**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**Form      10-Q**

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

**For      the quarterly period ended December 31, 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 December 31, 2005 (unaudited) and                March                31, 2005                                                  | 1-2                     |
|                   | b)Condensed                Consolidated Statements of Operations for the Quarters ended December                31,                2005 and 2004 (unaudited)                                 | 3                       |
|                   | c)Condensed                Consolidated Statements of Operations for the Nine Months ended December                31, 2005 and 2004 (unaudited)                                             | 4                       |
|                   | d) Condensed                Consolidated Statements of Comprehensive Income for the Quarters                and Nine                Months ended December 31, 2005 and 2004 (unaudited) | 5                       |
|                   | e) Condensed                Consolidated Statements of Cash Flows for the Nine Months ended December                31, 2005 and 2004 (unaudited)                                       | 6-7                     |
|                   | f)Notes                to Condensed Consolidated Financial Statements                                                                                                                        | 8-34                    |
| Item                2. | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                                                                    | 35-56                   |
| Item                3. | Quantitative                and Qualitative Disclosures About Market Risk                                                                                                                    | 57                      |
| Item                4. | Controls                and Procedures                                                                                                                                                       | 57-58                   |
|                   |                                                                                                                                                                                         |                    |
|                   | **PART                II OTHER INFORMATION**                                                                                                                                                 |                    |
| Item                1. | Legal                Proceedings                                                                                                                                                        | 59                      |
| Item                2. | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                                                                   | 59                      |
| Item                3. | Defaults                Upon Senior Securities                                                                                                                                               | 59                      |
| Item                4. | Submission                of Matters to a Vote of Security Holders                                                                                                                           | 59                      |
| Item                5. | Other                Information                                                                                                                                                             | 59                      |
| Item                6. | Exhibits                                                                                                                                                                                     |                    |

----

**PART      I FINANCIAL INFORMATION**

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

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS**

|                                                                      |   | **December                31,** |       | **March                31,** |   |
|---------------------------------------------------------------------------|--------|---------------------------------|------------|------------------------------|--------|
|                                                                      |   | **2005**                        |       | **2005**                     |   |
|                                                                      |   | (Unaudited)                     |       |                         |   |
|                                                                      |   | (In                thousands)   |       |
| **ASSETS**                                                                |   |                            |       |                         |   |
| Cash                and cash equivalents                                  |   | $                               | 247,150    |                         | $      | 55,955 |   |
| Reinsurance                recoverables and trade receivables, net        |   |                            | 238,483    |                         |   | 236,817 |   |
| Notes                and mortgage receivables, net                        |   |                            | 1,838      |                         |   | 1,965 |   |
| Inventories,                net                                           |   |                            | 70,934     |                         |   | 63,658 |   |
| Prepaid                expenses                                           |   |                            | 22,162     |                         |   | 19,874 |   |
| Investments,                fixed maturities                              |   |                            | 669,587    |                         |   | 635,178 |   |
| Investments,                other                                         |   |                            | 233,228    |                         |   | 345,207 |   |
| Deferred                policy acquisition costs, net                     |   |                            | 48,117     |                         |   | 52,543 |   |
| Other                assets                                               |   |                            | 99,044     |                         |   | 85,291 |   |
| Related                party assets                                       |   |                            | 265,442    |                         |   | 252,666 |   |
|                                                                      |   |                            | 1,895,985  |                         |   | 1,749,154 |   |
| Property,                plant and equipment, at cost:                    |   |                            |       |                         |   |   |   |
| Land                                                                      |   |                            | 174,337    |                         |   | 151,145 |   |
| Buildings                and improvements                                 |   |                            | 742,699    |                         |   | 686,225 |   |
| Furniture                and equipment                                    |   |                            | 274,786    |                         |   | 265,216 |   |
| Rental                trailers and other rental equipment                 |   |                            | 202,280    |                         |   | 199,461 |   |
| Rental                trucks                                              |   |                            | 1,273,926  |                         |   | 1,252,018 |   |
| SAC                Holding II Corporation - property, plant and equipment |   |                            | 79,132     |                         |   | 77,594 |   |
|                                                                      |   |                            | 2,747,160  |                         |   | 2,631,659 |   |
| Less:                Accumulated depreciation                             |   |                            | (1,276,938 | )                            |   | (1,277,191 | ) |
| Total                property, plant and equipment                        |   |                            | 1,470,222  |                         |   | 1,354,468 |   |
| Total                assets                                               |   | $                               | 3,366,207  |                         | $      | 3,103,622 |   |
|                                                                      |   |                            |       |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS (Continued)**

|                                                                                                           |   | **December                31,**                                   |      |   |   | **March                31,** |   |
|----------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|-----------|--------|--------|------------------------------|--------|
|                                                                                                           |   | **2005**                                                          |      |   |   | **2005**                     |   |
|                                                                                                           |   | (Unaudited)                                                       |      |   |   |                         |   |
|                                                                                                           |   | (In                thousands, except share and per share amounts) |      |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**                                                        |   |
| Liabilities:                                                                                                   |   |                                                              |      |   |   |                         |   |   |   |
| Accounts                payable and accrued expenses                                                           |   | $                                                                 | 206,192   |   |   |                         | $      | 206,763 |   |
| AMERCO's                notes and loans payable                                                                |   |                                                              | 942,092   |   |   |                         |   | 780,008 |   |
| SAC                Holding II Corporation notes and loans payable, non-recourse to                AMERCO       |   |                                                              | 76,572    |   |   |                         |   | 77,474 |   |
| Policy                benefits and losses, claims and loss expenses payable                                    |   |                                                              | 799,503   |   |   |                         |   | 805,121 |   |
| Liabilities                from investment contracts                                                           |   |                                                              | 463,366   |   |   |                         |   | 503,838 |   |
| Other                policyholders' funds and liabilities                                                      |   |                                                              | 14,764    |   |   |                         |   | 29,642 |   |
| Deferred                income                                                                                 |   |                                                              | 21,258    |   |   |                         |   | 38,743 |   |
| Deferred                income taxes                                                                           |   |                                                              | 133,677   |   |   |                         |   | 78,124 |   |
| Related                party liabilities                                                                       |   |                                                              | 8,818     |   |   |                         |   | 11,070 |   |
| Total                liabilities                                                                               |   |                                                              | 2,666,242 |   |   |                         |   | 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 December 31 and March 31, 2005                    |   |                                                              | -         |   |   |                         |   | - |   |
| Series                B preferred stock, with no par value, 100,000 shares authorized;                none     |   |                                                              |      |   |   |                         |   |   |   |
| issued                and outstanding as of December 31 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 December 31 and March 31, 2005                                    |   |                                                              | 929       |   |   |                         |   | 929 |   |
| Common                stock of $0.25 par value, 150,000,000 shares authorized;                                 |   |                                                              |      |   |   |                         |   |   |   |
| 38,269,518                issued as of December 31 and March 31, 2005                                          |   |                                                              | 9,568     |   |   |                         |   | 9,568 |   |
| Additional                paid-in capital                                                                      |   |                                                              | 365,531   |   |   |                         |   | 350,344 |   |
| Accumulated                other comprehensive loss                                                            |   |                                                              | (29,604   | )      |   |                         |   | (30,661 | ) |
| Retained                earnings                                                                               |   |                                                              | 781,273   |   |   |                         |   | 671,642 |   |
| Cost                of common shares in treasury, net (20,701,096 shares as of                                 |   |                                                              |      |   |   |                         |   |   |   |
| December                31 and March 31, 2005)                                                                 |   |                                                              | (418,092  | )      |   |                         |   | (418,092 | ) |
| Unearned                employee stock ownership plan shares                                                   |   |                                                              | (9,640    | )      |   |                         |   | (10,891 | ) |
| Total                stockholders' equity                                                                      |   |                                                              | 699,965   |   |   |                         |   | 572,839 |   |
| Total                liabilities and stockholders' equity                                                      |   | $                                                                 | 3,366,207 |   |   |                         | $      | 3,103,622 |   |
|                                                                                                           |   |                                                              |      |   |   |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                   |   |                                                              |   | **Quarter                Ended December 31,** |   |
|------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                   |   |                                                              |   | **2005**                                      |   | **2004** |   |
|                                                                   |   |                                                              |   | (Unaudited)                                   |   |
|                                                                   |   | (In                thousands, except share and per share amounts) |   |
| Revenues:                                                              |   |                                                              |   |                                          |   |   |   |   |   |   |
| Self-moving                equipment rentals                           |   |                                                              |   |                                          | $      | 353,409 |   | $ | 328,471 |   |
| Self-storage                revenues                                   |   |                                                              |   |                                          |   | 29,784 |   |   | 28,846 |   |
| Self-moving                and self-storage products and service sales |   |                                                              |   |                                          |   | 47,316 |   |   | 42,694 |   |
| Property                management fees                                |   |                                                              |   |                                          |   | 4,289 |   |   | 2,880 |   |
| Life                insurance premiums                                 |   |                                                              |   |                                          |   | 30,743 |   |   | 31,241 |   |
| Property                and casualty insurance premiums                |   |                                                              |   |                                          |   | 9,949 |   |   | 3,975 |   |
| Net                investment and interest income                      |   |                                                              |   |                                          |   | 12,807 |   |   | 17,109 |   |
| Other                revenue                                           |   |                                                              |   |                                          |   | 7,373 |   |   | 6,281 |   |
| Total                revenues                                          |   |                                                              |   |                                          |   | 495,670 |   |   | 461,497 |   |
| Costs                and expenses:                                     |   |                                                              |   |                                          |   |   |   |   |   |   |
| Operating                expenses                                      |   |                                                              |   |                                          |   | 271,368 |   |   | 286,518 |   |
| Commission                expenses                                     |   |                                                              |   |                                          |   | 42,548 |   |   | 39,302 |   |
| Cost                of sales                                           |   |                                                              |   |                                          |   | 23,376 |   |   | 21,361 |   |
| Benefits                and losses                                     |   |                                                              |   |                                          |   | 35,202 |   |   | 40,958 |   |
| Amortization                of deferred policy acquisition costs       |   |                                                              |   |                                          |   | 5,754 |   |   | 6,279 |   |
| Lease                expense                                           |   |                                                              |   |                                          |   | 37,182 |   |   | 38,506 |   |
| Depreciation,                net of (gains) losses on disposals        |   |                                                              |   |                                          |   | 34,821 |   |   | 28,282 |   |
| Total                costs and expenses                                |   |                                                              |   |                                          |   | 450,251 |   |   | 461,206 |   |
|                                                                   |   |                                                              |   |                                          |   |   |   |   |   |   |
| Earnings                from operations                                |   |                                                              |   |                                          |   | 45,419 |   |   | 291 |   |
| Interest                expense                                        |   |                                                              |   |                                          |   | 17,791 |   |   | 16,931 |   |
| Litigation                settlement                                   |   |                                                              |   |                                          |   | - |   |   | 51,341 |   |
| Pretax                earnings                                         |   |                                                              |   |                                          |   | 27,628 |   |   | 34,701 |   |
| Income                tax expense                                      |   |                                                              |   |                                          |   | (12,458 | ) |   | (13,155 | ) |
| Net                earnings                                            |   |                                                              |   |                                          |   | 15,170 |   |   | 21,546 |   |
| Less:                Preferred stock dividends                         |   |                                                              |   |                                          |   | (3,241 | ) |   | (3,241 | ) |
| Earnings                available to common shareholders               |   |                                                              |   |                                          | $      | 11,929 |   | $ | 18,305 |   |
| Basic                and diluted earnings per common share             |   |                                                              |   |                                          | $      | 0.57 |   | $ | 0.88 |   |
| Weighted                average common shares outstanding:             |   |                                                              |   |                                          |   |   |   |   |   |   |
| Basic                and diluted                                       |   |                                                              |   |                                          |   | 20,865,684 |   |   | 20,813,805 |   |
|                                                                   |   |                                                              |   |                                          |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                   |   |                                                              |   | **Nine                Months Ended December 31,** |   |
|------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                   |   |                                                              |   | **2005**                                          |   | **2004** |   |
|                                                                   |   |                                                              |   | (Unaudited)                                       |   |
|                                                                   |   | (In                thousands, except share and per share amounts) |   |
| Revenues:                                                              |   |                                                              |   |                                              |   |   |   |   |   |   |
| Self-moving                equipment rentals                           |   |                                                              |   |                                              | $      | 1,201,374 |   | $ | 1,147,369 |   |
| Self-storage                revenues                                   |   |                                                              |   |                                              |   | 92,153 |   |   | 88,359 |   |
| Self-moving                and self-storage products and service sales |   |                                                              |   |                                              |   | 176,371 |   |   | 161,967 |   |
| Property                management fees                                |   |                                                              |   |                                              |   | 12,558 |   |   | 8,971 |   |
| Life                insurance premiums                                 |   |                                                              |   |                                              |   | 90,050 |   |   | 96,535 |   |
| Property                and casualty insurance premiums                |   |                                                              |   |                                              |   | 20,172 |   |   | 20,815 |   |
| Net                investment and interest income                      |   |                                                              |   |                                              |   | 38,873 |   |   | 46,160 |   |
| Other                revenue                                           |   |                                                              |   |                                              |   | 29,093 |   |   | 23,686 |   |
| Total                revenues                                          |   |                                                              |   |                                              |   | 1,660,644 |   |   | 1,593,862 |   |
| Costs                and expenses:                                     |   |                                                              |   |                                              |   |   |   |   |   |   |
| Operating                expenses                                      |   |                                                              |   |                                              |   | 827,861 |   |   | 845,876 |   |
| Commission                expenses                                     |   |                                                              |   |                                              |   | 143,763 |   |   | 138,069 |   |
| Cost                of sales                                           |   |                                                              |   |                                              |   | 85,337 |   |   | 77,617 |   |
| Benefits                and losses                                     |   |                                                              |   |                                              |   | 89,225 |   |   | 111,010 |   |
| Amortization                of deferred policy acquisition costs       |   |                                                              |   |                                              |   | 17,806 |   |   | 24,015 |   |
| Lease                expense                                           |   |                                                              |   |                                              |   | 107,055 |   |   | 115,389 |   |
| Depreciation,                net of (gains) losses on disposals        |   |                                                              |   |                                              |   | 103,380 |   |   | 86,214 |   |
| Total                costs and expenses                                |   |                                                              |   |                                              |   | 1,374,427 |   |   | 1,398,190 |   |
|                                                                   |   |                                                              |   |                                              |   |   |   |   |   |   |
| Earnings                from operations                                |   |                                                              |   |                                              |   | 286,217 |   |   | 195,672 |   |
| Interest                expense                                        |   |                                                              |   |                                              |   | 52,672 |   |   | 53,995 |   |
| Fees                on early extinguishment of debt                    |   |                                                              |   |                                              |   | 35,627 |   |   | - |   |
| Litigation                settlement                                   |   |                                                              |   |                                              |   | - |   |   | 51,341 |   |
| Pretax                earnings                                         |   |                                                              |   |                                              |   | 197,918 |   |   | 193,018 |   |
| Income                tax expense                                      |   |                                                              |   |                                              |   | (78,564 | ) |   | (73,994 | ) |
| Net                earnings                                            |   |                                                              |   |                                              |   | 119,354 |   |   | 119,024 |   |
| Less:                Preferred stock dividends                         |   |                                                              |   |                                              |   | (9,723 | ) |   | (9,723 | ) |
| Earnings                available to common shareholders               |   |                                                              |   |                                              | $      | 109,631 |   | $ | 109,301 |   |
| Basic                and diluted earnings per common share             |   |                                                              |   |                                              | $      | 5.26 |   | $ | 5.25 |   |
| Weighted                average common shares outstanding:             |   |                                                              |   |                                              |   |   |   |   |   |   |
| Basic                and diluted                                       |   |                                                              |   |                                              |   | 20,850,254 |   |   | 20,801,112 |   |
|                                                                   |   |                                                              |   |                                              |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

|                                                          |   | **Quarter                Ended December 31,** |   |
|---------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                          |   | **2005**                                      |   | **2004** |   |
|                                                          |   | (Unaudited)                                   |   |
|                                                          |   | (In                thousands)                 |   |
| Comprehensive                income:                          |   |                                          |   |   |   |   |   |
| Net                earnings                                   |   | $                                             | 15,170 |   | $ | 21,546 |   |
| Other                comprehensive income (loss), net of tax: |   |                                          |   |   |   |   |   |
| Foreign                currency translation                   |   |                                          | (587   | ) |   | 2,275 |   |
| Unrealized                gain (loss) on investments          |   |                                          | (2,629 | ) |   | 5,755 |   |
| Fair                market value of cash flow hedges          |   |                                          | (128   | ) |   | 800 |   |
| Total                comprehensive income                     |   | $                                             | 11,826 |   | $ | 30,376 |   |
|                                                          |   |                                          |   |   |   |   |   |

