**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**Form      10-Q**

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

**For      the quarterly period ended June 30, 2007**

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

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

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

----

**TABLE      OF CONTENTS**

|                    |                                                                                                                                                               | Page                No.              |
|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
|                    | **PART                I FINANCIAL INFORMATION**                                                                                                                    |                                 |
| Item                1.  | Financial                Statements                                                                                                                                |                                 |
|                    | a)Condensed                Consolidated Balance Sheets as of June 30, 2007 (unaudited) and March                31,                2007                            | 1                                    |
|                    | b)Condensed                Consolidated Statements of Operations for the Quarters ended June                30, 2007                and 2006 (unaudited)           | 2                                    |
|                    | c)Condensed                Consolidated Statements of Comprehensive Income for the Quarters                ended                June 30, 2007 and 2006 (unaudited) | 3                                    |
|                    | d)Condensed                Consolidated Statements of Cash Flows for the Quarters ended June                30, 2007                and 2006 (unaudited)           | 4                                    |
|                    | e)Notes                to Condensed Consolidated Financial Statements                (unaudited)                                                                   | 5                -                32 |
| Item                2.  | Management’s                Discussion and Analysis of Financial Condition                and Results of Operations                                          | 33                - 48               |
| Item                3.  | Quantitative                and Qualitative Disclosures About Market                Risk                                                                           | 49                                   |
| Item                4.  | Controls                and Procedures                                                                                                                             | 50                                   |
|                    |                                                                                                                                                               |                                 |
|                    | **PART                II OTHER INFORMATION**                                                                                                                       |                                 |
| Item                1.  | Legal                Proceedings                                                                                                                              | 51                                   |
| Item                1A. | Risk                Factors                                                                                                                                   | 51                                   |
| Item                2.  | Unregistered                Sales of Equity Securities and Use of                Proceeds                                                                          | 51                                   |
| Item                3.  | Defaults                Upon Senior Securities                                                                                                                     | 51                                   |
| Item                4.  | Submission                of Matters to a Vote of Security                Holders                                                                                  | 51                                   |
| Item                5.  | Other                Information                                                                                                                                   | 51                                   |
| Item                6.  | Exhibits                                                                                                                                                           | 52                                   |

