----

**UNITED        STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,        D.C. 20549**

**Form        10-Q**

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

**For        the quarterly period ended June 30, 2005**

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

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

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

** **

----

**TABLE        OF CONTENTS**

|                     |                                                                                                                                                                     | Page                  No.               |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|
|                     | **PART                  I FINANCIAL INFORMATION**                                                                                                                        |                                    |
| Item                  1. | Financial                  Statements                                                                                                                                    |                                    |
|                     | a)Condensed                  Consolidated Balance Sheets as of June 30, 2005 (unaudited) and                  March 31,                  2005                            | 1                  -                  2 |
|                     | b)Condensed                  Consolidated Statements of Operations for the Quarters ended June                  30, 2005                  and 2004 (unaudited)           | 3                                       |
|                     | c)Condensed                  Consolidated Statements of Comprehensive Income for the Quarters                  ended                  June 30, 2005 and 2004 (unaudited) | 4                                       |
|                     | d)Condensed                  Consolidated Statements of Cash Flows for the Quarters ended June                  30, 2005                  and 2004 (unaudited)           | 5                  -                  6 |
|                     | e)Notes                  to Condensed Consolidated Financial Statements                                                                                                  | 7                                       |
| Item                  2. | Management’s                  Discussion and Analysis of Financial Condition and Results of                  Operations                                       | 29                                      |
| Item                  3. | Quantitative                  and Qualitative Disclosures About Market Risk                                                                                              | 43                                      |
| Item                  4. | Controls                  and Procedures                                                                                                                                 | 43                                      |
|                     |                                                                                                                                                                     |                                    |
|                     | **PART                  II OTHER INFORMATION**                                                                                                                           |                                    |
| Item                  1. | Legal                  Proceedings                                                                                                                                  | 45                                      |
| Item                  2. | Unregistered                  Sales of Equity Securities and Use of Proceeds                                                                                             | 45                                      |
| Item                  3. | Defaults                  Upon Senior Securities                                                                                                                         | 45                                      |
| Item                  4. | Submission                  of Matters to a Vote of Security Holders                                                                                                     | 45                                      |
| Item                  5. | Other                  Information                                                                                                                                       | 45                                      |
| Item                  6. | Exhibits                                                                                                                                                                 | 45                                      |

----

**PART        I FINANCIAL INFORMATION**

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

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED BALANCE SHEETS**

|                                                                        |   | **June                  30,**   |       | **March                  31,** |   |
|-----------------------------------------------------------------------------|--------|---------------------------------|------------|--------------------------------|--------|
|                                                                        |   | **2005**                        |       | **2005**                       |   |
|                                                                        |   | (Unaudited)                     |       |                           |   |
|                                                                        |   | (In                  thousands) |       |
| **ASSETS**                                                                  |   |                            |       |                           |   |
| Cash                  and cash equivalents                                  |   | $                               | 229,498    |                           | $      | 55,955 |   |
| Trade                  receivables, net                                     |   |                            | 236,287    |                           |   | 236,817 |   |
| Notes                  and mortgage receivables, net                        |   |                            | 2,495      |                           |   | 1,965 |   |
| Inventories,                  net                                           |   |                            | 65,904     |                           |   | 63,658 |   |
| Prepaid                  expenses                                           |   |                            | 20,690     |                           |   | 19,874 |   |
| Investments,                  fixed maturities                              |   |                            | 643,638    |                           |   | 635,178 |   |
| Investments,                  other                                         |   |                            | 302,736    |                           |   | 345,207 |   |
| Deferred                  policy acquisition costs, net                     |   |                            | 52,704     |                           |   | 52,543 |   |
| Other                  assets                                               |   |                            | 117,162    |                           |   | 85,291 |   |
| Related                  party assets                                       |   |                            | 266,452    |                           |   | 252,666 |   |
|                                                                        |   |                            | 1,937,566  |                           |   | 1,749,154 |   |
| Property,                  plant and equipment, at cost:                    |   |                            |       |                           |   |   |   |
| Land                                                                        |   |                            | 152,129    |                           |   | 151,145 |   |
| Buildings                  and improvements                                 |   |                            | 686,744    |                           |   | 686,225 |   |
| Furniture                  and equipment                                    |   |                            | 267,809    |                           |   | 265,216 |   |
| Rental                  trailers and other rental equipment                 |   |                            | 202,385    |                           |   | 199,461 |   |
| Rental                  trucks                                              |   |                            | 1,270,440  |                           |   | 1,252,018 |   |
| SAC                  Holding II Corporation - property, plant and equipment |   |                            | 77,700     |                           |   | 77,594 |   |
|                                                                        |   |                            | 2,657,207  |                           |   | 2,631,659 |   |
| Less:                  Accumulated depreciation                             |   |                            | (1,276,685 | )                              |   | (1,277,191 | ) |
| Total                  property, plant and equipment                        |   |                            | 1,380,522  |                           |   | 1,354,468 |   |
| Total                  assets                                               |   | $                               | 3,318,088  |                           | $      | 3,103,622 |   |
|                                                                        |   |                            |       |                           |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED BALANCE SHEETS (CONTINUED)**

|                                                                                                                                                                                                                                                                            |   | **June                  30,**                                       |      | **March                  31,** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|-----------|--------------------------------|--------|
|                                                                                                                                                                                                                                                                            |   | **2005**                                                            |      | **2005**                       |   |
|                                                                                                                                                                                                                                                                            |   | (Unaudited)                                                         |      |                           |   |
|                                                                                                                                                                                                                                                                            |   | (In                  thousands, except share and per share amounts) |      |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                                                                                                                                                                                                                       |   |                                                                |      |                           |   |
| Liabilities:                                                                                                                                                                                                                                                                    |   |                                                                |      |                           |   |
| Accounts                  payable and accrued expenses                                                                                                                                                                                                                          |   | $                                                                   | 232,489   |                           | $      | 206,763 |   |
| AMERCO's                  notes and loans payable                                                                                                                                                                                                                               |   |                                                                | 953,922   |                           |   | 780,008 |   |
| SAC                  Holding II Corporation notes and loans payable, non-recourse to                  AMERCO                                                                                                                                                                    |   |                                                                | 77,185    |                           |   | 77,474 |   |
| Policy                  benefits and losses, claims and loss expenses payable                                                                                                                                                                                                   |   |                                                                | 808,249   |                           |   | 805,121 |   |
| Liabilities                  from investment contracts                                                                                                                                                                                                                          |   |                                                                | 491,473   |                           |   | 503,838 |   |
| Other                  policyholders' funds and liabilities                                                                                                                                                                                                                     |   |                                                                | 15,873    |                           |   | 29,642 |   |
| Deferred                  income                                                                                                                                                                                                                                                |   |                                                                | 42,464    |                           |   | 38,743 |   |
| Deferred                  income taxes                                                                                                                                                                                                                                          |   |                                                                | 88,483    |                           |   | 78,124 |   |
| Related                  party liabilities                                                                                                                                                                                                                                      |   |                                                                | 10,771    |                           |   | 11,070 |   |
| Total                  liabilities                                                                                                                                                                                                                                              |   |                                                                | 2,720,909 |                           |   | 2,530,783 |   |
|                                                                                                                                                                                                                                                                            |   |                                                                |      |                           |   |   |   |
| Commitments                  and contingencies (notes 3, 6 and 7)                                                                                                                                                                                                               |   |                                                                |      |                           |   |   |   |
|                                                                                                                                                                                                                                                                            |   |                                                                |      |                           |   |   |   |
|                                                                                                                                                                                                                                                                            |   |                                                                |      |                           |   |   |   |
| Stockholders'                  equity:                                                                                                                                                                                                                                          |   |                                                                |      |                           |   |   |   |
| Series                  preferred stock, with or without par value, 50,000,000 shares                  authorized:                                                                                                                                                              |   |                                                                |      |                           |   |   |   |
| Series                  A preferred stock, with no par value, 6,100,000 shares                  authorized;     6,100,000                  shares issued and outstanding as of June 30, 2005 and March                  31,                  2005 |   |                                                                | -         |                           |   | - |   |
| Series                  B preferred stock, with no par value, 100,000 shares authorized;                  none issued                  and outstanding as of     June                  30                  and March 31, 2005                          |   |                                                                | -         |                           |   | - |   |
| Series                  common stock, with or without par value, 150,000,000 shares                  authorized:                                                                                                                                                                |   |                                                                |      |                           |   |   |   |
| Series                  A common stock of $0.25 par value, 10,000,000 shares                  authorized; 3,716,181                  shares issued as of         June                  30, 2005 and March 31, 2005                 |   |                                                                | 929       |                           |   | 929 |   |
| Common                  stock of $0.25 par value, 150,000,000 shares authorized; 38,269,518                  issued as of June 30, 2005 and March 31, 2005                                                                                                                 |   |                                                                | 9,568     |                           |   | 9,568 |   |
| Additional                  paid-in-capital                                                                                                                                                                                                                                     |   |                                                                | 350,344   |                           |   | 350,344 |   |
| Accumulated                  other comprehensive loss                                                                                                                                                                                                                           |   |                                                                | (38,580   | )                              |   | (30,661 | ) |
| Retained                  earnings                                                                                                                                                                                                                                              |   |                                                                | 703,463   |                           |   | 671,642 |   |
| Cost                  of common shares in treasury, net (20,701,096 shares as of June                  30, 2005 and March 31, 2005)                                                                                                                                        |   |                                                                | (418,092  | )                              |   | (418,092 | ) |
| Unearned                  employee stock ownership plan shares                                                                                                                                                                                                                  |   |                                                                | (10,453   | )                              |   | (10,891 | ) |
| Total                  stockholders' equity                                                                                                                                                                                                                                     |   |                                                                | 597,179   |                           |   | 572,839 |   |
| Total                  liabilities and stockholders' equity                                                                                                                                                                                                                     |   | $                                                                   | 3,318,088 |                           | $      | 3,103,622 |   |
|                                                                                                                                                                                                                                                                            |   |                                                                |      |                           |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                     |   |                                                                |   | **Quarter                  Ended June 30,** |   |
|--------------------------------------------------------------------------|--------|---------------------------------------------------------------------|--------|---------------------------------------------|--------|
|                                                                     |   |                                                                |   | **2005**                                    |   | **2004** |   |
|                                                                     |   |                                                                |   | (Unaudited)                                 |   |
|                                                                     |   | (In                  thousands, except share and per share amounts) |   |
| Revenues:                                                                |   |                                                                |   |                                        |   |   |   |
| Self-moving                  equipment rentals                           |   |                                                                |   |                                        | $      | 401,260 |   | $ | 389,742 |   |
| Self-storage                  revenues                                   |   |                                                                |   |                                        |   | 28,768 |   |   | 30,575 |   |
| Self-moving                  and self-storage products and service sales |   |                                                                |   |                                        |   | 66,563 |   |   | 61,364 |   |
| Property                  management fees                                |   |                                                                |   |                                        |   | 4,440 |   |   | 2,982 |   |
| Life                  insurance premiums                                 |   |                                                                |   |                                        |   | 29,589 |   |   | 33,259 |   |
| Property                  and casualty insurance premiums                |   |                                                                |   |                                        |   | 4,824 |   |   | 9,802 |   |
| Net                  investment and interest income                      |   |                                                                |   |                                        |   | 13,714 |   |   | 17,576 |   |
| Other                  revenue                                           |   |                                                                |   |                                        |   | 10,300 |   |   | 7,645 |   |
| Total                  revenues                                          |   |                                                                |   |                                        |   | 559,458 |   |   | 552,945 |   |
| Costs                  and expenses:                                     |   |                                                                |   |                                        |   |   |   |   |   |   |
| Operating                  expenses                                      |   |                                                                |   |                                        |   | 266,792 |   |   | 271,911 |   |
| Commission                  expenses                                     |   |                                                                |   |                                        |   | 48,018 |   |   | 46,913 |   |
| Cost                  of sales                                           |   |                                                                |   |                                        |   | 31,044 |   |   | 27,740 |   |
| Benefits                  and losses                                     |   |                                                                |   |                                        |   | 27,314 |   |   | 36,671 |   |
| Amortization                  of deferred policy acquisition costs       |   |                                                                |   |                                        |   | 6,198 |   |   | 9,958 |   |
| Lease                  expense                                           |   |                                                                |   |                                        |   | 33,295 |   |   | 40,535 |   |
| Depreciation,                  net                                       |   |                                                                |   |                                        |   | 34,237 |   |   | 28,029 |   |
| Total                  costs and expenses                                |   |                                                                |   |                                        |   | 446,898 |   |   | 461,757 |   |
|                                                                     |   |                                                                |   |                                        |   |   |   |   |   |   |
| Earnings                  from operations                                |   |                                                                |   |                                        |   | 112,560 |   |   | 91,188 |   |
| Interest                  expense                                        |   |                                                                |   |                                        |   | 19,636 |   |   | 19,004 |   |
| Fees                  on early extinguishment of debt                    |   |                                                                |   |                                        |   | 35,627 |   |   | - |   |
| Pretax                  earnings                                         |   |                                                                |   |                                        |   | 57,297 |   |   | 72,184 |   |
| Income                  tax expense                                      |   |                                                                |   |                                        |   | (22,235 | ) |   | (27,765 | ) |
| Net                  earnings                                            |   |                                                                |   |                                        |   | 35,062 |   |   | 44,419 |   |
| Less:                  Preferred stock dividends                         |   |                                                                |   |                                        |   | (3,241 | ) |   | (3,241 | ) |
| Earnings                  available to common shareholders               |   |                                                                |   |                                        | $      | 31,821 |   | $ | 41,178 |   |
| Basic                  and diluted earnings per common share             |   |                                                                |   |                                        | $      | 1.53 |   | $ | 1.98 |   |
| Weighted                  average common shares outstanding:             |   |                                                                |   |                                        |   |   |   |   |   |   |
| Basic                  and diluted                                       |   |                                                                |   |                                        |   | 20,836,458 |   |   | 20,788,074 |   |
|                                                                     |   |                                                                |   |                                        |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

|                                                           |   | **Quarter                  Ended June 30,** |   |
|----------------------------------------------------------------|--------|---------------------------------------------|--------|
|                                                           |   | **2005**                                    |   | **2004** |   |
|                                                           |   | (Unaudited)                                 |   |
|                                                           |   | (In                  thousands)             |   |
| Comprehensive                  income:                         |   |                                   |   |    |   |
| Net                  earnings                                  |   | $                                           | 35,062 |   | $ | 44,419 |   |
| Other                  comprehensive income(loss), net of tax: |   |                                        |   |   |   |   |   |
| Foreign                  currency translation                  |   |                                        | (1,970 | ) |   | (2,227 | ) |
| Fair                  market value of cash flow hedges         |   |                                        | (409   | ) |   | - |   |
| Unrealized                  gain (loss) on investments         |   |                                        | (5,540 | ) |   | 2,943 |   |
| Total                  comprehensive income                    |   | $                                           | 27,143 |   | $ | 45,135 |   |
|                                                           |   |                                        |   |   |   |   |   |
|                                                           |   |                                        |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF CASH FLOWS**