|                                                          |   | **Nine                Months Ended December 31,** |    |
|---------------------------------------------------------------|--------|---------------------------------------------------|---------|
|                                                          |   | **2005**                                          |    | **2004** |   |
|                                                          |   | (Unaudited)                                       |    |
|                                                          |   | (In                thousands)                     |    |
| Comprehensive                income:                          |   |                                              |    |   |   |   |   |
| Net                earnings                                   |   | $                                                 | 119,354 |   | $ | 119,024 |   |
| Other                comprehensive income (loss), net of tax: |   |                                              |    |   |   |   |   |
| Foreign                currency translation                   |   |                                              | (689    | ) |   | 2,058 |   |
| Unrealized                loss on investments                 |   |                                              | (1,373  | ) |   | (4,098 | ) |
| Fair                market value of cash flow hedges          |   |                                              | 3,119   |   |   | (868 | ) |
| Total                comprehensive income                     |   | $                                                 | 120,411 |   | $ | 116,116 |   |
|                                                          |   |                                              |    |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOW**

|                                                                        |   | **Nine                Months Ended December 31,** |    |
|-----------------------------------------------------------------------------|--------|---------------------------------------------------|---------|
|                                                                        |   | **2005**                                          |    | **2004** |   |
|                                                                        |   | (Unaudited)                                       |    |
|                                                                        |   | (In                thousands)                     |    |
| Cash                flow from operating activities:                         |   |                                              |    |   |   |   |   |
| Net                earnings                                                 |   | $                                                 | 119,354 |   | $ | 119,024 |   |
| Depreciation                                                                |   |                                              | 96,748  |   |   | 85,030 |   |
| Amortization                of deferred policy acquisition costs            |   |                                              | 19,295  |   |   | 21,038 |   |
| Change                in provision for losses on trade receivables          |   |                                              | (24     | ) |   | (360 | ) |
| Change                in provision for losses on mortgage notes             |   |                                              | (1,216  | ) |   | - |   |
| Net                loss on sale of real and personal property               |   |                                              | 7,105   |   |   | 998 |   |
| Net                (gain) loss on sale of investments                       |   |                                              | 3,041   |   |   | (548 | ) |
| Write-off                of unamortized debt issuance costs                 |   |                                              | 13,629  |   |   | - |   |
| Deferred                income taxes                                        |   |                                              | 50,556  |   |   | 46,919 |   |
| Net                change in other operating assets and liabilities:        |   |                                              |    |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                              | (1,642  | ) |   | 25,828 |   |
| Inventories                                                                 |   |                                              | (7,276  | ) |   | (1,029 | ) |
| Prepaid                expenses                                             |   |                                              | (2,288  | ) |   | (10,178 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                              | (8,963  | ) |   | (4,544 | ) |
| Other                assets                                                 |   |                                              | 2,215   |   |   | (21,333 | ) |
| Related                party assets                                         |   |                                              | 5,589   |   |   | (23,583 | ) |
| Accounts                payable and accrued expenses                        |   |                                              | (7,686  | ) |   | (6,260 | ) |
| Policy                benefits and losses, claims and loss expenses payable |   |                                              | (5,618  | ) |   | (3,234 | ) |
| Other                policyholders' funds and liabilities                   |   |                                              | (14,878 | ) |   | 1,437 |   |
| Deferred                income                                              |   |                                              | (17,485 | ) |   | (6,717 | ) |
| Related                party liabilities                                    |   |                                              | 2,884   |   |   | 1,314 |   |
| Net                cash provided by operating activities                    |   |                                              | 253,340 |   |   | 223,802 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | **Nine                Months Ended December 31,** |       |
|-------------------------------------------------------------------------------|--------|---------------------------------------------------|------------|
|                                                                          |   | **2005**                                          |       | **2004** |   |
|                                                                          |   | (Unaudited)                                       |       |
|                                                                          |   | (In                thousands)                     |       |
|                                                                          |   |                                              |       |   |   |
| Cash                flows from investing activities:                          |   |                                              |       |   |   |   |   |
| Purchases                of:                                                  |   |                                              |       |   |   |   |   |
| Property,                plant and equipment                                  |   | $                                                 | (252,362   | ) | $ | (172,496 | ) |
| Short                term investments                                         |   |                                              | (369,804   | ) |   | (137,727 | ) |
| Fixed                maturities investments                                   |   |                                              | (183,677   | ) |   | (83,665 | ) |
| Equity                securities                                              |   |                                              | -          |   |   | (6,765 | ) |
| Other                asset investments, net                                   |   |                                              | -          |   |   | (936 | ) |
| Real                estate                                                    |   |                                              | (2,362     | ) |   | - |   |
| Mortgage                loans                                                 |   |                                              | (5,838     | ) |   | (750 | ) |
| Notes                and mortgage receivables                                 |   |                                              | -          |   |   | (2,192 | ) |
| Proceeds                from sale of:                                         |   |                                              |            |   |   |   |   |
| Property,                plant and equipment                                  |   |                                              | 46,842     |   |   | 229,233 |   |
| Short                term investments                                         |   |                                              | 426,784    |   |   | 129,470 |   |
| Fixed                maturities investments                                   |   |                                              | 119,855    |   |   | 103,202 |   |
| Equity                securities                                              |   |                                              | 10,615     |   |   | - |   |
| Preferred                stock                                                |   |                                              | 8,403      |   |   | 14,993 |   |
| Other                asset investments, net                                   |   |                                              | -          |   |   | 44,093 |   |
| Real                estate                                                    |   |                                              | 45,425     |   |   | 5,455 |   |
| Mortgage                loans                                                 |   |                                              | 10,338     |   |   | 2,819 |   |
| Payments                from notes and mortgage receivables                   |   |                                              | 1,343      |   |   | 205 |   |
| Net                cash provided (used) by investing activities               |   |                                              | (144,438   | ) |   | 124,939 |   |
| Cash                flows from financing activities:                          |   |                                              |       |   |   |   |   |
| Borrowings                from credit facilities                              |   |                                              | 1,248,550  |   |   | 35,032 |   |
| Principal                repayments on credit facilities                      |   |                                              | (1,087,716 | ) |   | (202,396 | ) |
| Debt                issuance costs                                            |   |                                              | (29,597    | ) |   | - |   |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                              | 1,251      |   |   | 1,752 |   |
| Payoff                of capital leases                                       |   |                                              | -          |   |   | (99,607 | ) |
| Preferred                stock dividends paid                                 |   |                                              | (9,723     | ) |   | (25,297 | ) |
| Investment                contract deposits                                   |   |                                              | 15,471     |   |   | 19,587 |   |
| Investment                contract withdrawals                                |   |                                              | (55,943    | ) |   | (79,143 | ) |
| Net                cash provided (used) by financing activities               |   |                                              | 82,293     |   |   | (350,072 | ) |
| Increase                (decrease) in cash equivalents                        |   |                                              | 191,195    |   |   | (1,331 | ) |
| Cash                and cash equivalents at the beginning of period           |   |                                              | 55,955     |   |   | 81,557 |   |
| Cash                and cash equivalents at the end of period                 |   | $                                                 | 247,150    |   | $ | 80,226 |   |
|                                                                          |   |                                              |       |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**December      31, 2005, December 31, 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 December 31,** |       |
|------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                       |   | **2005**                                      |       | **2004** |   |
|                                                       |   | (Unaudited)                                   |       |
| Basic                and diluted earnings per common share |   | $                                             | 0.57       |   | $ | 0.88 |   |
| Weighted                average common share outstanding:  |   |                                          |       |   |   |   |   |
| Basic                and diluted                           |   |                                          | 20,865,684 |   |   | 20,813,805 |   |
|                                                       |   |                                          |       |   |   |   |   |

|                                                       |   | **Nine                Months Ended December 31,** |       |
|------------------------------------------------------------|--------|---------------------------------------------------|------------|
|                                                       |   | **2005**                                          |       | **2004** |   |
|                                                       |   | (Unaudited)                                       |       |
| Basic                and diluted earnings per common share |   | $                                                 | 5.26       |   | $ | 5.25 |   |
| Weighted                average common share outstanding:  |   |                                              |       |   |   |   |   |
| Basic                and diluted                           |   |                                              | 20,850,254 |   |   | 20,801,112 |   |
|                                                       |   |                                              |       |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**3.**
**      Borrowings**

***Long-Term      Debt***

|                                                                                             |   | **December                31,** |    | **March                31,** |   |
|--------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|------------------------------|--------|
|                                                                                             |   | **2005**                        |    | **2005**                     |   |
|                                                                                             |   | (Unaudited)                     |    |                         |   |
|                                                                                             |   | (In                thousands)   |    |
| Real                estate loan, due 2010                                                        |   | $                               | 242,585 |                         | $      | - |   |
| Senior                mortgages, 5.68%, due 2015                                                 |   |                            | 238,231 |                         |   | - |   |
| Senior                mortgages, 5.52%, due 2015                                                 |   |                            | 238,280 |                         |   | - |   |
| U-Haul                Co. of Canada mortgage securities 5.75%, due 2015                          |   |                            | 9,703   |                         |   | - |   |
| CMBS                mezzanine loan, due 2007                                                     |   |                            | 19,603  |                         |   | - |   |
| CMBS                loan, 5.47%, due 2015                                                        |   |                            | 24,020  |                         |   | - |   |
| CMBS                II loan , 5.72% due 2015                                                     |   |                            | 23,621  |                         |   |   |   |
| Revolving                credit agreement, due 2010                                              |   |                            | 90,000  |                         |   | - |   |
| Rental                truck amortizing loan, due 2012                                            |   |                            | 56,049  |                         |   |   |   |
| Revolving                credit facility, senior secured first lien                              |   |                            | -       |                         |   | 84,862 |   |
| Senior                amortizing notes, secured, first lien, due 2009                            |   |                            | -       |                         |   | 346,500 |   |
| Senior                notes, secured second lien, 9.00% interest rate, due 2009                  |   |                            | -       |                         |   | 200,000 |   |
| Senior                subordinated notes, secured, 12.00% interest rate, due                2011 |   |                            | -       |                         |   | 148,646 |   |
| Total                AMERCO notes and loans payable                                              |   | $                               | 942,092 |                         | $      | 780,008 |   |
|                                                                                             |   |                            |    |                         |   |   |   |

***Real      Estate Backed Loans***

*Real      Estate Loan*

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

*Senior      Mortgages*

*U-Haul      Company of Canada Mortgage Securities*

*CMBS      Mezzanine Loan *

*CMBS      Loan*

*CMBS      II Loan*

----

**         **

**AMERCO          AND CONSOLIDATED ENTITIES**

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

***Fleet      Loans***

*Revolving      Credit Agreement*

*Rental      Truck Amortizing Loan*

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

----

**       **

**AMERCO        AND CONSOLIDATED ENTITIES**

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

*Annual      Maturities of AMERCO Consolidated Notes and Loans Payable*

|                                  |   | **Year                Ending December 31,** |   |
|---------------------------------------|--------|---------------------------------------------|--------|
|                                  |   | **2006**                                    |   | **2007** |   | **2008** |   | **2009** |   | **2010** |   | **Thereafter** |   |
|                                  |   | (Unaudited)                                 |   |
|                                  |   | (In                thousands)               |   |
| Notes                payable, secured |   | $                                           | 22,166 |   | $ | 39,398 |   | $ | 22,651 |   | $ | 23,394 |   | $ | 356,682 |   | $ | 477,801 |   |
|                                  |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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

|                                                                 |   | **December                31,** |   | **March                31,** |   |
|----------------------------------------------------------------------|--------|---------------------------------|--------|------------------------------|--------|
|                                                                 |   | **2005**                        |   | **2005**                     |   |
|                                                                 |   | (Unaudited)                     |   |                         |   |
|                                                                 |   | (In                thousands)   |   |
| Notes                payable, secured, 7.87% interest rate, due 2027 |   | $                               | 76,572 |                         | $      | 77,474 |   |
|                                                                 |   |                            |   |                         |   |   |   |

----

**       **

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**4.      Interest on Borrowings**

|                                                       |   | **Quarter                Ended December 31,** |   |
|------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                       |   | **2005**                                      |   | **2004** |   |
|                                                       |   | (Unaudited)                                   |   |
|                                                       |   | (In                thousands)                 |   |
| Interest                expense                            |   | $                                             | 13,853 |   | $ | 14,479 |   |
| Capitalized                interest                        |   |                                          | (39    | ) |   | - |   |
| Amortization                of transaction costs           |   |                                          | 892    |   |   | 863 |   |
| Interest                expense resulting from derivatives |   |                                          | 1,543  |   |   | 24 |   |
| Total                AMERCO interest expense               |   |                                          | 16,249 |   |   | 15,366 |   |
| SAC                Holding II interest expense             |   |                                          | 3,403  |   |   | 3,710 |   |
| Less:                Intercompany transactions             |   |                                          | 1,861  |   |   | 2,145 |   |
| Total                SAC Holding II interest expense       |   |                                          | 1,542  |   |   | 1,565 |   |
| Total                                                      |   | $                                             | 17,791 |   | $ | 16,931 |   |
|                                                       |   |                                          |   |   |   |   |   |

|                                                                                                    |   | **Nine                Months Ended December 31,** |   |
|---------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                                                    |   | **2005**                                          |   | **2004** |   |
|                                                                                                    |   | (Unaudited)                                       |   |
|                                                                                                    |   | (In                thousands)                     |   |
| Interest                expense                                                                         |   | $                                                 | 45,469 |   | $ | 45,821 |   |
| Capitalized                interest                                                                     |   |                                              | (115   | ) |   | - |   |
| Amortization                of transaction costs related to early extinguishment of                debt |   |                                              | 14,384 |   |   | - |   |
| Amortization                of transaction costs                                                        |   |                                              | 1,940  |   |   | 2,458 |   |
| Interest                expense resulting from derivatives                                              |   |                                              | 750    |   |   | 1,017 |   |
| Fees                on early extinguishment of debt                                                     |   |                                              | 21,243 |   |   | - |   |
| Total                AMERCO interest expense                                                            |   |                                              | 83,671 |   |   | 49,296 |   |
| SAC                Holding II interest expense                                                          |   |                                              | 9,547  |   |   | 10,941 |   |
| Less:                Intercompany transactions                                                          |   |                                              | 4,919  |   |   | 6,242 |   |
| Total                SAC Holding II interest expense                                                    |   |                                              | 4,628  |   |   | 4,699 |   |
| Total                                                                                                   |   | $                                                 | 88,299 |   | $ | 53,995 |   |
|                                                                                                    |   |                                              |   |   |   |   |   |

----

**       **

**AMERCO        AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | **Revolving                Credit Activity**         |   |
|-------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                                          |   | **Quarter                ended December 31,**        |   |
|                                                                          |   | **2005**                                             |   | **2004** |   |
|                                                                          |   | (Unaudited)                                          |   |
|                                                                          |   | (In                thousands, except interest rates) |   |
| Weighted                average interest rate during the third fiscal quarter |   |                                                 | 5.81%  |   |   | 6.21% |   |
| Interest                rate at the end of the third fiscal quarter           |   |                                                 | 6.11%  |   |   | 6.25% |   |
| Maximum                amount outstanding during the third fiscal quarter     |   | $                                                    | 90,000 |   | $ | 20,466 |   |
| Average                amount outstanding during the third fiscal quarter     |   | $                                                    | 90,000 |   | $ | 3,817 |   |
|                                                                          |   |                                                 |   |   |   |   |   |

|                                                                 |   | **Revolving                Credit Activity**         |    |
|----------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                                 |   | **Nine                Months ended December 31,**    |    |
|                                                                 |   | **2005**                                             |    | **2004** |   |
|                                                                 |   | (Unaudited)                                          |    |
|                                                                 |   | (In                thousands, except interest rates) |    |
| Weighted                average interest rate during the nine months |   |                                                 | 5.81%   |   |   | 5.88% |   |
| Interest                rate at the end of the nine months           |   |                                                 | 6.11%   |   |   | 6.25% |   |
| Maximum                amount outstanding during the nine months     |   | $                                                    | 158,011 |   | $ | 38,624 |   |
| Average                amount outstanding during the nine months     |   | $                                                    | 100,795 |   | $ | 8,002 |   |
|                                                                 |   |                                                 |    |   |   |   |   |

**5.      Comprehensive Income (Loss)**

|                                                            |   | **December                31,** |    | **March                31,** |   |
|-----------------------------------------------------------------|--------|---------------------------------|---------|------------------------------|--------|
|                                                            |   | **2005**                        |    | **2005**                     |   |
|                                                            |   | (Unaudited)                     |    |                         |   |
|                                                            |   | (In                thousands)   |    |
| Accumulated                foreign currency translation         |   | $                               | (34,033 | )                            | $      | (33,344 | ) |
| Accumulated                unrealized gain on investments       |   |                            | 1,263   |                         |   | 2,636 |   |
| Accumulated                fair market value of cash flow hedge |   |                            | 3,166   |                         |   | 47 |   |
|                                                            |   | $                               | (29,604 | )                            | $      | (30,661 | ) |
|                                                            |   |                            |    |                         |   |   |   |