----

**PART      I FINANCIAL INFORMATION**

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

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS**

|                                                                                                           |   | **June                30,**   |       | **March                31,** |   |
|----------------------------------------------------------------------------------------------------------------|--------|-------------------------------|------------|------------------------------|--------|
|                                                                                                           |   | **2007**                      |       | **2007**                     |   |
|                                                                                                           |   | (Unaudited)                   |       |                         |   |
|                                                                                                           |   | (In                thousands) |       |
| **ASSETS**                                                                                                     |   |                          |       |                         |   |
| Cash                and cash equivalents                                                                       |   | $                             | 161,629    |                         | $      | 75,272 |   |
| Reinsurance                recoverables and trade receivables, net                                             |   |                          | 190,885    |                         |   | 184,617 |   |
| Notes                and mortgage receivables, net                                                             |   |                          | 2,068      |                         |   | 1,669 |   |
| Inventories,                net                                                                                |   |                          | 64,998     |                         |   | 67,023 |   |
| Prepaid                expenses                                                                                |   |                          | 47,423     |                         |   | 52,080 |   |
| Investments,                fixed maturities and marketable equities                                           |   |                          | 674,036    |                         |   | 681,801 |   |
| Investments,                other                                                                              |   |                          | 170,731    |                         |   | 178,699 |   |
| Deferred                policy acquisition costs, net                                                          |   |                          | 40,645     |                         |   | 44,514 |   |
| Other                assets                                                                                    |   |                          | 325,493    |                         |   | 95,123 |   |
| Related                party assets                                                                            |   |                          | 240,056    |                         |   | 245,179 |   |
|                                                                                                           |   |                          | 1,917,964  |                         |   | 1,625,977 |   |
| Property,                plant and equipment, at cost:                                                         |   |                          |       |                         |   |   |   |
| Land                                                                                                           |   |                          | 204,704    |                         |   | 202,917 |   |
| Buildings                and improvements                                                                      |   |                          | 817,433    |                         |   | 802,289 |   |
| Furniture                and equipment                                                                         |   |                          | 306,502    |                         |   | 301,751 |   |
| Rental                trailers and other rental equipment                                                      |   |                          | 202,341    |                         |   | 200,208 |   |
| Rental                trucks                                                                                   |   |                          | 1,725,380  |                         |   | 1,604,123 |   |
| SAC                Holding II - property, plant and equipment                                                  |   |                          | 81,034     |                         |   | 80,349 |   |
|                                                                                                           |   |                          | 3,337,394  |                         |   | 3,191,637 |   |
| Less:                Accumulated depreciation                                                                  |   |                          | (1,301,975 | )                            |   | (1,294,566 | ) |
| Total                property, plant and equipment                                                             |   |                          | 2,035,419  |                         |   | 1,897,071 |   |
| Total                assets                                                                                    |   | $                             | 3,953,383  |                         | $      | 3,523,048 |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**                                                        |   |                          |       |                         |   |   |   |
| Liabilities:                                                                                                   |   |                          |       |                         |   |   |   |
| Accounts                payable and accrued expenses                                                           |   | $                             | 267,163    |                         | $      | 251,197 |   |
| AMERCO's                notes and loans payable                                                                |   |                          | 1,582,793  |                         |   | 1,181,165 |   |
| SAC                Holding II notes and loans payable, non-recourse to AMERCO                                  |   |                          | 74,545     |                         |   | 74,887 |   |
| Policy                benefits and losses, claims and loss expenses payable                                    |   |                          | 767,246    |                         |   | 768,751 |   |
| Liabilities                from investment contracts                                                           |   |                          | 373,632    |                         |   | 386,640 |   |
| Other                policyholders' funds and liabilities                                                      |   |                          | 10,697     |                         |   | 10,563 |   |
| Deferred                income                                                                                 |   |                          | 16,246     |                         |   | 16,478 |   |
| Deferred                income taxes                                                                           |   |                          | 113,101    |                         |   | 113,170 |   |
| Related                party liabilities                                                                       |   |                          | 2,474      |                         |   | 2,099 |   |
| Total                liabilities                                                                               |   |                          | 3,207,897  |                         |   | 2,804,950 |   |
| Commitments                and contingencies (notes 3, 7 and 8)                                                |   |                          |       |                         |   |   |   |
| Stockholders'                equity:                                                                           |   |                          |       |                         |   |   |   |
| Series                preferred stock, with or without par value, 50,000,000 shares                authorized: |   |                          |       |                         |   |   |   |
| Series                A preferred stock, with no par value, 6,100,000 shares                authorized;        |   |                          |       |                         |   |   |   |
| 6,100,000                shares issued and outstanding as of June 30 and March 31,                2007         |   |                          | -          |                         |   | - |   |
| Series                B preferred stock, with no par value, 100,000 shares authorized;                none     |   |                          |       |                         |   |   |   |
| issued                and outstanding as of June 30 and March 31, 2007                                         |   |                          | -          |                         |   | - |   |
| 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;          |   |                          |       |                         |   |   |   |
| none                issued and outstanding as of June 30, 2007 and March 31,                2007               |   |                          | -          |                         |   | - |   |