|                                                                                     |   | **Quarter                  Ended June 30,** |    |
|------------------------------------------------------------------------------------------|--------|---------------------------------------------|---------|
|                                                                                     |   | **2005**                                    |    | **2004** |   |
|                                                                                     |   | (Unaudited)                                 |    |
|                                                                                     |   | (In                  thousands)             |    |
| Cash                  flow from operating activities:                                    |   |                                        |    |   |   |
|   Net                  earnings                                                |   | $                                           | 35,062  |   | $ | 44,419 |   |
|   Depreciation                                                                 |   |                                        | 30,925  |   |   | 28,382 |   |
|   Amortization                  of deferred policy acquisition costs           |   |                                        | 6,677   |   |   | 10,428 |   |
|    Provision                  for losses on accounts receivable           |   |                                        | (601    | ) |   | - |   |
|    Net                  (gain) loss on sale of real and personal property |   |                                        | 3,312   |   |   | (353 | ) |
|    Net                  (gain) loss on sale of investments                |   |                                        | (1,453  | ) |   | (174 | ) |
|    Deferred                  income taxes                                 |   |                                        | 12,788  |   |   | 29,644 |   |
|    Net                  change in other operating assets and liabilities  |   |                                        |    |   |   |   |   |
| Trade                  receivables                                                       |   |                                        | (2,287  | ) |   | 19,412 |   |
| Inventories                                                                              |   |                                        | (2,246  | ) |   | (1,217 | ) |
| Prepaid                  expenses                                                        |   |                                        | (816    | ) |   | (8,703 | ) |
| Capitalization                  of deferred policy acquisition costs                     |   |                                        | (2,508  | ) |   | (3,603 | ) |
| Other                  assets                                                            |   |                                        | (29,461 | ) |   | (37,032 | ) |
| Related                  party assets                                                    |   |                                        | (13,813 | ) |   | (12,235 | ) |
| Accounts                  payable and accrued expenses                                   |   |                                        | 24,139  |   |   | 23,116 |   |
| Policy                  benefits and losses, claims and loss expenses payable            |   |                                        | 2,907   |   |   | (32,059 | ) |
| Other                  policyholder's funds and liabilities                              |   |                                        | (13,528 | ) |   | 1,167 |   |
| Deferred                  income                                                         |   |                                        | 3,721   |   |   | 1,332 |   |
| Related                  party liabilities                                               |   |                                        | (1,119  | ) |   | 72 |   |
|   Net                  cash provided by operating activities                   |   |                                        | 51,699  |   |   | 62,596 |   |
|                                                                                     |   |                                        |    |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)**

|                                                                            |   | **Quarter                  Ended June 30,** |      |
|---------------------------------------------------------------------------------|--------|---------------------------------------------|-----------|
|                                                                            |   | **2005**                                    |      | **2004** |   |
|                                                                            |   | (Unaudited)                                 |      |
|                                                                            |   | (In                  thousands)             |      |
|                                                                            |   |                                        |      |   |   |
| Cash                  flows from investing activities:                          |   |                                        |      |   |   |
| Purchases                  of:                                                  |   |                                        |      |   |   |   |   |
| Property,                  plant and equipment                                  |   | $                                           | (75,437   | ) | $ | (62,304 | ) |
| Short                  term investments                                         |   |                                        | (55,390   | ) |   | (58,348 | ) |
| Fixed                  maturities investments                                   |   |                                        | (84,217   | ) |   | (36,206 | ) |
| Mortgage                  loans                                                 |   |                                        | (1,250    | ) |   | - |   |
| Proceeds                  from sale of:                                         |   |                                        |      |   |   |   |   |
| Property,                  plant and equipment                                  |   |                                        | 15,145    |   |   | 184,219 |   |
| Short                  term investments                                         |   |                                        | 94,728    |   |   | 56,777 |   |
| Fixed                  maturities investments                                   |   |                                        | 60,793    |   |   | 39,093 |   |
| Equity                  securities                                              |   |                                        | 5,759     |   |   | 37 |   |
| Preferred                  stock                                                |   |                                        | 417       |   |   | 1,497 |   |
| Other                  asset investments, net                                   |   |                                        | 872       |   |   | 17,219 |   |
| Real                  estate                                                    |   |                                        | 693       |   |   | 1,880 |   |
| Mortgage                  loans                                                 |   |                                        | 3,034     |   |   | 1,169 |   |
| Notes                  and mortgage receivables                                 |   |                                        | 71        |   |   | 31 |   |
| Net                  cash provided (used) by investing activities               |   |                                        | (34,782   | ) |   | 145,064 |   |
| Cash                  flows from financing activities:                          |   |                                        |      |   |   |   |   |
| Borrowings                  from credit facilities                              |   |                                        | 1,034,188 |   |   | 14,280 |   |
| Principal                  repayments on credit facilities                      |   |                                        | (860,563  | ) |   | (115,417 | ) |
| Leveraged                  Employee Stock Ownership Plan - repayments from loan |   |                                        | 438       |   |   | 428 |   |
| Payoff                  of capital leases                                       |   |                                        | -         |   |   | (99,607 | ) |
| Preferred                  stock dividends paid                                 |   |                                        | (3,241    | ) |   | (6,482 | ) |
| Investment                  contract deposits                                   |   |                                        | 5,670     |   |   | 6,923 |   |
| Investment                  contract withdrawals                                |   |                                        | (17,896   | ) |   | (33,943 | ) |
| Net                  cash provided (used) by financing activities               |   |                                        | 158,596   |   |   | (233,818 | ) |
| Effect                  of exchange rate on cash                                |   |                                        | (1,970    | ) |   | (2,228 | ) |
| Increase                  (decrease) in cash equivalents                        |   |                                        | 173,543   |   |   | (28,386 | ) |
| Cash                  and cash equivalents at the beginning of period           |   |                                        | 55,955    |   |   | 81,557 |   |
| Cash                  and cash equivalents at the end of period                 |   | $                                           | 229,498   |   | $ | 53,171 |   |
|                                                                            |   |                                        |      |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**June        30, 2005, June 30, 2004 (Unaudited) and March 31, 2005**

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

***Description        of Legal Entities***

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

***Description        of Operating Segments***

**2.        Earnings per Share**

|                                                         |   | **Quarter                  ended June 30,** |       |
|--------------------------------------------------------------|--------|---------------------------------------------|------------|
|                                                         |   | **2005**                                    |       | **2004** |   |
|                                                         |   | (Unaudited)                                 |       |
| Basic                  and diluted earnings per common share |   | $                                           | 1.53       |   | $ | 1.98 |   |
| Weighted                  average common share outstanding:  |   |                                        |       |   |   |   |   |
| Basic                  and diluted                           |   |                                        | 20,836,458 |   |   | 20,788,074 |   |
|                                                         |   |                                        |       |   |   |   |   |

**3.**
**        Borrowings**

***Long-Term        Debt***

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

|                                                                               |   | **June                  30,**   |    | **March                  31,** |   |
|------------------------------------------------------------------------------------|--------|---------------------------------|---------|--------------------------------|--------|
|                                                                               |   | **2005**                        |    | **2005**                       |   |
|                                                                               |   | (Unaudited)                     |    |                           |   |
|                                                                               |   | (In                  thousands) |    |
| U-Haul                  Co. of Canada Mortgage Securities 5.75%, due 2015          |   | $                               | 8,922   |                           | $      | - |   |
| Senior                  mortgages, secured, 5.7%, due 2015                         |   |                            | 240,000 |                           |   | - |   |
| Senior                  mortgages, secured, 5.5%, due 2015                         |   |                            | 240,000 |                           |   | - |   |
| Real                  estate backed loans, due 2010                                |   |                            | 465,000 |                           |   | - |   |
| Revolving                  credit facility, senior secured first lien              |   |                            | -       |                           |   | 84,862 |   |
| Senior                  amortizing notes, secured, first lien, due 2009            |   |                            | -       |                           |   | 346,500 |   |
| Senior                  notes, secured second lien, 9.0% interest rate, due 2009   |   |                            | -       |                           |   | 200,000 |   |
| Senior                  subordinated notes, secured, 12.0% interest rate, due 2011 |   |                            | -       |                           |   | 148,646 |   |
| Total                  AMERCO notes and loans payable                              |   | $                               | 953,922 |                           | $      | 780,008 |   |
|                                                                               |   |                            |    |                           |   |   |   |

*Senior        Mortgages*

*Real        Estate Backed Loan*

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

*U-Haul        Company of Canada Mortgage Securities*

*W.P.        Carey Transactions*

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

*Annual        Maturities of AMERCO Notes and Loans Payable*

|                                    |   | **Year                  Ending June 30,** |   |
|-----------------------------------------|--------|-------------------------------------------|--------|
|                                    |   | **2006**                                  |   | **2007** |   | **2008** |   | **2009** |   | **2010** |   | **Thereafter** |   |
|                                    |   | (Unaudited)                               |   |
|                                    |   | (In                  thousands)           |   |
| Notes                  payable, secured |   | $                                         | 38,118 |   | $ | 39,316 |   | $ | 39,866 |   | $ | 40,450 |   | $ | 115,649 |   | $ | 680,523 |   |
|                                    |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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

|                                                                  |   | **June                  30,**   |   | **March                  31,** |   |
|-----------------------------------------------------------------------|--------|---------------------------------|--------|--------------------------------|--------|
|                                                                  |   | **2005**                        |   | **2005**                       |   |
|                                                                  |   | (Unaudited)                     |   |                           |   |
|                                                                  |   | (In                  thousands) |   |
| Notes                  payable, secured, 7.9% interest rate, due 2027 |   | $                               | 77,185 |                           | $      | 77,474 |   |
|                                                                  |   |                            |   |                           |   |   |   |

**4.        Interest on Borrowings**

|                                                                |   | **Quarter                  Ended June 30,** |   |
|---------------------------------------------------------------------|--------|---------------------------------------------|--------|
|                                                                |   | **2005**                                    |   | **2004** |   |
|                                                                |   | (unaudited)                                 |   |
|                                                                |   | (In                  thousands)             |   |
| Interest                  expense                                   |   | $                                           | 17,842 |   | $ | 16,609 |   |
| Capitalized                  interest                               |   |                                        | (44    | ) |   | (45 | ) |
| Amortization                  of transaction costs                  |   |                                        | 14,384 |   |   | 733 |   |
| Interest                  expense resulting from interest rate caps |   |                                        | 301    |   |   | 147 |   |
| Fees                  on early extinguishment of debt               |   |                                        | 21,243 |   |   | - |   |
| Total                  AMERCO interest expense                      |   |                                        | 53,726 |   |   | 17,444 |   |
| SAC                  Holding II interest expense                    |   |                                        | 3,130  |   |   | 3,263 |   |
| Less:                  Intercompany transactions                    |   |                                        | 1,593  |   |   | 1,703 |   |
| Total                  SAC Holding II interest expense              |   |                                        | 1,537  |   |   | 1,560 |   |
| Total                                                               |   | $                                           | 55,263 |   | $ | 19,004 |   |
|                                                                |   |                                        |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

**Interest        Rates**

|                                                                              |   | **Revolving                  Credit Activity**         |    |
|-----------------------------------------------------------------------------------|--------|--------------------------------------------------------|---------|
|                                                                              |   | **Quarter                  Ended June 30,**            |    |
|                                                                              |   | **2005**                                               |    | **2004** |   |
|                                                                              |   | (Unaudited)                                            |    |
|                                                                              |   | (In                  thousands, except interest rates) |    |
| Weighted                  average interest rate                                   |   |                                                   | 6.64    | % |   | 5.37 | % |
| Interest                  rate at the end of the quarter                          |   |                                                   | N/A     |   |   | 5.33 | % |
| Maximum                  amount outstanding                                       |   | $                                                      | 158,012 |   | $ | 164,575 |   |
| Average                  amount outstanding prior to the June 8, 2005 refinancing |   | $                                                      | 124,186 |   | $ | 115,728 |   |
|                                                                              |   |                                                   |    |   |   |   |   |

**5.        Comprehensive Income**

|                                                               |   | **June                  30,**   |    | **March                  31,** |   |
|--------------------------------------------------------------------|--------|---------------------------------|---------|--------------------------------|--------|
|                                                               |   | **2005**                        |    | **2005**                       |   |
|                                                               |   | (unaudited)                     |    |                           |   |
|                                                               |   | (In                  thousands) |    |
| Accumulated                  foreign currency translation          |   | $                               | (35,314 | )                              | $      | (33,344 | ) |
| Accumulated                  unrealized gain (loss) on investments |   |                            | (2,904  | )                              |   | 2,636 |   |
| Accumulated                  fair market value of cash flow hedge  |   |                            | (362    | )                              |   | 47 |   |
|                                                               |   | $                               | (38,580 | )                              | $      | (30,661 | ) |
|                                                               |   |                            |    |                           |   |   |   |

|                                                     |   | **Foreign****Currency****Translation** |    | **Unrealized****Gain(Loss)****on****Investments** |   | **Fair****Market****Value                  of****Cash                  Flow****Hedge** |   | **Accumulated****Other****Comprehensive****Income** |   |
|----------------------------------------------------------|--------|----------------------------------------|---------|---------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|
|                                                     |   | (Unaudited)                            |    |
|                                                     |   | (In                  thousands)        |    |
| **Balance                  at March 31, 2005**           |   | $                                      | (33,344 | )                                                 | $      | 2,636                                                                                  |   | $                                                   | 47     |   | $ | (30,661 | ) |
| Foreign                  currency translation - U-Haul   |   |                                   | (1,970  | )                                                 |   | -                                                                                      |   |                                                | -      |   |   | (1,970 | ) |
| Change                  in fair value of cash flow hedge |   |                                   | -       |                                              |   | -                                                                                      |   |                                                | (409   | ) |   | (409 | ) |
| Unrealized                  loss on investments          |   |                                   | -       |                                              |   | (5,540                                                                                 | )      |                                                | -      |   |   | (5,540 | ) |
| **Balance                  at June 30, 2005**            |   | $                                      | (35,314 | )                                                 | $      | (2,904                                                                                 | )      | $                                                   | (362   | ) | $ | (38,580 | ) |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

**6.        Contingent Liabilities and Commitments**

|                                  |   | **Property****Plant                  and****Equipment** |    | **Rental****Equipment**         |   | **Total** |   |
|---------------------------------------|--------|---------------------------------------------------------|---------|---------------------------------|--------|-----------|--------|
|                                  |   | (Unaudited)                                             |    |
|                                  |   |                                                    |    | (in                  thousands) |   |      |   |
| Year-ended                  June 30,: |   |                                                    |    |                            |   |      |   |
| 2006                                  |   | $                                                       | 12,154  |                            | $      | 78,331    |   | $ | 90,485 |   |
| 2007                                  |   |                                                    | 11,367  |                            |   | 89,551    |   |   | 100,918 |   |
| 2008                                  |   |                                                    | 11,235  |                            |   | 56,326    |   |   | 67,561 |   |
| 2009                                  |   |                                                    | 10,921  |                            |   | 40,771    |   |   | 51,692 |   |
| 2010                                  |   |                                                    | 10,515  |                            |   | 32,222    |   |   | 42,737 |   |
| Thereafter                            |   |                                                    | 45,544  |                            |   | 27,529    |   |   | 73,073 |   |
| Total                                 |   | $                                                       | 101,736 |                            | $      | 324,730   |   | $ | 426,466 |   |
|                                  |   |                                                    |    |                            |   |      |   |   |   |   |