----

**       **

**AMERCO        AND CONSOLIDATED ENTITIES**

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

|                                                          |   | **Foreign                Currency Translation** |    | **Unrealized                Gain (Loss) on Investments** |   |   |   | **Fair                Market Value of Cash Flow Hedge** |   |   | **Accumulated                Other Comprehensive Income (Loss)** |   |
|---------------------------------------------------------------|--------|-------------------------------------------------|---------|----------------------------------------------------------|--------|--------|--------|---------------------------------------------------------|--------|--------|------------------------------------------------------------------|--------|
|                                                          |   |                                            |    |                                                     |
|                                                          |   |                                            |    |                                                     |
|                                                          |   |                                            |    |                                                     |
|                                                          |   | (Unaudited)                                     |    |
|                                                          |   | (In                thousands)                   |    |
| **Balance                at March 31, 2005**                  |   | $                                               | (33,344 | )                                                        | $      | 2,636  |   |                                                    |   | $      | 47                                                               |   |   |   | $ | (30,661 | ) |
| Foreign                currency translation - U-Haul          |   |                                            | (689    | )                                                        |   | -      |   |                                                    |   |   | -                                                                |   |   |   |   | (689 | ) |
| Unrealized                gain (loss) on investments          |   |                                            | -       |                                                     |   | (1,373 | )      |                                                    |   |   | -                                                                |   |   |   |   | (1,373 | ) |
| Change                in fair market value of cash flow hedge |   |                                            | -       |                                                     |   | -      |   |                                                    |   |   | 3,119                                                            |   |   |   |   | 3,119 |   |
| **Balance                at December 31, 2005**               |   | $                                               | (34,033 | )                                                        | $      | 1,263  |   |                                                    |   | $      | 3,166                                                            |   |   |   | $ | (29,604 | ) |
|                                                          |   |                                            |    |                                                     |   |   |   |                                                    |   |   |                                                             |   |   |   |   |   |   |

**6.      Contingent Liabilities and Commitments**

|                                    |   | **Property,****Plant                and****Equipment** |    | **Rental****Equipment**       |   | **Total** |   |
|-----------------------------------------|--------|--------------------------------------------------------|---------|-------------------------------|--------|-----------|--------|
|                                    |   | (Unaudited)                                            |    |
|                                    |   |                                                   |    | (In                thousands) |   |      |   |
| Year-ended                December 31,: |   |                                                   |    |                          |   |      |   |
| 2006                                    |   | $                                                      | 11,849  |                          | $      | 127,413   |   | $ | 139,262 |   |
| 2007                                    |   |                                                   | 11,672  |                          |   | 95,753    |   |   | 107,425 |   |
| 2008                                    |   |                                                   | 11,467  |                          |   | 74,767    |   |   | 86,234 |   |
| 2009                                    |   |                                                   | 11,070  |                          |   | 61,519    |   |   | 72,589 |   |
| 2010                                    |   |                                                   | 10,792  |                          |   | 42,610    |   |   | 53,402 |   |
| Thereafter                              |   |                                                   | 43,392  |                          |   | 34,230    |   |   | 77,622 |   |
| Total                                   |   | $                                                      | 100,242 |                          | $      | 436,292   |   | $ | 536,534 |   |
|                                    |   |                                                   |    |                          |   |      |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**7.      Contingencies**

**Shoen**

**Securities      Litigation**

**Securities      and Exchange Commission**

**Environmental      **

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**Other      **

**8.      Related Party Transactions**

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

** **

** **

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**Related      Party Assets**

|                                                                   |   | **December                31,** |    | **March                31,** |   |
|------------------------------------------------------------------------|--------|---------------------------------|---------|------------------------------|--------|
|                                                                   |   | **2005**                        |    | **2005**                     |   |
|                                                                   |   | (Unaudited)                     |    |                         |   |
|                                                                   |   | (In                thousands)   |    |
| Private                Mini notes, receivables and interest            |   | $                               | 74,028  |                         | $      | 70,887 |   |
| Oxford                note receivable from SAC Holding Corporation     |   |                            | 5,040   |                         |   | 5,040 |   |
| U-Haul                notes receivable from SAC Holding Coporation     |   |                            | 123,578 |                         |   | 123,578 |   |
| U-Haul                interest receivable from SAC Holding Corporation |   |                            | 39,844  |                         |   | 35,960 |   |
| U-Haul                receivable from SAC Holding Corporation          |   |                            | 5,083   |                         |   | 1,028 |   |
| SAC                Holding II receivable from parent                   |   |                            | 2,900   |                         |   | 2,202 |   |
| U-Haul                receivable from Mercury                          |   |                            | 3,117   |                         |   | 2,185 |   |
| Oxford                and RepWest investment in Securespace            |   |                            | 11,345  |                         |   | 11,225 |   |
| Other                                                                  |   |                            | 507     |                         |   | 561 |   |
|                                                                   |   | $                               | 265,442 |                         | $      | 252,666 |   |
|                                                                   |   |                            |    |                         |   |   |   |

**Related      Party Liabilities**

|                                                           |   | **December                31,** |   | **March                31,** |   |
|----------------------------------------------------------------|--------|---------------------------------|--------|------------------------------|--------|
|                                                           |   | **2005**                        |   | **2005**                     |   |
|                                                           |   | (Unaudited)                     |   |                         |   |
|                                                           |   | (In                thousands)   |   |
| SAC                Holding II Corporation payable to affiliate |   | $                               | 8,818  |                         | $      | 11,070 |   |
|                                                           |   |                            |   |                         |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

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

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

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

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

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

|                                                                                                                                                                     |   | Moving                & Storage |      |   |   |                       |   | AMERCO                Legal Group |      |   |   | AMERCO                as Consolidated           |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|-----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                     |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |      |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                                                     |   | (Unaudited)                         |      |
|                                                                                                                                                                     |   | (In                thousands)       |      |
| Assets:                                                                                                                                                                  |   |                                |
| Cash                and cash equivalents                                                                                                                                 |   | $                                   | 10        |   | $      | 210,624                    |   | $                                 | 105       |   | $      | -                                               |   |   |   |   | $ | 210,739 |   | $ | 7,932 |   | $ | 3,998 |   | $ | 23,593 |   |   | (f | ) | $ | 246,262 |   | $ | 888 |   | $ | - |   |   |   |   | $ | 247,150 |   |
| Reinsurance                recoverables and trade receivables, net                                                                                                       |   |                                | -         |   |   | 18,644                     |   |                              | 22        |   |   | -                                               |   |   |   |   |   | 18,666 |   |   | 201,893 |   |   | 17,924 |   |   | - |   |   |   |   |   | 238,483 |   |   | - |   |   | - |   |   |   |   |   | 238,483 |   |
| Notes                and mortgage receivables, net                                                                                                                       |   |                                | -         |   |   | 1,432                      |   |                              | 406       |   |   | -                                               |   |   |   |   |   | 1,838 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,838 |   |   | - |   |   | - |   |   |   |   |   | 1,838 |   |
| Inventories,                net                                                                                                                                          |   |                                | -         |   |   | 69,550                     |   |                              | -         |   |   | -                                               |   |   |   |   |   | 69,550 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 69,550 |   |   | 1,384 |   |   | - |   |   |   |   |   | 70,934 |   |
| Prepaid                expenses                                                                                                                                          |   |                                | 6,841     |   |   | 15,260                     |   |                              | -         |   |   | -                                               |   |   |   |   |   | 22,101 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 22,101 |   |   | 61 |   |   | - |   |   |   |   |   | 22,162 |   |
| Investments,                fixed maturities                                                                                                                             |   |                                | -         |   |   | -                          |   |                              | -         |   |   | -                                               |   |   |   |   |   | - |   |   | 107,332 |   |   | 562,255 |   |   | - |   |   |   |   |   | 669,587 |   |   | - |   |   | - |   |   |   |   |   | 669,587 |   |
| Investments,                other                                                                                                                                        |   |                                | -         |   |   | 64                         |   |                              | 8,056     |   |   | -                                               |   |   |   |   |   | 8,120 |   |   | 119,891 |   |   | 107,579 |   |   | (2,362 | ) |   | (f | ) |   | 233,228 |   |   | - |   |   | - |   |   |   |   |   | 233,228 |   |
| Deferred                policy acquisition costs, net                                                                                                                    |   |                                | -         |   |   | -                          |   |                              | -         |   |   | -                                               |   |   |   |   |   | - |   |   | 1,284 |   |   | 46,833 |   |   | - |   |   |   |   |   | 48,117 |   |   | - |   |   | - |   |   |   |   |   | 48,117 |   |
| Other                assets                                                                                                                                              |   |                                | 237       |   |   | 53,153                     |   |                              | 38,238    |   |   | -                                               |   |   |   |   |   | 91,628 |   |   | 1,520 |   |   | 1,153 |   |   | - |   |   |   |   |   | 94,301 |   |   | 4,743 |   |   | - |   |   |   |   |   | 99,044 |   |
| Related                party assets                                                                                                                                      |   |                                | 72,216    |   |   | 321,614                    |   |                              | 446,856   |   |   | (494,809                                        | )      |   | (d | ) |   | 345,877 |   |   | 57,195 |   |   | 31,824 |   |   | (87,918 | ) |   | (d,f | ) |   | 346,978 |   |   | 2,900 |   |   | (84,436 | ) |   | (d | ) |   | 265,442 |   |
|                                                                                                                                                                     |   |                                | 79,304    |   |   | 690,341                    |   |                              | 493,683   |   |   | (494,809                                        | )      |   |   |   |   | 768,519 |   |   | 497,047 |   |   | 771,566 |   |   | (66,687 | ) |   |   |   |   | 1,970,445 |   |   | 9,976 |   |   | (84,436 | ) |   |   |   |   | 1,895,985 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment                in subsidiaries                                                                                                                                |   |                                | 1,395,637 |   |   | -                          |   |                              | -         |   |   | (1,132,621                                      | )      |   | (c | ) |   | 263,016 |   |   | - |   |   | - |   |   | (263,016 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                in SAC Holding II                                                                                                                              |   |                                | (13,946   | )      |   | -                          |   |                              | -         |   |   | -                                               |   |   |   |   |   | (13,946 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (13,946 | ) |   | - |   |   | 13,946 |   |   | (c | ) |   | - |   |
| Total                investment in subsidiaries and SAC Holding II                                                                                                       |   |                                | 1,381,691 |   |   | -                          |   |                              | -         |   |   | (1,132,621                                      | )      |   |   |   |   | 249,070 |   |   | - |   |   | - |   |   | (263,016 | ) |   |   |   |   | (13,946 | ) |   | - |   |   | 13,946 |   |   |   |   |   | - |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, at cost:                                                                                                                   |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                     |   |                                | -         |   |   | 31,210                     |   |                              | 143,127   |   |   | -                                               |   |   |   |   |   | 174,337 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 174,337 |   |   | - |   |   | - |   |   |   |   |   | 174,337 |   |
| Buildings                and improvements                                                                                                                                |   |                                | -         |   |   | 90,409                     |   |                              | 652,290   |   |   | -                                               |   |   |   |   |   | 742,699 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 742,699 |   |   | - |   |   | - |   |   |   |   |   | 742,699 |   |
| Furniture                and equipment                                                                                                                                   |   |                                | 293       |   |   | 256,754                    |   |                              | 17,739    |   |   | -                                               |   |   |   |   |   | 274,786 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 274,786 |   |   | - |   |   | - |   |   |   |   |   | 274,786 |   |
| Rental                trailers and other rental equipment                                                                                                                |   |                                | -         |   |   | 202,280                    |   |                              | -         |   |   | -                                               |   |   |   |   |   | 202,280 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 202,280 |   |   | - |   |   | - |   |   |   |   |   | 202,280 |   |
| Rental                trucks                                                                                                                                             |   |                                | -         |   |   | 1,273,926                  |   |                              | -         |   |   | -                                               |   |   |   |   |   | 1,273,926 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,273,926 |   |   | - |   |   | - |   |   |   |   |   | 1,273,926 |   |
| SAC                Holding II - property, plant and equipment (b)                                                                                                        |   |                                | -         |   |   | -                          |   |                              | -         |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 153,344 |   |   | (74,212 | ) |   | (e | ) |   | 79,132 |   |
|                                                                                                                                                                     |   |                                | 293       |   |   | 1,854,579                  |   |                              | 813,156   |   |   | -                                               |   |   |   |   |   | 2,668,028 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,668,028 |   |   | 153,344 |   |   | (74,212 | ) |   |   |   |   | 2,747,160 |   |
| Less:                Accumulated depreciation                                                                                                                            |   |                                | (275      | )      |   | (999,800                   | )      |                              | (277,003  | )      |   | -                                               |   |   |   |   |   | (1,277,078 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,277,078 | ) |   | (9,384 | ) |   | 9,524 |   |   | (e | ) |   | (1,276,938 | ) |
| Total                property, plant and equipment                                                                                                                       |   |                                | 18        |   |   | 854,779                    |   |                              | 536,153   |   |   | -                                               |   |   |   |   |   | 1,390,950 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,390,950 |   |   | 143,960 |   |   | (64,688 | ) |   |   |   |   | 1,470,222 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                assets                                                                                                                                              |   | $                                   | 1,461,013 |   | $      | 1,545,120                  |   | $                                 | 1,029,836 |   | $      | (1,627,430                                      | )      |   |   |   | $ | 2,408,539 |   | $ | 497,047 |   | $ | 771,566 |   | $ | (329,703 | ) |   |   |   | $ | 3,347,449 |   | $ | 153,936 |   | $ | (135,178 | ) |   |   |   | $ | 3,366,207 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of September 30, 2005                                                                                                                     |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Included in this caption is land of $57,169, buildings and improvements                of                $95,848, and furniture and equipment of $327 |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate investment in subsidiaries and SAC Holding II                                                                                               |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany receivables and payables                                                                                                       |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of property from U-Haul to SAC Holding                II                                                                       |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Elimination related to sale of assets from Oxford to U-Haul and Real                Estate during the third quarter                                   |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

