,541  |         |  |          | (1,132   | )        |   |           | (1,211,182 | )        
|                                |                          |           |           |           |         |             |         |         |         |        |           |         |    |      |         |          |   |      |         |      |   |              |            |   |   |  |           |           |           |  |           |         |         |  |          |          |          |   |           |            |          
|                                |                          | Total PPE |           |           | 737,192 |             |         |         | 492,038 |        |           |         | 96 |      |         |          |  |      |         |      |  |              |            |   |  |  |           |           | 1,229,326 |  |           |         | 941,738 |  |          |          | (256,162 | ) |           |            | 1,914,902 | 
|Non-current deferred taxes      |                          |           |          |           |         |             |        |         |         |        |          |         |    |      |        |          |   |      |        |      |   |              |           |   |   |  |          |           |           |  |          |         |         |  |         |          |          |   |          |           
|TOTAL ASSETS                    |                          |           | 1,198,747 |           |         |             | 597,295 |         |         |        | 2,027,669 |         |    |      | 918,711 |          |   |      | 819,820 |      |   |              | (2,114,162 | ) |   |  | 3,448,080 |           |           |  | 1,001,725 |         |         |  | (676,350 | )        |          |   | 3,773,455 |           
|                                |                          |           |           |           |         |             |         |         |         |        |           |         |    |      |         |          |   |      |         |      |   |              |            |   |   |  |           |           |           |  |           |         |         |  |          |          |          |   |           |            |          

28



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES
Additional Information
Consolidating Balance Sheet
March 31, 2002

|                                       |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  |           |         |   |  |          |          |   |  |           |          |  
|-------------------------------------- | --------------------- |  | --------- | ------- | ----------- |  | ------- | ------- | ------ |  | --------- | -------- | ---- |  | -------- | ------- | ---- |  | ------- | ------- | ------------ |  | ---------- | ---------- | - |  | --------- | -------- | - |  | --------- | ------- | - |  | -------- | -------- | - |  | --------- | -------- | -
|                                       |                       |  |           |         |             |  | AMERCO  |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  |           |         |   |  |          |          |   |  |          
|                                       |                       |  | U-Haul    |         | Real Estate |  | AMERCO  |         | Oxford |  | RepWest   |          | ELIM |  | CONS F/S |         | SACH |  | ELIM    |         | CONSOLIDATED
|                                       |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |             
|LIABILITIES                            |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  |           |         |   |  |          |          |   |  |           |         
|Accounts
payable & accrued liabilities |                       |  | 92,858    |         |             |  | 7,848   |         |        |  | 124,951   |          |      |  | 7,873    |         |      |  |        |         |              |  | (128,891   | )          |   |  | 104,639   |          |   |  | 54,953    |         |   |  | (13,467  | )        |   |  | 146,125   |         
|Notes & Loans                          |                       |  | 14,793    |         |             |  | 204     |         |        |  | 1,034,018 |          |      |  |         |         |      |  |        |         |              |  |           |            |   |  | 1,049,015 |          |   |  | 957,378   |         |   |  | (399,618 | )        |   |  | 1,606,775 |         
|Fair Market Value  SWAP               |                       |  |          |         |             |  |        |         |        |  |          |          |      |  |         |         |      |  |        |         |              |  |           |            |   |  |          |          |   |  |           |         |   |  |          |          |   |  |           |         
|Policy liabilities & accruals          |                       |  |          |         |             |  |        |         |        |  |          |          |      |  | 177,751  |         |      |  | 551,592 |         |              |  |           |            |   |  | 729,343   |          |   |  |           |         |   |  |          |          |   |  | 729,343   |         
|Liabilities from premium deposits      |                       |  |          |         |             |  |        |         |        |  |          |          |      |  | 572,793  |         |      |  |        |         |              |  |           |            |   |  | 572,793   |          |   |  |           |         |   |  |          |          |   |  | 572,793   |         
|Cash Overdraft                         |                       |  | 34,629    |         |             |  |        |         |        |  |          |          |      |  |         |         |      |  |        |         |              |  |           |            |   |  | 34,629    |          |   |  |           |         |   |  |          |          |   |  | 34,629    |         
|Other policyholders funds              |                       |  |          |         |             |  |        |         |        |  |          |          |      |  | 19,845   |         |      |  | 54,203  |         |              |  |           |            |   |  | 74,048    |          |   |  |           |         |   |  |          |          |   |  | 74,048    |         
|                                       | and Other liabilities |  |           |        |             |  |         |        |        |  |           |         |      |  |          |        |      |  |         |        |              |  |            |           |   |  |           |         |   |  |           |         |   |  |          |          |   |  |           |          |  
|Due to affiliates                      |                       |  | 217,925   |         |             |  | 299,232 |         |        |  | 0         |          |      |  |         |         |      |  |        |         |              |  | (517,157   | )          |   |  |          |          |   |  |           |         |   |  |          |          |   |  |           |         
|Deferred credits                       |                       |  | 21,067    |         |             |  | 996     |         |        |  | 386       |          |      |  |         |         |      |  |        |         |              |  |           |            |   |  | 22,449    |          |   |  |           |         |   |  | (15,089  | )        |   |  | 7,360     |         
|Deferred income taxes                  |                       |  | 241,757   |         |             |  | 90,580  |         |        |  | 181,914   |          |      |  | 11,642   |         |      |  |        |         |              |  | (333,951   | )          |   |  | 191,942   |          |   |  |           |         |   |  | (88,667  | )        |   |  | 103,275   |         
|Minority Interest                      |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  | 8,913     |         |   |  | (8,913   | )        |   |  | 0         |         
|                                       |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  |           |         |   |  |          |          |   |  |           |         
|STOCKHOLDERS EQUITY                    |                       |  |          |         |             |  |        |         |        |  |          |          |      |  |         |         |      |  |        |         |              |  |           |            |   |  |          |          |   |  |           |         |   |  |          |          |   |  |           |         
|Common stock                           |                       |  | 540       |         |             |  | 1       |         |        |  | 10,563    |          |      |  | 2,500    |         |      |  | 3,330   |         |              |  | (6,341     | )          |   |  | 10,563    |          |   |  |           |         |   |  |          |          |   |  | 10,563    |         
|Additional paid in capital             |                       |  | 130,465   |         |             |  | 147,347 |         |        |  | 405,794   |          |      |  | 15,174   |         |      |  | 71,508  |         |              |  | (364,494   | )          |   |  | 405,794   |          |   |  | 28,281    |         |   |  | (166,363 | )        |   |  | 267,712   |         
|AOCI  Foreign currency translation    |                       |  | (39,804   | )       |             |  |        |         |        |  | (39,804   | )        |      |  |         |         |      |  |        |         |              |  | 39,804     |            |   |  | (39,804   | )        |   |  |           |         |   |  |          |          |   |  | (39,804   | )       
|AOCI  Net unreal gains (loss) invest- |                       |  |           |         |             |  |        |         |        |  | 9,914     |          |      |  | 4,947    |         |      |  | 4,967   |         |              |  | (9,914     | )          |   |  | 9,914     |          |   |  | (2,385    | )       |   |  | 2,385    |          |   |  | 9,914     |         
|AOCI  Cash Flow Hedge                 |                       |  |          |         |             |  |        |         |        |  | (2,494    | )        |      |  |         |         |      |  |        |         |              |  |           |            |   |  | (2,494    | )        |   |  |           |         |   |  |          |          |   |  | (2,494    | )       
|Retained earnings                      |                       |  | 498,689   |         |             |  | 51,087  |         |        |  | 719,178   |          |      |  | 106,186  |         |      |  | 134,250 |         |              |  | (793,218   | )          |   |  | 716,172   |          |   |  | (45,415   | )       |   |  | 45,858   |          |   |  | 716,615   |         
|                                       |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  |           |         |   |  |          |          |   |  |           |         
|Less:                                  |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  |           |         |   |  |          |          |   |  |           |         
|                                       | Treasury shares       |  |           |        |             |  |         |        |        |  |           | (416,771 | )    |  |          |        |      |  |         |        |              |  |            |           |   |  |           | (416,771 | ) |  |           |         |   |  |          | (32,476  | ) |  |           | (449,247 | )
|                                       | Loan-leveraged ESOP   |  |           | (14,172 | )           |  |         |        |        |  |           | 20       |      |  |          |        |      |  |         |        |              |  |            |           |   |  |           | (14,152  | ) |  |           |         |   |  |          |          |   |  |           | (14,152  | )
|                                       |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  |           |         |   |  |          |          |   |  |           |         
|                                       | TOTAL S/H EQUITY      |  |           | 575,718 |             |  |         | 198,435 |        |  |           | 686,400  |      |  |          | 128,807 |      |  |         | 214,025 |              |  |            | (1,134,163 | ) |  |           | 669,222  |   |  |           | (19,519 | ) |  |          | (150,596 | ) |  |           | 499,107  |  
|                                       |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  |           |         |   |  |          |          |   |  |           |         
|TOTAL LIAB & S/H EQUITY                |                       |  | 1,198,747 |         |             |  | 597,295 |         |        |  | 2,027,669 |          |      |  | 918,711  |         |      |  | 819,820 |         |              |  | (2,114,162 | )          |   |  | 3,448,080 |          |   |  | 1,001,725 |         |   |  | (676,350 | )        |   |  | 3,773,455 |         
|                                       |                       |  |           |         |             |  |         |         |        |  |           |          |      |  |          |         |      |  |         |         |              |  |            |            |   |  |           |          |   |  |           |         |   |  |          |          |   |  |           |         

29



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES
Additional Information
Consolidating Statement of Earnings
March 31, 2002