| Common                stock of $0.25 par value, 150,000,000 shares authorized;                41,985,700       |   |                          |       |                         |   |   |   |
| issued                as of June 30, 2007 and March 31, 2007                                                   |   |                          | 10,497     |                         |   | 10,497 |   |
| Additional                paid-in capital                                                                      |   |                          | 376,090    |                         |   | 375,412 |   |
| Accumulated                other comprehensive loss                                                            |   |                          | (26,743    | )                            |   | (41,779 | ) |
| Retained                earnings                                                                               |   |                          | 894,637    |                         |   | 849,300 |   |
| Cost                of common shares in treasury, net (21,926,386 shares as of                                 |   |                          |       |                         |   |   |   |
| June                30, 2007 and 21,440,387 as of March 31, 2007)                                              |   |                          | (501,165   | )                            |   | (467,198 | ) |
| Unearned                employee stock ownership plan shares                                                   |   |                          | (7,830     | )                            |   | (8,134 | ) |
| Total                stockholders' equity                                                                      |   |                          | 745,486    |                         |   | 718,098 |   |
| Total                liabilities and stockholders' equity                                                      |   | $                             | 3,953,383  |                         | $      | 3,523,048 |   |
|                                                                                                           |   |                          |       |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                         |   |                                                              |   | **Quarter                Ended June 30,** |   |
|------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                         |   |                                                              |   | **2007**                                  |   | **2006** |   |
|                                                                         |   |                                                              |   | (Unaudited)                               |   |
|                                                                         |   | (In                thousands, except share and per share amounts) |   |
| Revenues:                                                                    |   |                                                              |   |                                      |   |   |   |
| Self-moving                equipment rentals                                 |   |                                                              |   |                                      | $      | 396,136 |   | $ | 407,234 |   |
| Self-storage                revenues                                         |   |                                                              |   |                                      |   | 32,036 |   |   | 30,431 |   |
| Self-moving                and self-storage products and service sales       |   |                                                              |   |                                      |   | 68,655 |   |   | 67,451 |   |
| Property                management fees                                      |   |                                                              |   |                                      |   | 3,947 |   |   | 3,847 |   |
| Life                insurance premiums                                       |   |                                                              |   |                                      |   | 29,187 |   |   | 30,919 |   |
| Property                and casualty insurance premiums                      |   |                                                              |   |                                      |   | 5,916 |   |   | 5,382 |   |
| Net                investment and interest income                            |   |                                                              |   |                                      |   | 14,369 |   |   | 13,475 |   |
| Other                revenue                                                 |   |                                                              |   |                                      |   | 7,912 |   |   | 7,933 |   |
| Total                revenues                                                |   |                                                              |   |                                      |   | 558,158 |   |   | 566,672 |   |
|                                                                         |   |                                                              |   |                                      |   |   |   |   |   |   |
| Costs                and expenses:                                           |   |                                                              |   |                                      |   |   |   |   |   |   |
| Operating                expenses                                            |   |                                                              |   |                                      |   | 273,331 |   |   | 261,379 |   |
| Commission                expenses                                           |   |                                                              |   |                                      |   | 47,923 |   |   | 49,536 |   |
| Cost                of sales                                                 |   |                                                              |   |                                      |   | 34,648 |   |   | 32,316 |   |
| Benefits                and losses                                           |   |                                                              |   |                                      |   | 29,277 |   |   | 30,606 |   |
| Amortization                of deferred policy acquisition costs             |   |                                                              |   |                                      |   | 3,917 |   |   | 5,626 |   |
| Lease                expense                                                 |   |                                                              |   |                                      |   | 32,738 |   |   | 37,372 |   |
| Depreciation,                net of (gains) losses on disposals              |   |                                                              |   |                                      |   | 44,265 |   |   | 39,671 |   |
| Total                costs and expenses                                      |   |                                                              |   |                                      |   | 466,099 |   |   | 456,506 |   |
|                                                                         |   |                                                              |   |                                      |   |   |   |   |   |   |
| Earnings                from operations                                      |   |                                                              |   |                                      |   | 92,059 |   |   | 110,166 |   |
| Interest                expense                                              |   |                                                              |   |                                      |   | (23,771 | ) |   | (18,462 | ) |
| Pretax                earnings                                               |   |                                                              |   |                                      |   | 68,288 |   |   | 91,704 |   |
| Income                tax expense                                            |   |                                                              |   |                                      |   | (26,536 | ) |   | (36,283 | ) |
| Net                earnings                                                  |   |                                                              |   |                                      |   | 41,752 |   |   | 55,421 |   |
| Less:                Preferred stock dividends                               |   |                                                              |   |                                      |   | (3,241 | ) |   | (3,241 | ) |
| Earnings                available to common shareholders                     |   |                                                              |   |                                      | $      | 38,511 |   | $ | 52,180 |   |
| Basic                and diluted earnings per common share                   |   |                                                              |   |                                      | $      | 1.93 |   | $ | 2.50 |   |
| Weighted                average common shares outstanding: Basic and diluted |   |                                                              |   |                                      |   | 19,937,152 |   |   | 20,897,688 |   |
|                                                                         |   |                                                              |   |                                      |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF COMPREHENSIVE      INCOME**