|                                                                                                                                   |   | Moving                & Storage |      |   |   |                       |   | AMERCO                Legal Group |      |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|-----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |      |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |      |
|                                                                                                                                   |   | (In                thousands)       |      |
| Liabilities:                                                                                                                           |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                                                                   |   | $                                   | 6,105     |   | $      | 188,032                    |   | $                                 | 5,588     |   | $      | -                                               |   |   |   |   | $ | 199,725 |   | $ | - |   | $ | 4,704 |   | $ | - |   |   |   |   | $ | 204,429 |   | $ | 1,763 |   | $ | - |   |   |   |   | $ | 206,192 |   |
| AMERCO's                notes and loans payable                                                                                        |   |                                | -         |   |   | 185,982                    |   |                              | 756,110   |   |   | -                                               |   |   |   |   |   | 942,092 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 942,092 |   |   | - |   |   | - |   |   |   |   |   | 942,092 |   |
| SAC                Holding II Corporation notes and loans payable,                non-recourse to AMERCO                               |   |                                | -         |   |   | -                          |   |                              | -         |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 76,572 |   |   | - |   |   |   |   |   | 76,572 |   |
| Policy                benefits and losses, claims                and loss expenses payable                                             |   |                                | -         |   |   | 286,829                    |   |                              | -         |   |   | -                                               |   |   |   |   |   | 286,829 |   |   | 357,204 |   |   | 155,470 |   |   | - |   |   |   |   |   | 799,503 |   |   | - |   |   | - |   |   |   |   |   | 799,503 |   |
| Liabilities                from investment contracts                                                                                   |   |                                | -         |   |   | -                          |   |                              | -         |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 463,366 |   |   | - |   |   |   |   |   | 463,366 |   |   | - |   |   | - |   |   |   |   |   | 463,366 |   |
| Other                policyholders' funds and liabilities                                                                              |   |                                | -         |   |   | -                          |   |                              | -         |   |   | -                                               |   |   |   |   |   | - |   |   | 6,122 |   |   | 8,642 |   |   | - |   |   |   |   |   | 14,764 |   |   | - |   |   | - |   |   |   |   |   | 14,764 |   |
| Deferred                income                                                                                                         |   |                                | -         |   |   | 11,466                     |   |                              | 2         |   |   | -                                               |   |   |   |   |   | 11,468 |   |   | 9,302 |   |   | 14,279 |   |   | (14,599 | ) |   | (e | ) |   | 20,450 |   |   | 808 |   |   | - |   |   |   |   |   | 21,258 |   |
| Deferred                income taxes                                                                                                   |   |                                | 212,336   |   |   | -                          |   |                              | -         |   |   | -                                               |   |   |   |   |   | 212,336 |   |   | (48,867 | ) |   | (3,237 | ) |   | 4,997 |   |   |   |   |   | 165,229 |   |   | (4,515 | ) |   | (27,037 | ) |   | (d | ) |   | 133,677 |   |
| Related                party liabilities                                                                                               |   |                                | 495,316   |   |   | 17,966                     |   |                              | -         |   |   | (494,809                                        | )      |   | (c | ) |   | 18,473 |   |   | 9,199 |   |   | 12,221 |   |   | (39,893 | ) |   | (c | ) |   | - |   |   | 93,254 |   |   | (84,436 | ) |   | (c | ) |   | 8,818 |   |
| Total                liabilities                                                                                                       |   |                                | 713,757   |   |   | 690,275                    |   |                              | 761,700   |   |   | (494,809                                        | )      |   |   |   |   | 1,670,923 |   |   | 332,960 |   |   | 655,445 |   |   | (49,495 | ) |   |   |   |   | 2,609,833 |   |   | 167,882 |   |   | (111,473 | ) |   |   |   |   | 2,666,242 |   |
|                                                                                                                                   |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                                                                                              |   |                                | 411,602   |   |   | 121,230                    |   |                              | 147,481   |   |   | (268,711                                        | )      |   | (b | ) |   | 411,602 |   |   | 75,058 |   |   | 16,435 |   |   | (91,493 | ) |   | (b | ) |   | 411,602 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 365,531 |   |
| Accumulated                other comprehensive income (loss)                                                                           |   |                                | (29,604   | )      |   | (34,033                    | )      |                              | -         |   |   | 34,033                                          |   |   | (b | ) |   | (29,604 | ) |   | 5,574 |   |   | (4,311 | ) |   | (1,263 | ) |   | (b | ) |   | (29,604 | ) |   | - |   |   | - |   |   |   |   |   | (29,604 | ) |
| Retained                earnings (deficit)                                                                                             |   |                                | 772,853   |   |   | 776,748                    |   |                              | 120,654   |   |   | (897,402                                        | )      |   | (b | ) |   | 772,853 |   |   | 80,155 |   |   | 101,497 |   |   | (181,652 | ) |   | (b | ) |   | 772,853 |   |   | (13,946 | ) |   | 22,366 |   |   | (b,d | ) |   | 781,273 |   |
| Cost                of common shares in treasury, net                                                                                  |   |                                | (418,092  | )      |   | -                          |   |                              | -         |   |   | -                                               |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                employee ownership                plan shares                                                                  |   |                                | -         |   |   | (9,640                     | )      |                              | -         |   |   | -                                               |   |   |   |   |   | (9,640 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,640 | ) |   | - |   |   | - |   |   |   |   |   | (9,640 | ) |
| Total                stockholders' equity (deficit)                                                                                    |   |                                | 747,256   |   |   | 854,845                    |   |                              | 268,136   |   |   | (1,132,621                                      | )      |   |   |   |   | 737,616 |   |   | 164,087 |   |   | 116,121 |   |   | (280,208 | ) |   |   |   |   | 737,616 |   |   | (13,946 | ) |   | (23,705 | ) |   |   |   |   | 699,965 |   |
|                                                                                                                                   |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                liabilities and stockholders' equity                                                                              |   | $                                   | 1,461,013 |   | $      | 1,545,120                  |   | $                                 | 1,029,836 |   | $      | (1,627,430                                      | )      |   |   |   | $ | 2,408,539 |   | $ | 497,047 |   | $ | 771,566 |   | $ | (329,703 | ) |   |   |   | $ | 3,347,449 |   | $ | 153,936 |   | $ | (135,178 | ) |   |   |   | $ | 3,366,207 |   |
|                                                                                                                                   |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of September 30, 2005                                                                                   |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate investment in subsidiaries and SAC Holding II                                                             |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate intercompany receivables and payables                                                                     |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate gain on sale of property from U-Haul to SAC Holding                II                                     |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Elimination related to sale of assets from Oxford to U-Haul and Real                Estate during the third quarter |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                   |   |                                |      |   |   |                       |   |                              |      |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**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                & Storage |      |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                     |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                                                     |   |                                |      |
| Assets:                                                                                                                                                                  |   | (In                thousands)       |
| Cash                and cash equivalents                                                                                                                                 |   | $                                   | 14        |   | $      | 37,626                     |   | $                                 | 4,327    |   | $      | -                                               |   |   |   |   | $ | 41,967 |   | $ | 10,638 |   | $ | 2,992 |   | $ | - |   |   |   |   | $ | 55,597 |   | $ | 358 |   | $ | - |   |   |   |   | $ | 55,955 |   |
| Reinsurance                recoverables and 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 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of December 31, 2004                                                                                                                      |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Included in this caption is land of $56,960, buildings and improvements                of                $94,620, and furniture and equipment of $226 |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate investment in subsidiaries and SAC Holding II                                                                                               |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany receivables and payables                                                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of property from U-Haul to SAC Holding                II                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

|                                                                                                     |   | Moving                & Storage |      |   |   |                       |   | AMERCO                Legal Group |    |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|---------|--------|--------|-------------------------------------------------|--------|
|                                                                                                     |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |    |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                     |   |                                |      |
|                                                                                                     |   | (In                thousands)       |      |
| Liabilities:                                                                                             |   |                                |      |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                                     |   | $                                   | 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 (deficit)                                                               |   |                                | 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 (deficit)                                                      |   |                                | 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 |   |
|                                                                                                     |   |                                |      |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of December 31, 2004                                                      |   |                                |      |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate investment in subsidiaries and SAC Holding II                               |   |                                |      |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate intercompany receivables and payables                                       |   |                                |      |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate gain on sale of property from U-Haul to SAC Holding                II       |   |                                |      |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                     |   |                                |      |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.      Consolidating statement of operations by industry segment for the quarter ended      December 31, 2005 are as follows:**

|                                                                                                                                   |   | Moving                & Storage |   |   |   |                       |   | AMERCO                Legal Group |   |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|--------|----------------------------|--------|-----------------------------------|--------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |   | U-Haul |   | Real                Estate |   | Eliminations                      |   |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |   |
|                                                                                                                                   |   | (In                thousands)       |   |
| Revenues:                                                                                                                              |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -      |   | $      | 353,409                    |   | $                                 | -      |   | $      | -                                               |   |   |   |   | $ | 353,409 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 353,409 |   | $ | 2,211 |   | $ | (2,211 | ) |   | (b | ) | $ | 353,409 |   |
| Self-storage                revenues                                                                                                   |   |                                | -      |   |   | 24,655                     |   |                              | 400    |   |   | -                                               |   |   |   |   |   | 25,055 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 25,055 |   |   | 4,729 |   |   | - |   |   |   |   |   | 29,784 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -      |   |   | 43,697                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 43,697 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 43,697 |   |   | 3,619 |   |   | - |   |   |   |   |   | 47,316 |   |
| Property                management fees                                                                                                |   |                                | -      |   |   | 4,942                      |   |                              | -      |   |   | -                                               |   |   |   |   |   | 4,942 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 4,942 |   |   | - |   |   | (653 | ) |   | (g | ) |   | 4,289 |   |
| Life                insurance premiums                                                                                                 |   |                                | -      |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 31,123 |   |   | (380 | ) |   | (c | ) |   | 30,743 |   |   | - |   |   | - |   |   |   |   |   | 30,743 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -      |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 9,949 |   |   | - |   |   | - |   |   |   |   |   | 9,949 |   |   | - |   |   | - |   |   |   |   |   | 9,949 |   |
| Net                investment and interest income                                                                                      |   |                                | 908    |   |   | 7,538                      |   |                              | (6     | )      |   | -                                               |   |   |   |   |   | 8,440 |   |   | 2,878 |   |   | 4,437 |   |   | (1,087 | ) |   | (d | ) |   | 14,668 |   |   | - |   |   | (1,861 | ) |   | (d | ) |   | 12,807 |   |
| Other                revenue                                                                                                           |   |                                | -      |   |   | 7,709                      |   |                              | 16,243 |   |   | (17,770                                         | )      |   | (b | ) |   | 6,182 |   |   | - |   |   | 1,504 |   |   | (447 | ) |   | (b | ) |   | 7,239 |   |   | 311 |   |   | (177 | ) |   | (b | ) |   | 7,373 |   |
| Total                revenues                                                                                                          |   |                                | 908    |   |   | 441,950                    |   |                              | 16,637 |   |   | (17,770                                         | )      |   |   |   |   | 441,725 |   |   | 12,827 |   |   | 37,064 |   |   | (1,914 | ) |   |   |   |   | 489,702 |   |   | 10,870 |   |   | (4,902 | ) |   |   |   |   | 495,670 |   |
|                                                                                                                                   |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 4,009  |   |   | 271,957                    |   |                              | 2,306  |   |   | (17,770                                         | )      |   | (b | ) |   | 260,502 |   |   | 4,133 |   |   | 6,269 |   |   | (4,404 | ) |   | (b,c | ) |   | 266,500 |   |   | 5,521 |   |   | (653 | ) |   | (g | ) |   | 271,368 |   |
| Commission                expenses                                                                                                     |   |                                | -      |   |   | 44,759                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 44,759 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 44,759 |   |   | - |   |   | (2,211 | ) |   | (b | ) |   | 42,548 |   |
| Cost                of sales                                                                                                           |   |                                | -      |   |   | 21,973                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 21,973 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 21,973 |   |   | 1,403 |   |   | - |   |   |   |   |   | 23,376 |   |
| Benefits                and losses                                                                                                     |   |                                | -      |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 10,041 |   |   | 22,671 |   |   | 2,490 |   |   | (c | ) |   | 35,202 |   |   | - |   |   | - |   |   |   |   |   | 35,202 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -      |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 250 |   |   | 5,504 |   |   | - |   |   |   |   |   | 5,754 |   |   | - |   |   | - |   |   |   |   |   | 5,754 |   |
| Lease                expense                                                                                                           |   |                                | 23     |   |   | 37,317                     |   |                              | 19     |   |   | -                                               |   |   |   |   |   | 37,359 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 37,359 |   |   | - |   |   | (177 | ) |   | (b | ) |   | 37,182 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 5      |   |   | 32,600                     |   |                              | 2,040  |   |   | -                                               |   |   |   |   |   | 34,645 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 34,645 |   |   | 316 |   |   | (140 | ) |   | (e | ) |   | 34,821 |   |
| Total                costs and expenses                                                                                                |   |                                | 4,037  |   |   | 408,606                    |   |                              | 4,365  |   |   | (17,770                                         | )      |   |   |   |   | 399,238 |   |   | 14,424 |   |   | 34,444 |   |   | (1,914 | ) |   |   |   |   | 446,192 |   |   | 7,240 |   |   | (3,181 | ) |   |   |   |   | 450,251 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 23,792 |   |   | -                          |   |                              | -      |   |   | (23,726                                         | )      |   | (f | ) |   | 66 |   |   | - |   |   | - |   |   | (66 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 136    |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | 136 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 136 |   |   | - |   |   | (136 | ) |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 23,928 |   |   | -                          |   |                              | -      |   |   | (23,726                                         | )      |   |   |   |   | 202 |   |   | - |   |   | - |   |   | (66 | ) |   |   |   |   | 136 |   |   | - |   |   | (136 | ) |   |   |   |   | - |   |
| Earnings                (loss) from operations                                                                                         |   |                                | 20,799 |   |   | 33,344                     |   |                              | 12,272 |   |   | (23,726                                         | )      |   |   |   |   | 42,689 |   |   | (1,597 | ) |   | 2,620 |   |   | (66 | ) |   |   |   |   | 43,646 |   |   | 3,630 |   |   | (1,857 | ) |   |   |   |   | 45,419 |   |
| Interest                expense (income)                                                                                               |   |                                | 10,850 |   |   | 620                        |   |                              | 4,779  |   |   | -                                               |   |   |   |   |   | 16,249 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 16,249 |   |   | 3,403 |   |   | (1,861 | ) |   | (d | ) |   | 17,791 |   |
| Pretax                earnings (loss)                                                                                                  |   |                                | 9,949  |   |   | 32,724                     |   |                              | 7,493  |   |   | (23,726                                         | )      |   |   |   |   | 26,440 |   |   | (1,597 | ) |   | 2,620 |   |   | (66 | ) |   |   |   |   | 27,397 |   |   | 227 |   |   | 4 |   |   |   |   |   | 27,628 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | 5,134  |   |   | (13,472                    | )      |                              | (3,019 | )      |   | -                                               |   |   |   |   |   | (11,357 | ) |   | 560 |   |   | (1,517 | ) |   | - |   |   |   |   |   | (12,314 | ) |   | (91 | ) |   | (53 | ) |   | (e | ) |   | (12,458 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 15,083 |   |   | 19,252                     |   |                              | 4,474  |   |   | (23,726                                         | )      |   |   |   |   | 15,083 |   |   | (1,037 | ) |   | 1,103 |   |   | (66 | ) |   |   |   |   | 15,083 |   |   | 136 |   |   | (49 | ) |   |   |   |   | 15,170 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (3,241 | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 11,842 |   | $      | 19,252                     |   | $                                 | 4,474  |   | $      | (23,726                                         | )      |   |   |   | $ | 11,842 |   | $ | (1,037 | ) | $ | 1,103 |   | $ | (66 | ) |   |   |   | $ | 11,842 |   | $ | 136 |   | $ | (49 | ) |   |   |   | $ | 11,929 |   |
| (a)                Balances for the quarter ended September 30, 2005                                                                   |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                   |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.      Consolidating statements of operations by industry for the quarter ended      December 31, 2004 are as follows:**