**7.        Contingencies**

**Shoen**

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

**Securities        Litigation**

**Securities        and Exchange Commission**

**Environmental        **

**Other**

**8.        Related Party Transactions**

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

** **

** **

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - C**
**ontinued**

***Related        Party Receivables***

|                                                                     |   | **June                  30,**   |    | **March                  31,** |   |
|--------------------------------------------------------------------------|--------|---------------------------------|---------|--------------------------------|--------|
|                                                                     |   | **2005**                        |    | **2005**                       |   |
|                                                                     |   | (Unaudited)                     |    |                           |   |
|                                                                     |   | (In                  thousands) |    |
| PMSR                  Receivables and Interest                           |   | $                               | 79,878  |                           | $      | 70,887 |   |
| Oxford                  note receivable from SAC Holding Corporation     |   |                            | 5,040   |                           |   | 5,040 |   |
| U-Haul                  notes receivable from SAC Holding Corporation    |   |                            | 123,578 |                           |   | 123,578 |   |
| U-Haul                  interest receivable from SAC Holding Corporation |   |                            | 36,818  |                           |   | 35,960 |   |
| U-Haul                  receivable from SAC Holding Corporation          |   |                            | 1,852   |                           |   | 1,028 |   |
| SAC                  Holding II receivable from parent                   |   |                            | 2,202   |                           |   | 2,202 |   |
| U-Haul                  receivable from Mercury                          |   |                            | 5,805   |                           |   | 2,185 |   |
| Oxford                  and RepWest investment in Securespace            |   |                            | 11,279  |                           |   | 11,225 |   |
| Other                                                                    |   |                            | -       |                           |   | 561 |   |
|                                                                     |   | $                               | 266,452 |                           | $      | 252,666 |   |
|                                                                     |   |                            |    |                           |   |   |   |

***Related        Party Liabilities***

|                                                                  |   | **June                  30,**   |   | **March                  31,** |   |
|-----------------------------------------------------------------------|--------|---------------------------------|--------|--------------------------------|--------|
|                                                                  |   | **2005**                        |   | **2005**                       |   |
|                                                                  |   | (Unaudited)                     |   |                           |   |
|                                                                  |   | (In                  thousands) |   |
| SAC                  Holding II Corporation receivable from affiliate |   | $                               | 10,771 |                           | $      | 11,070 |   |
|                                                                  |   | $                               | 10,771 |                           | $      | 11,070 |   |
|                                                                  |   |                            |   |                           |   |   |   |

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

|   | (a) | Moving                  and Storage Operations, comprised of AMERCO, U-Haul, and Amerco                  Real                  Estate Company and each of their respective                  subsidiaries; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (d) | SAC                  Holding II |
|--------|-----|---------------------------------|

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.**
**Consolidating        balance sheets by industry segment as of June 30, 2005 are as        follows:**

|                                                                                                                                                             |   | Moving                  and Storage |      |   |   |                         |   | AMERCO                  Legal Group |      |   |   | AMERCO                  as Consolidated         |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|------------------------------|--------|-------------------------------------|-----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                                             |   | AMERCO                              |      | U-Haul |   | Real                  Estate |   | Eliminations                        |      |   |   | Moving                  and StorageConsolidated |   | Property                  and Casualty Insurance (a) |   | Life                  Insurance                  (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                  Holding II |   | Eliminations |   |   |   | Total                  Consolidated |   |
|                                                                                                                                                             |   | (Unaudited)                         |      |
|                                                                                                                                                             |   | (In                  thousands)     |      |
| Assets:                                                                                                                                                          |   |                                |      |
| Cash                  and cash                  equivalents                                                                                                      |   | $                                   | 3         |   | $      | 214,117                      |   | $                                   | 448       |   | $      | -                                               |   |   |   |   | $ | 214,568 |   | $ | 6,959 |   | $ | 7,184 |   | $ | - |   |   |   |   | $ | 228,711 |   | $ | 787 |   | $ | - |   |   |   |   | $ | 229,498 |   |
| Trade                  receivables,                  net                                                                                                         |   |                                | -         |   |   | 17,303                       |   |                                | 27        |   |   | -                                               |   |   |   |   |   | 17,330 |   |   | 205,398 |   |   | 13,559 |   |   | - |   |   |   |   |   | 236,287 |   |   | - |   |   | - |   |   |   |   |   | 236,287 |   |
| Notes                  and mortgage receivables,                  net                                                                                            |   |                                | -         |   |   | 1,568                        |   |                                | 927       |   |   | -                                               |   |   |   |   |   | 2,495 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,495 |   |   | - |   |   | - |   |   |   |   |   | 2,495 |   |
| Inventories,                  net                                                                                                                                |   |                                | -         |   |   | 64,490                       |   |                                | -         |   |   | -                                               |   |   |   |   |   | 64,490 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 64,490 |   |   | 1,414 |   |   | - |   |   |   |   |   | 65,904 |   |
| Prepaid                  expenses                                                                                                                                |   |                                | 2,059     |   |   | 18,563                       |   |                                | -         |   |   | -                                               |   |   |   |   |   | 20,622 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 20,622 |   |   | 68 |   |   | - |   |   |   |   |   | 20,690 |   |
| Investments,                  fixed                  maturities                                                                                                  |   |                                | -         |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | - |   |   | 85,697 |   |   | 557,941 |   |   | - |   |   |   |   |   | 643,638 |   |   | - |   |   | - |   |   |   |   |   | 643,638 |   |
| Investments,                  other                                                                                                                              |   |                                | -         |   |   | 64                           |   |                                | 8,056     |   |   | -                                               |   |   |   |   |   | 8,120 |   |   | 156,300 |   |   | 138,316 |   |   | - |   |   |   |   |   | 302,736 |   |   | - |   |   | - |   |   |   |   |   | 302,736 |   |
| Deferred                  policy acquisition                  costs, net                                                                                         |   |                                | -         |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | - |   |   | 1,249 |   |   | 51,455 |   |   | - |   |   |   |   |   | 52,704 |   |   | - |   |   | - |   |   |   |   |   | 52,704 |   |
| Other                  assets                                                                                                                                    |   |                                | 238       |   |   | 70,773                       |   |                                | 36,889    |   |   | -                                               |   |   |   |   |   | 107,900 |   |   | 3,481 |   |   | 1,135 |   |   | - |   |   |   |   |   | 112,516 |   |   | 4,646 |   |   | - |   |   |   |   |   | 117,162 |   |
| Related                  party                  assets                                                                                                           |   |                                | 480,719   |   |   | 461,694                      |   |                                | 736,178   |   |   | (1,328,487                                      | )      |   | (d | ) |   | 350,104 |   |   | 54,815 |   |   | 32,135 |   |   | (91,322 | ) |   | (d | ) |   | 345,732 |   |   | 2,202 |   |   | (81,482 | ) |   | (d | ) |   | 266,452 |   |
|                                                                                                                                                             |   |                                | 483,019   |   |   | 848,572                      |   |                                | 782,525   |   |   | (1,328,487                                      | )      |   |   |   |   | 785,629 |   |   | 513,899 |   |   | 801,725 |   |   | (91,322 | ) |   |   |   |   | 2,009,931 |   |   | 9,117 |   |   | (81,482 | ) |   |   |   |   | 1,937,566 |   |
|                                                                                                                                                             |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment                  in                  Subsidiaries                                                                                                     |   |                                | 1,293,854 |   |   | -                            |   |                                | -         |   |   | (1,026,096                                      | )      |   | (c | ) |   | 267,758 |   |   | - |   |   | - |   |   | (267,758 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                  in SAC Holding                  II                                                                                                   |   |                                | (14,099   | )      |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | (14,099 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (14,099 | ) |   | - |   |   | 14,099 |   |   | (c | ) |   | - |   |
| Total                  investment in subsidiaries                  and         SAC Holding                  II |   |                                | 1,279,755 |   |   | -                            |   |                                | -         |   |   | (1,026,096                                      | )      |   |   |   |   | 253,659 |   |   | - |   |   | - |   |   | (267,758 | ) |   |   |   |   | (14,099 | ) |   | - |   |   | 14,099 |   |   |   |   |   | - |   |
|                                                                                                                                                             |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment, at cost:                                                                                                         |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                             |   |                                | -         |   |   | 21,131                       |   |                                | 130,998   |   |   | -                                               |   |   |   |   |   | 152,129 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 152,129 |   |   | - |   |   | - |   |   |   |   |   | 152,129 |   |
| Buildings                  and                  improvements                                                                                                     |   |                                | -         |   |   | 85,583                       |   |                                | 601,161   |   |   | -                                               |   |   |   |   |   | 686,744 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 686,744 |   |   | - |   |   | - |   |   |   |   |   | 686,744 |   |
| Furniture                  and                  equipment                                                                                                        |   |                                | 292       |   |   | 249,793                      |   |                                | 17,724    |   |   | -                                               |   |   |   |   |   | 267,809 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 267,809 |   |   | - |   |   | - |   |   |   |   |   | 267,809 |   |
| Rental                  trailers and other rental                  equipment                                                                                     |   |                                | -         |   |   | 202,385                      |   |                                | -         |   |   | -                                               |   |   |   |   |   | 202,385 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 202,385 |   |   | - |   |   | - |   |   |   |   |   | 202,385 |   |
| Rental                  trucks                                                                                                                                   |   |                                | -         |   |   | 1,270,440                    |   |                                | -         |   |   | -                                               |   |   |   |   |   | 1,270,440 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,270,440 |   |   | - |   |   | - |   |   |   |   |   | 1,270,440 |   |
| SAC                  Holding II - property, plant                  and equipment (b)                                                                             |   |                                | -         |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 151,912 |   |   | (74,212 | ) |   | (e | ) |   | 77,700 |   |
|                                                                                                                                                             |   |                                | 292       |   |   | 1,829,332                    |   |                                | 749,883   |   |   | -                                               |   |   |   |   |   | 2,579,507 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,579,507 |   |   | 151,912 |   |   | (74,212 | ) |   |   |   |   | 2,657,207 |   |
| Less:                  Accumulated depreciation                                                                                                                  |   |                                | (263      | )      |   | (1,005,397                   | )      |                                | (272,114  | )      |   | -                                               |   |   |   |   |   | (1,277,774 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,277,774 | ) |   | (8,155 | ) |   | 9,244 |   |   | (e | ) |   | (1,276,685 | ) |
| Total                  property, plant and                  equipment                                                                                            |   |                                | 29        |   |   | 823,935                      |   |                                | 477,769   |   |   | -                                               |   |   |   |   |   | 1,301,733 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,301,733 |   |   | 143,757 |   |   | (64,968 | ) |   |   |   |   | 1,380,522 |   |
|                                                                                                                                                             |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  assets                                                                                                                                    |   | $                                   | 1,762,803 |   | $      | 1,672,507                    |   | $                                   | 1,260,294 |   | $      | (2,354,583                                      | )      |   |   |   | $ | 2,341,021 |   | $ | 513,899 |   | $ | 801,725 |   | $ | (359,080 | ) |   |   |   | $ | 3,297,565 |   | $ | 152,874 |   | $ | (132,351 | ) |   |   |   | $ | 3,318,088 |   |
|                                                                                                                                                             |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.**
**Consolidating        balance sheets by industry segment as of June 30, 2005 are as follows        (continued):**