|                                                          |   | **Quarter                Ended June 30,** |   |
|---------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                          |   | **2007**                                  |   | **2006** |   |
|                                                          |   | (Unaudited)                               |   |
|                                                          |   | (In                thousands)             |   |
| Comprehensive                income:                          |   |                                      |   |   |   |
| Net                earnings                                   |   | $                                         | 41,752 |   | $ | 55,421 |   |
| Other                comprehensive income (loss), net of tax: |   |                                      |   |   |   |   |   |
| Foreign                currency translation                   |   |                                      | 5,627  |   |   | 1,922 |   |
| Unrealized                gain (loss) on investments, net     |   |                                      | 1,220  |   |   | (2,586 | ) |
| Fair                market value of cash flow hedges          |   |                                      | 8,189  |   |   | 1,215 |   |
| Total                comprehensive income                     |   | $                                         | 56,788 |   | $ | 55,972 |   |
|                                                          |   |                                      |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH      FLOWS**

|                                                                           |   | **Quarter                Ended June 30,** |     |
|--------------------------------------------------------------------------------|--------|-------------------------------------------|----------|
|                                                                           |   | **2007**                                  |     | **2006** |   |
|                                                                           |   | (Unaudited)                               |     |
|                                                                           |   | (In                thousands)             |     |
| Cash                flow from operating activities:                            |   |                                      |     |   |   |
| Net                earnings                                                    |   | $                                         | 41,752   |   | $ | 55,421 |   |
| Adjustments                required to convert net earnings to the cash basis: |   |                                      |     |   |   |   |   |
| Depreciation                                                                   |   |                                      | 55,233   |   |   | 40,666 |   |
| Amortization                of deferred policy acquisition costs               |   |                                      | 3,917    |   |   | 5,626 |   |
| Change                in provision for losses on trade receivables             |   |                                      | 166      |   |   | (32 | ) |
| Change                in provision for losses on mortgage notes                |   |                                      | 10       |   |   | (10 | ) |
| Change                in provision for inventory reserves                      |   |                                      | (190     | ) |   | - |   |
| Net                gain on sale of real and personal property                  |   |                                      | (10,968  | ) |   | (995 | ) |
| Net                loss on sale of investments                                 |   |                                      | 83       |   |   | 553 |   |
| Deferred                income taxes                                           |   |                                      | 6,166    |   |   | 14,253 |   |
| Net                change in other operating assets and liabilities:           |   |                                      |     |   |   |   |   |
| Reinsurance                recoverables and trade receivables                  |   |                                      | (6,075   | ) |   | 17,780 |   |
| Inventories                                                                    |   |                                      | 2,067    |   |   | (3,201 | ) |
| Prepaid                expenses                                                |   |                                      | 12,863   |   |   | (3,079 | ) |
| Capitalization                of deferred policy acquisition costs             |   |                                      | (1,315   | ) |   | (2,386 | ) |
| Other                assets                                                    |   |                                      | (11,191  | ) |   | 2,132 |   |
| Related                party assets                                            |   |                                      | 5,909    |   |   | 28,624 |   |
| Accounts                payable and accrued expenses                           |   |                                      | 11,110   |   |   | 14,561 |   |
| Policy                benefits and losses, claims and loss expenses payable    |   |                                      | (1,411   | ) |   | (14,610 | ) |
| Other                policyholders' funds and liabilities                      |   |                                      | 133      |   |   | (1,273 | ) |
| Deferred                income                                                 |   |                                      | (306     | ) |   | 2,257 |   |
| Related                party liabilities                                       |   |                                      | (826     | ) |   | (6,083 | ) |