|                                                                                                                                   |   | Moving                & Storage |    |   |   |                       |   | AMERCO                Legal Group |   |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|----------------------------|--------|-----------------------------------|--------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |    | U-Haul |   | Real                Estate |   | Eliminations                      |   |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |    |
|                                                                                                                                   |   | (In                thousands)       |    |
| Revenues:                                                                                                                              |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -       |   | $      | 328,550                    |   | $                                 | (79    | )      | $      | -                                               |   |   |   |   | $ | 328,471 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 328,471 |   | $ | 2,043 |   | $ | (2,043 | ) |   | (b | ) | $ | 328,471 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 24,097                     |   |                              | 211    |   |   | -                                               |   |   |   |   |   | 24,308 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 24,308 |   |   | 4,538 |   |   | - |   |   |   |   |   | 28,846 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 39,478                     |   |                              | (15    | )      |   | -                                               |   |   |   |   |   | 39,463 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 39,463 |   |   | 3,231 |   |   | - |   |   |   |   |   | 42,694 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 3,486                      |   |                              | -      |   |   | -                                               |   |   |   |   |   | 3,486 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 3,486 |   |   | - |   |   | (606 | ) |   | (g | ) |   | 2,880 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 31,603 |   |   | (362 | ) |   | (c | ) |   | 31,241 |   |   | - |   |   | - |   |   |   |   |   | 31,241 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 3,975 |   |   | - |   |   | - |   |   |   |   |   | 3,975 |   |   | - |   |   | - |   |   |   |   |   | 3,975 |   |
| Net                investment and interest income                                                                                      |   |                                | 1,872   |   |   | 5,270                      |   |                              | 22     |   |   | -                                               |   |   |   |   |   | 7,164 |   |   | 6,827 |   |   | 6,299 |   |   | (1,036 | ) |   | (d | ) |   | 19,254 |   |   | - |   |   | (2,145 | ) |   | (d | ) |   | 17,109 |   |
| Other                revenue                                                                                                           |   |                                | (3      | )      |   | 6,279                      |   |                              | 14,004 |   |   | (15,481                                         | )      |   | (b | ) |   | 4,799 |   |   | - |   |   | 1,540 |   |   | (175 | ) |   | (b | ) |   | 6,164 |   |   | 294 |   |   | (177 | ) |   | (b | ) |   | 6,281 |   |
| Total                revenues                                                                                                          |   |                                | 1,869   |   |   | 407,160                    |   |                              | 14,143 |   |   | (15,481                                         | )      |   |   |   |   | 407,691 |   |   | 10,802 |   |   | 39,442 |   |   | (1,573 | ) |   |   |   |   | 456,362 |   |   | 10,106 |   |   | (4,971 | ) |   |   |   |   | 461,497 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 5,126   |   |   | 276,504                    |   |                              | 1,657  |   |   | (15,481                                         | )      |   | (b | ) |   | 267,806 |   |   | 3,824 |   |   | 14,196 |   |   | (3,928 | ) |   | (b,c | ) |   | 281,898 |   |   | 5,226 |   |   | (606 | ) |   | (g | ) |   | 286,518 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 41,345                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 41,345 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 41,345 |   |   | - |   |   | (2,043 | ) |   | (b | ) |   | 39,302 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 19,254                     |   |                              | (8     | )      |   | -                                               |   |   |   |   |   | 19,246 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 19,246 |   |   | 2,115 |   |   | - |   |   |   |   |   | 21,361 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 15,920 |   |   | 22,683 |   |   | 2,355 |   |   | (c | ) |   | 40,958 |   |   | - |   |   | - |   |   |   |   |   | 40,958 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 276 |   |   | 6,003 |   |   | - |   |   |   |   |   | 6,279 |   |   | - |   |   | - |   |   |   |   |   | 6,279 |   |
| Lease                expense                                                                                                           |   |                                | 23      |   |   | 38,656                     |   |                              | 4      |   |   | -                                               |   |   |   |   |   | 38,683 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 38,683 |   |   | - |   |   | (177 | ) |   | (b | ) |   | 38,506 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 7       |   |   | 27,725                     |   |                              | 63     |   |   | -                                               |   |   |   |   |   | 27,795 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 27,795 |   |   | 627 |   |   | (140 | ) |   | (e | ) |   | 28,282 |   |
| Total                costs and expenses                                                                                                |   |                                | 5,156   |   |   | 403,484                    |   |                              | 1,716  |   |   | (15,481                                         | )      |   |   |   |   | 394,875 |   |   | 20,020 |   |   | 42,882 |   |   | (1,573 | ) |   |   |   |   | 456,204 |   |   | 7,968 |   |   | (2,966 | ) |   |   |   |   | 461,206 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 3,161   |   |   | -                          |   |                              | -      |   |   | (11,481                                         | )      |   | (f | ) |   | (8,320 | ) |   | - |   |   | - |   |   | 8,320 |   |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | (905    | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (905 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (905 | ) |   | - |   |   | 905 |   |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 2,256   |   |   | -                          |   |                              | -      |   |   | (11,481                                         | )      |   |   |   |   | (9,225 | ) |   | - |   |   | - |   |   | 8,320 |   |   |   |   |   | (905 | ) |   | - |   |   | 905 |   |   |   |   |   | - |   |
| Earnings                (loss) from operations                                                                                         |   |                                | (1,031  | )      |   | 3,676                      |   |                              | 12,427 |   |   | (11,481                                         | )      |   |   |   |   | 3,591 |   |   | (9,218 | ) |   | (3,440 | ) |   | 8,320 |   |   |   |   |   | (747 | ) |   | 2,138 |   |   | (1,100 | ) |   |   |   |   | 291 |   |
| Interest                expense (income)                                                                                               |   |                                | 17,707  |   |   | (6,354                     | )      |                              | 4,013  |   |   | -                                               |   |   |   |   |   | 15,366 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 15,366 |   |   | 3,710 |   |   | (2,145 | ) |   | (d | ) |   | 16,931 |   |
| Litigation                settlement                                                                                                   |   |                                | 51,341  |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | 51,341 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 51,341 |   |   | - |   |   | - |   |   |   |   |   | 51,341 |   |
| Pretax                earnings (loss)                                                                                                  |   |                                | 32,603  |   |   | 10,030                     |   |                              | 8,414  |   |   | (11,481                                         | )      |   |   |   |   | 39,566 |   |   | (9,218 | ) |   | (3,440 | ) |   | 8,320 |   |   |   |   |   | 35,228 |   |   | (1,572 | ) |   | 1,045 |   |   |   |   |   | 34,701 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | (11,144 | )      |   | (3,665                     | )      |                              | (3,298 | )      |   | -                                               |   |   |   |   |   | (18,107 | ) |   | 3,219 |   |   | 1,119 |   |   | - |   |   |   |   |   | (13,769 | ) |   | 667 |   |   | (53 | ) |   | (e | ) |   | (13,155 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 21,459  |   |   | 6,365                      |   |                              | 5,116  |   |   | (11,481                                         | )      |   |   |   |   | 21,459 |   |   | (5,999 | ) |   | (2,321 | ) |   | 8,320 |   |   |   |   |   | 21,459 |   |   | (905 | ) |   | 992 |   |   |   |   |   | 21,546 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (3,241  | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 18,218  |   | $      | 6,365                      |   | $                                 | 5,116  |   | $      | (11,481                                         | )      |   |   |   | $ | 18,218 |   | $ | (5,999 | ) | $ | (2,321 | ) | $ | 8,320 |   |   |   |   | $ | 18,218 |   | $ | (905 | ) | $ | 992 |   |   |   |   | $ | 18,305 |   |
| (a)                Balances for the quarter ended September 30, 2004                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**9.      Consolidating statements of operations by industry for the nine months ended      December 31, 2005 are as follows:**

|                                                                                                                                   |   | Moving                & Storage |    |   |   |                       |   | AMERCO                Legal Group |   |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|----------------------------|--------|-----------------------------------|--------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |    | U-Haul |   | Real                Estate |   | Eliminations                      |   |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |    |
|                                                                                                                                   |   | (In                thousands)       |    |
| Revenues:                                                                                                                              |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -       |   | $      | 1,201,374                  |   | $                                 | -      |   | $      | -                                               |   |   |   |   | $ | 1,201,374 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 1,201,374 |   | $ | 7,560 |   | $ | (7,560 | ) |   | (b | ) | $ | 1,201,374 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 76,827                     |   |                              | 1,296  |   |   | -                                               |   |   |   |   |   | 78,123 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 78,123 |   |   | 14,030 |   |   | - |   |   |   |   |   | 92,153 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 163,369                    |   |                              | -      |   |   | -                                               |   |   |   |   |   | 163,369 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 163,369 |   |   | 13,002 |   |   | - |   |   |   |   |   | 176,371 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 14,688                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 14,688 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 14,688 |   |   | - |   |   | (2,130 | ) |   | (g | ) |   | 12,558 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 91,187 |   |   | (1,137 | ) |   | (c | ) |   | 90,050 |   |   | - |   |   | - |   |   |   |   |   | 90,050 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 20,172 |   |   | - |   |   | - |   |   |   |   |   | 20,172 |   |   | - |   |   | - |   |   |   |   |   | 20,172 |   |
| Net                investment and interest income                                                                                      |   |                                | 3,870   |   |   | 18,254                     |   |                              | 19     |   |   | -                                               |   |   |   |   |   | 22,143 |   |   | 9,021 |   |   | 15,712 |   |   | (3,084 | ) |   | (d | ) |   | 43,792 |   |   | - |   |   | (4,919 | ) |   | (d | ) |   | 38,873 |   |
| Other                revenue                                                                                                           |   |                                | 175     |   |   | 28,770                     |   |                              | 44,957 |   |   | (48,928                                         | )      |   | (b | ) |   | 24,974 |   |   | - |   |   | 4,508 |   |   | (806 | ) |   | (b | ) |   | 28,676 |   |   | 949 |   |   | (532 | ) |   | (b | ) |   | 29,093 |   |
| Total                revenues                                                                                                          |   |                                | 4,045   |   |   | 1,503,282                  |   |                              | 46,272 |   |   | (48,928                                         | )      |   |   |   |   | 1,504,671 |   |   | 29,193 |   |   | 111,407 |   |   | (5,027 | ) |   |   |   |   | 1,640,244 |   |   | 35,541 |   |   | (15,141 | ) |   |   |   |   | 1,660,644 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 9,039   |   |   | 829,566                    |   |                              | 5,447  |   |   | (48,928                                         | )      |   | (b | ) |   | 795,124 |   |   | 8,555 |   |   | 20,459 |   |   | (11,556 | ) |   | (b,c | ) |   | 812,582 |   |   | 17,409 |   |   | (2,130 | ) |   | (g | ) |   | 827,861 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 151,323                    |   |                              | -      |   |   | -                                               |   |   |   |   |   | 151,323 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 151,323 |   |   | - |   |   | (7,560 | ) |   | (b | ) |   | 143,763 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 79,683                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 79,683 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 79,683 |   |   | 5,654 |   |   | - |   |   |   |   |   | 85,337 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 17,172 |   |   | 65,524 |   |   | 6,529 |   |   | (c | ) |   | 89,225 |   |   | - |   |   | - |   |   |   |   |   | 89,225 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 1,739 |   |   | 16,067 |   |   | - |   |   |   |   |   | 17,806 |   |   | - |   |   | - |   |   |   |   |   | 17,806 |   |
| Lease                expense                                                                                                           |   |                                | 64      |   |   | 107,474                    |   |                              | 49     |   |   | -                                               |   |   |   |   |   | 107,587 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 107,587 |   |   | - |   |   | (532 | ) |   | (b | ) |   | 107,055 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 20      |   |   | 95,501                     |   |                              | 6,531  |   |   | -                                               |   |   |   |   |   | 102,052 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 102,052 |   |   | 1,748 |   |   | (420 | ) |   | (e | ) |   | 103,380 |   |
| Total                costs and expenses                                                                                                |   |                                | 9,123   |   |   | 1,263,547                  |   |                              | 12,027 |   |   | (48,928                                         | )      |   |   |   |   | 1,235,769 |   |   | 27,466 |   |   | 102,050 |   |   | (5,027 | ) |   |   |   |   | 1,360,258 |   |   | 24,811 |   |   | (10,642 | ) |   |   |   |   | 1,374,427 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 173,673 |   |   | -                          |   |                              | -      |   |   | (167,061                                        | )      |   | (f | ) |   | 6,612 |   |   | - |   |   | - |   |   | (6,612 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 713     |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | 713 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 713 |   |   | - |   |   | (713 | ) |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 174,386 |   |   | -                          |   |                              | -      |   |   | (167,061                                        | )      |   |   |   |   | 7,325 |   |   | - |   |   | - |   |   | (6,612 | ) |   |   |   |   | 713 |   |   | - |   |   | (713 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 169,308 |   |   | 239,735                    |   |                              | 34,245 |   |   | (167,061                                        | )      |   |   |   |   | 276,227 |   |   | 1,727 |   |   | 9,357 |   |   | (6,612 | ) |   |   |   |   | 280,699 |   |   | 10,730 |   |   | (5,212 | ) |   |   |   |   | 286,217 |   |
| Interest                expense (income)                                                                                               |   |                                | 46,674  |   |   | (9,498                     | )      |                              | 10,868 |   |   | -                                               |   |   |   |   |   | 48,044 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 48,044 |   |   | 9,547 |   |   | (4,919 | ) |   | (d | ) |   | 52,672 |   |
| Fees                on early extinguishment of debt                                                                                    |   |                                | 35,627  |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | 35,627 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 35,627 |   |   | - |   |   | - |   |   |   |   |   | 35,627 |   |
| Pretax                earnings                                                                                                         |   |                                | 87,007  |   |   | 249,233                    |   |                              | 23,377 |   |   | (167,061                                        | )      |   |   |   |   | 192,556 |   |   | 1,727 |   |   | 9,357 |   |   | (6,612 | ) |   |   |   |   | 197,028 |   |   | 1,183 |   |   | (293 | ) |   |   |   |   | 197,918 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | 32,086  |   |   | (96,148                    | )      |                              | (9,401 | )      |   | -                                               |   |   |   |   |   | (73,463 | ) |   | (604 | ) |   | (3,868 | ) |   | - |   |   |   |   |   | (77,935 | ) |   | (470 | ) |   | (159 | ) |   | (e | ) |   | (78,564 | ) |
| Net                earnings                                                                                                            |   |                                | 119,093 |   |   | 153,085                    |   |                              | 13,976 |   |   | (167,061                                        | )      |   |   |   |   | 119,093 |   |   | 1,123 |   |   | 5,489 |   |   | (6,612 | ) |   |   |   |   | 119,093 |   |   | 713 |   |   | (452 | ) |   |   |   |   | 119,354 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (9,723  | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (9,723 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,723 | ) |   | - |   |   | - |   |   |   |   |   | (9,723 | ) |
| Earnings                available to common shareholders                                                                               |   | $                                   | 109,370 |   | $      | 153,085                    |   | $                                 | 13,976 |   | $      | (167,061                                        | )      |   |   |   | $ | 109,370 |   | $ | 1,123 |   | $ | 5,489 |   | $ | (6,612 | ) |   |   |   | $ | 109,370 |   | $ | 713 |   | $ | (452 | ) |   |   |   | $ | 109,631 |   |
| (a)                Balances for the nine months ended September 30, 2005                                                               |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**9.      Consolidating statements of operations by industry for the nine months ended      December 31, 2004 are as follows:**

|                                                                                                                                   |   | Moving                & Storage |    |   |   |                       |   | AMERCO                Legal Group |   |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|----------------------------|--------|-----------------------------------|--------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |    | U-Haul |   | Real                Estate |   | Eliminations                      |   |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |    |
|                                                                                                                                   |   | (In                thousands)       |    |
| Revenues:                                                                                                                              |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -       |   | $      | 1,147,369                  |   | $                                 | -      |   | $      | -                                               |   |   |   |   | $ | 1,147,369 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 1,147,369 |   | $ | 7,170 |   | $ | (7,170 | ) |   | (b | ) | $ | 1,147,369 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 73,644                     |   |                              | 1,332  |   |   | -                                               |   |   |   |   |   | 74,976 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 74,976 |   |   | 13,383 |   |   | - |   |   |   |   |   | 88,359 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 150,128                    |   |                              | -      |   |   | -                                               |   |   |   |   |   | 150,128 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 150,128 |   |   | 11,839 |   |   | - |   |   |   |   |   | 161,967 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 10,974                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 10,974 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 10,974 |   |   | - |   |   | (2,003 | ) |   | (g | ) |   | 8,971 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 97,640 |   |   | (1,105 | ) |   | (c | ) |   | 96,535 |   |   | - |   |   | - |   |   |   |   |   | 96,535 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 20,815 |   |   | - |   |   | - |   |   |   |   |   | 20,815 |   |   | - |   |   | - |   |   |   |   |   | 20,815 |   |
| Net                investment and interest income                                                                                      |   |                                | 6,826   |   |   | 16,569                     |   |                              | 76     |   |   | -                                               |   |   |   |   |   | 23,471 |   |   | 15,063 |   |   | 17,960 |   |   | (4,092 | ) |   | (d | ) |   | 52,402 |   |   | - |   |   | (6,242 | ) |   | (d | ) |   | 46,160 |   |
| Other                revenue                                                                                                           |   |                                | -       |   |   | 21,378                     |   |                              | 42,167 |   |   | (46,492                                         | )      |   | (b | ) |   | 17,053 |   |   | - |   |   | 6,894 |   |   | (565 | ) |   | (b | ) |   | 23,382 |   |   | 836 |   |   | (532 | ) |   | (b | ) |   | 23,686 |   |
| Total                revenues                                                                                                          |   |                                | 6,826   |   |   | 1,420,062                  |   |                              | 43,575 |   |   | (46,492                                         | )      |   |   |   |   | 1,423,971 |   |   | 35,878 |   |   | 122,494 |   |   | (5,762 | ) |   |   |   |   | 1,576,581 |   |   | 33,228 |   |   | (15,947 | ) |   |   |   |   | 1,593,862 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 16,653  |   |   | 832,195                    |   |                              | 5,304  |   |   | (46,492                                         | )      |   | (b | ) |   | 807,660 |   |   | 5,381 |   |   | 30,801 |   |   | (12,578 | ) |   | (b,c | ) |   | 831,264 |   |   | 16,615 |   |   | (2,003 | ) |   | (g | ) |   | 845,876 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 145,239                    |   |                              | -      |   |   | -                                               |   |   |   |   |   | 145,239 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 145,239 |   |   | - |   |   | (7,170 | ) |   | (b | ) |   | 138,069 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 72,489                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 72,489 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 72,489 |   |   | 5,128 |   |   | - |   |   |   |   |   | 77,617 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 33,817 |   |   | 70,377 |   |   | 6,816 |   |   | (c | ) |   | 111,010 |   |   | - |   |   | - |   |   |   |   |   | 111,010 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 5,429 |   |   | 18,586 |   |   | - |   |   |   |   |   | 24,015 |   |   | - |   |   | - |   |   |   |   |   | 24,015 |   |
| Lease                expense                                                                                                           |   |                                | 67      |   |   | 115,823                    |   |                              | 31     |   |   | -                                               |   |   |   |   |   | 115,921 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 115,921 |   |   | - |   |   | (532 | ) |   | (b | ) |   | 115,389 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 24      |   |   | 81,576                     |   |                              | 3,147  |   |   | -                                               |   |   |   |   |   | 84,747 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 84,747 |   |   | 1,887 |   |   | (420 | ) |   | (e | ) |   | 86,214 |   |
| Total                costs and expenses                                                                                                |   |                                | 16,744  |   |   | 1,247,322                  |   |                              | 8,482  |   |   | (46,492                                         | )      |   |   |   |   | 1,226,056 |   |   | 44,627 |   |   | 119,764 |   |   | (5,762 | ) |   |   |   |   | 1,384,685 |   |   | 23,630 |   |   | (10,125 | ) |   |   |   |   | 1,398,190 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 126,232 |   |   | -                          |   |                              | -      |   |   | (130,222                                        | )      |   | (f | ) |   | (3,990 | ) |   | - |   |   | - |   |   | 3,990 |   |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | (828    | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (828 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (828 | ) |   | - |   |   | 828 |   |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 125,404 |   |   | -                          |   |                              | -      |   |   | (130,222                                        | )      |   |   |   |   | (4,818 | ) |   | - |   |   | - |   |   | 3,990 |   |   |   |   |   | (828 | ) |   | - |   |   | 828 |   |   |   |   |   | - |   |
| Earnings                (loss) from operations                                                                                         |   |                                | 115,486 |   |   | 172,740                    |   |                              | 35,093 |   |   | (130,222                                        | )      |   |   |   |   | 193,097 |   |   | (8,749 | ) |   | 2,730 |   |   | 3,990 |   |   |   |   |   | 191,068 |   |   | 9,598 |   |   | (4,994 | ) |   |   |   |   | 195,672 |   |
| Interest                expense (income)                                                                                               |   |                                | 51,917  |   |   | (13,258                    | )      |                              | 10,637 |   |   | -                                               |   |   |   |   |   | 49,296 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 49,296 |   |   | 10,941 |   |   | (6,242 | ) |   | (d | ) |   | 53,995 |   |
| Litigation                settlement                                                                                                   |   |                                | 51,341  |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | 51,341 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 51,341 |   |   |  |   |   |  |   |   |   |   |   | 51,341 |   |
| Pretax                earnings (loss)                                                                                                  |   |                                | 114,910 |   |   | 185,998                    |   |                              | 24,456 |   |   | (130,222                                        | )      |   |   |   |   | 195,142 |   |   | (8,749 | ) |   | 2,730 |   |   | 3,990 |   |   |   |   |   | 193,113 |   |   | (1,343 | ) |   | 1,248 |   |   |   |   |   | 193,018 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | 3,853   |   |   | (70,554                    | )      |                              | (9,678 | )      |   | -                                               |   |   |   |   |   | (76,379 | ) |   | 3,062 |   |   | (1,033 | ) |   | - |   |   |   |   |   | (74,350 | ) |   | 515 |   |   | (159 | ) |   | (e | ) |   | (73,994 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 118,763 |   |   | 115,444                    |   |                              | 14,778 |   |   | (130,222                                        | )      |   |   |   |   | 118,763 |   |   | (5,687 | ) |   | 1,697 |   |   | 3,990 |   |   |   |   |   | 118,763 |   |   | (828 | ) |   | 1,089 |   |   |   |   |   | 119,024 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (9,723  | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (9,723 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,723 | ) |   | - |   |   | - |   |   |   |   |   | (9,723 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 109,040 |   | $      | 115,444                    |   | $                                 | 14,778 |   | $      | (130,222                                        | )      |   |   |   | $ | 109,040 |   | $ | (5,687 | ) | $ | 1,697 |   | $ | 3,990 |   |   |   |   | $ | 109,040 |   | $ | (828 | ) | $ | 1,089 |   |   |   |   | $ | 109,301 |   |
| (a)                Balances for the nine months ended September 30, 2004                                                               |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**9.      Consolidating cash flow statements by industry segment for the nine months      ended      December 31, 2005 are as follows:**