|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |   |       | 
|-------------------------------- | ---------------------------- |  | ------------ | --------- | ------ | ------ | ----------- | ------- | ------ | ------ | ------- | ------- | ------- | ----- | ------- | ------- | -------- | ----- | ------- | ------- | ---- | ------- | ------------ | -------- | - | ------- | --------- | --------- | - | ----- | ------- | ------- | - | ------- | ------- | ------- | - | ------ | --------- | --------- | - | ----- | 
|                                 |                              |  |              |           |        |        |             |         | AMERCO |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |  
|                                 |                              |  |              |           | U-Haul |        | Real Estate |         | AMERCO |        | Oxford  |         | RepWest |       | ELIM    |         | CONS F/S |       | SACH    |         | ELIM |         | CONSOLIDATED
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |             
|INCOME STATEMENT                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |          
|Rental & other revenue           |                              |  | 1,243,351    |           |        |        | 78,649      |         |        |        |        |         |         |       |        |         |          |       |        |         |      |         | (74,935      | )        |   |         | 1,247,065 |           |   |       | 111,116 |         |   |         | (14,159 | )       |   |        | 1,344,022 |          
|Net sales                        |                              |  | 198,312      |           |        |        | 55          |         |        |        |        |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         | 198,367   |           |   |       | 24,448  |         |   |         |         |         |   |        | 222,815   |          
|Equity in earnings of sub        |                              |  |             |           |        |        |            |         |        |        | 63,694  |         |         |       |        |         |          |       |        |         |      |         | (63,694      | )        |   |         | 0         |           |   |       |         |         |   |         |         |         |   |        | 0         |          
|Premiums                         |                              |  |             |           |        |        |            |         |        |        |        |         |         |       | 160,052 |         |          |       | 274,042 |         |      |         | (501         | )        |   |         | 433,593   |           |   |       |         |         |   |         |         |         |   |        | 433,593   |          
|Net investment & interest income |                              |  | 24,186       |           |        |        | 8,745       |         |        |        | 61,420  |         |         |       | 26,980  |         |          |       | 27,614  |         |      |         | (75,403      | )        |   |         | 73,542    |           |   |       |         |         |   |         | (5,963  | )       |   |        | 67,579    |          
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |   |      
|                                 | Total Revenues               |  |              | 1,465,849 |        |        |             | 87,449  |        |        |         | 125,114 |         |       |         | 187,032 |          |       |         | 301,656 |      |         |              | (214,533 | ) |         |           | 1,952,567 |   |       |         | 135,564 |   |         |         | (20,122 | ) |        |           | 2,068,009 |  
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |          
|Costs & expenses:                |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |          
|                                 | Operating expense            |  |              | 1,001,810 |        |        |             | 5,962   |        |        |         | 7,139   |         |       |         | 36,992  |          |       |         | 78,633  |      |         |              | (75,436  | ) |         |           | 1,055,100 |   |       |         | 62,225  |   |         |         | (7,881  | ) |        |           | 1,109,444 |  
|                                 | Cost of Sales                |  |              | 111,515   |        |        |             | 24      |        |        |         |        |         |       |         |        |          |       |         |        |      |         |              |         |   |         |           | 111,539   |   |       |         | 11,321  |   |         |         |         |   |        |           | 122,860   |  
|                                 | Benefits                     |  |              |          |        |        |             |        |        |        |         |        |         |       |         | 120,407 |          |       |         | 269,115 |      |         |              |         |   |         |           | 389,522   |   |       |         |         |   |         |         |         |   |        |           | 389,522   |  
|                                 | Amort of Def Pol Acq Cost    |  |              |          |        |        |             |        |        |        |         |        |         |       |         | 18,583  |          |       |         | 22,091  |      |         |              |         |   |         |           | 40,674    |   |       |         |         |   |         |         |         |   |        |           | 40,674    |  
|                                 | Lease expense                |  |              | 170,839   |        |        |             | 11,221  |        |        |         | 919     |         |       |         |        |          |       |         |        |      |         |              |         |   |         |           | 182,979   |   |       |         |         |   |         |         | (7,478  | ) |        |           | 175,501   |  
|                                 | Depreciation/G(L) on sale    |  |              | 97,325    |        |        |             | (2,039  | )      |        |         | (500    | )       |       |         |        |          |       |         |        |      |         |              |         |   |         |           | 94,786    |   |       |         | 14,219  |   |         |         | (322    | ) |        |           | 108,683   |  
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |   |      
|                                 | Total Costs & Expenses       |  |              | 1,381,489 |        |        |             | 15,168  |        |        |         | 7,558   |         |       |         | 175,982 |          |       |         | 369,839 |      |         |              | (75,436  | ) |         |           | 1,874,600 |   |       |         | 87,765  |   |         |         | (15,681 | ) |        |           | 1,946,684 |  
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |   |      
|Earnings from operations         |                              |  | 84,360       |           |        |        | 72,281      |         |        |        | 117,556 |         |         |       | 11,050  |         |          |       | (68,183 | )       |      |         | (139,097     | )        |   |         | 77,967    |           |   |       | 47,799  |         |   |         | (4,441  | )       |   |        | 121,325   |          
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |   |      
|                                 | Interest Expense             |  |              | 11,675    |        |        |             | 34,299  |        |        |         | 90,644  |         |       |         |        |          |       |         |        |      |         |              | (60,548  | ) |         |           | 76,070    |   |       |         | 61,094  |   |         |         | (20,818 | ) |        |           | 116,346   |  
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |   |      
|Pretax earnings from cont oper   |                              |  | 72,685       |           |        |        | 37,982      |         |        |        | 26,912  |         |         |       | 11,050  |         |          |       | (68,183 | )       |      |         | (78,549      | )        |   |         | 1,897     |           |   |       | (13,295 | )       |   |         | 16,377  |         |   |        | 4,979     |          
|                                 | Income tax benefit (expense) |  |              | (25,728   | )      |        |             | (13,294 | )      |        |         | (25,717 | )       |       |         | (3,847  | )        |       |         | 23,802  |      |         |              | 44,086   |   |         |           | (698      | ) |       |         | (1,560  | ) |         |         | 0       |   |        |           | (2,258    | )
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |   |      
|Earnings from cont operations    |                              |  | 46,957       |           |        |        | 24,688      |         |        |        | 1,195   |         |         |       | 7,203   |         |          |       | (44,381 | )       |      |         | (34,463      | )        |   |         | 1,199     |           |   |       | (14,855 | )       |   |         | 16,377  |         |   |        | 2,721     |          
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |   |      
|                                 |                              |  | Net earnings |           |        | 46,957 |             |         |        | 24,688 |         |         |         | 1,195 |         |         |          | 7,203 |         |         |      | (44,381 | )            |          |   | (34,463 | )         |           |   | 1,199 |         |         |   | (14,855 | )       |         |   | 16,377 |           |           |   | 2,721 | 
|                                 |                              |  |              |           |        |        |             |         |        |        |         |         |         |       |         |         |          |       |         |         |      |         |              |          |   |         |           |           |   |       |         |         |   |         |         |         |   |        |           |           |   |      

30



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##### Table of Contents



AMERCO AND CONSOLIDATED SUBSIDIARIES
Additional Information
Consolidating Financial Statements
March 31, 2002

|                                                 |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |          |          |     |  |        |   |  |  |          |          |        |  |          |          |   |  |         |          |   |  |          |          |  
|------------------------------------------------ | ----------------------------------- |  | ------- | ------ | ------ |  | ----------- | -------- | ----- |  | -------- | ------- | ------- |  | -------- | -------- | ---- |  | ------- | -------- | ---- |  | ------- | ------ | ---- |  | -------- | -------- | - |  | -------- | -------- | --- |  | ------ | - |  |  | -------- | -------- | ------ |  | -------- | -------- | - |  | ------- | -------- | - |  | -------- | -------- | -
|                                                 |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  | Amerco   |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |          |          | SAC |  | Total  |   |  |  |          |          | Adjust |  |          |          |  
|                                                 |                                     |  | AMERCO  |        | U-Haul |  | Real Estate |          | Total |  | Oxford   |         | RepWest |  | ELIM     |          | CONS |  | Losses  |          | CONS |  | SAC     |        | ELIM |  | CONS    
|                                                 |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |         
|OPERATING ACTIVITIES                             |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |          |          |     |  |        |   |  |  |          |          |        |  |          |          |   |  |         |          |   |  |          |         
|Net income (loss)                                |                                     |  | 10,558  |        |        |  | 52,453      |          |       |  | 24,688   |         |         |  | 87,699   |          |      |  | 7,203   |          |      |  | (44,381 | )      |      |  | (39,963  | )        |   |  | 10,558   |          |     |  | (9,359 | ) |  |  | 1,199    |          |        |  | (14,855  | )        |   |  | 16,377  |          |   |  | 2,721    |         
|Depreciation & Amortization                      |                                     |  | 1,015   |        |        |  | 102,872     |          |       |  | 10,822   |         |         |  | 114,709  |          |      |  | 18,758  |          |      |  | 23,616  |        |      |  |          |          |   |  | 157,083  |          |     |  |        |   |  |  | 157,083  |          |        |  | 10,822   |          |   |  |         |          |   |  | 169,440  |         
|Provision for bad debt                           |                                     |  |        |        |        |  | 4,729       |          |       |  |         |         |         |  | 4,729    |          |      |  |        |          |      |  |        |        |      |  |          |          |   |  | 4,729    |          |     |  |        |   |  |  | 4,729    |          |        |  |          |          |   |  |         |          |   |  | 4,727    |         
|Dist Of Treas Stk to ESOP                        |                                     |  |         |        |        |  |            |          |       |  |          |         |         |  |         |          |      |  |        |          |      |  |        |        |      |  |          |          |   |  |         |          |     |  |        |   |  |  |         |          |        |  |          |          |   |  |         |          |   |  |          |         
|Earnings in subs                                 |                                     |  | (63,694 | )      |        |  |            |          |       |  |          |         |         |  | (63,694  | )        |      |  |         |          |      |  |         |        |      |  | 63,694   |          |   |  |         |          |     |  |        |   |  |  |         |          |        |  |          |          |   |  |         |          |   |  | 0        |         
|(Gain) loss on sale of PPE                       |                                     |  | (559    | )      |        |  | (5,896      | )        |       |  | (12,378  | )       |         |  | (18,833  | )        |      |  |         |          |      |  |         |        |      |  |          |          |   |  | (18,833  | )        |     |  |        |   |  |  | (18,833  | )        |        |  |          |          |   |  |         |          |   |  | (18,321  | )       
|(Gain) loss-sale of investments                  |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  | (1,302  | )        |      |  | 4,143   |        |      |  |          |          |   |  | 2,841    |          |     |  |        |   |  |  | 2,841    |          |        |  |          |          |   |  |         |          |   |  | 2,841    |         
|Cumulative Effect Acctg Chg                      |                                     |  |        |        |        |  |            |          |       |  |         |         |         |  |         |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |         |          |     |  |        |   |  |  |         |          |        |  |          |          |   |  |         |          |   |  |          |         
|Changes in policy liab & accrls                  |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |         |          |     |  |        |   |  |  |         |          |        |  |          |          |   |  |         |          |   |  |          |         
|                                                 | Total Chngs-policy liab & accrls    |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         | (5,153   | )    |  |         | 12,735 |      |  |          |          |   |  |          | 7,582    |     |  |        |   |  |  |          | 7,582    |        |  |          |          |   |  |         |          |   |  |          | 7,582    |  
|Additions to DAC                                 |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  | (22,612 | )        |      |  | (16,640 | )      |      |  |          |          |   |  | (39,252  | )        |     |  |        |   |  |  | (39,252  | )        |        |  |          |          |   |  |         |          |   |  | (39,025  | )       
|Net change in oper assets & liab                 |                                     |  | 142,547 |        |        |  | 3,747       |          |       |  | (251,008 | )       |         |  | (104,714 | )        |      |  | (34     | )        |      |  | (34,355 | )      |      |  | 154,884  |          |   |  | 15,781   |          |     |  |        |   |  |  | 15,781   |          |        |  | (98,803  | )        |   |  | 12,743  |          |   |  | (83,961  | )       
|                                                 |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |          |          |     |  |        |   |  |  |          |          |        |  |          |          |   |  |         |          |   |  |          |         
|Net cash provided (used)
by operations           |                                     |  | 89,867  |        |        |  | 157,905     |          |       |  | (227,876 | )       |         |  | 19,896   |          |      |  | (3,140  | )        |      |  | (54,882 | )      |      |  | 178,615  |          |   |  | 140,489  |          |     |  | (9,359 | ) |  |  | 131,130  |          |        |  | (102,836 | )        |   |  | 29,120  |          |   |  | 46,004   |         
|INVESTING ACTIVITIES                             |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |          |          |     |  |        |   |  |  |          |          |        |  |          |          |   |  |         |          |   |  | 0        |         
|Purchases of investments                         |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |          |          |     |  |        |   |  |  |          |          |        |  |          |          |   |  |         |          |   |  |          |         
|                                                 | Purchases of Common stock           |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         | (418     | )    |  |         |        |      |  |          |          |   |  |          | (418     | )   |  |        |   |  |  |          | (418     | )      |  |          |          |   |  |         |          |   |  |          |          |  
|                                                 | Purchases of PPE                    |  |         | (7     | )      |  |             | (208,161 | )     |  |          | (43,018 | )       |  |          | (251,186 | )    |  |         |          |      |  |         |        |      |  |          |          |   |  |          | (251,186 | )   |  |        |   |  |  |          | (251,186 | )      |  |          | (259,610 | ) |  |         | 303,534  |   |  |          | (177,537 | )
|                                                 | Purchases of Fixed Maturities       |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         | (248,671 | )    |  |         | (8,888 | )    |  |          |          |   |  |          | (257,559 | )   |  |        |   |  |  |          | (257,559 | )      |  |          |          |   |  |         |          |   |  |          | (258,492 | )
|                                                 | Purchases of Preferred Stock        |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         | (2,072   | )    |  |         |       |      |  |          |          |   |  |          | (2,072   | )   |  |        |   |  |  |          | (2,072   | )      |  |          |          |   |  |         |          |   |  |          | (2,072   | )
|                                                 | Purchases of Other Asset
Investment |  |         |        |        |  |             |          |       |  |          |         |         |  |          |         |      |  |         | (2,259   | )    |  |         |       |      |  |          |          |   |  |          | (2,259   | )   |  |        |   |  |  |          | (2,259   | )      |  |          |          |   |  |         |          |   |  |          | (2,259   | )
|                                                 | Purchases of Real Estate            |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         | (35      | )    |  |         |       |      |  |          |          |   |  |          | (35      | )   |  |        |   |  |  |          | (35      | )      |  |          |          |   |  |         |          |   |  |          | (36      | )
|                                                 | Purchases of Mortgage Loans         |  |         |       |        |  |             |         |       |  |          | (561    | )       |  |          | (561     | )    |  |         | (790     | )    |  |         |       |      |  |          |          |   |  |          | (1,351   | )   |  |        |   |  |  |          | (1,351   | )      |  |          |          |   |  |         |          |   |  |          | (1,376   | )
|                                                 | Acquisition of Subsidiary           |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |       |      |  |          |          |   |  |          |         |     |  |        |   |  |  |          |         |        |  |          |          |   |  |         |          |   |  |          |          |  
|                                                 | Proceeds  sale of investments      |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |         |      |  |         |       |      |  |          |          |   |  |          |         |     |  |        |   |  |  |          |         |        |  |          |          |   |  |         |          |   |  |          |          |  
|                                                 | Proceeds sale of PPE                |  |         | 94,265 |        |  |             | 146,882  |       |  |          | 268,523 |         |  |          | 509,670  |      |  |         |         |      |  |         |       |      |  |          | (161,771 | ) |  |          | 347,899  |     |  |        |   |  |  |          | 347,899  |        |  |          | 45,227   |   |  |         | (303,534 | ) |  |          | 89,371   |  
|                                                 | Proceeds  sale of Common Stock     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |          |         |     |  |        |   |  |  |          |         |        |  |          |          |   |  |         |          |   |  |          |          |  
|                                                 | Proceeds sale of Fixed Maturities   |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         | 168,984  |      |  |         | 64,732 |      |  |          |          |   |  |          | 233,716  |     |  |        |   |  |  |          | 233,716  |        |  |          |          |   |  |         |          |   |  |          | 222,952  |  
|                                                 | Proceeds sale of Real Estate        |  |         |       |        |  |             |         |       |  |          |        |         |  |          |         |      |  |         | 1,038    |      |  |         | 297    |      |  |          |          |   |  |          | 1,335    |     |  |        |   |  |  |          | 1,335    |        |  |          |          |   |  |         |          |   |  |          | 1,334    |  
|                                                 | Proceeds sale of Preferred stock    |  |         |        |        |  |             |          |       |  |          |         |         |  |          |         |      |  |         | 4,400    |      |  |         |       |      |  |          |          |   |  |          | 4,400    |     |  |        |   |  |  |          | 4,400    |        |  |          |          |   |  |         |          |   |  |          | 4,400    |  
|                                                 | Proceeds sale of Mortgage Loans     |  |         |        |        |  |             | 268      |       |  |          | 510     |         |  |          | 778      |      |  |         | 17,910   |      |  |         | 2      |      |  |          |         |   |  |          | 18,690   |     |  |        |   |  |  |          | 18,690   |        |  |          |          |   |  |         |          |   |  |          | 17,104   |  
|Changes in Other Investments                     |                                     |  |        |        |        |  | (136,683    | )        |       |  | 2,041    |         |         |  | (134,642 | )        |      |  | (8,575  | )        |      |  | 1,588   |        |      |  |          |          |   |  | (141,629 | )        |     |  | 9,359  |   |  |  | (132,270 | )        |        |  |          |          |   |  | 103,664 |          |   |  | (4,014   | )       
|                                                 |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |          |          |     |  |        |   |  |  |          |          |        |  |          |          |   |  |         |          |   |  |          |         
|Net cash provided (used)
by investing activities |                                     |  | 94,258  |        |        |  | (197,694    | )        |       |  | 227,495  |         |         |  | 124,059  |          |      |  | (70,488 | )        |      |  | 57,731  |        |      |  | (161,771 | )        |   |  | (50,469  | )        |     |  | 9,359  |   |  |  | (41,110  | )        |        |  | (214,383 | )        |   |  | 103,664 |          |   |  | (110,625 | )       
|                                                 |                                     |  |         |        |        |  |             |          |       |  |          |         |         |  |          |          |      |  |         |          |      |  |         |        |      |  |          |          |   |  |          |          |     |  |        |   |  |  |          |          |        |  |          |          |   |  |         |          |   |  |          |         