|                                                                                                                                                                 |   | Moving                  and Storage |      |   |   |                         |   | AMERCO                  Legal Group |      |   |   | AMERCO                  as Consolidated         |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|------------------------------|--------|-------------------------------------|-----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                 |   | AMERCO                              |      | U-Haul |   | Real                  Estate |   | Eliminations                        |      |   |   | Moving                  and StorageConsolidated |   | Property                  and Casualty Insurance (a) |   | Life                  Insurance                  (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                  Holding II |   | Eliminations |   |   |   | Total                  Consolidated |   |
|                                                                                                                                                                 |   | (Unaudited)                         |      |
|                                                                                                                                                                 |   | (In                  thousands)     |      |
| Liabilities:                                                                                                                                                         |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                  payable and accrued                  expenses                                                                                              |   | $                                   | 18,708    |   | $      | 206,831                      |   | $                                   | 4,037     |   | $      | -                                               |   |   |   |   | $ | 229,576 |   | $ | - |   | $ | 1,503 |   | $ | - |   |   |   |   | $ | 231,079 |   | $ | 1,410 |   | $ | - |   |   |   |   | $ | 232,489 |   |
| AMERCO's                  notes and loans                  payable                                                                                                   |   |                                | -         |   |   | 49,557                       |   |                                | 904,365   |   |   | -                                               |   |   |   |   |   | 953,922 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 953,922 |   |   | - |   |   | - |   |   |   |   |   | 953,922 |   |
| SAC                  Holding II Corporation notes                  and loans, payable,                  non-recourse to                  AMERCO                      |   |                                | -         |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 77,185 |   |   | - |   |   |   |   |   | 77,185 |   |
| Policy                  benefits and losses,                  claims and loss         expenses                  payable |   |                                | -         |   |   | 267,727                      |   |                                | -         |   |   | -                                               |   |   |   |   |   | 267,727 |   |   | 379,652 |   |   | 160,870 |   |   | - |   |   |   |   |   | 808,249 |   |   | - |   |   | - |   |   |   |   |   | 808,249 |   |
| Liabilities                  from investment                  contracts                                                                                              |   |                                | -         |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 491,473 |   |   | - |   |   |   |   |   | 491,473 |   |   | - |   |   | - |   |   |   |   |   | 491,473 |   |
| Other                  policyholders' funds and                  liabilities                                                                                         |   |                                | -         |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | - |   |   | 5,192 |   |   | 10,681 |   |   | - |   |   |   |   |   | 15,873 |   |   | - |   |   | - |   |   |   |   |   | 15,873 |   |
| Deferred                  income                                                                                                                                     |   |                                | -         |   |   | 15,299                       |   |                                | 2         |   |   | -                                               |   |   |   |   |   | 15,301 |   |   | 12,143 |   |   | 14,279 |   |   | - |   |   |   |   |   | 41,723 |   |   | 741 |   |   | - |   |   |   |   |   | 42,464 |   |
| Deferred                  income                  taxes                                                                                                              |   |                                | 169,258   |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | 169,258 |   |   | (46,874 | ) |   | (2,142 | ) |   | - |   |   |   |   |   | 120,242 |   |   | (4,616 | ) |   | (27,143 | ) |   | (d | ) |   | 88,483 |   |
| Related                  party                  liabilities                                                                                                          |   |                                | 929,380   |   |   | 374,426                      |   |                                | 94,914    |   |   | (1,328,487                                      | )      |   | (c | ) |   | 70,233 |   |   | 8,812 |   |   | 12,277 |   |   | (91,322 | ) |   | (c | ) |   | - |   |   | 92,253 |   |   | (81,482 | ) |   | (c | ) |   | 10,771 |   |
| Total                  liabilities                                                                                                                                   |   |                                | 1,117,346 |   |   | 913,840                      |   |                                | 1,003,318 |   |   | (1,328,487                                      | )      |   |   |   |   | 1,706,017 |   |   | 358,925 |   |   | 688,941 |   |   | (91,322 | ) |   |   |   |   | 2,662,561 |   |   | 166,973 |   |   | (108,625 | ) |   |   |   |   | 2,720,909 |   |
|                                                                                                                                                                 |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | \ |   |
| Stockholders'                  equity:                                                                                                                               |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                  preferred                  stock:                                                                                                            |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                  A preferred stock                                                                                                                            |   |                                | -         |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                  B preferred stock                                                                                                                            |   |                                | -         |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                  A common                  stock                                                                                                              |   |                                | 929       |   |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   |   |   |   | 929 |   |
| Common                  stock                                                                                                                                        |   |                                | 9,568     |   |   | 540                          |   |                                | 1         |   |   | (541                                            | )      |   | (b | ) |   | 9,568 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 9,568 |   |   | - |   |   | - |   |   |   |   |   | 9,568 |   |
| Additional                  paid in-capital                                                                                                                          |   |                                | 396,415   |   |   | 121,230                      |   |                                | 147,481   |   |   | (268,711                                        | )      |   | (b | ) |   | 396,415 |   |   | 69,922 |   |   | 16,435 |   |   | (86,357 | ) |   | (b | ) |   | 396,415 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 350,344 |   |
| Accumulated                  other comprehensive income (loss)                                                                                                       |   |                                | (38,580   | )      |   | (35,314                      | )      |                                | -         |   |   | 35,314                                          |   |   | (b | ) |   | (38,580 | ) |   | 1,692 |   |   | (4,596 | ) |   | 2,904 |   |   | (b | ) |   | (38,580 | ) |   | - |   |   | - |   |   |   |   |   | (38,580 | ) |
| Retained                  earnings                                                                                                                                   |   |                                | 695,217   |   |   | 682,664                      |   |                                | 109,494   |   |   | (792,158                                        | )      |   | (b | ) |   | 695,217 |   |   | 80,060 |   |   | 98,445 |   |   | (178,505 | ) |   | (b | ) |   | 695,217 |   |   | (14,099 | ) |   | 22,345 |   |   | (b,d | ) |   | 703,463 |   |
| Cost                  of common shares in treasury, net                                                                                                              |   |                                | (418,092  | )      |   | -                            |   |                                | -         |   |   | -                                               |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                  employee stock ownership plan shares                                                                                                       |   |                                | -         |   |   | (10,453                      | )      |                                | -         |   |   | -                                               |   |   |   |   |   | (10,453 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (10,453 | ) |   | - |   |   | - |   |   |   |   |   | (10,453 | ) |
| Total                  stockholders' equity                                                                                                                          |   |                                | 645,457   |   |   | 758,667                      |   |                                | 256,976   |   |   | (1,026,096                                      | )      |   |   |   |   | 635,004 |   |   | 154,974 |   |   | 112,784 |   |   | (267,758 | ) |   |   |   |   | 635,004 |   |   | (14,099 | ) |   | (23,726 | ) |   |   |   |   | 597,179 |   |
|                                                                                                                                                                 |   |                                |      |   |   |          |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  liabilities and stockholders' equity                                                                                                          |   | $                                   | 1,762,803 |   | $      | 1,672,507                    |   | $                                   | 1,260,294 |   | $      | (2,354,583                                      | )      |   |   |   | $ | 2,341,021 |   | $ | 513,899 |   | $ | 801,725 |   | $ | (359,080 | ) |   |   |   | $ | 3,297,565 |   | $ | 152,874 |   | $ | (132,351 | ) |   |   |   | $ | 3,318,088 |   |
|                                                                                                                                                                 |   |                                |      |   |   |                         |   |                                |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.**
**Consolidating        balance sheets by industry segment as of March 31, 2005 are as        follows:**

|                                                                                 |   | Moving                  and Storage |      |   |   |                         |   | AMERCO                  Legal Group |     |   |   | AMERCO                  as Consolidated         |   |
|--------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|------------------------------|--------|-------------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                 |   | AMERCO                              |      | U-Haul |   | Real                  Estate |   | Eliminations                        |     |   |   | Moving                  and StorageConsolidated |   | Property                  and Casualty Insurance (a) |   | Life                  Insurance                  (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                  Holding II |   | Eliminations |   |   |   | Total                  Consolidated |   |
|                                                                                 |   |                                |      |
| Assets:                                                                              |   | (In                  thousands)     |      |
| Cash                  and cash                  equivalents                          |   | $                                   | 14        |   | $      | 37,626                       |   | $                                   | 4,327    |   | $      | -                                               |   |   |   |   | $ | 41,967 |   | $ | 10,638 |   | $ | 2,992 |   | $ | - |   |   |   |   | $ | 55,597 |   | $ | 358 |   | $ | - |   |   |   |   | $ | 55,955 |   |
| Trade                  receivables,                  net                             |   |                                | -         |   |   | 9,294                        |   |                                | 26       |   |   | -                                               |   |   |   |   |   | 9,320 |   |   | 211,821 |   |   | 15,676 |   |   | - |   |   |   |   |   | 236,817 |   |   | - |   |   | - |   |   |   |   |   | 236,817 |   |
| Notes                  and mortgage receivables,                  net                |   |                                | -         |   |   | 1,020                        |   |                                | 945      |   |   | -                                               |   |   |   |   |   | 1,965 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,965 |   |   | - |   |   | - |   |   |   |   |   | 1,965 |   |
| Inventories,                  net                                                    |   |                                | -         |   |   | 62,489                       |   |                                | -        |   |   | -                                               |   |   |   |   |   | 62,489 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 62,489 |   |   | 1,169 |   |   | - |   |   |   |   |   | 63,658 |   |
| Prepaid                  expenses                                                    |   |                                | 4,863     |   |   | 14,865                       |   |                                | -        |   |   | -                                               |   |   |   |   |   | 19,728 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 19,728 |   |   | 146 |   |   | - |   |   |   |   |   | 19,874 |   |
| Investments,                  fixed                  maturities                      |   |                                | -         |   |   | -                            |   |                                | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 100,028 |   |   | 535,150 |   |   | - |   |   |   |   |   | 635,178 |   |   | - |   |   | - |   |   |   |   |   | 635,178 |   |
| Investments,                  other                                                  |   |                                | -         |   |   | 936                          |   |                                | 8,056    |   |   | -                                               |   |   |   |   |   | 8,992 |   |   | 144,839 |   |   | 191,376 |   |   | - |   |   |   |   |   | 345,207 |   |   | - |   |   | - |   |   |   |   |   | 345,207 |   |
| Deferred                  policy acquisition                  costs, net             |   |                                | -         |   |   | -                            |   |                                | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 1,273 |   |   | 51,270 |   |   | - |   |   |   |   |   | 52,543 |   |   | - |   |   | - |   |   |   |   |   | 52,543 |   |
| Other                  assets                                                        |   |                                | 14,207    |   |   | 59,582                       |   |                                | 1,737    |   |   | -                                               |   |   |   |   |   | 75,526 |   |   | 3,915 |   |   | 1,611 |   |   | - |   |   |   |   |   | 81,052 |   |   | 4,239 |   |   | - |   |   |   |   |   | 85,291 |   |
| Related                  party                  assets                               |   |                                | 452,350   |   |   | 521,162                      |   |                                | 12,600   |   |   | (650,371                                        | )      |   | (d | ) |   | 335,741 |   |   | 56,479 |   |   | 32,216 |   |   | (92,042 | ) |   | (d | ) |   | 332,394 |   |   | 2,202 |   |   | (81,930 | ) |   | (d | ) |   | 252,666 |   |
|                                                                                 |   |                                | 471,434   |   |   | 706,974                      |   |                                | 27,691   |   |   | (650,371                                        | )      |   |   |   |   | 555,728 |   |   | 528,993 |   |   | 830,291 |   |   | (92,042 | ) |   |   |   |   | 1,822,970 |   |   | 8,114 |   |   | (81,930 | ) |   |   |   |   | 1,749,154 |   |
| Investment                  in subsidiaries                                          |   |                                | 1,236,082 |   |   | -                            |   |                                | -        |   |   | (966,249                                        | )      |   | (c | ) |   | 269,833 |   |   | - |   |   | - |   |   | (269,833 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                  in SAC Holding II                                        |   |                                | (14,659   | )      |   | -                            |   |                                | -        |   |   | -                                               |   |   |   |   |   | (14,659 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (14,659 | ) |   | - |   |   | 14,659 |   |   | (c | ) |   | - |   |
| Total                  investment in subsidiaries and SAC Holding II                 |   |                                | 1,221,423 |   |   | -                            |   |                                | -        |   |   | (966,249                                        | )      |   |   |   |   | 255,174 |   |   | - |   |   | - |   |   | (269,833 | ) |   |   |   |   | (14,659 | ) |   | - |   |   | 14,659 |   |   |   |   |   | - |   |
| Property,                  plant and equipment, at cost:                             |   |                                |      |   |   |                         |   |                                |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                 |   |                                | -         |   |   | 21,265                       |   |                                | 129,880  |   |   | -                                               |   |   |   |   |   | 151,145 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 151,145 |   |   | - |   |   | - |   |   |   |   |   | 151,145 |   |
| Buildings                  and                  improvements                         |   |                                | -         |   |   | 84,921                       |   |                                | 601,304  |   |   | -                                               |   |   |   |   |   | 686,225 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 686,225 |   |   | - |   |   | - |   |   |   |   |   | 686,225 |   |
| Furniture                  and                  equipment                            |   |                                | 292       |   |   | 247,219                      |   |                                | 17,705   |   |   | -                                               |   |   |   |   |   | 265,216 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 265,216 |   |   | - |   |   | - |   |   |   |   |   | 265,216 |   |
| Rental                  trailers and other rental                  equipment         |   |                                | -         |   |   | 199,461                      |   |                                | -        |   |   | -                                               |   |   |   |   |   | 199,461 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 199,461 |   |   | - |   |   | - |   |   |   |   |   | 199,461 |   |
| Rental                  trucks                                                       |   |                                | -         |   |   | 1,252,018                    |   |                                | -        |   |   | -                                               |   |   |   |   |   | 1,252,018 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,252,018 |   |   | - |   |   | - |   |   |   |   |   | 1,252,018 |   |
| SAC                  Holding II - property, plant                  and equipment (b) |   |                                | -         |   |   | -                            |   |                                | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 151,806 |   |   | (74,212 | ) |   | (e | ) |   | 77,594 |   |
|                                                                                 |   |                                | 292       |   |   | 1,804,884                    |   |                                | 748,889  |   |   | -                                               |   |   |   |   |   | 2,554,065 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,554,065 |   |   | 151,806 |   |   | (74,212 | ) |   |   |   |   | 2,631,659 |   |
| Less:                  Accumulated depreciation                                      |   |                                | (255      | )      |   | (1,008,523                   | )      |                                | (269,990 | )      |   | -                                               |   |   |   |   |   | (1,278,768 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,278,768 | ) |   | (7,527 | ) |   | 9,104 |   |   | (e | ) |   | (1,277,191 | ) |
| Total                  property, plant and                  equipment                |   |                                | 37        |   |   | 796,361                      |   |                                | 478,899  |   |   | -                                               |   |   |   |   |   | 1,275,297 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,275,297 |   |   | 144,279 |   |   | (65,108 | ) |   |   |   |   | 1,354,468 |   |
| Total                  assets                                                        |   | $                                   | 1,692,894 |   | $      | 1,503,335                    |   | $                                   | 506,590  |   | $      | (1,616,620                                      | )      |   |   |   | $ | 2,086,199 |   | $ | 528,993 |   | $ | 830,291 |   | $ | (361,875 | ) |   |   |   | $ | 3,083,608 |   | $ | 152,393 |   | $ | (132,379 | ) |   |   |   | $ | 3,103,622 |   |
|                                                                                 |   |                                |      |   |   |                         |   |                                |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9**
**.**
**Consolidating        balance sheets by industry segment as of March 31, 2005 are as follows        (continued):**