| Net                cash provided by operating activities                       |   |                                      | 107,127  |   |   | 150,204 |   |
|                                                                           |   |                                      |     |   |   |   |   |
| Cash                flows from investing activities:                           |   |                                      |     |   |   |   |   |
| Purchases                of:                                                   |   |                                      |     |   |   |   |   |
| Property,                plant and equipment                                   |   |                                      | (224,680 | ) |   | (166,999 | ) |
| Short                term investments                                          |   |                                      | (62,247  | ) |   | (53,131 | ) |
| Fixed                maturities investments                                    |   |                                      | (12,586  | ) |   | (32,272 | ) |
| Real                estate                                                     |   |                                      | (270     | ) |   | - |   |
| Mortgage                loans                                                  |   |                                      | (2,783   | ) |   | (7,305 | ) |
| Proceeds                from sale of:                                          |   |                                      |     |   |   |   |   |
| Property,                plant and equipment                                   |   |                                      | 54,128   |   |   | 28,692 |   |
| Short                term investments                                          |   |                                      | 70,238   |   |   | 82,228 |   |
| Fixed                maturities investments                                    |   |                                      | 20,475   |   |   | 21,852 |   |
| Cash                received in excess of purchase for company acquired        |   |                                      | -        |   |   | 1,233 |   |
| Equity                securities                                               |   |                                      | 46       |   |   | - |   |
| Preferred                stock                                                 |   |                                      | 2,625    |   |   | 125 |   |
| Real                estate                                                     |   |                                      | -        |   |   | 877 |   |
| Mortgage                loans                                                  |   |                                      | 2,615    |   |   | 2,086 |   |
| Payments                from notes and mortgage receivables                    |   |                                      | 48       |   |   | 403 |   |
| Net                cash used by investing activities                           |   |                                      | (152,391 | ) |   | (122,211 | ) |
|                                                                           |   |                                      |     |   |   |   |   |
| Cash                flows from financing activities:                           |   |                                      |     |   |   |   |   |
| Borrowings                from credit facilities                               |   |                                      | 445,294  |   |   | 87,376 |   |
| Principal                repayments on credit facilities                       |   |                                      | (44,800  | ) |   | (8,136 | ) |
| Debt                issuance costs                                             |   |                                      | (8,880   | ) |   | (1,437 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan  |   |                                      | 304      |   |   | 285 |   |
| Treasury                stock repurchases                                      |   |                                      | (33,966  | ) |   | - |   |
| Securitization                deposits                                         |   |                                      | (210,308 | ) |   | - |   |
| Preferred                stock dividends paid                                  |   |                                      | (3,241   | ) |   | (3,241 | ) |
| Investment                contract deposits                                    |   |                                      | 4,027    |   |   | 4,251 |   |
| Investment                contract withdrawals                                 |   |                                      | (17,035  | ) |   | (20,843 | ) |
| Net                cash provided by financing activities                       |   |                                      | 131,395  |   |   | 58,255 |   |
|                                                                           |   |                                      |     |   |   |   |   |
| Effects                of exchange rate on cash                                |   |                                      | 226      |   |   | 151 |   |
|                                                                           |   |                                      |     |   |   |   |   |
| Increase                in cash equivalents                                    |   |                                      | 86,357   |   |   | 86,399 |   |
| Cash                and cash equivalents at the beginning of period            |   |                                      | 75,272   |   |   | 155,459 |   |
| Cash                and cash equivalents at the end of period                  |   | $                                         | 161,629  |   | $ | 241,858 |   |
|                                                                           |   |                                      |     |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL      STATEMENTS**