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Amerco and Consolidated Subsidiaries
Consolidating Financial Statements
For period ending March 31, 2002

|                                                 |  |        |          |        |  |             |         |        |  |        |      |         |  |      |          |      |  |        |         |       |  |     |       |         |  |      |        |   |  |  |          |   |  |  |   |  |  |  |          |   |  |  |         |   |  |  |          |  
|------------------------------------------------ |  | ------ | -------- | ------ |  | ----------- | ------- | ------ |  | ------ | ---- | ------- |  | ---- | -------- | ---- |  | ------ | ------- | ----- |  | --- | ----- | ------- |  | ---- | ------ | - |  |  | -------- | - |  |  | - |  |  |  | -------- | - |  |  | ------- | - |  |  | -------- | -
|                                                 |  |        |          |        |  |             |         | Amerco |  |        |      |         |  |      |          |      |  | SAC    |         | Total |  |     |       | ADJUST. |  |     
|                                                 |  | AMERCO |          | U-Haul |  | Real
Estate |         | Total  |  | Oxford |      | RepWest |  | ELIM |          | CONS |  | Losses |         | CONS  |  | SAC |       | ELIM    |  | CONS
|                                                 |  |        |          |        |  |             |         |        |  |        |      |         |  |      |          |      |  |        |         |       |  |     |       |         |  |     
|FINANCING ACTIVITIES                             |  |        |          |        |  |             |         |        |  |        |      |         |  |      |          |      |  |        |         |       |  |     |       |         |  |      |        |   |  |  |          |   |  |  |   |  |  |  |          |   |  |  |         |   |  |  |          |  
|Net changes in ST borrowings                     |  |        | (23,295  | )      |  |             | (5,564  | )      |  |        |      |         |  |      | (28,859  | )    |  |        |         |       |  |     |       |         |  |      |        |   |  |  | (28,859  | ) |  |  |  |  |  |  | (28,859  | ) |  |  |         |   |  |  |          |  
|Principal payments on notes                      |  |        | (102,513 | )      |  |             |        |        |  |        | (31  | )       |  |      | (102,544 | )    |  |        |        |       |  |     |      |         |  |      |       |   |  |  | (102,544 | ) |  |  |  |  |  |  | (102,544 | ) |  |  | 317,219 |   |  |  | 92,622   |  
|Proceeds from notes                              |  |        |         |        |  |             |        |        |  |        |     |         |  |      |         |      |  |        |        |       |  |     |      |         |  |      |       |   |  |  |         |   |  |  |  |  |  |  |         |   |  |  |         |   |  |  |          |  
|Debt Issuance Costs                              |  |        | (390     | )      |  |             |        |        |  |        |     |         |  |      | (390     | )    |  |        |        |       |  |     |      |         |  |      |       |   |  |  | (390     | ) |  |  |  |  |  |  | (390     | ) |  |  |         |   |  |  |          |  
|Loan to leveraged ESOP                           |  |        |         |        |  |             |        |        |  |        |     |         |  |      |         |      |  |        |        |       |  |     |      |         |  |      |       |   |  |  |         |   |  |  |  |  |  |  |         |   |  |  |         |   |  |  |          |  
|Principle
payment on notes                       |  |        |          |        |  |             |         |        |  |        |      |         |  |      |          |      |  |        |         |       |  |     |       |         |  |      |        |   |  |  |          |   |  |  |   |  |  |  |          |   |  |  |         |   |  |  | (225,406 | )
|Paydown on ESOP                                  |  |        |         |        |  |             | 1,021   |        |  |        |     |         |  |      | 1,021    |      |  |        |        |       |  |     |      |         |  |      |       |   |  |  | 1,021    |   |  |  |  |  |  |  | 1,021    |   |  |  |         |   |  |  |          |  
|Dividends paid                                   |  |        | (12,963  | )      |  |             |        |        |  |        |     |         |  |      | (12,963  | )    |  |        |        |       |  |     |      |         |  |      |       |   |  |  | (12,963  | ) |  |  |  |  |  |  | (12,963  | ) |  |  |         |   |  |  |          |  
|Net Change  Cash Overdraft                      |  |        |         |        |  |             | 8,145   |        |  |        |     |         |  |      | 8,145    |      |  |        |        |       |  |     |      |         |  |      |       |   |  |  | 8,145    |   |  |  |  |  |  |  | 8,145    |   |  |  |         |   |  |  |          |  
|Treasury Stock Purchase                          |  |        | (10,154  | )      |  |             |        |        |  |        |     |         |  |      | (10,154  | )    |  |        |        |       |  |     |      |         |  |      |       |   |  |  |         |   |  |  |  |  |  |  | (10,154  | ) |  |  |         |   |  |  |          |  
|Dividends from subs                              |  |        |         |        |  |             |        |        |  |        |     |         |  |      |         |      |  |        | 7,501   |       |  |     |      |         |  |      | (7,501 | ) |  |  |         |   |  |  |  |  |  |  |         |   |  |  |         |   |  |  |          |  
|Investment contract deposits                     |  |        |         |        |  |             |        |        |  |        |     |         |  |      |         |      |  |        | 150,432 |       |  |     |      |         |  |      |       |   |  |  | 150,432  |   |  |  |  |  |  |  | 150,432  |   |  |  |         |   |  |  |          |  
|Investment contract withdrawals                  |  |        |         |        |  |             |        |        |  |        |     |         |  |      |         |      |  |        | (99,845 | )     |  |     |      |         |  |      |       |   |  |  | (99,845  | ) |  |  |  |  |  |  | (99,845  | ) |  |  | (99,845 | ) |  |  |          |  
|                                                 |  |        |          |        |  |             |         |        |  |        |      |         |  |      |          |      |  |        |         |       |  |     |       |         |  |      |        |   |  |  |          |   |  |  |   |  |  |  |          |   |  |  |         |   |  |  |          |  
|Net cash provided (used) by
financing activities |  |        | (149,315 | )      |  |             | 3,602   |        |  |        | (31  | )       |  |      | (145,744 | )    |  |        | 58,088  |       |  |     |      |         |  |      | (7,501 | ) |  |  | (95,157  | ) |  |  |  |  |  |  | (95,157  | ) |  |  | 217,374 |   |  |  | (232,629 | )
|                                                 |  |        |          |        |  |             |         |        |  |        |      |         |  |      |          |      |  |        |         |       |  |     |       |         |  |      |        |   |  |  |          |   |  |  |   |  |  |  |          |   |  |  |         |   |  |  |          |  
|Net cash provided (used)                         |  |        | 34,810   |        |  |             | (36,187 | )      |  |        | (412 | )       |  |      | (1,789   | )    |  |        | (15,540 | )     |  |     | 2,849 |         |  |      | 9,343  |   |  |  | (5,137   | ) |  |  |  |  |  |  | (5,137   | ) |  |  | (99,845 | ) |  |  | (99,845  | )
|Cash at beg of period                            |  |        | 114      |        |  |             | 21,814  |        |  |        | 988  |         |  |      | 22,916   |      |  |        | 26,799  |       |  |     | 3,063 |         |  |      |       |   |  |  | 52,778   |   |  |  |  |  |  |  | 52,778   |   |  |  | 10      |   |  |  |         |  
|                                                 |  |        |          |        |  |             |         |        |  |        |      |         |  |      |          |      |  |        |         |       |  |     |       |         |  |      |        |   |  |  |          |   |  |  |   |  |  |  |          |   |  |  |         |   |  |  |          |  
|Cash at end of period                            |  |        | 24,301   |        |  |             | (14,373 | )      |  |        | 576  |         |  |      | 21,127   |      |  |        | 11,259  |       |  |     | 5,912 |         |  |      | 9,343  |   |  |  | 47,641   |   |  |  |  |  |  |  | 47,641   |   |  |  | 97,672  |   |  |  | 97,672   |  
|                                                 |  |        |          |        |  |             |         |        |  |        |      |         |  |      |          |      |  |        |         |       |  |     |       |         |  |      |        |   |  |  |          |   |  |  |   |  |  |  |          |   |  |  |         |   |  |  |          |  