|                                                                                                                                            |   | Moving                  and Storage |      |   |   |                         |   | AMERCO                  Legal Group |    |   |   | AMERCO                  as Consolidated         |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|------------------------------|--------|-------------------------------------|---------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                            |   | AMERCO                              |      | U-Haul |   | Real                  Estate |   | Eliminations                        |    |   |   | Moving                  and StorageConsolidated |   | Property                  and Casualty Insurance (a) |   | Life                  Insurance                  (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                  Holding II |   | Eliminations |   |   |   | Total                  Consolidated |   |
|                                                                                                                                            |   |                                |      |
|                                                                                                                                            |   | (In                  thousands)     |      |
| Liabilities:                                                                                                                                    |   |                                |      |   |   |                         |   |                                |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                  payable and accrued                  expenses                                                                         |   | $                                   | 17,330    |   | $      | 185,371                      |   | $                                   | 2,736   |   | $      | -                                               |   |   |   |   | $ | 205,437 |   | $ | - |   | $ | 325 |   | $ | - |   |   |   |   | $ | 205,762 |   | $ | 1,001 |   | $ | - |   |   |   |   | $ | 206,763 |   |
| AMERCO's                  notes and loans                  payable                                                                              |   |                                | 780,008   |   |   | -                            |   |                                | -       |   |   | -                                               |   |   |   |   |   | 780,008 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 780,008 |   |   | - |   |   | - |   |   |   |   |   | 780,008 |   |
| SAC                  Holding II Corporation notes                  and loans, payable,                  non-recourse to                  AMERCO |   |                                | -         |   |   | -                            |   |                                | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 77,474 |   |   | - |   |   |   |   |   | 77,474 |   |
| Policy                  benefits and losses,                  claims                  and loss expenses                  payable                |   |                                | -         |   |   | 249,053                      |   |                                | -       |   |   | -                                               |   |   |   |   |   | 249,053 |   |   | 391,383 |   |   | 164,685 |   |   | - |   |   |   |   |   | 805,121 |   |   | - |   |   | - |   |   |   |   |   | 805,121 |   |
| Liabilities                  from investment                  contracts                                                                         |   |                                | -         |   |   | -                            |   |                                | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 503,838 |   |   | - |   |   |   |   |   | 503,838 |   |   | - |   |   | - |   |   |   |   |   | 503,838 |   |
| Other                  policyholders' funds and                  liabilities                                                                    |   |                                | -         |   |   | -                            |   |                                | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 8,669 |   |   | 20,973 |   |   | - |   |   |   |   |   | 29,642 |   |   | - |   |   | - |   |   |   |   |   | 29,642 |   |
| Deferred                  income                                                                                                                |   |                                | -         |   |   | 11,716                       |   |                                | 2       |   |   | -                                               |   |   |   |   |   | 11,718 |   |   | 12,143 |   |   | 14,279 |   |   | - |   |   |   |   |   | 38,140 |   |   | 603 |   |   | - |   |   |   |   |   | 38,743 |   |
| Deferred                  income                  taxes                                                                                         |   |                                | 158,415   |   |   | -                            |   |                                | -       |   |   | -                                               |   |   |   |   |   | 158,415 |   |   | (46,948 | ) |   | (1,121 | ) |   | - |   |   |   |   |   | 110,346 |   |   | (4,973 | ) |   | (27,249 | ) |   | (d | ) |   | 78,124 |   |
| Related                  party                  liabilities                                                                                     |   |                                | 115,499   |   |   | 355,997                      |   |                                | 249,692 |   |   | (650,371                                        | )      |   | (c | ) |   | 70,817 |   |   | 8,910 |   |   | 12,315 |   |   | (92,042 | ) |   | (c | ) |   | - |   |   | 92,947 |   |   | (81,877 | ) |   | (c | ) |   | 11,070 |   |
| Total                  liabilities                                                                                                              |   |                                | 1,071,252 |   |   | 802,137                      |   |                                | 252,430 |   |   | (650,371                                        | )      |   |   |   |   | 1,475,448 |   |   | 374,157 |   |   | 715,294 |   |   | (92,042 | ) |   |   |   |   | 2,472,857 |   |   | 167,052 |   |   | (109,126 | ) |   |   |   |   | 2,530,783 |   |
| Stockholders'                  equity:                                                                                                          |   |                                |      |   |   |                         |   |                                |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                  preferred                  stock:                                                                                       |   |                                |      |   |   |                         |   |                                |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                  A preferred stock                                                                                                       |   |                                | -         |   |   | -                            |   |                                | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                  B preferred stock                                                                                                       |   |                                | -         |   |   | -                            |   |                                | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                  A common                  stock                                                                                         |   |                                | 929       |   |   | -                            |   |                                | -       |   |   | -                                               |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   |   |   |   | 929 |   |
| Common                  stock                                                                                                                   |   |                                | 9,568     |   |   | 540                          |   |                                | 1       |   |   | (541                                            | )      |   | (b | ) |   | 9,568 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 9,568 |   |   | - |   |   | - |   |   |   |   |   | 9,568 |   |
| Additional                  paid in-capital                                                                                                     |   |                                | 396,415   |   |   | 121,230                      |   |                                | 147,481 |   |   | (268,711                                        | )      |   | (b | ) |   | 396,415 |   |   | 69,922 |   |   | 16,435 |   |   | (86,357 | ) |   | (b | ) |   | 396,415 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 350,344 |   |
| Accumulated                  other comprehensive income (loss)                                                                                  |   |                                | (30,661   | )      |   | (33,344                      | )      |                                | -       |   |   | 33,344                                          |   |   | (b | ) |   | (30,661 | ) |   | 2,582 |   |   | 54 |   |   | (2,636 | ) |   | (b | ) |   | (30,661 | ) |   | - |   |   | - |   |   |   |   |   | (30,661 | ) |
| Retained                  earnings                                                                                                              |   |                                | 663,483   |   |   | 623,663                      |   |                                | 106,678 |   |   | (730,341                                        | )      |   | (b | ) |   | 663,483 |   |   | 79,032 |   |   | 96,008 |   |   | (175,040 | ) |   | (b | ) |   | 663,483 |   |   | (14,659 | ) |   | 22,818 |   |   | (b,d | ) |   | 671,642 |   |
| Cost                  of common shares in treasury, net                                                                                         |   |                                | (418,092  | )      |   | -                            |   |                                | -       |   |   | -                                               |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                  employee stock ownership                  plan                  shares                                                |   |                                | -         |   |   | (10,891                      | )      |                                | -       |   |   | -                                               |   |   |   |   |   | (10,891 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (10,891 | ) |   | - |   |   | - |   |   |   |   |   | (10,891 | ) |
| Total                  stockholders' equity                                                                                                     |   |                                | 621,642   |   |   | 701,198                      |   |                                | 254,160 |   |   | (966,249                                        | )      |   |   |   |   | 610,751 |   |   | 154,836 |   |   | 114,997 |   |   | (269,833 | ) |   |   |   |   | 610,751 |   |   | (14,659 | ) |   | (23,253 | ) |   |   |   |   | 572,839 |   |
| Total                  liabilities and stockholders' equity                                                                                     |   | $                                   | 1,692,894 |   | $      | 1,503,335                    |   | $                                   | 506,590 |   | $      | (1,616,620                                      | )      |   |   |   | $ | 2,086,199 |   | $ | 528,993 |   | $ | 830,291 |   | $ | (361,875 | ) |   |   |   | $ | 3,083,608 |   | $ | 152,393 |   | $ | (132,379 | ) |   |   |   | $ | 3,103,622 |   |
|                                                                                                                                            |   |                                |      |   |   |                         |   |                                |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.**
**Consolidating        statement of operations by industry segment for the quarter ended June 30,        2005        are as follows:**

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

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.**
**Consolidating        statements of operations by industry for the quarter ended June 30, 2004        are as        follows:**

|                                                                                                          |   | Moving                  and Storage |   |   |   |                         |   | AMERCO                  Legal Group |   |   |   | AMERCO                  as Consolidated         |   |
|---------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|--------|------------------------------|--------|-------------------------------------|--------|--------|--------|-------------------------------------------------|--------|
|                                                                                                          |   | AMERCO                              |   | U-Haul |   | Real                  Estate |   | Eliminations                        |   |   |   | Moving                  and StorageConsolidated |   | Property                  and Casualty Insurance (a) |   | Life                  Insurance                  (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                  Holding II |   | Eliminations |   |   |   | Total                  Consolidated |   |
|                                                                                                          |   | (Unaudited)                         |   |
|                                                                                                          |   | (In                  thousands)     |   |
| Revenues:                                                                                                     |   |                                |   |   |   |                         |   |                                |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-Moving                  equipment                  rentals                                               |   | $                                   | -      |   | $      | 389,663                      |   | $                                   | 79     |   | $      | -                                               |   |   |   |   | $ | 389,742 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 389,742 |   | $ | 2,409 |   | $ | (2,409 | ) |   | (b | ) | $ | 389,742 |   |
| Self-Storage                  revenues                                                                        |   |                                | -      |   |   | 25,642                       |   |                                | 668    |   |   | -                                               |   |   |   |   |   | 26,310 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 26,310 |   |   | 4,265 |   |   | - |   |   |   |   |   | 30,575 |   |
| Self-moving&                  self-storage                  products & service sales                  |   |                                | -      |   |   | 57,012                       |   |                                | 15     |   |   | -                                               |   |   |   |   |   | 57,027 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 57,027 |   |   | 4,337 |   |   | - |   |   |   |   |   | 61,364 |   |
| Property                  management                  fees                                                    |   |                                | -      |   |   | 3,654                        |   |                                | -      |   |   | -                                               |   |   |   |   |   | 3,654 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 3,654 |   |   | - |   |   | (672 | ) |   | (g | ) |   | 2,982 |   |
| Life                  insurance                  premiums                                                     |   |                                | -      |   |   | -                            |   |                                | -      |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 33,632 |   |   | (373 | ) |   | (c | ) |   | 33,259 |   |   | - |   |   | - |   |   |   |   |   | 33,259 |   |
| Property                  and casualty insurance                  premiums                                    |   |                                | -      |   |   | -                            |   |                                | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 9,802 |   |   | - |   |   | - |   |   |   |   |   | 9,802 |   |   | - |   |   | - |   |   |   |   |   | 9,802 |   |
| Net                  investment and interest                  income                                          |   |                                | 4,766  |   |   | 5,960                        |   |                                | 28     |   |   | -                                               |   |   |   |   |   | 10,754 |   |   | 4,537 |   |   | 6,181 |   |   | (2,193 | ) |   | (d | ) |   | 19,279 |   |   | - |   |   | (1,703 | ) |   | (d | ) |   | 17,576 |   |
| Other                  revenue                                                                                |   |                                | 3      |   |   | 6,303                        |   |                                | 14,060 |   |   | (15,477                                         | )      |   | (b | ) |   | 4,889 |   |   | - |   |   | 2,828 |   |   | (158 | ) |   | (b | ) |   | 7,559 |   |   | 335 |   |   | (249 | ) |   | (b | ) |   | 7,645 |   |
| Total                  revenues                                                                               |   |                                | 4,769  |   |   | 488,234                      |   |                                | 14,850 |   |   | (15,477                                         | )      |   |   |   |   | 492,376 |   |   | 14,339 |   |   | 42,641 |   |   | (2,724 | ) |   |   |   |   | 546,632 |   |   | 11,346 |   |   | (5,033 | ) |   |   |   |   | 552,945 |   |
|                                                                                                          |   |                                |   |   |   |                         |   |                                |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                  and expenses:                                                                          |   |                                |   |   |   |                         |   |                                |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                  expenses                                                                           |   |                                | 6,771  |   |   | 269,728                      |   |                                | 2,030  |   |   | (15,477                                         | )      |   | (b | ) |   | 263,052 |   |   | 575 |   |   | 8,271 |   |   | (5,258 | ) |   | (b,c | ) |   | 266,640 |   |   | 5,943 |   |   | (672 | ) |   | (g | ) |   | 271,911 |   |
| Commission                  expenses                                                                          |   |                                | -      |   |   | 49,322                       |   |                                | -      |   |   | -                                               |   |   |   |   |   | 49,322 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 49,322 |   |   | - |   |   | (2,409 | ) |   | (b | ) |   | 46,913 |   |
| Cost                  of sales                                                                                |   |                                | -      |   |   | 26,008                       |   |                                | 8      |   |   | -                                               |   |   |   |   |   | 26,016 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 26,016 |   |   | 1,724 |   |   | - |   |   |   |   |   | 27,740 |   |
| Benefits                  and                  losses                                                         |   |                                | -      |   |   | -                            |   |                                | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 10,028 |   |   | 24,109 |   |   | 2,534 |   |   | (c | ) |   | 36,671 |   |   | - |   |   | - |   |   |   |   |   | 36,671 |   |
| Amortization                  of deferred policy                  acquisition costs                           |   |                                | -      |   |   | -                            |   |                                | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 3,370 |   |   | 6,588 |   |   | - |   |   |   |   |   | 9,958 |   |   | - |   |   | - |   |   |   |   |   | 9,958 |   |
| Lease                  expense                                                                                |   |                                | 22     |   |   | 40,739                       |   |                                | 23     |   |   | -                                               |   |   |   |   |   | 40,784 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 40,784 |   |   | - |   |   | (249 | ) |   | (b | ) |   | 40,535 |   |
| Depreciation,                  net                                                                            |   |                                | 7      |   |   | 26,465                       |   |                                | 1,079  |   |   | -                                               |   |   |   |   |   | 27,551 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 27,551 |   |   | 618 |   |   | (140 | ) |   | (e | ) |   | 28,029 |   |
| Total                  costs and expenses                                                                     |   |                                | 6,800  |   |   | 412,262                      |   |                                | 3,140  |   |   | (15,477                                         | )      |   |   |   |   | 406,725 |   |   | 13,973 |   |   | 38,968 |   |   | (2,724 | ) |   |   |   |   | 456,942 |   |   | 8,285 |   |   | (3,470 | ) |   |   |   |   | 461,757 |   |
|                                                                                                          |   |                                |   |   |   |                         |   |                                |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                  in earnings of subsidiaries                                                           |   |                                | 55,024 |   |   | -                            |   |                                | -      |   |   | (52,416                                         | )      |   | (f | ) |   | 2,608 |   |   | - |   |   | - |   |   | (2,608 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                  in earnings of SAC Holding II                                                         |   |                                | (123   | )      |   | -                            |   |                                | -      |   |   | -                                               |   |   |   |   |   | (123 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (123 | ) |   | - |   |   | 123 |   |   | (f | ) |   | - |   |
| Total                  - equity earnings of                  subsidiaries and SAC                  Holding II |   |                                | 54,901 |   |   | -                            |   |                                | -      |   |   | (52,416                                         | )      |   |   |   |   | 2,485 |   |   | - |   |   | - |   |   | (2,608 | ) |   |   |   |   | (123 | ) |   | - |   |   | 123 |   |   |   |   |   | - |   |
| Earnings                  (losses) from operations                                                            |   |                                | 52,870 |   |   | 75,972                       |   |                                | 11,710 |   |   | (52,416                                         | )      |   |   |   |   | 88,136 |   |   | 366 |   |   | 3,673 |   |   | (2,608 | ) |   |   |   |   | 89,567 |   |   | 3,061 |   |   | (1,440 | ) |   |   |   |   | 91,188 |   |
| Interest                  expense                                                                             |   |                                | 14,671 |   |   | 1,126                        |   |                                | 1,647  |   |   | -                                               |   |   |   |   |   | 17,444 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 17,444 |   |   | 3,263 |   |   | (1,703 | ) |   | (d | ) |   | 19,004 |   |
| Pretax                  earnings (loss)                                                                       |   |                                | 38,199 |   |   | 74,846                       |   |                                | 10,063 |   |   | (52,416                                         | )      |   |   |   |   | 70,692 |   |   | 366 |   |   | 3,673 |   |   | (2,608 | ) |   |   |   |   | 72,123 |   |   | (202 | ) |   | 263 |   |   |   |   |   | 72,184 |   |
| Income                  tax benefit                  (expense)                                                |   |                                | 6,133  |   |   | (28,523                      | )      |                                | (3,970 | )      |   | -                                               |   |   |   |   |   | (26,360 | ) |   | (128 | ) |   | (1,303 | ) |   | - |   |   |   |   |   | (27,791 | ) |   | 79 |   |   | (53 | ) |   |   |   |   | (27,765 | ) |
| Net                  earnings                  (loss)                                                         |   |                                | 44,332 |   |   | 46,323                       |   |                                | 6,093  |   |   | (52,416                                         | )      |   |   |   |   | 44,332 |   |   | 238 |   |   | 2,370 |   |   | (2,608 | ) |   |   |   |   | 44,332 |   |   | (123 | ) |   | 210 |   |   |   |   |   | 44,419 |   |
| Less:                  Preferred stock dividends                                                              |   |                                | (3,241 | )      |   | -                            |   |                                | -      |   |   | -                                               |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                  (loss) available to common shareholders                                             |   | $                                   | 41,091 |   | $      | 46,323                       |   | $                                   | 6,093  |   | $      | (52,416                                         | )      |   |   |   | $ | 41,091 |   | $ | 238 |   | $ | 2,370 |   | $ | (2,608 | ) |   |   |   | $ | 41,091 |   | $ | (123 | ) | $ | 210 |   |   |   |   | $ | 41,178 |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.**
**Consolidating        cash flow statements by industry segment for the quarter ended June 30, 2005        are        as follows:**