|                                                                        |   | Moving                & Storage |                         |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-----------------------------------------------------------------------------|--------|-------------------------------------|------------------------------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                        |   | AMERCO                              |                         | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                        |   | (Unaudited)                         |                         |
| Cash                flows from operating activities:                        |   | (In                thousands)       |                         |
| Net                earnings (loss)                                          |   | $                                   | 119,093                      |   | $      | 153,085                           |   | $           | 13,976  |                                             | $      | (167,061                                                                           | )      | $                                                | 119,093  |   | $ | 1,123 |   | $ | 5,489 |   | $ | (6,612 | ) | $ | 119,093 |   | $ | 713 |   | $ | (452 | ) | $ | 119,354 |   |
| Earnings                from consolidated entities                          |   |                                | (174,386                     | )      |   | -                                 |   |        | -       |                                             |   | 167,061                                                                            |   |                                             | (7,325   | ) |   | - |   |   | - |   |   | 6,612 |   |   | (713 | ) |   | - |   |   | 713 |   |   | - |   |
| Depreciation                                                                |   |                                | 20                           |   |   | 87,858                            |   |        | 7,013   |                                             |   | -                                                                                  |   |                                             | 94,891   |   |   | - |   |   | - |   |   | - |   |   | 94,891 |   |   | 1,857 |   |   | - |   |   | 96,748 |   |
| Amortization                of deferred policy acquistion costs             |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 1,739 |   |   | 17,556 |   |   | - |   |   | 19,295 |   |   | - |   |   | - |   |   | 19,295 |   |
| Change                in provision for losses on trade receivables          |   |                                | -                            |   |   | (24                               | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (24      | ) |   | - |   |   | - |   |   | - |   |   | (24 | ) |   | - |   |   | - |   |   | (24 | ) |
| Change                in provision for losses on mortgage notes             |   |                                | -                            |   |   | (1,216                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (1,216   | ) |   | - |   |   | - |   |   | - |   |   | (1,216 | ) |   | - |   |   | - |   |   | (1,216 | ) |
| Net                (gain) loss on sale of real and personal property        |   |                                | -                            |   |   | 7,643                             |   |        | (482    | )                                                |   | -                                                                                  |   |                                             | 7,161    |   |   | (56 | ) |   | - |   |   | - |   |   | 7,105 |   |   | - |   |   | - |   |   | 7,105 |   |
| Net                (gain) loss on sale of investments                       |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 1,082 |   |   | 1,959 |   |   | - |   |   | 3,041 |   |   | - |   |   | - |   |   | 3,041 |   |
| Write-off                of unamortized debt issuance costs                 |   |                                | 13,629                       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | 13,629   |   |   | - |   |   | - |   |   | - |   |   | 13,629 |   |   | - |   |   | - |   |   | 13,629 |   |
| Deferred                income taxes                                        |   |                                | 53,921                       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | 53,921   |   |   | (1,919 | ) |   | (2,116 | ) |   | - |   |   | 49,886 |   |   | 458 |   |   | 212 |   |   | 50,556 |   |
| Net                change in other operating assets and liabilities:        |   |                                |                         |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                | -                            |   |   | (9,326                            | )      |        | 4       |                                             |   | -                                                                                  |   |                                             | (9,322   | ) |   | 9,928 |   |   | (2,248 | ) |   | - |   |   | (1,642 | ) |   | - |   |   | - |   |   | (1,642 | ) |
| Inventories                                                                 |   |                                | -                            |   |   | (7,061                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (7,061   | ) |   | - |   |   | - |   |   | - |   |   | (7,061 | ) |   | (215 | ) |   | - |   |   | (7,276 | ) |
| Prepaid                expenses                                             |   |                                | (1,978                       | )      |   | (395                              | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (2,373   | ) |   | - |   |   | - |   |   | - |   |   | (2,373 | ) |   | 85 |   |   | - |   |   | (2,288 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (1,750 | ) |   | (7,213 | ) |   | - |   |   | (8,963 | ) |   | - |   |   | - |   |   | (8,963 | ) |
| Other                assets                                                 |   |                                | 341                          |   |   | 11,581                            |   |        | (12,056 | )                                                |   | -                                                                                  |   |                                             | (134     | ) |   | 2,395 |   |   | 458 |   |   | - |   |   | 2,719 |   |   | (504 | ) |   | - |   |   | 2,215 |   |
| Related                party assets                                         |   |                                | 400,318                      |   |   | (9,448                            | )      |        | (54     | )                                                |   | (380,768                                                                           | )      |                                             | 10,048   |   |   | (716 | ) |   | 392 |   |   | (5,943 | ) |   | 3,781 |   |   | (698 | ) |   | 2,506 |   |   | 5,589 |   |
| Accounts                payable and accrued expenses                        |   |                                | (1,047                       | )      |   | (24,521                           | )      |        | 16,828  |                                             |   | -                                                                                  |   |                                             | (8,740   | ) |   | 2,994 |   |   | 3,356 |   |   | (5,652 | ) |   | (8,042 | ) |   | 776 |   |   | (420 | ) |   | (7,686 | ) |
| Policy                benefits and losses, claims and loss expenses payable |   |                                | -                            |   |   | 37,776                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 37,776   |   |   | (34,179 | ) |   | (9,215 | ) |   | - |   |   | (5,618 | ) |   | - |   |   | - |   |   | (5,618 | ) |
| Other                policyholders' funds and liabilities                   |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (2,547 | ) |   | (12,331 | ) |   | - |   |   | (14,878 | ) |   | - |   |   | - |   |   | (14,878 | ) |
| Deferred                income                                              |   |                                | -                            |   |   | (250                              | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (250     | ) |   | (2,841 | ) |   | - |   |   | (14,599 | ) |   | (17,690 | ) |   | 205 |   |   | - |   |   | (17,485 | ) |
| Related                party liabilities                                    |   |                                | (167                         | )      |   | (338,031                          | )      |        | (94,914 | )                                                |   | 380,768                                                                            |   |                                             | (52,344  | ) |   | 5,425 |   |   | (94 | ) |   | 52,149 |   |   | 5,136 |   |   | 307 |   |   | (2,559 | ) |   | 2,884 |   |
| Net                cash provided (used) by operating activities             |   |                                | 409,744                      |   |   | (92,329                           | )      |        | (69,685 | )                                                |   | -                                                                                  |   |                                             | 247,730  |   |   | (19,322 | ) |   | (4,007 | ) |   | 25,955 |   |   | 250,356 |   |   | 2,984 |   |   | - |   |   | 253,340 |   |
| Cash                flows from investing activities:                        |   |                                |                         |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                                |                         |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | (1                           | )      |   | (186,534                          | )      |        | (64,275 | )                                                |   | -                                                                                  |   |                                             | (250,810 | ) |   | - |   |   | - |   |   | - |   |   | (250,810 | ) |   | (1,552 | ) |   | - |   |   | (252,362 | ) |
| Short                term investments                                       |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (172,117 | ) |   | (197,687 | ) |   | - |   |   | (369,804 | ) |   | - |   |   | - |   |   | (369,804 | ) |
| Fixed                maturities investments                                 |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (42,604 | ) |   | (141,073 | ) |   | - |   |   | (183,677 | ) |   | - |   |   | - |   |   | (183,677 | ) |
| Real                estate                                                  |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | - |   |   | (2,362 | ) |   | (2,362 | ) |   | - |   |   | - |   |   | (2,362 | ) |
| Mortgage                loans                                               |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (5,838 | ) |   | - |   |   | (5,838 | ) |   | - |   |   | - |   |   | (5,838 | ) |
| Proceeds                from sales of:                                      |   |                                |                         |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | -                            |   |   | 40,395                            |   |        | 6,447   |                                             |   | -                                                                                  |   |                                             | 46,842   |   |   | - |   |   | - |   |   | - |   |   | 46,842 |   |   | - |   |   | - |   |   | 46,842 |   |
| Short                term investments                                       |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 152,237 |   |   | 274,547 |   |   | - |   |   | 426,784 |   |   | - |   |   | - |   |   | 426,784 |   |
| Fixed                maturities investments                                 |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 25,786 |   |   | 94,069 |   |   | - |   |   | 119,855 |   |   | - |   |   | - |   |   | 119,855 |   |
| Equity                securities                                            |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 10,615 |   |   | - |   |   | 10,615 |   |   | - |   |   | - |   |   | 10,615 |   |
| Preferred                stock                                              |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 8,403 |   |   | - |   |   | - |   |   | 8,403 |   |   | - |   |   | - |   |   | 8,403 |   |
| Real                estate                                                  |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 44,911 |   |   | 514 |   |   | - |   |   | 45,425 |   |   | - |   |   | - |   |   | 45,425 |   |
| Mortgage                loans                                               |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 10,338 |   |   | - |   |   | 10,338 |   |   | - |   |   | - |   |   | 10,338 |   |
| Payments                from notes and mortgage receivables                 |   |                                | -                            |   |   | 804                               |   |        | 539     |                                             |   | -                                                                                  |   |                                             | 1,343    |   |   | - |   |   | - |   |   | - |   |   | 1,343 |   |   | - |   |   | - |   |   | 1,343 |   |
| Net                cash provided (used) by investing activities             |   |                                | (1                           | )      |   | (145,335                          | )      |        | (57,289 | )                                                |   | -                                                                                  |   |                                             | (202,625 | ) |   | 16,616 |   |   | 45,485 |   |   | (2,362 | ) |   | (142,886 | ) |   | (1,552 | ) |   | - |   |   | (144,438 | ) |
|                                                                        |   |                                | (page                1 of 2) |
| (a)                Balance for the nine months ended September 30, 2005     |   |                                |                         |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | Moving                & Storage |                         |   |   | AMERCO                Legal Group |   |        |     |                                             |   | AMERCO                as Consolidated                                              |   |                                             |       |
|-------------------------------------------------------------------------------|--------|-------------------------------------|------------------------------|--------|--------|-----------------------------------|--------|-------------|----------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|------------|
|                                                                          |   | AMERCO                              |                         | U-Haul |   | Real                Estate        |   | Elimination |     | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |       | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                          |   | (Unaudited)                         |                         |
| Cash                flows from financing activities:                          |   | (In                thousands)       |                         |
| Borrowings                from credit facilities                              |   | $                                   | 80,266                       |   | $      | 215,950                           |   | $           | 952,334  |                                             | $      | -                                                                                  |   | $                                                | 1,248,550  |   | $ | - |   | $ | - |   | $ | - |   | $ | 1,248,550 |   | $ | - |   | $ | - |   | $ | 1,248,550 |   |
| Principal                repayments on credit facilities                      |   |                                | (860,274                     | )      |   | (10,383                           | )      |        | (216,157 | )                                                |   | -                                                                                  |   |                                             | (1,086,814 | ) |   | - |   |   | - |   |   | - |   |   | (1,086,814 | ) |   | (902 | ) |   | - |   |   | (1,087,716 | ) |
| Debt                issuance costs                                            |   |                                | -                            |   |   | (5,152                            | )      |        | (24,445  | )                                                |   | -                                                                                  |   |                                             | (29,597    | ) |   | - |   |   | - |   |   | - |   |   | (29,597 | ) |   | - |   |   | - |   |   | (29,597 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | -                            |   |   | 1,251                             |   |        | -        |                                             |   | -                                                                                  |   |                                             | 1,251      |   |   | - |   |   | - |   |   | - |   |   | 1,251 |   |   | - |   |   | - |   |   | 1,251 |   |
| Proceeds                from (repayment of) intercompany loans                |   |                                | 379,984                      |   |   | 208,996                           |   |        | (588,980 | )                                                |   | -                                                                                  |   |                                             | -          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (9,723                       | )      |   | -                                 |   |        | -        |                                             |   | -                                                                                  |   |                                             | (9,723     | ) |   | - |   |   | - |   |   | - |   |   | (9,723 | ) |   | - |   |   | - |   |   | (9,723 | ) |
| Investment                contract deposits                                   |   |                                | -                            |   |   | -                                 |   |        | -        |                                             |   | -                                                                                  |   |                                             | -          |   |   | - |   |   | 15,471 |   |   | - |   |   | 15,471 |   |   | - |   |   | - |   |   | 15,471 |   |
| Investment                contract withdrawals                                |   |                                | -                            |   |   | -                                 |   |        | -        |                                             |   | -                                                                                  |   |                                             | -          |   |   | - |   |   | (55,943 | ) |   | - |   |   | (55,943 | ) |   | - |   |   | - |   |   | (55,943 | ) |
| Net                cash provided by financing activities                      |   |                                | (409,747                     | )      |   | 410,662                           |   |        | 122,752  |                                             |   | -                                                                                  |   |                                             | 123,667    |   |   | - |   |   | (40,472 | ) |   | - |   |   | 83,195 |   |   | (902 | ) |   | - |   |   | 82,293 |   |
|                                                                          |   |                                |                         |   |   |                              |   |        |     |                                             |   |                                                                               |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | (4                           | )      |   | 172,998                           |   |        | (4,222   | )                                                |   | -                                                                                  |   |                                             | 168,772    |   |   | (2,706 | ) |   | 1,006 |   |   | 23,593 |   |   | 190,665 |   |   | 530 |   |   | - |   |   | 191,195 |   |
| Cash                and cash equivalents at beginning of period               |   |                                | 14                           |   |   | 37,626                            |   |        | 4,327    |                                             |   | -                                                                                  |   |                                             | 41,967     |   |   | 10,638 |   |   | 2,992 |   |   | - |   |   | 55,597 |   |   | 358 |   |   | - |   |   | 55,955 |   |
| Cash                and cash equivalents at end of period                     |   | $                                   | 10                           |   | $      | 210,624                           |   | $           | 105      |                                             | $      | -                                                                                  |   | $                                                | 210,739    |   | $ | 7,932 |   | $ | 3,998 |   | $ | 23,593 |   | $ | 246,262 |   | $ | 888 |   | $ | - |   | $ | 247,150 |   |
|                                                                          |   |                                | (page                2 of 2) |   |
| (a)                Balance for the nine months ended September 30, 2005       |   |                                |                         |   |   |                              |   |        |     |                                             |   |                                                                               |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**9.      Consolidating cash flow statements by industry segment for the nine months      ended      December 31, 2004 are as follows:**