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

***Description      of Legal Entities***

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***Description      of Operating Segments***

**2.      Earnings per Share**

|                                                                         |   | **Quarter                Ended June 30,** |       |
|------------------------------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                                         |   | **2007**                                  |       | **2006** |   |
|                                                                         |   | (Unaudited)                               |       |
| Basic                and diluted earnings per common share                   |   | $                                         | 1.93       |   | $ | 2.50 |   |
|                                                                         |   |                                      |       |   |   |   |   |
| Weighted                average common shares outstanding: Basic and diluted |   |                                      | 19,937,152 |   |   | 20,897,688 |   |
|                                                                         |   |                                      |       |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**3.      Borrowings**

***Long-Term      Debt***

|                                                                                                                        |   |                             |       |           |   | **June                30,**   |   | **March                31,** |      |
|-----------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|------------|----------------|--------|-------------------------------|--------|------------------------------|-----------|
|                                                                                                                        |   | **2008                Rate (a)** |       | **Maturities** |   | **2007**                      |   | **2007**                     |      |
|                                                                                                                        |   |                             |       |           |   | (Unaudited)                   |   |                         |      |
|                                                                                                                        |   |                             |       |           |   | (In                thousands) |   |
| Real                estate loan (amortizing term)                                                                           |   |                             | 6.93       | %              |   | 2018                          |   | $                            | 292,500   |   | $ | 295,000 |   |
| Real                estate loan (revolving credit)                                                                          |   |                             | -          |           |   | 2018                          |   |                         | -         |   |   | - |   |
| Senior                mortgages                                                                                             |   |                             | 5.47%-5.75 | %              |   | 2015                          |   |                         | 519,555   |   |   | 521,332 |   |
| Construction                loan (revolving credit)                                                                         |   |                             | 6.82       | %              |   | 2009                          |   |                         | 21,700    |   |   | - |   |
| Working                capital loan (revolving credit)                                                                      |   |                             | -          |           |   | 2008                          |   |                         | -         |   |   | - |   |
| Fleet                loans (amortizing term)                                                                                |   |                             | 6.11%-7.42 | %              |   | 2012-2014                     |   |                         | 345,444   |   |   | 364,833 |   |
| Fleet                loans (securitization)                                                                                 |   |                             | 5.40%-5.56 | %              |   | 2010-2014                     |   |                         | 303,594   |   |   | - |   |
| Fleet                loan (revolving credit)                                                                                |   |                             | 6.69       | %              |   | 2011                          |   |                         | 100,000   |   |   | - |   |
| Total                AMERCO notes and loans payable                                                                         |   |                             |       |           |   |                          |   | $                            | 1,582,793 |   | $ | 1,181,165 |   |
|                                                                                                                        |   |                             |       |           |   |                          |   |                         |      |   |   |   |   |
| (a)                Interest rate as of June 30, 2007, including the effect of applicable                hedging instruments |   |                             |       |

***Real      Estate Backed Loans***

*Real      Estate Loan*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

*Senior      Mortgages*

*Construction*
*Working Capital Loans*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***Fleet      Loans***

*Rental      Truck Amortizing Loans*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

*Rental      Truck Securitizations*

*Revolving      Credit Agreement*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                  |   | **Year                Ending June 30,** |    |
|---------------------------------------|--------|-----------------------------------------|---------|
|                                  |   | **2008**                                |    | **2009** |   | **2010** |   | **2011** |   | **2012** |   | **Thereafter** |   |
|                                  |   | (Unaudited)                             |    |
|                                  |   | (In                thousands)           |    |
| Notes                payable, secured |   | $                                       | 111,268 |   | $ | 129,791 |   | $ | 165,294 |   | $ | 165,155 |   | $ | 118,732 |   | $ | 892,553 |   |
|                                  |   |                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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

|                                                                 |   | **June                30,**   |   | **March                31,** |   |
|----------------------------------------------------------------------|--------|-------------------------------|--------|------------------------------|--------|
|                                                                 |   | **2007**                      |   | **2007**                     |   |
|                                                                 |   | (Unaudited)                   |   |                         |   |
|                                                                 |   | (In                thousands) |   |
| Notes                payable, secured, 7.87% interest rate, due 2027 |   | $                             | 74,545 |                         | $      | 74,887 |   |
|                                                                 |   |                          |   |                         |   |   |   |