|                                                                                                                                                                 |   | Moving                  and Storage |    |   |   | AMERCO                  Legal Group |   |        |    |                                             |   | AMERCO                  as Consolidated                                                |   |                                                 |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-------------------------------------|--------|-------------|---------|--------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                                                                                                                                 |   | AMERCO                              |    | U-Haul |   | Real                  Estate        |   | Elimination |    | Moving                  and Storage Consolidated |   | Property                  and Casualty                  Insurance                  (a) |   | Life                  Insurance                  (a) |    | Elimination |   | AMERCO                  Consolidated |   | SAC                  Holding II |   | Elimination |   | Total                  Consolidated |   |
|                                                                                                                                                                 |   | (Unaudited)                         |    |
| Cash                  flows from operating activities:                                                                                                               |   | (In                  thousands)     |    |
| Net                  earnings (loss)                                                                                                                                 |   | $                                   | 34,975  |   | $      | 59,001                              |   | $           | 2,816   |                                             | $      | (61,817                                                                                | )      | $                                                    | 34,975  |   | $ | 1,028 |   | $ | 2,437 |   | $ | (3,465 | ) | $ | 34,975 |   | $ | 560 |   | $ | (473 | ) | $ | 35,062 |   |
| Earnings                  from consolidated                  entities                                                                                                |   |                                | (58,332 | )      |   | -                                   |   |        | -       |                                             |   | 59,847                                                                                 |   |                                                 | 1,515   |   |   | - |   |   | - |   |   | (2,075 | ) |   | (560 | ) |   | - |   |   | 560 |   |   | - |   |
| Depreciation                                                                                                                                                         |   |                                | 7       |   |   | 28,205                              |   |        | 2,124   |                                             |   | -                                                                                      |   |                                                 | 30,336  |   |   | - |   |   | - |   |   | - |   |   | 30,336 |   |   | 729 |   |   | (140 | ) |   | 30,925 |   |
| Amortization                  of deferred policy                  acquisition costs                                                                                  |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | 854 |   |   | 5,823 |   |   | - |   |   | 6,677 |   |   | - |   |   | - |   |   | 6,677 |   |
| Provision                  for losses on accounts                  receivable                                                                                        |   |                                | -       |   |   | (601                                | )      |        | -       |                                             |   | -                                                                                      |   |                                                 | (601    | ) |   | - |   |   | - |   |   | - |   |   | (601 | ) |   | - |   |   | - |   |   | (601 | ) |
| Net(gain)loss                  on sale of real and                  personal property                                                                                |   |                                | -       |   |   | 3,312                               |   |        | -       |                                             |   | -                                                                                      |   |                                                 | 3,312   |   |   | - |   |   | - |   |   | - |   |   | 3,312 |   |   | - |   |   | - |   |   | 3,312 |   |
| (Gain)                  loss on sale of                  investments                                                                                                 |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (192 | ) |   | (1,261 | ) |   | - |   |   | (1,453 | ) |   | - |   |   | - |   |   | (1,453 | ) |
| Deferred                  income                  taxes                                                                                                              |   |                                | 10,843  |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | 10,843  |   |   | 74 |   |   | 1,461 |   |   | - |   |   | 12,378 |   |   | 357 |   |   | 53 |   |   | 12,788 |   |
| Net                  change in other operating                  assets and liabilities                                                                               |   |                                |    |   |   |                                |   |        |    |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   |   |   |   |   |
| Trade                  receivables                                                                                                                                   |   |                                | -       |   |   | (8,009                              | )      |        | (1      | )                                                |   | -                                                                                      |   |                                                 | (8,010  | ) |   | 6,423 |   |   | (700 | ) |   | - |   |   | (2,287 | ) |   | - |   |   | - |   |   | (2,287 | ) |
| Inventories                                                                                                                                                          |   |                                | -       |   |   | (2,001                              | )      |        | -       |                                             |   | -                                                                                      |   |                                                 | (2,001  | ) |   | - |   |   | - |   |   | - |   |   | (2,001 | ) |   | (245 | ) |   | - |   |   | (2,246 | ) |
| Prepaid                  expenses                                                                                                                                    |   |                                | 2,804   |   |   | (3,698                              | )      |        | -       |                                             |   | -                                                                                      |   |                                                 | (894    | ) |   | - |   |   | - |   |   | - |   |   | (894 | ) |   | 78 |   |   | - |   |   | (816 | ) |
| Capitalization                  of deferred policy                  acquisition costs                                                                                |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (831 | ) |   | (1,677 | ) |   | - |   |   | (2,508 | ) |   | - |   |   | - |   |   | (2,508 | ) |
| Other                  assets                                                                                                                                        |   |                                | 13,969  |   |   | (11,191                             | )      |        | (35,152 | )                                                |   | -                                                                                      |   |                                                 | (32,374 | ) |   | 434 |   |   | 2,886 |   |   | - |   |   | (29,054 | ) |   | (407 | ) |   | - |   |   | (29,461 | ) |
| Related                  party assets                                                                                                                                |   |                                | (28,369 | )      |   | (4,998                              | )      |        | (8      | )                                                |   | 19,013                                                                                 |   |                                                 | (14,362 | ) |   | 1,664 |   |   | - |   |   | (720 | ) |   | (13,418 | ) |   | - |   |   | (395 | ) |   | (13,813 | ) |
| Accounts                  payable and accrued                  expenses                                                                                              |   |                                | (4,571  | )      |   | 21,460                              |   |        | 1,301   |                                             |   | -                                                                                      |   |                                                 | 18,190  |   |   | - |   |   | - |   |   | 5,540 |   |   | 23,730 |   |   | 409 |   |   | - |   |   | 24,139 |   |
| Policy                  benefits and losses, claims and                  loss         expenses                  payable |   |                                | -       |   |   | 18,674                              |   |        | -       |                                             |   | -                                                                                      |   |                                                 | 18,674  |   |   | (11,728 | ) |   | (4,039 | ) |   | - |   |   | 2,907 |   |   | - |   |   | - |   |   | 2,907 |   |
| Other                  policyholder's funds and                  liabilities                                                                                         |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (3,476 | ) |   | (10,052 | ) |   | - |   |   | (13,528 | ) |   | - |   |   | - |   |   | (13,528 | ) |
| Deferred                  income                                                                                                                                     |   |                                | -       |   |   | 3,583                               |   |        | -       |                                             |   | -                                                                                      |   |                                                 | 3,583   |   |   | - |   |   | - |   |   | - |   |   | 3,583 |   |   | 138 |   |   | - |   |   | 3,721 |   |
| Related                  party liabilities                                                                                                                           |   |                                | -       |   |   | 18,513                              |   |        | -       |                                             |   | (19,013                                                                                | )      |                                                 | (500    | ) |   | (98 | ) |   | (858 | ) |   | 636 |   |   | (820 | ) |   | (694 | ) |   | 395 |   |   | (1,119 | ) |
| Net                  cash provided (used) by operating activities                                                                                                    |   |                                | (28,674 | )      |   | 122,250                             |   |        | (28,920 | )                                                |   | (1,970                                                                                 | )      |                                                 | 62,686  |   |   | (5,848 | ) |   | (5,980 | ) |   | (84 | ) |   | 50,774 |   |   | 925 |   |   | - |   |   | 51,699 |   |
| Cash                  flows from investing activities:                                                                                                               |   |                                |    |   |   |                                |   |        |    |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                  of:                                                                                                                                       |   |                                |    |   |   |                                |   |        |    |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and                  equipment                                                                                                      |   |                                | -       |   |   | (74,231                             | )      |        | (999    | )                                                |   | -                                                                                      |   |                                                 | (75,230 | ) |   | - |   |   | - |   |   | - |   |   | (75,230 | ) |   | (207 | ) |   | - |   |   | (75,437 | ) |
| Short                  term investments                                                                                                                              |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (55,390 | ) |   | - |   |   | - |   |   | (55,390 | ) |   | - |   |   | - |   |   | (55,390 | ) |
| Fixed                  maturities                  investments                                                                                                       |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (1,985 | ) |   | (82,232 | ) |   | - |   |   | (84,217 | ) |   | - |   |   | - |   |   | (84,217 | ) |
| Mortgage                  loans                                                                                                                                      |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | - |   |   | (1,250 | ) |   | - |   |   | (1,250 | ) |   | - |   |   | - |   |   | (1,250 | ) |
| Proceeds                  from sales                  of:                                                                                                            |   |                                |    |   |   |                                |   |        |    |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and                  equipment                                                                                                      |   |                                | -       |   |   | 15,140                              |   |        | 5       |                                             |   | -                                                                                      |   |                                                 | 15,145  |   |   | - |   |   | - |   |   | - |   |   | 15,145 |   |   | - |   |   | - |   |   | 15,145 |   |
| Short                  term investments                                                                                                                              |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | 43,775 |   |   | 50,953 |   |   | - |   |   | 94,728 |   |   | - |   |   |   |   |   | 94,728 |   |
| Fixed                  maturities                  investments                                                                                                       |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | 15,590 |   |   | 45,203 |   |   | - |   |   | 60,793 |   |   | - |   |   | - |   |   | 60,793 |   |
| Equity                  securities                                                                                                                                   |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | - |   |   | 5,759 |   |   | - |   |   | 5,759 |   |   | - |   |   | - |   |   | 5,759 |   |
| Preferred                  stock                                                                                                                                     |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | - |   |   | 417 |   |   | - |   |   | 417 |   |   | - |   |   | - |   |   | 417 |   |
| Other                  asset investments,                  net                                                                                                       |   |                                |    |   |   | 872                                 |   |        |    |                                             |   | -                                                                                      |   |                                                 | 872     |   |   | - |   |   | - |   |   | - |   |   | 872 |   |   | - |   |   | - |   |   | 872 |   |
| Real                  estate                                                                                                                                         |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | 179 |   |   | 514 |   |   | - |   |   | 693 |   |   | - |   |   | - |   |   | 693 |   |
| Mortgage                  loans                                                                                                                                      |   |                                | -       |   |   | -                                   |   |        | -       |                                             |   | -                                                                                      |   |                                                 | -       |   |   | - |   |   | 3,034 |   |   | - |   |   | 3,034 |   |   | - |   |   | - |   |   | 3,034 |   |
| Notes                  and mortgage                  receivables                                                                                                     |   |                                | -       |   |   | 53                                  |   |        | 18      |                                             |   | -                                                                                      |   |                                                 | 71      |   |   | - |   |   | - |   |   | - |   |   | 71 |   |   | - |   |   | - |   |   | 71 |   |
| Net                  cash provided (used) by investing activities                                                                                                    |   |                                | -       |   |   | (58,166                             | )      |        | (976    | )                                                |   | -                                                                                      |   |                                                 | (59,142 | ) |   | 2,169 |   |   | 22,398 |   |   | - |   |   | (34,575 | ) |   | (207 | ) |   | - |   |   | (34,782 | ) |
| (page                  1 or 2)                                                                                                                                       |   |                                |    |   |   |                                |   |        |    |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.**
**Consolidating        cash flow statements by industry segment for the quarter ended June 30, 2004        are        as follows:**