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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS


FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We
may make additional written or oral forward-looking statements from time to
time in filings with the Securities and Exchange Commission or otherwise. We
believe such forward-looking statements are within the meaning of the
safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such statements may include, but are not limited to, projections of revenues,
income or loss, estimates of capital expenditures, our plans and intentions
regarding the recapitalization of our balance sheet and the payment of
dividends arrearages, plans for future operations, products or services,
financing needs and plans, our perceptions of our legal positions and
anticipated outcomes of pending litigation against us, and liquidity as well as
assumptions relating to the foregoing. The words believe, expect,
anticipate, estimate, project and similar expressions identify
forward-looking statements, which speak only as of the date the statement was
made. Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified. Future events
and actual results could differ materially from those set forth in,
contemplated by or underlying the forward-looking statements. Some of the
important factors that could cause our actual results, performance or financial
condition to differ materially from our expectations are: fluctuations in our
costs to maintain and update our fleet and facilities; our inability to
refinance our debt; our ability to successfully recapitalize our balance sheet
and cure existing defaults of our debt agreements, our ability to continue as a
going concern, changes in government regulations, particularly environmental
regulations; our credit ratings; the availability of credit; changes in demand
for our products; changes in the general domestic economy; the degree and
nature of our competition; the resolution of pending litigation against the
company; changes in accounting standards; and other factors described in this
Quarterly Report on Form 10-Q or the other documents we file with the
Securities and Exchange Commission. The above factors, the following
disclosures, as well as other statements in this report and in the Notes to
Consolidated Financial Statements, could contribute to or cause such
differences, or could cause AMERCOs stock and note prices to fluctuate
dramatically.

GENERAL

Information on industry segments is incorporated by reference from  Notes
1, 3 and 8 of Notes to Condensed Consolidated Financial Statements. The notes
discuss the principles of consolidation, summarized consolidated financial
information and industry segment and geographical area data, respectively. In
consolidation, all intersegment premiums are eliminated and the benefits,
losses and expenses are retained by the insurance companies.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Managements discussion and analysis of financial condition and results of
operations are based upon the consolidated financial statements, which have
been prepared in accordance with accounting principles generally accepted in
the United States. The preparation of our financial statements requires the use
of estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities. On an ongoing basis, estimates are reevaluated, including
those related to areas that require a significant level of judgment or are
otherwise subject to an inherent degree of uncertainty. These areas include
allowances for doubtful accounts, revenue earning vehicles and buildings,
self-insured liabilities, income taxes and commitments and contingencies. Our
estimates are based on historical experience, observance of trends in
particular areas, information and/or valuations available from outside sources
and on various other assumptions that we believe to be reasonable under the
circumstances and which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other
sources. Actual amounts may differ from these estimates under different
assumptions and conditions.

Accounting policies are considered critical when they are significant and
involve difficult, subjective or complex judgments or estimates. We considered
the following to be critical accounting policies:

Principles of consolidation  The consolidated financial statements
include the accounts of AMERCO and its wholly-owned subsidiaries and SAC
Holdings and the wholly-owned subsidiaries. All material intercompany accounts
and transactions have been eliminated in
consolidation. AMERCO does not have an equity ownership interest in SAC
Holdings or any of SAC Holdings subsidiaries, except for investments made by
Repwest and Oxford in a SAC Holdings-controlled limited partnership which holds
Canadian self-storage properties. SAC Holdings are not legal subsidiaries of
AMERCO. AMERCO is not liable for the debts of SAC Holding and there are no
default provisions in AMERCO indebtedness that cross-default to SAC Holdings
obligations.

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Revenue earning vehicles and buildings  Depreciation is recognized in
amounts expected to result in the recovery of estimated residual values upon
disposal (i.e. no gains or losses). In determining the depreciation rate, we
review historical disposal experience and holding periods, and trends in the
market. Due to longer holding periods on trucks and the resulting increased
possibility of changes in the economic environment and market conditions, these
estimates are subject to a greater degree of risk.

Long-lived
assets and intangible assets  We review carrying value
whenever events or circumstances indicate the carrying values may not be
recoverable through projected undiscounted future cash flows. The events could
include significant underperformance relative to expected, historical or
projected future operating results, significant changes in the manner of using
the assets, overall business strategy, significant negative industry or
economic trends and non-compliance with significant debt agreements.

Investments  In determining if and when a decline in market value below
amortized cost is other than temporary, we review quoted market prices, dealer
quotes or a discounted cash flow analysis. Permanent declines in value are
recognized in the current period operating results to the extent of the
decline.

Insurance Revenue and Expense Recognition  Premiums are recognized as
revenue as earned over the terms of the respective policies. Benefits and
expenses are matched with recognized premiums to result in recognition over the
life of the contracts. This match is accomplished by recording a provision for
future policy benefits and unpaid claims and claim adjustment expenses and by
amortizing deferred policy acquisition costs. Charges related to services to be
performed are deferred until earned. The amounts received in excess of premiums
and fees are included in other policyholder funds in the consolidated balance
sheets.

Unearned premiums represent the portion of premiums written which relates
to the unexpired term of policies. Liabilities for health and disability and
other policy claims and benefits payable represent estimates of payments to be
made on insurance claims for reported losses and estimates of losses incurred
but not yet reported. These estimates are based on past claims experience and
current claim trends as well as social and economic conditions such as changes
in legal theories and inflation. Due to the nature of underlying risks and the
high degree of uncertainty associated with the determination of the liability
for future policy benefits and claims, the amounts to be ultimately paid to
settle liabilities cannot be precisely determined and may vary significantly
from the estimated liability.

Acquisition costs related to insurance contracts have been deferred to
accomplish matching against future premium revenue. The costs are charged to
current earnings to the extent it is determined that future premiums are not
adequate to cover amounts deferred.

RESULTS OF OPERATIONS

SIX MONTHS ENDED SEPTEMBER 30, 2002 VERSUS SIX MONTHS ENDED SEPTEMBER 30, 2001

U-HAUL Moving and Storage Operations

Revenues consist of rental revenues and net sales. Total rental revenue
are $711.5 million and $699.8 million for the six months ended September 30,
2002 and 2001, respectively.

Net sales revenues were $102.6 million and $118.2 million for the six
months ended September 30, 2002 and 2001, respectively. The decrease reflects
the sale of stores to SAC Holdings.

Cost of sales are $53.1 million and $65.1 million for the six months ended
September 30, 2002 and 2001, respectively. The decrease is due to the sale of
stores to SAC Holdings.

Operating expenses before intercompany eliminations were $503.4 million
and $518.1 million for the six months ended September 30, 2002 and 2001,
respectively. Operating expenses declined due to the sale of stores to SAC
Holdings.

Lease expense was $80.0 million and $83.2 million for the six months ended
September 30, 2002 and 2001, respectively. This decrease reflects a decline in
the number of leased rental trucks.

Net depreciation expense was $50.8 million and $47.3 million for the six
months ended September 30, 2002 and 2001, respectively.

Operating profit before intercompany eliminations was $136.6 million and
$112.2 million for the six months ended September 30, 2002 and 2001,
respectively. The increase is due to improved operations.

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SAC Moving and Storage Operations

Revenues consist of rental revenues and net sales. Total rental revenue
is $112.3 million and $65.3 million for the six months ended September 30, 2002
and 2001, respectively. Storage revenues increased $19.16 million due to
increased facility capacity through the acquisition of new locations from
U-Haul and increased storage rates. Sales increased $15 million due to the
addition of stores.

Net sales revenues were $27.9 million and $12.3 million for the six months
ended September 30, 2002 and 2001, respectively. This reflects the acquisition
of additional stores.

Cost of sales are $12.4 million and $5.9 million for the six months ended
Septemeber 30, 2002 and 2001, respectively.

Operating expenses before intercompany eliminations were $62.7 million and
$34.6 million for the six months ended September 30, 2002 and 2001,
respectively. The increase is due to more stores in operation.

Net depreciation expense was $9.8 million and $4.1 million for the six
months ended September 30, 2002 and 2001, respectively. The increase is due to
the addition of stores.

Operating profits were $39.9 million and $25.7 million for the six months
ended September 30, 2002 and 2001, respectively.

AMERCOs Real Estate Operations

Rental revenue before intercompany eliminations was $29.7 million and
$34.9 million for the six months ended September 30, 2002 and 2001,
respectively. Intercompany revenue was $28.3 and $33.6 million for the six
months ended September 30, 2002 and 2001, respectively.

Net investment and interest income was $5.0 million and $4.8 million for
the six months ended September 30, 2002 and 2001, respectively.

Lease expense was $4.7 million and $6.5 for the six months ended September
30, 2002 and 2001, respectively.

Net depreciation expense was $4.3 million and $(6.0) million for the six
month ended September 30, 2002 and 2001, respectively.

Gains on asset sales during fiscal year 2001 resulted in the negative
depreciation expense.

Operating profit before intercompany eliminations was $27.6 million and
$42.4 million for the six months ended September 30, 2002 and 2001,
respectively.

Property and Casualty

RepWests premiums were $86.3 million and $128.3 million for the six
months ended June 30, 2002 and 2001, respectively. General agency premiums
were $34.2 million and $62.8 million for the six months ended June 30, 2002 and
2001, respectively. The decrease from 2001 to 2002 was the result of the
elimination of RepWests direct Non-Standard Auto and Homeowners business, as
well as additional quota share reinsurance on transportation business. Assumed
treaty reinsurance premium was $20.4 million and $31.7 million for the six
months ended June 30,2002 and 2001, respectively. Rental industry premiums
were $18.7 million and $17.8 million for the six months ended June 30, 2002 and
2001, respectively.

Net investment income was $15.3 million and $15.9 million for the six
months ended June 30, 2002 and 2001, respectively. The decrease is attributable
to lower annual average invested assets.