|                                                                        |   | Moving                & Storage |                         |   |   | AMERCO                Legal Group |   |        |   |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-----------------------------------------------------------------------------|--------|-------------------------------------|------------------------------|--------|--------|-----------------------------------|--------|-------------|--------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                        |   | AMERCO                              |                         | U-Haul |   | Real                Estate        |   | Elimination |   | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                        |   | (Unaudited)                         |                         |
| Cash                flows from operating activities:                        |   | (In                thousands)       |                         |
| Net                earnings (loss)                                          |   | $                                   | 118,763                      |   | $      | 115,444                           |   | $           | 14,778 |                                             | $      | (130,222                                                                           | )      | $                                                | 118,763  |   | $ | (5,687 | ) | $ | 1,697 |   | $ | 3,990 |   | $ | 118,763 |   | $ | (828 | ) | $ | 1,089 |   | $ | 119,024 |   |
| Earnings                from consolidated entities                          |   |                                | (122,456                     | )      |   | -                                 |   |        | -      |                                             |   | 132,279                                                                            |   |                                             | 9,823    |   |   | - |   |   | - |   |   | (8,995 | ) |   | 828 |   |   | - |   |   | (828 | ) |   | - |   |
| Depreciation                                                                |   |                                | 24                           |   |   | 77,086                            |   |        | 6,453  |                                             |   | -                                                                                  |   |                                             | 83,563   |   |   | - |   |   | - |   |   | - |   |   | 83,563 |   |   | 1,887 |   |   | (420 | ) |   | 85,030 |   |
| Amortization                of deferred policy acquisition costs            |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 1,092 |   |   | 19,946 |   |   | - |   |   | 21,038 |   |   | - |   |   | - |   |   | 21,038 |   |
| Change                in provision for losses on trade receivables          |   |                                | -                            |   |   | (360                              | )      |        | -      |                                             |   | -                                                                                  |   |                                             | (360     | ) |   | - |   |   | - |   |   | - |   |   | (360 | ) |   | - |   |   | - |   |   | (360 | ) |
| Net                (gain) loss on sale of real and personal property        |   |                                | -                            |   |   | 4,490                             |   |        | (3,306 | )                                                |   | -                                                                                  |   |                                             | 1,184    |   |   | (186 | ) |   | - |   |   | - |   |   | 998 |   |   | - |   |   | - |   |   | 998 |   |
| Net                (gain) loss on sale of investments                       |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | (56 | ) |   | (492 | ) |   | - |   |   | (548 | ) |   | - |   |   | - |   |   | (548 | ) |
| Deferred                income taxes                                        |   |                                | 57,735                       |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | 57,735   |   |   | (4,414 | ) |   | (6,035 | ) |   | - |   |   | 47,286 |   |   | (526 | ) |   | 159 |   |   | 46,919 |   |
| Net                change in other operating assets and liabilities:        |   |                                |                         |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                | -                            |   |   | (2,686                            | )      |        | 14,829 |                                             |   | -                                                                                  |   |                                             | 12,143   |   |   | 13,685 |   |   | - |   |   | - |   |   | 25,828 |   |   | - |   |   | - |   |   | 25,828 |   |
| Inventories                                                                 |   |                                | -                            |   |   | (776                              | )      |        | -      |                                             |   | -                                                                                  |   |                                             | (776     | ) |   | - |   |   | - |   |   | - |   |   | (776 | ) |   | (253 | ) |   | - |   |   | (1,029 | ) |
| Prepaid                expenses                                             |   |                                | (3,313                       | )      |   | (6,795                            | )      |        | 2      |                                             |   | -                                                                                  |   |                                             | (10,106  | ) |   | - |   |   | - |   |   | - |   |   | (10,106 | ) |   | (72 | ) |   | - |   |   | (10,178 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 469 |   |   | (5,013 | ) |   | - |   |   | (4,544 | ) |   | - |   |   | - |   |   | (4,544 | ) |
| Other                assets                                                 |   |                                | 4,950                        |   |   | (26,642                           | )      |        | (1,889 | )                                                |   | -                                                                                  |   |                                             | (23,581  | ) |   | 1,592 |   |   | 400 |   |   | - |   |   | (21,589 | ) |   | 256 |   |   | - |   |   | (21,333 | ) |
| Related                party assets                                         |   |                                | (56,217                      | )      |   | (18,123                           | )      |        | 676    |                                             |   | 54,946                                                                             |   |                                             | (18,718  | ) |   | 6,749 |   |   | - |   |   | (13,115 | ) |   | (25,084 | ) |   | (1,600 | ) |   | 3,101 |   |   | (23,583 | ) |
| Accounts                payable and accrued expenses                        |   |                                | (1,241                       | )      |   | (15,137                           | )      |        | 8,150  |                                             |   | (2,057                                                                             | )      |                                             | (10,285  | ) |   | (835 | ) |   | - |   |   | 5,005 |   |   | (6,115 | ) |   | (145 | ) |   | - |   |   | (6,260 | ) |
| Policy                benefits and losses, claims and loss expenses payable |   |                                | -                            |   |   | 33,698                            |   |        | -      |                                             |   | -                                                                                  |   |                                             | 33,698   |   |   | (27,563 | ) |   | (9,369 | ) |   | - |   |   | (3,234 | ) |   | - |   |   | - |   |   | (3,234 | ) |
| Other                policyholders' funds and liabilities                   |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | (2,795 | ) |   | 4,232 |   |   | - |   |   | 1,437 |   |   | - |   |   | - |   |   | 1,437 |   |
| Deferred                income                                              |   |                                | -                            |   |   | (3,606                            | )      |        | (34    | )                                                |   | -                                                                                  |   |                                             | (3,640   | ) |   | (3,086 | ) |   | - |   |   | - |   |   | (6,726 | ) |   | 9 |   |   | - |   |   | (6,717 | ) |
| Related                party liabilities                                    |   |                                | (20,597                      | )      |   | 61,721                            |   |        | -      |                                             |   | (54,946                                                                            | )      |                                             | (13,822  | ) |   | 944 |   |   | 2,467 |   |   | 12,981 |   |   | 2,570 |   |   | 1,845 |   |   | (3,101 | ) |   | 1,314 |   |
| Net                cash provided (used) by operating activities             |   |                                | (22,352                      | )      |   | 218,314                           |   |        | 39,659 |                                             |   | -                                                                                  |   |                                             | 235,621  |   |   | (20,091 | ) |   | 7,833 |   |   | (134 | ) |   | 223,229 |   |   | 573 |   |   | - |   |   | 223,802 |   |
| Cash                flows from investing activities:                        |   |                                |                         |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                                |                         |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | (6                           | )      |   | (169,980                          | )      |        | (2,090 | )                                                |   | -                                                                                  |   |                                             | (172,076 | ) |   | - |   |   | - |   |   | - |   |   | (172,076 | ) |   | (420 | ) |   | - |   |   | (172,496 | ) |
| Short                term investments                                       |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | (137,727 | ) |   | - |   |   | - |   |   | (137,727 | ) |   | - |   |   | - |   |   | (137,727 | ) |
| Fixed                maturities investments                                 |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | (1,438 | ) |   | (82,227 | ) |   | - |   |   | (83,665 | ) |   | - |   |   | - |   |   | (83,665 | ) |
| Equity                securities                                            |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (6,765 | ) |   | - |   |   | (6,765 | ) |   | - |   |   | - |   |   | (6,765 | ) |
| Other                asset investments, net                                 |   |                                | -                            |   |   | (936                              | )      |        | -      |                                             |   | -                                                                                  |   |                                             | (936     | ) |   | - |   |   | - |   |   | - |   |   | (936 | ) |   | - |   |   | - |   |   | (936 | ) |
| Mortgage                loans                                               |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (750 | ) |   | - |   |   | (750 | ) |   | - |   |   | - |   |   | (750 | ) |
| Notes                and mortgage receivables                               |   |                                | -                            |   |   | (2,192                            | )      |        | -      |                                             |   | -                                                                                  |   |                                             | (2,192   | ) |   | - |   |   | - |   |   | - |   |   | (2,192 | ) |   | - |   |   | - |   |   | (2,192 | ) |
| Proceeds                from sales of:                                      |   |                                |                         |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | -                            |   |   | 225,305                           |   |        | 3,928  |                                             |   | -                                                                                  |   |                                             | 229,233  |   |   | - |   |   | - |   |   | - |   |   | 229,233 |   |   | - |   |   | - |   |   | 229,233 |   |
| Short                term investments                                       |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 129,470 |   |   | - |   |   | - |   |   | 129,470 |   |   | - |   |   | - |   |   | 129,470 |   |
| Fixed                maturities investments                                 |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 21,117 |   |   | 82,085 |   |   | - |   |   | 103,202 |   |   | - |   |   | - |   |   | 103,202 |   |
| Preferred                stock                                              |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 11,182 |   |   | 3,811 |   |   | - |   |   | 14,993 |   |   | - |   |   | - |   |   | 14,993 |   |
| Other                asset investments, net                                 |   |                                | -                            |   |   | -                                 |   |        | 1,949  |                                             |   | -                                                                                  |   |                                             | 1,949    |   |   | - |   |   | 42,144 |   |   | - |   |   | 44,093 |   |   | - |   |   | - |   |   | 44,093 |   |
| Real                estate                                                  |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 5,455 |   |   | - |   |   | - |   |   | 5,455 |   |   | - |   |   | - |   |   | 5,455 |   |
| Mortgage                loans                                               |   |                                | -                            |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 2,819 |   |   | - |   |   | 2,819 |   |   | - |   |   | - |   |   | 2,819 |   |
| Payments                from notes and mortgage receivables                 |   |                                | -                            |   |   | -                                 |   |        | 205    |                                             |   | -                                                                                  |   |                                             | 205      |   |   | - |   |   | - |   |   | - |   |   | 205 |   |   | - |   |   | - |   |   | 205 |   |
| Net                cash provided (used) by investing activities             |   |                                | (6                           | )      |   | 52,197                            |   |        | 3,992  |                                             |   | -                                                                                  |   |                                             | 56,183   |   |   | 28,059 |   |   | 41,117 |   |   | - |   |   | 125,359 |   |   | (420 | ) |   | - |   |   | 124,939 |   |
|                                                                        |   |                                | (page                1 of 2) |
| (a)                Balance for the nine months ended September 30, 2004     |   |                                |                         |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | Moving                & Storage |                         |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-------------------------------------------------------------------------------|--------|-------------------------------------|------------------------------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                          |   | AMERCO                              |                         | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                          |   | (Unaudited)                         |                         |
| Cash                flows from financing activities:                          |   | (In                thousands)       |                         |
| Borrowings                from credit facilities                              |   | $                                   | 35,032                       |   | $      | -                                 |   | $           | -       |                                             | $      | -                                                                                  |   | $                                                | 35,032   |   | $ | - |   | $ | - |   | $ | - |   | $ | 35,032 |   | $ | - |   | $ | - |   | $ | 35,032 |   |
| Principal                repayments on credit facilities                      |   |                                | (201,549                     | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (201,549 | ) |   | - |   |   | - |   |   | - |   |   | (201,549 | ) |   | (847 | ) |   | - |   |   | (202,396 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | 612                          |   |   | 1,140                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 1,752    |   |   | - |   |   | - |   |   | - |   |   | 1,752 |   |   | - |   |   | - |   |   | 1,752 |   |
| Payoff                of capital leases                                       |   |                                | -                            |   |   | (99,607                           | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (99,607  | ) |   | - |   |   | - |   |   | - |   |   | (99,607 | ) |   | - |   |   | - |   |   | (99,607 | ) |
| Proceeds                from (repayment of) intercompany notes payable        |   |                                | (134                         | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (134     | ) |   | - |   |   | - |   |   | 134 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Proceeds                from (repayment of) intercompany loans                |   |                                | 223,117                      |   |   | (183,136                          | )      |        | (39,981 | )                                                |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (25,297                      | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (25,297  | ) |   | - |   |   | - |   |   | - |   |   | (25,297 | ) |   | - |   |   | - |   |   | (25,297 | ) |
| Investment                contract deposits                                   |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 19,587 |   |   | - |   |   | 19,587 |   |   | - |   |   | - |   |   | 19,587 |   |
| Investment                contract withdrawals                                |   |                                | -                            |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (79,143 | ) |   | - |   |   | (79,143 | ) |   | - |   |   | - |   |   | (79,143 | ) |
| Net                cash provided by financing activities                      |   |                                | 31,781                       |   |   | (281,603                          | )      |        | (39,981 | )                                                |   | -                                                                                  |   |                                             | (289,803 | ) |   | - |   |   | (59,556 | ) |   | 134 |   |   | (349,225 | ) |   | (847 | ) |   | - |   |   | (350,072 | ) |
|                                                                          |   |                                |                         |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | 9,423                        |   |   | (11,092                           | )      |        | 3,670   |                                             |   | -                                                                                  |   |                                             | 2,001    |   |   | 7,968 |   |   | (10,606 | ) |   | - |   |   | (637 | ) |   | (694 | ) |   | - |   |   | (1,331 | ) |
| Cash                and cash equivalents at beginning of period               |   |                                | -                            |   |   | 64,717                            |   |        | 661     |                                             |   | -                                                                                  |   |                                             | 65,378   |   |   | - |   |   | 15,168 |   |   | - |   |   | 80,546 |   |   | 1,011 |   |   | - |   |   | 81,557 |   |
| Cash                and cash equivalents at end of period                     |   | $                                   | 9,423                        |   | $      | 53,625                            |   | $           | 4,331   |                                             | $      | -                                                                                  |   | $                                                | 67,379   |   | $ | 7,968 |   | $ | 4,562 |   | $ | - |   | $ | 79,909 |   | $ | 317 |   | $ | - |   | $ | 80,226 |   |
|                                                                          |   |                                | (page                2 of 2) |
| (a)                Balance for the nine months ended September 30, 2004       |   |                                |                         |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                               |   | **United                States**                          |      | **Canada** |   | **Consolidated** |   |
|----------------------------------------------------|--------|-----------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                               |   | (Unaudited)                                               |      |
|                                               |   | (All                amounts are in thousands of U.S. $'s) |      |
| **Quarter                Ended December 31, 2005** |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                      |   | $                                                         | 484,908   |       | $      | 10,762           |   | $ | 495,670 |   |
| Depreciation                and amortization, net  |   |                                                      | 39,285    |       |   | 1,290            |   |   | 40,575 |   |
| Interest                expense                    |   |                                                      | 15,354    |       |   | 2,437            |   |   | 17,791 |   |
| Pretax                earnings (loss)              |   |                                                      | 28,755    |       |   | (1,127           | )      |   | 27,628 |   |
| Income                tax expense (income)         |   |                                                      | 12,506    |       |   | (48              | )      |   | 12,458 |   |
| Identifiable                assets                 |   |                                                      | 3,295,119 |       |   | 71,088           |   |   | 3,366,207 |   |
|                                               |   |                                                      |      |       |   |             |   |   |   |   |
| **Quarter                Ended December 31, 2004** |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                      |   | $                                                         | 449,761   |       | $      | 11,736           |   | $ | 461,497 |   |
| Depreciation                and amortization, net  |   |                                                      | 33,319    |       |   | 1,242            |   |   | 34,561 |   |
| Interest                expense (income)           |   |                                                      | 16,961    |       |   | (30              | )      |   | 16,931 |   |
| Pretax                earnings (loss)              |   |                                                      | 35,155    |       |   | (454             | )      |   | 34,701 |   |
| Income                tax expense                  |   |                                                      | 13,155    |       |   | -                |   |   | 13,155 |   |
| Identifiable                assets                 |   |                                                      | 3,109,869 |       |   | 72,916           |   |   | 3,182,785 |   |
|                                               |   |                                                      |      |       |   |             |   |   |   |   |

|                                                   |   | **United                States**                          |      | **Canada** |   | **Consolidated** |   |
|--------------------------------------------------------|--------|-----------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                   |   | (Unaudited)                                               |      |
|                                                   |   | (All                amounts are in thousands of U.S. $'s) |      |
| **Nine                Months Ended December 31, 2005** |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                          |   | $                                                         | 1,617,093 |       | $      | 43,551           |   | $ | 1,660,644 |   |
| Depreciation                and amortization, net      |   |                                                      | 117,415   |       |   | 3,771            |   |   | 121,186 |   |
| Interest                expense (income)               |   |                                                      | 53,157    |       |   | (485             | )      |   | 52,672 |   |
| Pretax                earnings                         |   |                                                      | 192,443   |       |   | 5,475            |   |   | 197,918 |   |
| Income                tax expense (income)             |   |                                                      | 78,588    |       |   | (24              | )      |   | 78,564 |   |
| Identifiable                assets                     |   |                                                      | 3,295,119 |       |   | 71,088           |   |   | 3,366,207 |   |
|                                                   |   |                                                      |      |       |   |             |   |   |   |   |
| **Nine                Months Ended December 31, 2004** |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                          |   | $                                                         | 1,551,644 |       | $      | 42,218           |   | $ | 1,593,862 |   |
| Depreciation                and amortization, net      |   |                                                      | 106,594   |       |   | 3,635            |   |   | 110,229 |   |
| Interest                expense (income)               |   |                                                      | 54,037    |       |   | (42              | )      |   | 53,995 |   |
| Pretax                earnings                         |   |                                                      | 187,648   |       |   | 5,370            |   |   | 193,018 |   |
| Income                tax expense                      |   |                                                      | 73,994    |       |   | -                |   |   | 73,994 |   |
| Identifiable                assets                     |   |                                                      | 3,109,869 |       |   | 72,916           |   |   | 3,182,785 |   |
|                                                   |   |                                                      |      |       |   |             |   |   |   |   |