|                                                                                                                                                                 |   | Moving                  and Storage |    |   |   | AMERCO                  Legal Group |   |        |   |                                             |   | AMERCO                  as Consolidated                                                |   |                                                 |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-------------------------------------|--------|-------------|--------|--------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                                                                                                                                 |   | AMERCO                              |    | U-Haul |   | Real                  Estate        |   | Elimination |   | Moving                  and Storage Consolidated |   | Property                  and Casualty                  Insurance                  (a) |   | Life                  Insurance                  (a) |    | Elimination |   | AMERCO                  Consolidated |   | SAC                  Holding II |   | Elimination |   | Total                  Consolidated |   |
|                                                                                                                                                                 |   | (Unaudited)                         |    |
| Cash                  flows from operating activities:                                                                                                               |   | (In                  thousands)     |    |
| Net                  earnings (loss)                                                                                                                                 |   | $                                   | 44,332  |   | $      | 46,323                              |   | $           | 6,093  |                                             | $      | (52,416                                                                                | )      | $                                                    | 44,332  |   | $ | 238 |   | $ | 2,370 |   | $ | (2,608 | ) | $ | 44,332 |   | $ | (123 | ) | $ | 210 |   | $ | 44,419 |   |
| Earnings                  from consolidated                  entities                                                                                                |   |                                | (55,618 | )      |   | -                                   |   |        | -      |                                             |   | 50,188                                                                                 |   |                                                 | (5,430  | ) |   | - |   |   | - |   |   | 5,553 |   |   | 123 |   |   | - |   |   | (123 | ) |   | - |   |
| Depreciation                                                                                                                                                         |   |                                | 7       |   |   | 25,748                              |   |        | 2,149  |                                             |   | -                                                                                      |   |                                                 | 27,904  |   |   | - |   |   | - |   |   | - |   |   | 27,904 |   |   | 618 |   |   | (140 | ) |   | 28,382 |   |
| Amortization                  of deferred policy                  acquisition costs                                                                                  |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | 3,370 |   |   | 7,058 |   |   | - |   |   | 10,428 |   |   | - |   |   | - |   |   | 10,428 |   |
| Provision                  for losses on accounts                  receivable                                                                                        |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Net(gain)loss                  on sale of real and                  personal property                                                                                |   |                                | -       |   |   | 717                                 |   |        | (1,070 | )                                                |   | -                                                                                      |   |                                                 | (353    | ) |   | - |   |   | - |   |   | - |   |   | (353 | ) |   | - |   |   | - |   |   | (353 | ) |
| (Gain)loss                  on sale of                  investments                                                                                                  |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (173 | ) |   | (1 | ) |   | - |   |   | (174 | ) |   | - |   |   | - |   |   | (174 | ) |
| Deferred                  income                  taxes                                                                                                              |   |                                | 27,555  |   |   | -                                   |   |        | -      |                                             |   |                                                                                   |   |                                                 | 27,555  |   |   | 1,528 |   |   | 593 |   |   | - |   |   | 29,676 |   |   | (85 | ) |   | 53 |   |   | 29,644 |   |
| Net                  change in other operating                  assets and liabilities                                                                               |   |                                |    |   |   |                                |   |        |   |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade                  receivables                                                                                                                                   |   |                                | -       |   |   | 2,313                               |   |        | (1,466 | )                                                |   | -                                                                                      |   |                                                 | 847     |   |   | 19,266 |   |   | (701 | ) |   | - |   |   | 19,412 |   |   | - |   |   | - |   |   | 19,412 |   |
| Inventories                                                                                                                                                          |   |                                | -       |   |   | (1,657                              | )      |        | -      |                                             |   | -                                                                                      |   |                                                 | (1,657  | ) |   | - |   |   | - |   |   | - |   |   | (1,657 | ) |   | 440 |   |   | - |   |   | (1,217 | ) |
| Prepaid                  expenses                                                                                                                                    |   |                                | (4,875  | )      |   | (3,919                              | )      |        | 2      |                                             |   | -                                                                                      |   |                                                 | (8,792  | ) |   | - |   |   | - |   |   | - |   |   | (8,792 | ) |   | 89 |   |   | - |   |   | (8,703 | ) |
| Capitalization                  of deferred policy                  acquisition costs                                                                                |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (2,083 | ) |   | (1,520 | ) |   | - |   |   | (3,603 | ) |   | - |   |   | - |   |   | (3,603 | ) |
| Other                  assets                                                                                                                                        |   |                                | 3,665   |   |   | (40,304                             | )      |        | (1,581 | )                                                |   | -                                                                                      |   |                                                 | (38,220 | ) |   | 1,157 |   |   | 370 |   |   | - |   |   | (36,693 | ) |   | (339 | ) |   | - |   |   | (37,032 | ) |
| Related                  party assets                                                                                                                                |   |                                | (25,767 | )      |   | (9,390                              | )      |        | 681    |                                             |   | 24,799                                                                                 |   |                                                 | (9,677  | ) |   | 1,802 |   |   | - |   |   | (4,506 | ) |   | (12,381 | ) |   | - |   |   | 146 |   |   | (12,235 | ) |
| Accounts                  payable and accrued                  expenses                                                                                              |   |                                | 4,088   |   |   | 18,387                              |   |        | 1,210  |                                             |   | -                                                                                      |   |                                                 | 23,685  |   |   | 1,192 |   |   | - |   |   | (2,945 | ) |   | 21,932 |   |   | 1,184 |   |   | - |   |   | 23,116 |   |
| Policy                  benefits and losses, claims and                  loss         expenses                  payable |   |                                | -       |   |   | 14,522                              |   |        | -      |                                             |   | -                                                                                      |   |                                                 | 14,522  |   |   | (43,034 | ) |   | (3,547 | ) |   | - |   |   | (32,059 | ) |   | - |   |   | - |   |   | (32,059 | ) |
| Other                  policyholder's funds and                  liabilities                                                                                         |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (2,382 | ) |   | 3,549 |   |   | - |   |   | 1,167 |   |   | - |   |   | - |   |   | 1,167 |   |
| Deferred                  income                                                                                                                                     |   |                                | -       |   |   | 1,338                               |   |        | (34    | )                                                |   | -                                                                                      |   |                                                 | 1,304   |   |   | - |   |   | - |   |   | - |   |   | 1,304 |   |   | 28 |   |   | - |   |   | 1,332 |   |
| Related                  party liabilities                                                                                                                           |   |                                | (52     | )      |   | 20,986                              |   |        | 1      |                                             |   | (24,799                                                                                | )      |                                                 | (3,864  | ) |   | 32 |   |   | 1,349 |   |   | 4,454 |   |   | 1,971 |   |   | (1,753 | ) |   | (146 | ) |   | 72 |   |
| Net                  cash provided (used) by operating activities                                                                                                    |   |                                | (6,665  | )      |   | 75,064                              |   |        | 5,985  |                                             |   | (2,228                                                                                 | )      |                                                 | 72,156  |   |   | (19,087 | ) |   | 9,520 |   |   | (52 | ) |   | 62,537 |   |   | 59 |   |   | - |   |   | 62,596 |   |
| Cash                  flows from investing activities:                                                                                                               |   |                                |    |   |   |                                |   |        |   |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                  of:                                                                                                                                       |   |                                |    |   |   |                                |   |        |   |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and                  equipment                                                                                                      |   |                                | (5      | )      |   | (61,744                             | )      |        | (434   | )                                                |   | -                                                                                      |   |                                                 | (62,183 | ) |   | - |   |   | - |   |   | - |   |   | (62,183 | ) |   | (121 | ) |   | - |   |   | (62,304 | ) |
| Short                  term investments                                                                                                                              |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (58,348 | ) |   | - |   |   | - |   |   | (58,348 | ) |   | - |   |   | - |   |   | (58,348 | ) |
| Fixed                  maturities                  investments                                                                                                       |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | (551 | ) |   | (35,655 | ) |   | - |   |   | (36,206 | ) |   | - |   |   | - |   |   | (36,206 | ) |
| Mortgage                  loans                                                                                                                                      |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Proceeds                  from sales                  of:                                                                                                            |   |                                |    |   |   |                                |   |        |   |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and                  equipment                                                                                                      |   |                                | -       |   |   | 182,694                             |   |        | 1,525  |                                             |   | -                                                                                      |   |                                                 | 184,219 |   |   | - |   |   | - |   |   | - |   |   | 184,219 |   |   | - |   |   | - |   |   | 184,219 |   |
| Short                  term investments                                                                                                                              |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | 56,777 |   |   | - |   |   | - |   |   | 56,777 |   |   | - |   |   | - |   |   | 56,777 |   |
| Fixed                  maturities                  investments                                                                                                       |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | 19,292 |   |   | 19,801 |   |   | - |   |   | 39,093 |   |   | - |   |   | - |   |   | 39,093 |   |
| Equity                  securities                                                                                                                                   |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | 37 |   |   | - |   |   | - |   |   | 37 |   |   | - |   |   | - |   |   | 37 |   |
| Preferred                  stock                                                                                                                                     |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | - |   |   | 1,497 |   |   | - |   |   | 1,497 |   |   | - |   |   | - |   |   | 1,497 |   |
| Other                  asset investments,                  net                                                                                                       |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | - |   |   | 17,219 |   |   | - |   |   | 17,219 |   |   | - |   |   | - |   |   | 17,219 |   |
| Real                  estate                                                                                                                                         |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | 1,880 |   |   | - |   |   | - |   |   | 1,880 |   |   | - |   |   | - |   |   | 1,880 |   |
| Mortgage                  loans                                                                                                                                      |   |                                | -       |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -       |   |   | - |   |   | 1,169 |   |   | - |   |   | 1,169 |   |   | - |   |   | - |   |   | 1,169 |   |
| Notes                  and mortgage                  receivables                                                                                                     |   |                                | -       |   |   | 13                                  |   |        | 18     |                                             |   | -                                                                                      |   |                                                 | 31      |   |   | - |   |   | - |   |   | - |   |   | 31 |   |   | - |   |   | - |   |   | 31 |   |
| Net                  cash provided (used) by investing activities                                                                                                    |   |                                | (5      | )      |   | 120,963                             |   |        | 1,109  |                                             |   | -                                                                                      |   |                                                 | 122,067 |   |   | 19,087 |   |   | 4,031 |   |   | - |   |   | 145,185 |   |   | (121 | ) |   | - |   |   | 145,064 |   |
| (page                  1 or 2)                                                                                                                                       |   |                                |    |   |   |                                |   |        |   |                                             |   |                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

|                                                                                             |   | Moving                  and Storage |     |   |   | AMERCO                  Legal Group |   |        |   |                                             |   | AMERCO                  as Consolidated                                                |   |                                                 |     |
|--------------------------------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|--------|-------------------------------------|--------|-------------|--------|--------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|------------------------------------------------------|----------|
|                                                                                             |   | AMERCO                              |     | U-Haul |   | Real                  Estate        |   | Elimination |   | Moving                  and Storage Consolidated |   | Property                  and Casualty                  Insurance                  (a) |   | Life                  Insurance                  (a) |     | Elimination |   | AMERCO                  Consolidated |   | SAC                  Holding II |   | Elimination |   | Total                  Consolidated |   |
|                                                                                             |   | (Unaudited)                         |     |
| Cash                  flows from financing activities:                                           |   | (In                  thousands)     |     |
| Borrowings                  from credit                  facilities                              |   |                                | 14,280   |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | 14,280   |   |   | - |   |   | - |   |   | - |   |   | 14,280 |   |   | - |   |   | - |   |   | 14,280 |   |
| Principal                  repayments on credit                  facilities                      |   |                                | (115,152 | )      |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | (115,152 | ) |   | - |   |   | - |   |   | - |   |   | (115,152 | ) |   | (265 | ) |   | - |   |   | (115,417 | ) |
| Leveraged                  Employee Stock                  Ownership Plan - repayments from loan |   |                                | -        |   |   | 428                                 |   |        | -      |                                             |   | -                                                                                      |   |                                                 | 428      |   |   | - |   |   | - |   |   | - |   |   | 428 |   |   | - |   |   | - |   |   | 428 |   |
| Payoff                  of capital                  leases                                       |   |                                | -        |   |   | (99,607                             | )      |        | -      |                                             |   | -                                                                                      |   |                                                 | (99,607  | ) |   | - |   |   | - |   |   | - |   |   | (99,607 | ) |   | - |   |   | - |   |   | (99,607 | ) |
| Proceeds                  from (repayment of)                  intercompany notes payable        |   |                                | (52      | )      |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | (52      | ) |   | - |   |   | - |   |   | 52 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Proceeds                  from (repayment of)                  intercompany loans                |   |                                | 116,331  |   |   | (110,434                            | )      |        | (5,897 | )                                                |   | -                                                                                      |   |                                                 | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                  stock dividends                  paid                                 |   |                                | (6,482   | )      |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | (6,482   | ) |   | - |   |   | - |   |   | - |   |   | (6,482 | ) |   | - |   |   | - |   |   | (6,482 | ) |
| Investment                  contract                  deposits                                   |   |                                | -        |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -        |   |   | - |   |   | 6,923 |   |   | - |   |   | 6,923 |   |   | - |   |   | - |   |   | 6,923 |   |
| Investment                  contract                  withdrawals                                |   |                                | -        |   |   | -                                   |   |        | -      |                                             |   | -                                                                                      |   |                                                 | -        |   |   | - |   |   | (33,943 | ) |   | - |   |   | (33,943 | ) |   | - |   |   | - |   |   | (33,943 | ) |
| Net                  cash provided by financing activities                                       |   |                                | 8,925    |   |   | (209,613                            | )      |        | (5,897 | )                                                |   | -                                                                                      |   |                                                 | (206,585 | ) |   | - |   |   | (27,020 | ) |   | 52 |   |   | (233,553 | ) |   | (265 | ) |   | - |   |   | (233,818 | ) |
|                                                                                             |   |                                |     |   |   |                                |   |        |   |                                             |   |                                                                                   |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effect                  of exchange rate on cash                                                 |   |                                | (2,228   | )      |   | (2,228                              | )      |        |   |                                             |   | 2,228                                                                                  |   |                                                 | (2,228   | ) |   |   |   |   |   |   |   |   |   |   | (2,228 | ) |   |   |   |   |   |   |   | (2,228 | ) |
| Increase                  (decrease) in cash and cash equivalents                                |   |                                | 27       |   |   | (15,814                             | )      |        | 1,197  |                                             |   | -                                                                                      |   |                                                 | (14,590  | ) |   | - |   |   | (13,469 | ) |   | - |   |   | (28,059 | ) |   | (327 | ) |   | - |   |   | (28,386 | ) |
| Cash                  and cash equivalents at beginning of year                                  |   |                                | -        |   |   | 64,717                              |   |        | 661    |                                             |   | -                                                                                      |   |                                                 | 65,378   |   |   | - |   |   | 15,168 |   |   | - |   |   | 80,546 |   |   | 1,011 |   |   | - |   |   | 81,557 |   |
| Cash                  and cash equivalents at end of year                                        |   | $                                   | 27       |   | $      | 48,903                              |   | $           | 1,858  |                                             | $      | -                                                                                      |   | $                                                    | 50,788   |   | $ | - |   | $ | 1,699 |   | $ | - |   | $ | 52,487 |   | $ | 684 |   | $ | - |   | $ | 53,171 |   |
| (page                  2 of 2)                                                                   |   |                                |     |   |   |                                     |   |        |        |                                             |   |                                                                                        |   |                                                 |          |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

|                                                |   | **United                  States**                       |      | **Canada** |   | **Consolidated** |   |
|-----------------------------------------------------|--------|----------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                |   | (Unaudited)                                              |      |
|                                                |   | (All                  amounts are in thousands U.S. $'s) |      |
| **Quarter                  Ended June 30, 2005**    |   |                                                     |      |       |   |             |   |
| Total                  revenues                     |   | $                                                        | 545,077   |       | $      | 14,381           |   | $ | 559,458 |   |
| Depreciation                  and amortization, net |   |                                                     | 38,804    |       |   | 1,631            |   |   | 40,435 |   |
| Interest                  expense (benefit)         |   |                                                     | 19,640    |       |   | (4               | )      |   | 19,636 |   |
| Pretax                  earnings                    |   |                                                     | 54,428    |       |   | 2,869            |   |   | 57,297 |   |
| Income                  tax expense                 |   |                                                     | 22,235    |       |   | -                |   |   | 22,235 |   |
| Identifiable                  assets                |   |                                                     | 3,239,636 |       |   | 78,452           |   |   | 3,318,088 |   |
|                                                |   |                                                     |      |       |   |             |   |   |   |   |
| **Quarter                  Ended June 30, 2004**    |   |                                                     |      |       |   |             |   |   |   |   |
| Total                  revenues                     |   | $                                                        | 538,522   |       | $      | 14,423           |   | $ | 552,945 |   |
| Depreciation                  and amortization, net |   |                                                     | 36,786    |       |   | 1,201            |   |   | 37,987 |   |
| Interest                  expense (benefit)         |   |                                                     | 19,006    |       |   | (2               | )      |   | 19,004 |   |
| Pretax                  earnings                    |   |                                                     | 69,303    |       |   | 2,881            |   |   | 72,184 |   |
| Income                  tax expense                 |   |                                                     | 27,765    |       |   | -                |   |   | 27,765 |   |
| Identifiable                  assets                |   |                                                     | 3,158,729 |       |   | 70,870           |   |   | 3,229,599 |   |
|                                                |   |                                                     |      |       |   |             |   |   |   |   |

----

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

**General**

**Overall        **
**Strategy**

*,*
* *

**Description        of Operating Segments**

**Moving        and Storage**
**        Operating Segment**

----

**Property        and Casualty Insurance Operating Segment**

* *

**Life        Insurance **
**Operating        Segment**

**SAC        Holdings Operating Segment**

**Critical        Accounting Policies and Estimates**

----

**Principles        of Consolidation**

----

**Recoverability        of Property, Plant and Equipment **

**Insurance        Reserves**
** **

**Investments**

----

**Key        Accounting Policies**

**Results        of Operations**

**AMERCO        and Consolidated Entities**

***Quarter        Ended June 30, 200***
**5        compared with the Quarter Ended June 30, 2004**

|                                                                     |   | **Quarter                  Ended June 30,** |    |
|--------------------------------------------------------------------------|--------|---------------------------------------------|---------|
|                                                                     |   | **2005**                                    |    | **2004** |   |
|                                                                     |   | (unaudited)                                 |    |
|                                                                     |   | (In                  thousands)             |    |
| Self-moving                  equipment rentals                           |   | $                                           | 401,260 |   | $ | 389,742 |   |
| Self-storage                  revenues                                   |   |                                        | 28,768  |   |   | 30,575 |   |
| Self-moving                  and self-storage products and service sales |   |                                        | 66,563  |   |   | 61,364 |   |
| Property                  management fees                                |   |                                        | 4,440   |   |   | 2,982 |   |
| Life                  insurance premiums                                 |   |                                        | 29,589  |   |   | 33,259 |   |
| Property                  and casualty insurance premiums                |   |                                        | 4,824   |   |   | 9,802 |   |
| Net                  investment and interest income                      |   |                                        | 13,714  |   |   | 17,576 |   |
| Other                  revenue                                           |   |                                        | 10,300  |   |   | 7,645 |   |
| Consolidated                  revenue                                    |   | $                                           | 559,458 |   | $ | 552,945 |   |
|                                                                     |   |                                        |    |   |   |   |   |