Benefits and losses incurred were $79.9 million and $122.6 million for the
six months ended June 30, 2002 and 2001, respectively. This decrease is
attributable to lowered premium writings resulting in less exposure primarily
in the non-standard auto and home lines.

The amortization of deferred acquisition costs (DAC) was $11.5 million and
$11.6 million for the six months ended June 30, 2002 and 2001, respectively.

Operating expenses were $12.6 million and $28.8 million for the six months
ended June 30, 2002 and 2001, respectively. The decrease is a result of
decreased commissions on decreased premium writings as well as decreased
general and administrative expenses.

Operating loss before intercompany eliminations was $2.5 million and $18.9
million for the six

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months ended June 30, 2002 and 2001, respectively. The decrease is the
result of decreased expenses and the cancellation of multiple unprofitable
lines of business.

Life Insurance

Net premiums were $80.7 million and $77.5 million for the six months ended
June 30, 2002 and 2001, respectively. Oxford increased Medicare supplement
premiums by $5.1 million through direct writings and rate management activity.
Whole life sales increased $0.6 million from the same period in 2001. Credit
insurance premiums decreased $1.7 million for the six months from the previous
year. Other business segments had premium decreases totaling $0.8 million.
Oxford experienced a ratings decline that will result in a reduction in annuity
sales going forward.

Net investment income before intercompany eliminations decreased $5.4
million to $7.8 million due to realized losses on fixed maturities and write
downs of fixed maturities whose decline in value is deemed to be other than a
temporary decline in value.

Benefits incurred were $60.5 million and $58.1 million for the six months
ended June 30, 2002 and 2001, respectively. Medicare supplement incurred
benefits increased $3.1 million from a larger population. Credit life and
disability benefits increased $0.3 million due to increased frequency. Other
health segments had benefits decreases totaling $1.0 million.

Amortization of deferred acquisition costs (DAC) and the value of business
acquired (VOBA) was $10.1 million and $9.3 million for the six months ended
June 30, 2002 and 2001, respectively. The increase is from the Medicare
supplement and annuity segments.

Operating expenses were $19.8 million and $19.4 million for the six months
ended June 30, 2002 and 2001, respectively. General and administrative expenses
net of fees collected increased $0.4 million.

Operating
profit/(loss) before intercompany eliminations was $(2.0) million and $3.9 million for the six
months ended June 30, 2002 and 2001, respectively.

QUARTER ENDED SEPTEMBER 30, 2002 VERSUS QUARTER ENDED SEPTEMBER 30, 2001

U-HAUL Moving and Storage Operations

Revenues consist of rental revenues and net sales. Total rental revenue
was $370.5 million and $365.8 million for the quarters ended September 30, 2002
and 2001, respectively. Storage revenues decreased $3.3 million due to sale of
stores to SAC Holdings. Improved pricing contributed to the increase.

Net sales revenues were $49.1 million and $55.8 million for the quarters
ended September 30, 2002 and 2001, respectively. The decline in sales is the
result of fewer stores operating during fiscal year 2002.

Cost of sales was $25.9 million and $31.3 million for the quarters ended
September 30, 2002 and 2001, respectively. The decrease is the result of a
reduction in the number of stores in operation.

Operating expenses before intercompany eliminations were $262.7 million
and $266.6 million for the quarters ended September 30, 2002 and 2001,
respectively.

Lease expense was $41.4 million and $40.7 million for the quarters ended
September 30, 2002 and 2001, respectively.

Net depreciation expense was $25.5 million and $20.3 million for the
quarters ended September 30, 2002 and 2001, respectively.

Operating
profit before intercompany eliminations was $69.1 million and $67.9 million for the quarters
ended September 30, 2002 and 2001, respectively.

SAC Moving and Storage Operations

Revenues consist of rental revenues and net sales. Total rental revenue
was $33.6 million and $22.7 million for the quarters ended September 30, 2002
and 2001, respectively. Storage revenues increased $11.0 million due to
increased facility capacity through the acquisition of locations and
increased storage rates.

Net sales revenues were $13.4 million and $5.9 million for the quarters
ended September 30, 2002 and 2001, respectively. The increase is due to the
increase in the number of stores in operation.

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Cost of sales was $6.4 million and $3.3 million for the quarters ended
September 30, 2002 and 2001, respectively. The increase is attributable to the
increased sales volume.

Net depreciation expense was $5.2 million and $2.1 million for the
quarters ended September 30, 2002 and 2001, respectively. Depreciation expense
has increased as a result of the addition of storage properties.

Operating
profit/(loss) was $144,000 and ($1.6 million) for the quarters ended
September 30, 2002 and 2001, respectively.

AMERCOs Real Estate Operations

Rental revenue before intercompany eliminations was $16.6 million and
$19.9 million for the quarters ended September 30, 2002 and 2001, respectively.
Intercompany revenue was $14.3 and $16.9 million for the quarters ended
September 30, 2002 and 2001, respectively.

Net investment and interest income was $2.2 million and $2.9 million for
the quarters ended September 30, 2002 and 2001, respectively. This decrease
correlates to a reduction in Real Estates average note and mortgage
receivables balance outstanding.

Lease expense was $2.7 million and $3.0 million for the quarters ended
September 30, 2002 and 2001, respectively.

Net depreciation expense was $2.1 million and $3.2 million for the
quarters ended September 30, 2002 and 2001, respectively. The decrease from
2001 to 2002 reflected a loss on the disposition of assets for 2001 of $0.6
million.

Operating
profit before intercompany eliminations was $12.9 million and
$27.6 million for the quarters ended
September 30, 2002 and 2001, respectively.

Property and Casualty

RepWests premiums were $39.7 million and $66.1 million for the quarters
ended June 30, 2002 and 2001, respectively. General agency premiums were $14.0
million and $33.2 million for the quarters ended June 30, 2002 and 2001,
respectively. The decrease from 2001 to 2002 was the result of the
cancellation of RepWests direct Non-Standard Auto and Homeowners business, as
well as additional quota share reinsurance on transportation business. Assumed
treaty reinsurance premium was $11.1 millions and $15.9 million for the
quarters ended June 30, 2002 and 2001, respectively. Rental industry premiums
were $9.5 million and $9.3 million for the quarters ended June 30, 2002 and
2001, respectively.

Net investment income was $7.7 million and $7.4 million for the quarters
ended June 30, 2002 and 2001, respectively.

Benefits and losses incurred were $34.3 million and $62.4 million for the
quarters ended June 30, 2002 and 2001, respectively. This decrease is
attributable to lowered premium writings resulting in less exposure primarily
in the non-standard auto and home lines.

The amortization of deferred acquisition costs (DAC) was $6.2 million and
$6.6 million for the quarters ended June 30, 2002 and 2001, respectively.

Operating expenses were $6.6 million and $17.9 million for the quarters
ended June 30, 2002 and 2001, respectively. The decrease is a result of
decreased commissions on decreased premium writings as well as decreased
general and administrative expenses.

Operating profit / (loss) before intercompany elimination was $0.3 million
and $(13.3) million for the quarters ended June 30, 2002 and 2001,
respectively. The increase is the result of decreased benefits and losses
resulting from the cancellation of unprofitable lines of business, and
decreases in general and administrative expense.

Life Insurance

Net premiums were $41.0 million and $37.9 million for the quarters ended
June 30, 2002 and 2001, respectively. Oxford increased Medicare supplement
premiums by $4.0 million through direct writings and rate management activity.
Credit insurance premiums decreased $0.4 million for the quarter from the
previous year. Other business segments had premium decreases totaling $0.5
million. Oxford experienced a ratings decline that will result in a
reduction in annuity sales going forward.

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Net investment income before intercompany eliminations decreased to $2.4
million from $7.0
million primarily due to the write-downs of bonds in the investment
portfolio whose decline in value is deemed to be other than a temporary decline
in value.

Benefits incurred were $29.7 million and $27.0 million for the quarters
ended June 30, 2002 and 2001, respectively. Medicare supplement incurred
benefits increased $2.9 million from a larger population. Credit life and
disability benefits increased $0.7 million due to increased frequency. Other
business segments had benefits decreases totaling $0.9 million.

Amortization of deferred acquisition costs (DAC) and the value of business
acquired (VOBA) was $5.1 million and $4.5 million for the quarters ended June
30, 2002 and 2001, respectively. The increase is from the Medicare supplement
and annuity segments.

Operating expenses were $11.5 million and $12.2 million for the quarters
ended June 30, 2002 and 2001, respectively. Commissions have decreased $0.5
million from 2001 primarily due to the decreases in credit and major medical
lines. General and administrative expenses net of fees collected decreased $0.2
million.

Operating profit/(loss) before intercompany eliminations was $(2.9)
million and $1.2 million for the quarters ended June 30, 2002 and 2001,
respectively. The decrease from 2001 is due to the write-downs of bonds whose
decline in value is deemed other than temporary.

CONSOLIDATED GROUP

Interest Expense

Interest expense was $54.9 million and $52.5 million for the six months
ended September 30, 2002 and 2001, respectively. The increase can be attributed
to a higher debt level outstanding for SAC Holdings due to the acquisition of
additional storage properties.

Interest expense of SAC Holdings on third party debt was $22.8 million and
$16.3 million for the six months ended September 30, 2002 and 2001,
respectively. AMERCOs interest expense on third party debt was $32.1 and $40.9
million for the six months ended September 30, 2001 and 2002, respectively.

Earnings

As a result of the foregoing, pretax earnings were $126.2 million and
$90.9 million for the six months ended September 30, 2002 and 2001,
respectively. After providing for income taxes, net earnings were $81.1 million
and $56.6 million for the six months ended September 30, 2002 and 2001,
respectively.

LIQUIDITY AND CAPITAL RESOURCES

U-HAUL Moving and Storage Operations

Cash provided by operating activities was $60.6 million and $41.0 million
for the quarters ended September 30, 2002 and 2001, respectively. The increase
resulted primarily from more profitable operations.

SAC Moving and Storage Operations

SAC Holdings operations are funded by various mortgage loans and
unsecured notes, with interest rates ranging from 7.5% to 13.0%. SAC does not
utilize revolving lines of credit to finance its operations or acquisitions.
Certain of SACs agreements contain restrictive covenants including coverage
ratios and restrictions on incurring additional subsidiary indebtedness. At
September 30, 2002, SAC Holdings was in compliance with all of these covenants.

Property and Casualty

Cash used by operating activities was $49.9 million and $21.4 million for
the six months ended June 30, 2002 and 2001, respectively. This change
resulted from decreased unearned premiums, a decrease in the change in premiums
receivable from period to period, along with an increase in due from
affiliates.

RepWests cash and cash equivalents and short-term investment portfolio
was $6.8 million and $8.9 million at June 30, 2002 and 2001, respectively.

RepWest maintains a diversified securities investment portfolio, primarily
in bonds, at varying maturity levels with 86.0% of the fixed-income securities
consisting of investment grade securities. The maturity distribution is
designed to provide sufficient liquidity to meet future cash needs. Current
liquidity remains stable with current invested assets equal to 70.6% of total
liabilities.

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Life Insurance

Oxfords primary sources of cash are premiums, receipts from
interest-sensitive products and
investment income. The primary uses of cash are operating costs and
benefit payments to policyholders. Matching the investment portfolio to the
cash flow demands of the types of insurance being written is an important
consideration. Benefit and claim statistics are continually monitored to
provide projections of future cash requirements.