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

|                                  |   | **Year                Ending June 30,** |   |
|---------------------------------------|--------|-----------------------------------------|--------|
|                                  |   | **2008**                                |   | **2009** |   | **2010** |   | **2011** |   | **2012** |   | **Thereafter** |   |
|                                  |   | (Unaudited)                             |   |
|                                  |   | (In                thousands)           |   |
| Notes                payable, secured |   | $                                       | 1,469  |   | $ | 1,608 |   | $ | 1,740 |   | $ | 1,884 |   | $ | 2,037 |   | $ | 65,807 |   |
|                                  |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**4.      Interest on Borrowings**

***Interest      Expense***

|                                                      |   | **Quarter                Ended June 30,** |   |
|-----------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                      |   | **2007**                                  |   | **2006** |   |
|                                                      |   | (Unaudited)                               |   |
|                                                      |   | (In                thousands)             |   |
| Interest                expense                           |   | $                                         | 22,123 |   | $ | 16,557 |   |
| Capitalized                interest                       |   |                                      | (283   | ) |   | (42 | ) |
| Amortization                of transaction costs          |   |                                      | 881    |   |   | 1,298 |   |
| Interest                income resulting from derivatives |   |                                      | (453   | ) |   | (863 | ) |
| Total                AMERCO interest expense              |   |                                      | 22,268 |   |   | 16,950 |   |
| SAC                Holding II interest expense            |   |                                      | 3,231  |   |   | 3,394 |   |
| Less:                Intercompany transactions            |   |                                      | 1,728  |   |   | 1,882 |   |
| Total                SAC Holding II interest expense      |   |                                      | 1,503  |   |   | 1,512 |   |
| Total                                                     |   | $                                         | 23,771 |   | $ | 18,462 |   |
|                                                      |   |                                      |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***Interest      Rates***

|                                                             |   | **Revolving                Credit Activity**         |    |
|------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                             |   | **Quarter                Ended June 30,**            |    |
|                                                             |   | **2007**                                             |    | **2006** |   |
|                                                             |   | (Unaudited)                                          |    |
|                                                             |   | (In                thousands, except interest rates) |    |
| Weighted                average interest rate during the quarter |   |                                                 | 6.72    | % |   | 6.74 | % |
| Interest                rate at the end of the quarter           |   |                                                 | 6.71    | % |   | 6.92 | % |
| Maximum                amount outstanding during the quarter     |   | $                                                    | 138,700 |   | $ | 90,000 |   |
| Average                amount outstanding during the quarter     |   | $                                                    | 101,269 |   | $ | 90,000 |   |
| Facility                fees                                     |   | $                                                    | 69      |   | $ | 57 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**5.      Stockholders Equity**

| **Period**                                                      |   | **Total                        # of Shares Repurchased** |      | **Average                        Price Paid per Share (1)** |   | **Total                        # of Shares Repurchased as Part of Publicly Announced                        Plan** |   | **Total                        $ of Shares Repurchased as Part of Publicly Announced                        Plan** |      | **Maximum                        $ of Shares That May Yet be Repurchased Under the                        Plan** |   |
|-----------------------------------------------------------------|--------|----------------------------------------------------------|-----------|-------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------|--------|
|                                                            |   |
| April                        1 - 30, 2007                       |   |                                                     | 196,232   |                                                        | $      | 69.94                                                                                                              |   |                                                                                                               | 196,232   |                                                                                                             | $      | 13,723,504 |   |  $ | 52,170,394 |   |
| May                        1 - 31, 2007                         |   |                                                     | 218,090   |                                                        |   | 69.85                                                                                                              |   |                                                                                                               | 218,090   |                                                                                                             |   | 15,234,536 |   |   | 36,935,858 |   |
| June                        1 - 30, 2007                        |   |                                                     | 71,677    |                                                        |   | 69.87                                                                                                              |   |                                                                                                               | 71,677    |                                                                                                             |   | 5,008,018 |   |   | 31,927,840 |   |
| First                        Quarter Total                      |   |                                                     | 485,999   |                                                        | $      | 69.89                                                                                                              |   |                                                                                                               | 485,999   |                                                                                                             | $      | 33,966,058 |   |   |   |   |
|                                                            |   |                                                     |      |                                                        |   |                                                                                                               |   |                                                                                                               |      |                                                                                                             |   |   |   |   |   |   |
|                            Cumulative Plan Total |   |                                                     | 1,225,290 |                                                        | $      | 67.80                                                                                                              |   |                                                                                                               | 1,225,290 |                                                                                                             | $      | 83,072,160 |   |   |   |   |