----

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

|                                                                   |   | **Quarter                Ended December 31,** |    |
|------------------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                                   |   | **2005**                                      |    | **2004** |   |
|                                                                   |   | (Unaudited)                                   |    |
|                                                                   |   | (In                thousands)                 |    |
| Self-moving                equipment rentals                           |   | $                                             | 353,409 |   | $ | 328,471 |   |
| Self-storage                revenues                                   |   |                                          | 29,784  |   |   | 28,846 |   |
| Self-moving                and self-storage products and service sales |   |                                          | 47,316  |   |   | 42,694 |   |
| Property                management fees                                |   |                                          | 4,289   |   |   | 2,880 |   |
| Life                insurance premiums                                 |   |                                          | 30,743  |   |   | 31,241 |   |
| Property                and casualty insurance premiums                |   |                                          | 9,949   |   |   | 3,975 |   |
| Net                investment and interest income                      |   |                                          | 12,807  |   |   | 17,109 |   |
| Other                revenue                                           |   |                                          | 7,373   |   |   | 6,281 |   |
| Consolidated                revenue                                    |   | $                                             | 495,670 |   | $ | 461,497 |   |
|                                                                   |   |                                          |    |   |   |   |   |

----

|                                           |   | **Quarter                Ended December 31,** |    |
|------------------------------------------------|--------|-----------------------------------------------|---------|
|                                           |   | **2005**                                      |    | **2004** |   |
|                                           |   | (Unaudited)                                   |    |
|                                           |   | (In                thousands)                 |    |
| Moving                and storage              |   |                                          |    |   |   |   |   |
| Revenues                                       |   | $                                             | 441,725 |   | $ | 407,691 |   |
| Earnings                from operations        |   |                                          | 42,689  |   |   | 3,591 |   |
| Property                and casualty insurance |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | 12,827  |   |   | 10,802 |   |
| Earnings                (loss) from operations |   |                                          | (1,597  | ) |   | (9,218 | ) |
| Life                insurance                  |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | 37,064  |   |   | 39,442 |   |
| Earnings                (loss) from operations |   |                                          | 2,620   |   |   | (3,440 | ) |
| SAC                Holding II                  |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | 10,870  |   |   | 10,106 |   |
| Earnings                from operations        |   |                                          | 3,630   |   |   | 2,138 |   |
| Eliminations                                   |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | (6,816  | ) |   | (6,544 | ) |
| Earnings                from operations        |   |                                          | (1,923  | ) |   | 7,220 |   |
| Consolidated                results            |   |                                          |    |   |   |   |   |
| Revenues                                       |   |                                          | 495,670 |   |   | 461,497 |   |
| Earnings                from operations        |   |                                          | 45,419  |   |   | 291 |   |
|                                           |   |                                          |    |   |   |   |   |

----

**Moving      and Storage**

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

|                                                                   |   | **Quarter                Ended December 31,** |    |
|------------------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                                   |   | **2005**                                      |    | **2004** |   |
|                                                                   |   | (Unaudited)                                   |    |
|                                                                   |   | (In                thousands)                 |    |
| Self-moving                equipment rentals                           |   | $                                             | 353,409 |   | $ | 328,471 |   |
| Self-storage                revenues                                   |   |                                          | 25,055  |   |   | 24,308 |   |
| Self-moving                and self-storage products and service sales |   |                                          | 43,697  |   |   | 39,463 |   |
| Property                management fees                                |   |                                          | 4,942   |   |   | 3,486 |   |
| Net                investment and interest income                      |   |                                          | 8,440   |   |   | 7,164 |   |
| Other                revenue                                           |   |                                          | 6,182   |   |   | 4,799 |   |
| Moving                and Storage revenue                              |   | $                                             | 441,725 |   | $ | 407,691 |   |
|                                                                   |   |                                          |    |   |   |   |   |

|                                                      |   | **Quarter                Ended December 31,**        |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2005**                                             |   | **2004** |   |
|                                                      |   | (Unaudited)                                          |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of December 31               |   |                                                 | 123    |   |   | 122 |   |
| Square                footage as of December 31           |   |                                                 | 9,515  |   |   | 9,506 |   |
| Average                number of rooms occupied           |   |                                                 | 107    |   |   | 101 |   |
| Average                occupancy rate based on room count |   |                                                 | 86.9%  |   |   | 82.4% |   |
| Average                square footage occupied            |   |                                                 | 8,448  |   |   | 8,032 |   |
|                                                      |   |                                                 |   |   |   |   |   |

----

**U-Haul      International, Inc.**

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

|                                                                   |   | **Quarter                Ended December 31,** |    |
|------------------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                                   |   | **2005**                                      |    | **2004** |   |
|                                                                   |   | (Unaudited)                                   |    |
|                                                                   |   | (In                thousands)                 |    |
| Self-moving                equipment rentals                           |   | $                                             | 353,409 |   | $ | 328,550 |   |
| Self-storage                revenues                                   |   |                                          | 24,655  |   |   | 24,097 |   |
| Self-moving                and self-storage products and service sales |   |                                          | 43,697  |   |   | 39,478 |   |
| Property                management fees                                |   |                                          | 4,942   |   |   | 3,486 |   |
| Net                investment and interest income                      |   |                                          | 7,538   |   |   | 5,270 |   |
| Other                revenue                                           |   |                                          | 7,709   |   |   | 6,279 |   |
| U-Haul                International, Inc. revenue                      |   | $                                             | 441,950 |   | $ | 407,160 |   |
|                                                                   |   |                                          |    |   |   |   |   |

----

**Republic      Western Insurance Company**

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

**Oxford      Life Insurance Company**

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

----

**SAC      Holding II**

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

|                                                                   |   | **Quarter                Ended December 31,** |   |
|------------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                   |   | **2005**                                      |   | **2004** |   |
|                                                                   |   | (Unaudited)                                   |   |
|                                                                   |   | (In                thousands)                 |   |
| Self-moving                equipment rentals                           |   | $                                             | 2,211  |   | $ | 2,043 |   |
| Self-storage                revenues                                   |   |                                          | 4,729  |   |   | 4,538 |   |
| Self-moving                and self-storage products and service sales |   |                                          | 3,619  |   |   | 3,231 |   |
| Other                revenue                                           |   |                                          | 311    |   |   | 294 |   |
| SAC                Holding II revenue                                  |   | $                                             | 10,870 |   | $ | 10,106 |   |
|                                                                   |   |                                          |   |   |   |   |   |

----

**AMERCO      and Consolidated Entities**

***Nine      Months***
***Ended      December 31, 2005 compared with the Nine Months Ended December 31,      2004***

|                                                                   |   | **Nine                Months Ended December 31,** |      |
|------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                   |   | **2005**                                          |      | **2004** |   |
|                                                                   |   | (Unaudited)                                       |      |
|                                                                   |   | (In                thousands)                     |      |
| Self-moving                equipment rentals                           |   | $                                                 | 1,201,374 |   | $ | 1,147,369 |   |
| Self-storage                revenues                                   |   |                                              | 92,153    |   |   | 88,359 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 176,371   |   |   | 161,967 |   |
| Property                management fees                                |   |                                              | 12,558    |   |   | 8,971 |   |
| Life                insurance premiums                                 |   |                                              | 90,050    |   |   | 96,535 |   |
| Property                and casualty insurance premiums                |   |                                              | 20,172    |   |   | 20,815 |   |
| Net                investment and interest income                      |   |                                              | 38,873    |   |   | 46,160 |   |
| Other                revenue                                           |   |                                              | 29,093    |   |   | 23,686 |   |
| Consolidated                revenue                                    |   | $                                                 | 1,660,644 |   | $ | 1,593,862 |   |
|                                                                   |   |                                              |      |   |   |   |   |

----

|                                           |   | **Nine                Months Ended December 31,** |      |
|------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                           |   | **2005**                                          |      | **2004** |   |
|                                           |   | (Unaudited)                                       |      |
|                                           |   | (In                thousands)                     |      |
| Moving                and storage              |   |                                              |      |   |   |   |   |
| Revenues                                       |   | $                                                 | 1,504,671 |   | $ | 1,423,971 |   |
| Earnings                from operations        |   |                                              | 276,227   |   |   | 193,097 |   |
| Property                and casualty insurance |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 29,193    |   |   | 35,878 |   |
| Earnings                (loss) from operations |   |                                              | 1,727     |   |   | (8,749 | ) |
| Life                insurance                  |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 111,407   |   |   | 122,494 |   |
| Earnings                from operations        |   |                                              | 9,357     |   |   | 2,730 |   |
| SAC                Holding II                  |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 35,541    |   |   | 33,228 |   |
| Earnings                from operations        |   |                                              | 10,730    |   |   | 9,598 |   |
| Eliminations                                   |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | (20,168   | ) |   | (21,709 | ) |
| Earnings                from operations        |   |                                              | (11,824   | ) |   | (1,004 | ) |
| Consolidated                results            |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 1,660,644 |   |   | 1,593,862 |   |
| Earnings                from operations        |   |                                              | 286,217   |   |   | 195,672 |   |
|                                           |   |                                              |      |   |   |   |   |

----

**Moving      and Storage**

***Nine      Months***
***Ended      December 31, 2005 compared with the Nine Months Ended December 31,      2004***

|                                                                   |   | **Nine                Months Ended December 31,** |      |
|------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                   |   | **2005**                                          |      | **2004** |   |
|                                                                   |   | (Unaudited)                                       |      |
|                                                                   |   | (In                thousands)                     |      |
| Self-moving                equipment rentals                           |   | $                                                 | 1,201,374 |   | $ | 1,147,369 |   |
| Self-storage                revenues                                   |   |                                              | 78,123    |   |   | 74,976 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 163,369   |   |   | 150,128 |   |
| Property                management fees                                |   |                                              | 14,688    |   |   | 10,974 |   |
| Net                investment and interest income                      |   |                                              | 22,143    |   |   | 23,471 |   |
| Other                revenue                                           |   |                                              | 24,974    |   |   | 17,053 |   |
| Moving                and Storage revenue                              |   | $                                                 | 1,504,671 |   | $ | 1,423,971 |   |
|                                                                   |   |                                              |      |   |   |   |   |

----

|                                                      |   | **Nine                Months Ended December 31,**    |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2005**                                             |   | **2004** |   |
|                                                      |   | (Unaudited)                                          |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of December 31               |   |                                                 | 123    |   |   | 122 |   |
| Square                footage as of December 31           |   |                                                 | 9,515  |   |   | 9,506 |   |
| Average                number of rooms occupied           |   |                                                 | 108    |   |   | 101 |   |
| Average                occupancy rate based on room count |   |                                                 | 88.0%  |   |   | 82.8% |   |
| Average                square footage occupied            |   |                                                 | 8,545  |   |   | 8,056 |   |

**U-Haul      International, Inc.**

***Nine      Months***
***Ended      December 31, 2005 compared with the Nine Months Ended December 31,      2004***

|                                                                   |   | **Nine                Months Ended December 31,** |      |
|------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                   |   | **2005**                                          |      | **2004** |   |
|                                                                   |   | (Unaudited)                                       |      |
|                                                                   |   | (In                thousands)                     |      |
| Self-moving                equipment rentals                           |   | $                                                 | 1,201,374 |   | $ | 1,147,369 |   |
| Self-storage                revenues                                   |   |                                              | 76,827    |   |   | 73,644 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 163,369   |   |   | 150,128 |   |
| Property                management fees                                |   |                                              | 14,688    |   |   | 10,974 |   |
| Net                investment and interest income                      |   |                                              | 18,254    |   |   | 16,569 |   |
| Other                revenue                                           |   |                                              | 28,770    |   |   | 21,378 |   |
| U-Haul                International, Inc. revenue                      |   | $                                                 | 1,503,282 |   | $ | 1,420,062 |   |
|                                                                   |   |                                              |      |   |   |   |   |

----

**Republic      Western Insurance Company**

***Nine      Months Ended September 30***
**,      *2005 compared with the Nine Months Ended September 30,      2004***

----

**Oxford      Life Insurance Company**

***Nine      Months***
***Ended      September 30, 2005 compared with the Nine Months Ended September 30,      2004***

**SAC      Holding II**

***Nine      Months***
***Ended      December 31, 2005 compared with the Nine Months Ended December 31,      2004***

|                                                                   |   | **Nine                Months Ended December 31,** |   |
|------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                   |   | **2005**                                          |   | **2004** |   |
|                                                                   |   | (Unaudited)                                       |   |
|                                                                   |   | (In                thousands)                     |   |
| Self-moving                equipment rentals                           |   | $                                                 | 7,560  |   | $ | 7,170 |   |
| Self-storage                revenues                                   |   |                                              | 14,030 |   |   | 13,383 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 13,002 |   |   | 11,839 |   |
| Other                revenue                                           |   |                                              | 949    |   |   | 836 |   |
| SAC                Holding II revenue                                  |   | $                                                 | 35,541 |   | $ | 33,228 |   |
|                                                                   |   |                                              |   |   |   |   |   |

----

**Liquidity      and Capital Resources**

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

***Moving      and Storage***

----

***Property      and Casualty Insurance***

***Oxford      Life Insurance Company***

***SAC      Holding II***

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

***Moving      and Storage***

***Property      and Casualty Insurance***

----

***Life      Insurance***

***SAC      Holding II***

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

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

**Off-Balance      Sheet Arrangements**

----

**Fiscal      2007**
**      Outlook **

**Cautionary      Statements Regarding Forward-Looking Statements**

----

**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      results of operations fluctuate due to seasonality and other factors associated      with our industry.***

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

***Our      property and casualty insurance busines***
**s      *has suffered extensive losses*.**

***Our      life insurance business was downgraded by A.M. Best during      restructuring***
**.**

***Our**n***
***otes      receivable from SAC Holdings.***

***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***

----

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

**Changes      in Internal Control over Financial Reporting**

----

**PART      II. OTHER INFORMATION**

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

See      Footnote 7 to the “Notes to the Condensed Consolidated Financial      Statements”.

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

Not      applicable.

**Item      3. Defaults upon Senior Securities**

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

Not      applicable.

**Item      5. Other Information**

----

----

**Item      6. Exhibits**

| **Exhibit                Number** |  **Description**                                                                                                                                                                                                                                   |  **Page                or Method of Filing**                                                                                                                  |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1                               | Joint                Plan of Reorganization of AMERCO and Amerco Real Estate                Company                                                                                                                                                     | Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                      |
| 2.2                               | Disclosure                Statement Concerning the Debtors’ Joint Plan of                Reorganization                                                                                                                                           | Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                      |
| 2.3                               | First                Amended Joint Plan of Reorganization of AMERCO and Amerco Real Estate                Company                                                                                                                                       | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2003, file No. 1-11255  |
| 2.4                               | Disclosure                Statement Concerning the Debtor’s First Amended Joint Plan of                Reorganization                                                                                                                             | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2003, file No. 1-11255  |
| 3.1                               | Restated                Articles of Incorporation of AMERCO                                                                                                                                                                                             | Incorporated                by reference to AMERCO’s Registration Statement on form S-4 filed March                30, 2004, file number 1-11255             |
| 3.2                               | Restated                By-Laws of AMERCO                                                                                                                                                                                                               | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 1996, file No. 1-11255 |
| 3.3                               | Restated                Articles of Incorporation of U-Haul International, Inc.                                                                                                                                                                         | Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255           |
| 3.4                               | Bylaws                of U-Haul International, Inc.                                                                                                                                                                                                     | Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255           |
| 10.1                              | Credit                Agreement, dated November 10, 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 November 17,                2005, file no. 1-11255                     |
| 10.2                              | Property                Management Agreement between Subsidiaries of U-Haul and Five SAC                905, LLC.                dated September 23, 2005                                                                                               | Filed                herewith                                                                                                                                      |
| 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) Certification of Robert T. Peterson, Chief Financial                Officer of U-Haul International, Inc.                                                                                                       | Filed                herewith                                                                                                                                      |
| 32.1                              | Certificate                of Edward J. Shoen, President and Chairman of the Board of AMERCO                and                U-Haul International, Inc. pursuant to Section 906 of the Sabanes-Oxley                Act of 2002                       | Furnished                herewith                                                                                                                                  |
| 32.2                              | Certificate                of Jason A. Berg, Chief Accounting Officer of AMERCO pursuant to                Section                906 of the Sabanes-Oxley Act of 2002                                                                                  | Furnished                herewith                                                                                                                                  |
| 32.3                              | Certificate                of Robert T. Peterson, Chief Financial Officer of U-Haul                International, Inc. pursuant to Section 906 of the Sarbanes-Oxley                Act of                2002                                          | Furnished                herewith                                                                                                                                  |