Cash provided/(used) by operating activities was $(28.7) million and 2.0
million for the six months ended June 30, 2002 and 2001, respectively. The
decrease in cash flows from operating activities in 2002 relates to $9.5
million of federal income taxes paid, $8.1 million increase in receivables for
securities pending settlement, $7.1 million of reinsurance receivables paid,
and paid loss experience. Cash flows provided by financing activities were
$37.8 million and $9.1 million for the six months ended June 30, 2002 and 2001,
respectively. Cash flows from deferred annuity sales increase investment
contract deposits, which are a component of financing activities. The increase
from 2001 is due to increased annuity deposits and reduced annuity withdrawals

In addition to cash flows from operating and financing activities, a
substantial amount of liquid funds is available through Oxfords short-term
portfolio. At June 30, 2002 and 2001, short-term investments were $58.6 million
and $53.9 million, respectively. Management believes that the overall sources
of liquidity will continue to meet foreseeable cash needs.

See the discussion of the Kocher case contained in Part II, Item I Legal
Proceedings.

Consolidated group

On October 15, 2002 the Company failed to make a $100 million principal
payment and a $3.6 million interest payment due to the Series 1997-C Bond
Backed Asset Trust (BBAT) holders. On that date, the Company also failed to
pay a $26.5 million obligation, in the aggregate to Citibank and Bank of
America in connection with the BBATs. This expense will be recognized in the
third quarter.

As a result of the foregoing, the Company is in default with respect to
its other credit arrangements that contain cross-default provisions, including
its 3-Year Credit Agreement dated June 28, 2002 (the Revolver) in the amount
of $205.0 million. In addition to the cross-default under the Revolver, the
Company is also in default under that agreement as a result of the Companys
failure to obtain incremental net cash proceeds and/or availability from
additional financings in the aggregate amount of at least $150 million prior to
October 15, 2002. The obligations of the Company currently in default (either
directly or as a result of a cross-default) are approximately
$1,175.4 million. In addition, the Company may be required to
pay interest at default interest rates, which would increase interest
expense going forward.

The
Company has retained the financial restructuring firm Crossroads,
LLC to assist with the negotiation of standstill agreements with holders of
directly defaulted obligations and waivers from our lenders holding
cross-default obligations. This will allow us to pursue financing
alternatives
and asset sales that will enable us to repay the above-referred amounts that
are in direct default, meet fiscal 2004 maturities and restructure our balance
sheet.

Although we are optimistic that we will successfully restructure our
balance sheet and repay our obligations, there can be no assurance that we will
be able to complete the asset sales, obtain financing on acceptable terms or
secure the standstills and waivers necessary to do so.

Cash provided by operating activities was $111.4 million and $43.9 million
for the six months ended September 30, 2002 and 2001, respectively. The
increase resulted primarily from a decrease in notes and mortgage receivable
partially offset by decreases in the accounts payable and intercompany payable
balances along with increased earnings.

At September 30, 2002, total outstanding notes and mortgages payable for
AMERCO and wholly owned subsidiaries was $908.5 million compared to $1,045.8
million at March 31, 2002. At September 30, 2002, total outstanding notes and
mortgages payable for SAC Holdings and consolidated subsidiaries was $967.0
million compared to $957.8 million at March 31, 2002. SAC Holdings securitized
loan agreements have no guarantees, or triggers that could create a guarantee,
from AMERCO. There are no cross default provisions on indebtedness between
AMERCO and SAC Holdings.

AMERCO does not have any ownership interest in SAC Holdings or its
subsidiaries, except for investments made by RepWest and Oxford in a SAC
Holdings  controlled limited partnership which holds Canadian self-storage
properties. The presentation of the consolidated statements has no bearing on
the credit agreements or the operations of either AMERCO or SAC Holdings. The
accounts of AMERCO and SAC Holdings are presented as consolidated due to a
revised interpretation of EITF 90-15 by the Companys former independent public
accountants during the year ended March 31, 2002, which concluded that SAC
Holdings majority owner did not qualify as

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an independent third party to AMERCO.

From time to time, Real Estate sells storage properties to SAC Holdings.
These sales have in the past provided significant cash flows to the Company.
The ability of the Company to engage in similar transactions in the future is
dependent to a large degree on the ability of SAC Holdings to obtain third
party financing for its acquisition of properties from Real Estate and, in
general, its willingness to engage in such transactions.

Due to the defaults that exist with respect to certain obligations of the
Company we suspended the dividend payment to the holders of our
Series A 8 1/2%
preferred stock that is due December 1, 2002.

Credit Agreements

Our operations are funded by various credit and financing arrangements,
including unsecured long-term borrowings, unsecured medium-term notes,
revolving lines of credit with banks and operating leases. The operating leases
are primarily used to finance the Companys fleet of trucks and trailers. As of
September 30, 2002, we had $908.5 million in total notes and loans payable
outstanding.

On June 28, 2002, AMERCO entered into an agreement replacing an existing
five year $400.0 million revolving credit agreement with a three-year $205.0
million revolving credit facility.

Certain of our credit agreements contain restrictive financial and other
covenants, including, among others, covenants with respect to incurring
additional indebtedness, making third party guarantees, entering into
contingent obligations, maintaining certain financial ratios, placing certain
additional liens on our properties and assets, and restricting the issuance of
certain types of preferred stock. Although AMERCO was in compliance with these
covenants at September 30, 2002, we were in default as of October 15, 2002 as a
result of our failure to make the principal payment due to the BBAT holders and
a covenant contained in the Credit Agreement that required the completion of a
$150 million financing. For additional discussion regarding these defaults, see
Part II, Item III Defaults Upon Senior Securities.

Reference is made to Note 5 of Notes to Consolidated Financial Statements
in AMERCOs Annual Report on Form 10-K/A for the fiscal year ended March 31,
2002 for additional information about our credit agreements.

Disclosures about Contractual Obligations and Commercial Commitments

|                                                   |  |                                                   |           |          |  |          |         |          |  |                |         |                 |  |   |         |  |  |   |          |  
|-------------------------------------------------- |  | ------------------------------------------------- | --------- | -------- |  | -------- | ------- | -------- |  | -------------- | ------- | --------------- |  | - | ------- |  |  | - | -------- | -
|                                                   |  | Payments due by Period (as of September 30, 2002)
|                                                   |  |                                                  
|                                                   |  |                                                   |           |          |  | Prior to |         | 10-01-03 |  | 10-01-05       |         | October 1, 2007
|Financial Obligations                              |  | Total                                             |           | 09-30-03 |  | 09-30-05 |         | 09-30-07 |  | and thereafter
|                                                   |  |                                                   |           |          |  |          |         |          |  |               
|AMERCOs notes and
loans Payable                   |  | $                                                 | 908,509   |          |  | $        | 276,981 |          |  | $              | 224,864 |                 |  | $ | 237,072 |  |  | $ | 169,592  |  
|                                                  
|                                                  
|                                                  
|                                                  
|AMERCOs truck and trailer
Lease obligations       |  |                                                   | 491,503   |          |  |          | 91,597  |          |  |                | 221,177 |                 |  |   | 138,903 |  |  |   | 39,826   |  
|                                                  
|                                                  
|                                                  
|                                                  
|SAC
Holdings financed lease obligations           |  |                                                   | 117,000   |          |  |          | 46,800  |          |  |                | 70,200  |                 |  |   |        |  |  |   |         |  
|                                                  
|                                                  
|                                                  
|                                                  
|SAC Holdings notes and
loans payable              |  |                                                   | 850,137   |          |  |          | 7,174   |          |  |                | 14,273  |                 |  |   | 14,971  |  |  |   | 813,719  |  
|                                                  
|                                                  
|                                                  
|                                                  
|Elimination of SAC Holdings
Obligations to AMERCO |  |                                                   | (387,652  | )        |  |          |        |          |  |                |        |                 |  |   |        |  |  |   | (387,652 | )
|                                                   |  |                                                   |           |          |  |          |         |          |  |                |         |                 |  |   |         |  |  |   |          |  
|Total Contractual Obligations                      |  | $                                                 | 1,979,497 |          |  | $        | 422,552 |          |  | $              | 530,514 |                 |  | $ | 390,946 |  |  | $ | 635,485  |  
|                                                   |  |                                                   |           |          |  |          |         |          |  |                |         |                 |  |   |         |  |  |   |          |  

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The above disclosure is as of September 30, 2002. As discussed above and in
Part II, Item III Defaults Upon Senior Securities, on October 15, 2002 we
defaulted on our BBATs and related obligations. This default triggered
cross-default provisions in most of AMERCOs other debt agreements. As a
result, approximately $1,175.4 million of AMERCOs contractual obligations and
commercial commitments listed below are classified as current.

|                                  |  |   |         | 
|--------------------------------- |  | - | ------- | 
|Bank
of Montreal synthetic lease  |  | $ | 149.0   | 
|                                 
|                                 
|                                 
|                                 
|Citibank
synthetic lease          |  |   | 101.7   | 
|                                 
|                                 
|                                 
|                                 
|3yr Credit Agreement              |  |   | 205.0   | 
|                                 
|                                 
|                                 
|                                 
|Royal
Bank of Canada lease        |  |   | 3.0     | 
|                                 
|                                 
|                                 
|                                 
|Amerco
Real Estate Notes          |  |   | 100.0   | 
|                                 
|                                 
|                                 
|                                 
|03 Notes                         |  |   | 175.0   | 
|                                 
|                                 
|                                 
|                                 
|05 Notes                         |  |   | 200.0   | 
|                                 
|                                 
|                                 
|                                 
|Medium
Term Notes                 |  |   | 109.5   | 
|                                 
|                                 
|                                 
|                                 
|BBAT                              |  |   | 100.0   | 
|                                 
|                                 
|                                 
|                                 
|Bank
of America Obligation (BBAT) |  |   | 11.3    | 
|                                 
|                                 
|                                 
|                                 
|Citicorp Obligation (BBAT)        |  |   | 15.3    | 
|                                 
|                                 
|                                 
|                                 
|Bank
of America Swap              |  |   | 2.1     | 
|                                 
|                                 
|                                 
|                                 
|JP Morgan Swap                    |  |   | 3.5     | 
|                                  |  |   |         | 
|                                  |  | $ | 1,175.4 | 




ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Reference is made to Part II, Item 7A, Quantitative and Qualitative
Disclosure About Market Risk, in AMERCOs Annual Report on Form 10-K/A for the
fiscal year ended March 31, 2002.




ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Controls and Procedures

We
maintain disclosure controls procedures, which are designed to
ensure that material information related to AMERCO and its subsidiaries and SAC
Holdings and their subsidiaries, is disclosed in our public filings on a
regular basis. In response to recent legislation and proposed regulations, we
reviewed our internal control structure and our disclosure controls and
procedures. We believe our pre-existing disclosure controls and procedures are
adequate to enable us to comply with our disclosure obligations.

Within 90 days prior to filing this report, members of the Companys
management, including the Companys Chief Executive Officer and Chief Financial
Officer, evaluated the effectiveness of the design and operation of the
Companys disclosure controls and procedures. Based upon that evaluation,
management concluded that the Companys disclosure controls and procedures are
effective in causing material information to be recorded, processed, summarized
and reported by management of the Company on a timely basis and to ensure that
the quality and timeliness of the Companys public disclosures complies with
its SEC disclosure obligations.

Changes in Controls and Procedures

There
were significant changes in the Companys internal controls and
other factors that could significantly affect these internal controls after the
date of our most recent evaluation. They include, but are not limited
to, the following:



| | a. |  | We limited access to the general ledger (posting ability) to
specifically identified individuals;                                                            
| | -- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | b. |  | We require documentation for all journal postings;                                                                                                           
|
| | c. |  | We have hired a system administrator to document and map all
accounting imports and exports to the various subledgers maintained
throughout the organization.