----

|                                             |   | **Quarter                  Ended June 30,** |    |
|--------------------------------------------------|--------|---------------------------------------------|---------|
|                                             |   | **2005**                                    |    | **2004** |   |
|                                             |   | (unaudited)                                 |    |
|                                             |   | (In                  thousands)             |    |
| Moving                  and storage              |   |                                        |    |   |   |
| Revenues                                         |   | $                                           | 507,563 |   | $ | 492,376 |   |
| Earnings                  from operations        |   |                                        | 108,965 |   |   | 88,136 |   |
| Property                  and casualty insurance |   |                                        |    |   |   |   |   |
| Revenues                                         |   |                                        | 8,309   |   |   | 14,339 |   |
| Earnings                  from operations        |   |                                        | 1,582   |   |   | 366 |   |
| Life                  insurance                  |   |                                        |    |   |   |   |   |
| Revenues                                         |   |                                        | 38,073  |   |   | 42,641 |   |
| Earnings                  from operations        |   |                                        | 3,440   |   |   | 3,673 |   |
| SAC                  Holding II                  |   |                                        |    |   |   |   |   |
| Revenues                                         |   |                                        | 12,059  |   |   | 11,346 |   |
| Earnings                  from operations        |   |                                        | 4,051   |   |   | 3,061 |   |
| Eliminations                                     |   |                                        |    |   |   |   |   |
| Revenues                                         |   |                                        | (6,546  | ) |   | (7,757 | ) |
| Earnings                  from operations        |   |                                        | (5,478  | ) |   | (4,048 | ) |
|                                             |   |                                        |    |   |   |   |   |
| Consolidated                  Results            |   |                                        |    |   |   |   |   |
| Revenues                                         |   |                                        | 559,458 |   |   | 552,945 |   |
| Earnings                  from operations        |   |                                        | 112,560 |   |   | 91,188 |   |

----

**Moving        and Storage**

|                                                                     |   | **Quarter                  Ended June 30,** |    |
|--------------------------------------------------------------------------|--------|---------------------------------------------|---------|
|                                                                     |   | **2005**                                    |    | **2004** |   |
|                                                                     |   | (unaudited)                                 |    |
|                                                                     |   | (In                  thousands)             |    |
| Self-moving                  equipment rentals                           |   | $                                           | 401,260 |   | $ | 389,742 |   |
| Self-storage                  revenues                                   |   |                                        | 24,248  |   |   | 26,310 |   |
| Self-moving                  and self-storage products and service sales |   |                                        | 61,798  |   |   | 57,027 |   |
| Property                  management fees                                |   |                                        | 5,168   |   |   | 3,654 |   |
| Net                  investment and interest income                      |   |                                        | 6,154   |   |   | 10,754 |   |
| Other                  revenue                                           |   |                                        | 8,935   |   |   | 4,889 |   |
| Segment                  revenue                                         |   | $                                           | 507,563 |   | $ | 492,376 |   |
|                                                                     |   |                                        |    |   |   |   |   |

**U-Haul        International, Inc.**

|                                                                     |   | **Quarter                  Ended June 30,** |    |
|--------------------------------------------------------------------------|--------|---------------------------------------------|---------|
|                                                                     |   | **2005**                                    |    | **2004** |   |
|                                                                     |   | (unaudited)                                 |    |
|                                                                     |   | (In                  thousands)             |    |
| Self-moving                  equipment rentals                           |   | $                                           | 401,260 |   | $ | 389,663 |   |
| Self-storage                  revenues                                   |   |                                        | 23,793  |   |   | 25,642 |   |
| Self-moving                  and self-storage products and service sales |   |                                        | 61,798  |   |   | 57,012 |   |
| Property                  management fees                                |   |                                        | 5,168   |   |   | 3,654 |   |
| Net                  investment and interest income                      |   |                                        | 4,738   |   |   | 5,960 |   |
| Other                  revenue                                           |   |                                        | 10,016  |   |   | 6,303 |   |
| U-Haul                  International, Inc. revenue                      |   | $                                           | 506,773 |   | $ | 488,234 |   |
|                                                                     |   |                                        |    |   |   |   |   |

----

**Republic        Western Insurance Company**

**Oxford        Life Insurance Company**

***Quarter        Ended March 31, 2005***
**        compared with the Quarter Ended March 31, 2004**

----

**SAC        Holding II**

***Quarter        Ended June 30, 2005***
**        compared with the Quarter Ended June 30, 2004**

|                                                                     |   | **Quarter                  Ended June 30,** |   |
|--------------------------------------------------------------------------|--------|---------------------------------------------|--------|
|                                                                     |   | **2005**                                    |   | **2004** |   |
|                                                                     |   | (unaudited)                                 |   |
|                                                                     |   | (In                  thousands)             |   |
| Self-moving                  equipment rentals                           |   | $                                           | 2,488  |   | $ | 2,409 |   |
| Self-storage                  revenues                                   |   |                                        | 4,520  |   |   | 4,265 |   |
| Self-moving                  and self-storage products and service sales |   |                                        | 4,765  |   |   | 4,337 |   |
| Other                  revenue                                           |   |                                        | 286    |   |   | 335 |   |
| Segment                  revenue                                         |   | $                                           | 12,059 |   | $ | 11,346 |   |
|                                                                     |   |                                        |   |   |   |   |   |

**Liquidity        and Capital Resources**

----

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

***Moving        and Self-Storage***

***Property        and Casualty Insurance***

***Life        Insurance***

----

***SAC        Holding II***

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

***Moving        and Self-Storage***

***Property        and Casualty Insurance***

***Life        Insurance***

***SAC        Holding***
**        II**

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

***Off-Balance        Sheet Arrangements***

----

**Fiscal        2006 Outlook**

----

**Cautionary        Statements Regarding Forward-Looking Statements**

**Risk        Factors**

***We        operate in a highly competitive industry.***

----

**Control        of AMERCO remains in the hands of a small contingent. **

***Our        operations subject us to numerous environmental regulations and the possibility        that environmental liability in the future could adversely affect our        operations.***

***Our        business is seasonal.***

***We        obtain our rental trucks from a limited number of manufacturers.***

***Our        property and casualty insurance business has suffered extensive losses.***

***Our***
**        life insurance business was downgraded by A.M. Best due to events surrounding        the restructuring**

----

**Notes        receivable from SAC Holdings are a significant portion of AMERCO’s total assets.**

***We        face risks related to an SEC investigation and securities litigation.***

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

**Interest        Rate Risk**

**Foreign        Currency Exchange Rate Risk**

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

----

***Evaluation        of Disclosure Controls and Procedures***

**Inherent        **
**Limitations        on the Effectiveness of Controls**

----

**Changes        in Internal Control over Financial Reporting**

**PART        II. OTHER INFORMATION**

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

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

**Item        3. Defaults upon Senior Securities**

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

**Item        5. Other Information** 

***Item        1.01 Entry into a Material Definitive Agreement.***

| **Name**                          |   | **Cash                  Bonus Amount** |    |
|-----------------------------------|--------|----------------------------------------|---------|
| Gary                  B. Horton   |   | $                                      | 500,000 |   |
| John                  C. Taylor   |   | $                                      | 200,000 |   |
| Jack                  A. Peterson |   | $                                      | 35,000  |   |
| Ronald                  C. Frank  |   | $                                      | 17,437  |   |

----

**Item        6. Exhibits**

| **Exhibit                  Number** |  **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                           |  **Page                  or Method of Filing**                                                                                                                    |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1                                 | Joint                  Plan of Reorganization of AMERCO and Amerco Real Estate                  Company                                                                                                                                                                                                                                                                                                                                                         | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed October 20,                  2003, file no. 1-11255                      |
| 2.2                                 | Disclosure                  Statement Concerning the Debtors’ Joint Plan of                  Reorganization                                                                                                                                                                                                                                                                                                                                               | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed October 20,                  2003, file no. 1-11255                      |
| 2.3                                 | Amended                  Joint Plan of Reorganization of AMERCO and Amerco Real Estate                  Company                                                                                                                                                                                                                                                                                                                                                 | Incorporated                  by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                  ended December 31, 2003, file No. 1-11255  |
| 3.1                                 | Restated                  Articles of Incorporation of AMERCO                                                                                                                                                                                                                                                                                                                                                                                                   | Incorporated                  by reference to AMERCO’s Registration Statement on form S-4 filed March                  30, 2004, file number 1-11255             |
| 3.2                                 | Restated                  By-Laws of AMERCO                                                                                                                                                                                                                                                                                                                                                                                                                     | Incorporated                  by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                  ended September 30, 1996, file No. 1-11255 |
| 3.3                                 | Restated                  Articles of Incorporation of U-Haul International, Inc.                                                                                                                                                                                                                                                                                                                                                                               | Incorporated                  by reference to AMERCO’s Annual Report on Form 10-K for the year ended                  March 31, 2003, file no. 1-11255           |
| 3.4                                 | Bylaws                  of U-Haul International, Inc.                                                                                                                                                                                                                                                                                                                                                                                                           | Incorporated                  by reference to AMERCO’s Annual Report on Form 10-K for the year ended                  March 31, 2003, file no. 1-11255           |
| 10.1                                | Credit                  Agreement, dated June 28, 2005, among U-Haul Leasing & Sales Co.,                  U-Haul Company of Arizona and U-Haul International, Inc. and Merrill                  Lynch                  Commercial Finance Corporation.                                                                                                                                                                                                     | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed July 6, 2005,                  file no. 1-11255                          |
| 10.2                                | Security                  Agreement, dated June 28, 2005, among U-Haul Leasing & Sales Co.,                  U-Haul Company of Arizona and U-Haul International, Inc. in favor                  of                  Merrill Lynch Commercial Finance Corporation.                                                                                                                                                                                           | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed July 6, 2005,                  file no. 1-11255                          |
| 10.3                                | Guarantee,                  dated June 28, 2005, made by U-Haul International, Inc. in favor                  of                  Merrill Lynch Commercial Finance Corporation.                                                                                                                                                                                                                                                                                 | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed July 6, 2005,                  file no. 1-11255                          |
| 10.4                                | Amended                  and Restated Credit Agreement, dated June 8, 2005, among                  Amerco Real                  Estate Company, Amerco Real Estate Company of Texas, Inc., Amerco                  Real                  Estate Company of Alabama, Inc., U-Haul Co. of Florida, Inc., U-Haul                  International, Inc. and Merrill Lynch Commercial Finance                  Corp.                                             | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005,                  file no. 1-11255                         |
| 10.5                                | Security                  Agreement, dated June 8, 2005, by Amerco Real Estate Company,                  Amerco                  Real Estate Company of Texas, Inc., Amerco Real Estate Company                  of Alabama,                  Inc., U-Haul Co. of Florida, Inc., U-Haul International, Inc. and                  the                  Marketing Grantors named therein in favor of Merrill Lynch Commercial                  Finance Corp. | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005,                  file no. 1-11255                         |
| 10.6                                | Guarantee,                  dated June 8, 2005, by U-Haul International, Inc. in favor                  of Merrill                  Lynch Commercial Finance Corp.                                                                                                                                                                                                                                                                                         | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005,                  file no. 1-11255                         |
| 10.7                                | Promissory                  Note, dated June 8, 2005 by Amerco Real Estate Company,                  Amerco Real                  Estate Company of Texas, Inc., Amerco Real Estate Company of Alabama,                  Inc., U-Haul Co. of Florida, Inc. and U-Haul International,                  Inc.                                                                                                                                                 | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005,                  file no. 1-11255                         |
| 10.8                                | Form                  of Mortgage, Security Agreement, Assignment of Rents and Fixture                  Filing,                  dated June 8, 2005, in favor of Morgan Stanley Mortgage                  Capital                  Inc.                                                                                                                                                                                                                    | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005,                  file no. 1-11255                         |
| 10.9                                | Form                  of Promissory Note, dated June 8, 2005, in favor of Morgan                  Stanley                  Mortgage Capital Inc.                                                                                                                                                                                                                                                                                                           | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005,                  file no. 1-11255                         |
| 10.10                               | Form                  of Mortgage, Security Agreement, Assignment of Rents and Fixture                  Filing,                  dated June 8, 2005, in favor of Merrill Lynch Mortgage Lending,                  Inc.                                                                                                                                                                                                                                     | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005,                  file no. 1-11255                         |
| 10.11                               | Form                  of Promissory Note, dated June 8, 2005, in favor of Merrill                  Lynch                  Mortgage Lending, Inc.                                                                                                                                                                                                                                                                                                           | Incorporated                  by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005,                  file no. 1-11255                         |
| 31.1                                | Rule                  13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and                  Chairman                  of the Board of AMERCO and U-Haul International, Inc.                                                                                                                                                                                                                                                                        | Filed                  herewith                                                                                                                                        |
| 31.2                                | Rule                  13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting                  Officer                  of AMERCO                                                                                                                                                                                                                                                                                                                    | Filed                  herewith                                                                                                                                        |
| 31.3                                | Rule                  13a-14(a)/15d-14(a) Certificate of Robet T. Peterson, Chief Financial                  Officer of U-Haul International, Inc.                                                                                                                                                                                                                                                                                                              | Filed                  herewith                                                                                                                                        |
| 32.1                                | Certificate                  of Edward J. Shoen, President and Chairman of the Board of AMERCO                  and                  U-Haul International, Inc. pursuant to Section 906 of the Sabanes-Oxley                  Act of 2002                                                                                                                                                                                                                       | Filed                  herewith                                                                                                                                        |
| 32.2                                | Certificate                  of Jason A. Berg, Chief Accounting Officer of AMERCO pursuant to                  Section                  906 of the Sabanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                    | Filed                  herewith                                                                                                                                        |
| 32.3                                | Certificate                  of Robert T. Peterson, Chief Financial Officer of U-Haul International,                  Inc. pursuant to Section 906 of the Sabanes-Oxley Act of                  2002                                                                                                                                                                                                                                                            | Filed                  herewith                                                                                                                                        |

----

**AMERCO**

**U-HAUL        INTERNATIONAL, INC.**