41



---



##### Table of Contents






PART II. OTHER INFORMATION




ITEM 1. LEGAL PROCEEDINGS

On July 20, 2000, Charles Kocher (Kocher) filed suit in Wetzel County,
West Virgina, Civil Action No. 00-C-51-K, entitled Charles Kocher v. Oxford
Life Insurance Co. (Oxford) seeking compensatory and punitive damages for
breach of contract, bad faith and unfair claims settlement practices arising
from an alleged failure of Oxford to properly and timely pay a claim under a
disability and dismemberment policy aquired in conjunction with the purchase of
a $7,800 used pick-up truck. On March 22, 2002, the jury returned a verdict of
$5 million in compensatory damages and $34 million in punitive damages. On
November 5, 2002, the trial court entered an Order (Order) affirming the $39
million jury verdit and denying Oxfords Motion for New Trial Or, in The
Alternative, Remittitur. Oxford is in the process of perfecting its appeal to
the West Virginia Supreme Court. Management does not believe that the Order is
sustainable and expects the Order to be overturned by the West Virginia Supreme
Court, in part because the jury award has no reasonable nexus to the actual
harm suffered by Kocher.

On September 24, 2002, Paul F.Shoen filed a derivative action in the
Second Judicial District Court of the State of Nevada, Washoe County, captioned
Paul F. Shoen vs. SAC Holding Corporation et al, CV02-05602, seeking damages
and equitable relief on behalf of AMERCO from SAC Holdings and certain current
and former members of the AMERCO Board of Directors, including Edward J. Shoen,
Mark V. Shoen and James P. Shoen as defendants. AMERCO is named a nominal
defendant for purposes of the derivative action. The complaint alleges breach
of fiduciary duty, self-dealing, usurpation of corporate opportunities,
wrongful interference with prospective economic advantage and unjust enrichment
and seeks the unwinding of sales of self-storage properties by subsidiaries of
AMERCO to SAC Holdings over the last several years. The complaint seeks a
declaration that such transfers are void as well as unspecified damages. On
October 28, 2002, AMERCO, the Shoen directors, the non-Shoen directors and SAC
Holdings filed Motions to Dismiss the complaint. On November 12, 2002 the
plaintiff responded to the Motions to Dismiss. The reply in support of the
Motion to Dismiss is due on November 25, 2002. Oral argument has not yet been
set for these motions. In addition, on October 28, 2002, Ron Belec filed a
derivative action in the Second Judicial District Court of the State of Nevada,
Washoe County, captioned Ron Belec vs. William E. Carty, et al, CV 02-06331.
This derivative suit is substantially similar to the Paul F. Shoen derivative
action. The defendants responsive pleading is due on December 13, 2002.
AMERCO believes that the allegations contained in both complaints are baseless
and without merit and AMERCO will aggressively and vigorously respond to these
claims. However, as with any litigation, no assurances can be given as to the
outcome.

We are currently under IRS examination for the years 1996-1997. The IRS
has proposed adjustments to our 1997 and 1996 tax returns in the amount of
$233.1 million and $99.0 million, respectively. Nearly all of the adjustments
relate to denials of deductions that we took for costs incurred in resolution
of prior litigation with certain members of the Shoen family and their
corporations. We believe these income tax deductions are appropriate and we
are vigorously contesting the IRS adjustments. We estimate that if we are
unsuccessful in our challenge in all respects, based on our current tax
position, we could incur tax exposure totaling approximately $76.1 million plus
interest.

42



---



##### Table of Contents



PART II. OTHER INFORMATION, continued




ITEM 3. DEFAULTS UPON SENIOR SECURITIES

(a)  On October 15, 2002, the Company failed to make a $100 million
principal payment and a $3.6 million interest payment due to the Series 1997-C
Bond Backed Asset Trust. On that date, the Company also failed to pay $26.5
million in the aggregate to Citibank and Bank of America in connection with the
the early extinguishment of the Series 1997-C bonds. As a result of the
foregoing, the Company is in default with respect to its other credit
arrangements which contain cross-default provisions, including its 3-Year
Credit Agreement dated June 28, 2002 (the Credit Agreement). In addition to
the cross-default under the Credit Agreement, the Company is also in default
under that agreement as a result of its failure to obtain incremental net cash
proceeds and/or availability from additional financings in an aggregate amount
of at least $150.0 million prior to October 15, 2002. The total amount of
indebtedness currently in default (either directly or as a result of a
cross-default) is approximately $1,175.4 million.

(b)  On November 5, 2002, the Company announced that it has suspended the
December 1, 2002 dividend payment to holders of its Series A 8.5% Preferred
Stock. The dividend amount is $3.5 million.




ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The 2002 Annual Meeting of Stockholders was held on August 30,2002.

At the 2002 Annual meeting of Stockholders William E. Carty and Charles J.
Bayer were elected to serve until the 2006 Annual Meeting of Stockholders. M.
Frank Lyons was elected to serve until the 2004 Annual Meeting of Stockholders.
John P. Brogan and James J. Grogan continue as directors with terms that expire
at the 2003 Annual Meeting of Stockholders; Edward J. Shoen continues as a
director with a term that expires at the 2004 Annual Meeting of Stockholders;
and John M. Dodds and James P. Shoen continue as directors with terms that
expire at the 2005 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 2002 Annual Meeting of Stockholders.

|                      |                  |            |  |            |  |          |  |             |  |           |  |         |  |  |  |        |  |  |  |   | 
|--------------------- | ---------------- | ---------- |  | ---------- |  | -------- |  | ----------- |  | --------- |  | ------- |  |  |  | ------ |  |  |  | - | 
|Matters               |                  |            |  |            |  |          |  |             |  |           |  |         |  |  |  |        |  |  |  |  
|Submitted             |                  | Votes Cast |  | Votes Cast |  | Votes    |  |             |  |           |  | Broker 
|To a Vote             |                  | For        |  | Against    |  | Withheld |  | Abstentions |  | Non-Votes
|                      |                  |            |  |            |  |          |  |             |  |          
|Election of directors |                  |            |  |            |  |          |  |             |  |           |  |         |  |  |  |        |  |  |  |  
|                     
|                     
|                     
|                     
|                      | William E. Carty |            |  | 18,870,928 |  |          |  | 42,489      |  |           |  | 792,384 |  |  |  | 3,262  |  |  |  |  | 
|                     
|                     
|                     
|                     
|                      | Charles J. Bayer |            |  | 18,870,291 |  |          |  | 41,358      |  |           |  | 791,412 |  |  |  | 6,003  |  |  |  |  | 
|                     
|                     
|                     
|                     
|                      | M. Frank Lyons   |            |  | 18,862,109 |  |          |  | 42,114      |  |           |  | 788,438 |  |  |  | 16,402 |  |  |  |  | 

43



---



##### Table of Contents






ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

|            |  |                                                                                                                                            
|----------- |  | -------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                                
|            |  |                                                                                                                                            
|3.1         |  | Restated Articles of Incorporation (1)                                                                                                     
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|3.2         |  | Restated By-Laws of AMERCO as of August 27, 1997 (2)
Certificate of Edward J. Shoen, President of AMERCO pursuant                          
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.10A      |  | Addendum to Promissory Note between SAC Holding Corporation and a
subsidiary of AMERCO                                                     
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.11A      |  | Amendment and Addendum to Promissory Note between Four SAC
Self-Storage Corporation and Nationwide Commercial Co.                          
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.35       |  | Management Agreement between Eighteen Self-Storage Corporation and
U-Haul                                                                  
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.36       |  | Management Agreement between Nineteen SAC Self-Storage Limited
Partnership and U-Haul                                                      
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.37       |  | Management Agreement between Twenty SAC Self-Storage Corporation
and U-Haul                                                                
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.38       |  | Management Agreement between Twenty-One SAC Self-Storage Corporation
and U-Haul                                                            
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.39       |  | Management Agreement between Twenty-Two SAC Self-Storage Corporation
and U-Haul                                                            
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.40       |  | Management Agreement between Twenty-Three SAC Self-Storage Corporation
and U-Haul                                                          
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.41       |  | Management Agreement between Twenty-Four SAC Self Storage Limited
Partnership and U-Haul                                                   
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.42       |  | Management Agreement between Twenty-Five SAC Self-Storage Limited
Partnership and U-Haul                                                   
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.43       |  | Management Agreement between Twenty-Six SAC Self-Storage Limited
Partnership and U-Haul                                                    
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.44       |  | Management Agreement between Twenty-Seven SAC Self-Storage Limited
Partnership and U-Haul                                                  
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.45       |  | 3-Year Credit Agreement with certain lenders named therein                                                                                 
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.46       |  | Promissory Note between Four SAC Self-Storage Corporation and U-Haul
International, Inc.                                                   
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.46A      |  | Amendment and Addendum to Promissory Note between Four SAC Self-Storage
Corporation and U-Haul International, Inc.                         
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.47       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                              
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.48       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                              
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.48A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and Nationwide Commercial Co.                                    
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.49       |  | Promissory Note between Five SAC Self-Storage Corporation and
Nationwide Commercial Co.                                                    
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.50       |  | Promissory Note between Five SAC Self-Storage Corporation and
Nationwide Commercial Co.                                                    
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.50A      |  | Amendment and Addendum to Promissory Note between Five SAC Self- Storage
Corporation and Nationwide Commercial Co.                         
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.51       |  | Promissory Note between Five SAC Self-Storage Corporation and U-Haul
International, Inc.                                                   
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.52       |  | Promissory Note between SAC Holding Corporation and Oxford Life
Insurance Company                                                          
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.53       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Company                                                          
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.53A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and Nationwide Commercial Co.                                    
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.54       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                             
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.54A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and U-Haul International, Inc.                                   
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.55       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                             
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.55A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and U-Haul International, Inc.                                   
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.56       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                             
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.56A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and U-Haul International, Inc.                                   
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.57       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                              
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.57A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and Nationwide Commercial Co.                                    
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.58       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                              
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.58A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and Nationwide Commercial Co.                                    
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.59       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                              
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.60       |  | Junior Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                       
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.61       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                             
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.62       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                             
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|10.63       |  | Promissory Note between SAC Financial Corporation and U-Haul
International, Inc.                                                           
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|99.1        |  | Certificate of Edward J. Shoen, President of AMERCO pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002                              
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|99.2        |  | Certificate of Gary B. Horton, Treasurer of AMERCO pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002                               
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|99.3        |  | Certificate of Edward J. Shoen, President of U-Haul
International, Inc. pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002          
|           
|           
|           
|           
|            |  |                                                                                                                                            
|           
|           
|           
|           
|99.4        |  | Certificate of Gary B. Horton, Assistant Treasurer of U-HAUL,
International, Inc. pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002

(b) Reports on Form 8-K.

On September 27, 2002 and September 30, 2002, the Company filed reports
on Form 8-K relating to the proposed offering of its Senior Notes due 2009.
On October 16, 2002 and October 18, 2002, the Company filed reports on Form
8-K to disclose the Companys retention of a financial advisor to assist it
in restructuring certain of its debt.



---

|(1) |  | Incorporated by reference to AMERCOs Quarterly Report on Form 10-Q for
the quarter ended December 31, 2002, file no. 1-11255.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------
|   
|   
|   
|   
|(2) |  | Incorporated by reference to AMERCOs Quarterly Report on Form 10-Q for
the quarter ended December 31, 1997, file no. 1-11255.

44



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##### Table of Contents



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|                         |  |                              
|------------------------ |  | -----------------------------
|                         |  | AMERCO                       
|                        
|                        
|                        
|                        
|                         |  |                              
|                        
|                        
|                        
|                        
|                         |  | (Registrant)                 
|                        
|                        
|                        
|                        
|                         |  |                              
|                        
|                        
|                        
|                        
|Dated: November 18, 2002 |  | By: /S/ GARY B. HORTON       
|                        
|                        
|                        
|                        
|                         |  |                              
|                        
|                        
|                        
|                        
|                         |  | Gary B. Horton, Treasurer    
|                        
|                        
|                        
|                        
|                         |  | (Principal Financial Officer)

45



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##### Table of Contents



Certification of CFO Pursuant to
Securities Exchange Acts Rules 13a-14 and 15d-14
As Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002

CERTIFICATION OF THE TREASURER OF AMERCO

I, Gary B. Horton, certify that:

1.     I have reviewed this quarterly report on Form 10-Q of AMERCO;

2.     Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.     Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.     The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) Designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) Evaluated the effectiveness of the registrants disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and

c) Presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.     The registrants other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent function):

a) All significant deficiencies in the design or operation of internal controls
which could adversely affect the registrants ability to record, process,
summarize and report financial data and have identified for the registrants
auditors any material weaknesses in internal controls; and

b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal controls;
and

6.     The registrants other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

|                        |  |                    
|----------------------- |  | -------------------
|Date: November 18, 2002 |  |                    
|                       
|                       
|                       
|                       
|                        |  | /s/ Gary B. Horton 
|                       
|                       
|                       
|                       
|                        |  |                    
|                       
|                       
|                       
|                       
|                        |  | Gary B. Horton     
|                       
|                       
|                       
|                       
|                        |  | Treasurer of AMERCO

46



---



##### Table of Contents



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|                         |  |                                    
|------------------------ |  | -----------------------------------
|                         |  | U-Haul International, Inc.         
|                        
|                        
|                        
|                        
|                         |  |                                    
|                        
|                        
|                        
|                        
|                         |  | (Registrant)                       
|                        
|                        
|                        
|                        
|                         |  |                                    
|                        
|                        
|                        
|                        
|Dated: November 18, 2002 |  | By: /S/ GARY B. HORTON             
|                        
|                        
|                        
|                        
|                         |  |                                    
|                        
|                        
|                        
|                        
|                         |  | Gary B. Horton, Assistant
Treasurer
|                        
|                        
|                        
|                        
|                         |  | (Principal Financial Officer)      

47



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##### Table of Contents



Certification of CFO Pursuant to
Securities Exchange Acts Rules 13a-14 and 15d-14
As Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002

CERTIFICATION OF THE ASSISTANT TREASURER OF U-HAUL INTERNATIONAL, INC.

I, Gary B. Horton, certify that:

1.     I have reviewed this quarterly report on Form 10-Q of U-Haul International,
Inc.;

2.     Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.     Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.     The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) Designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) Evaluated the effectiveness of the registrants disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and

c) Presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.     The registrants other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent function):

a) All significant deficiencies in the design or operation of internal controls
which could adversely affect the registrants ability to record, process,
summarize and report financial data and have identified for the registrants
auditors any material weaknesses in internal controls; and

b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal controls;
and

6.     The registrants other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

|                        |  |                                                  
|----------------------- |  | -------------------------------------------------
|Date: November 18, 2002 |  |                                                  
|                       
|                       
|                       
|                       
|                        |  | /s/ Gary B. Horton                               
|                       
|                       
|                       
|                       
|                        |  | Gary B. Horton                                   
|                       
|                       
|                       
|                       
|                        |  | Assistant Treasurer of U-Haul International, Inc.

48



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##### Table of Contents



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|                         |  |                                    
|------------------------ |  | -----------------------------------
|                         |  | AMERCO                             
|                        
|                        
|                        
|                        
|                         |  |                                    
|                        
|                        
|                        
|                        
|                         |  | (Registrant)                       
|                        
|                        
|                        
|                        
|                         |  |                                    
|                        
|                        
|                        
|                        
|Dated: November 18, 2002 |  | /s/ Edward J. Shoen                
|                        
|                        
|                        
|                        
|                         |  |                                    
|                        
|                        
|                        
|                        
|                         |  | Edward J. Shoen                    
|                        
|                        
|                        
|                        
|                         |  | Chairman of the Board and President
|                        
|                        
|                        
|                        
|                         |  |                                    

49



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##### Table of Contents



Certification of CEO Pursuant to
Securities Exchange Acts Rules 13a-14 and 15d-14
As Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002

CERTIFICATIONS

CERTIFICATION OF THE PRESIDENT OF AMERCO

I, Edward J. Shoen, certify that:

1.     I have reviewed this quarterly report on Form 10-Q of AMERCO;

2.     Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.     Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.     The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) Designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) Evaluated the effectiveness of the registrants disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and

c) Presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.     The registrants other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent function):

a) All significant deficiencies in the design or operation of internal controls
which could adversely affect the registrants ability to record, process,
summarize and report financial data and have identified for the registrants
auditors any material weaknesses in internal controls; and

b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal controls;
and

6.     The registrants other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

|                        |  |                    
|----------------------- |  | -------------------
|Date: November 18, 2002 |  |                    
|                       
|                       
|                       
|                       
|                        |  | /s/ Edward J. Shoen
|                        |  |                    
|                       
|                       
|                       
|                       
|                        |  | Edward J. Shoen    
|                       
|                       
|                       
|                       
|                        |  | President of AMERCO

50



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##### Table of Contents



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|                         |  |                                    
|------------------------ |  | -----------------------------------
|                         |  | U-Haul International, Inc          
|                        
|                        
|                        
|                        
|                         |  |                                    
|                        
|                        
|                        
|                        
|                         |  | (Registrant)                       
|                        
|                        
|                        
|                        
|                         |  |                                    
|                        
|                        
|                        
|                        
|Dated: November 18, 2002 |  |                                    
|                        
|                        
|                        
|                        
|                         |  | /s/ Edward J. Shoen                
|                        
|                        
|                        
|                        
|                         |  |                                    
|                         |  | Edward J. Shoen                    
|                        
|                        
|                        
|                        
|                         |  | Chairman of the Board and President
|                        
|                        
|                        
|                        
|                         |  |                                    

51



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##### Table of Contents



Certification of CEO Pursuant to
Securities Exchange Acts Rules 13a-14 and 15d-14
As Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002

CERTIFICATION OF THE PRESIDENT OF U-HAUL INTERNATIONAL, INC.

I, Edward J. Shoen, certify that:

1.     I have reviewed this quarterly report on Form 10-Q of U-Haul International,
Inc.;

2.     Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.     Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.     The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) Designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) Evaluated the effectiveness of the registrants disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and

c) Presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.     The registrants other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent function):

a) All significant deficiencies in the design or operation of internal controls
which could adversely affect the registrants ability to record, process,
summarize and report financial data and have identified for the registrants
auditors any material weaknesses in internal controls; and

b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal controls;
and

6.     The registrants other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

|                        |  |                                        
|----------------------- |  | ---------------------------------------
|Date: November 18, 2002 |  |                                        
|                       
|                       
|                       
|                       
|                        |  |                                        
|                       
|                       
|                       
|                       
|                        |  | /s/ Edward J. Shoen                    
|                       
|                       
|                       
|                       
|                        |  | Edward J. Shoen                        
|                       
|                       
|                       
|                       
|                        |  | President of U-Haul International, Inc.

52



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##### Table of Contents



INDEX OF EXHIBITS

|            |  |                                                                                                                                          
|----------- |  | -----------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                              
|            |  |                                                                                                                                          
|3.1         |  | Restated Articles of Incorporation (1)                                                                                                   
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|3.2         |  | Restated By-Laws of AMERCO as of August 27, 1997 (2)                                                                                     
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.10A      |  | Addendum to Promissory Note between SAC Holding Corporation and a
subsidiary of AMERCO                                                   
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.11A      |  | Amendment and Addendum to Promissory Note between Four SAC
Self-Storage Corporation and Nationwide Commercial Co.                        
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.35       |  | Management Agreement between Eighteen Self-Storage Corporation and
U-Haul                                                                
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.36       |  | Management Agreement between Nineteen SAC Self-Storage Limited
Partnership and U-Haul                                                    
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.37       |  | Management Agreement between Twenty SAC Self-Storage Corporation
and U-Haul                                                              
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.38       |  | Management Agreement between Twenty-One SAC Self-Storage Corporation
and U-Haul                                                          
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.39       |  | Management Agreement between Twenty-Two SAC Self-Storage Corporation
and U-Haul                                                          
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.40       |  | Management Agreement between Twenty-Three SAC Self-Storage Corporation
and U-Haul                                                        
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.41       |  | Management Agreement between Twenty-Four SAC Self Storage Limited
Partnership and U-Haul                                                 
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.42       |  | Management Agreement between Twenty-Five SAC Self-Storage Limited
Partnership and U-Haul                                                 
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.43       |  | Management Agreement between Twenty-Six SAC Self-Storage Limited
Partnership and U-Haul                                                  
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.44       |  | Management Agreement between Twenty-Seven SAC Self-Storage Limited
Partnership and U-Haul                                                
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.45       |  | 3-Year Credit Agreement with certain lenders named therein                                                                               
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.46       |  | Promissory Note between Four SAC Self-Storage Corporation and U-Haul
International, Inc.                                                 
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.46A      |  | Amendment and Addendum to Promissory Note between Four SAC Self-Storage
Corporation and U-Haul International, Inc.                       
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.47       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                            
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.48       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                            
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.48A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and Nationwide Commercial Co.                                  
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.49       |  | Promissory Note between Five SAC Self-Storage Corporation and
Nationwide Commercial Co.                                                  
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.50       |  | Promissory Note between Five SAC Self-Storage Corporation and
Nationwide Commercial Co.                                                  
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.50A      |  | Amendment and Addendum to Promissory Note between Five SAC Self-Storage
Corporation and Nationwide Commercial Co.                        
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.51       |  | Promissory Note between Five SAC Self-Storage Corporation and U-Haul
International, Inc.                                                 
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.52       |  | Promissory Note between SAC Holding Corporation and Oxford Life
Insurance Company                                                        
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.53       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Company                                                        
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.53A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and Nationwide Commercial Co.                                  
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.54       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                           
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.54A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and U-Haul International, Inc.                                 
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.55       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                           
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.55A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and U-Haul International, Inc.                                 
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.56       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                           
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.56A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and U-Haul International, Inc.                                 
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.57       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                            
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.57A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and Nationwide Commercial Co.                                  
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.58       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                            
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.58A      |  | Amendment and Addendum to Promissory Note between SAC Holding
Corporation and Nationwide Commercial Co.                                  
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.59       |  | Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                            
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.60       |  | Junior Promissory Note between SAC Holding Corporation and Nationwide
Commercial Co.                                                     
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.61       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                           
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.62       |  | Promissory Note between SAC Holding Corporation and U-Haul
International, Inc.                                                           
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|10.63       |  | Promissory Note between SAC Financial Corporation and U-Haul
International, Inc.                                                         
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|99.1        |  | Certificate of Edward J. Shoen, President of AMERCO pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002                            
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|99.2        |  | Certificate of Gary B. Horton, Treasurer of AMERCO pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002                             
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|99.3        |  | Certificate of Edward J. Shoen, President of U-Haul
International, Inc. pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002        
|           
|           
|           
|           
|            |  |                                                                                                                                          
|           
|           
|           
|           
|99.4        |  | Certificate of Gary B. Horton, Assitant Treasurer of U-Haul
International, Inc. pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002



---

|   
|---
|   
|   
|   
|(1)
|   
|   
|   
|   
|(2)

53