**6.      Comprehensive Income (Loss)**

|                                                          |   | **Foreign                Currency Translation** |    | **Unrealized                Gain (Loss) on Investments** |   | **Fair                Market Value of Cash Flow Hedge** |   | **Adjustment                to initially apply FASB Statement No. 158** |   | **Accumulated                Other Comprehensive Income (Loss)** |   |
|---------------------------------------------------------------|--------|-------------------------------------------------|---------|----------------------------------------------------------|--------|---------------------------------------------------------|--------|-------------------------------------------------------------------------|--------|------------------------------------------------------------------|--------|
|                                                          |   | (Unaudited)                                     |    |
|                                                          |   | (In                thousands)                   |    |
| Balance                at March 31, 2007                      |   | $                                               | (36,166 | )                                                        | $      | (355                                                    | )      | $                                                                       | (5,105 | )                                                                | $      | (153 | ) | $ | (41,779 | ) |
| Foreign                currency translation                   |   |                                            | 5,627   |                                                     |   | -                                                       |   |                                                                    | -      |                                                             |   | - |   |   | 5,627 |   |
| Unrealized                gain on investments                 |   |                                            | -       |                                                     |   | 1,220                                                   |   |                                                                    | -      |                                                             |   | - |   |   | 1,220 |   |
| Change                in fair market value of cash flow hedge |   |                                            | -       |                                                     |   | -                                                       |   |                                                                    | 8,189  |                                                             |   | - |   |   | 8,189 |   |
| Balance                at June 30, 2007                       |   | $                                               | (30,539 | )                                                        | $      | 865                                                     |   | $                                                                       | 3,084  |                                                             | $      | (153 | ) | $ | (26,743 | ) |
|                                                          |   |                                            |    |                                                     |   |                                                    |   |                                                                    |   |                                                             |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**7.      Contingent Liabilities and Commitments**

|                               |   | **Property,****Plant                and****Equipment** |   | **Rental****Equipment**       |   | **Total** |   |
|------------------------------------|--------|--------------------------------------------------------|--------|-------------------------------|--------|-----------|--------|
|                               |   | (Unaudited)                                            |   |
|                               |   |                                                   |   | (In                thousands) |   |      |   |
| Year-ended                June 30: |   |                                                   |   |                          |   |      |   |
| 2008                               |   | $                                                      | 12,453 |                          | $      | 112,435   |   | $ | 124,888 |   |
| 2009                               |   |                                                   | 12,212 |                          |   | 97,109    |   |   | 109,321 |   |
| 2010                               |   |                                                   | 11,786 |                          |   | 82,733    |   |   | 94,519 |   |
| 2011                               |   |                                                   | 11,641 |                          |   | 63,595    |   |   | 75,236 |   |
| 2012                               |   |                                                   | 11,159 |                          |   | 47,658    |   |   | 58,817 |   |
| Thereafter                         |   |                                                   | 25,236 |                          |   | 47,757    |   |   | 72,993 |   |
| Total                              |   | $                                                      | 84,487 |                          | $      | 451,287   |   | $ | 535,774 |   |
|                               |   |                                                   |   |                          |   |      |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**8.      Contingencies**

***Shoen***

***Environmental***

***Other***

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**9.      Related Party Transactions**

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Related      Party Assets**

|                                                                                               |   | **June                30,**   |    | **March                31,** |   |
|----------------------------------------------------------------------------------------------------|--------|-------------------------------|---------|------------------------------|--------|
|                                                                                               |   | **2007**                      |    | **2007**                     |   |
|                                                                                               |   | (Unaudited)                   |    |                         |   |
|                                                                                               |   | (In                thousands) |    |
| Private                Mini notes, receivables and interest                                        |   | $                             | 71,670  |                         | $      | 71,785 |   |
| Oxford                note receivable from SAC Holding Corporation (a)                             |   |                          | 5,040   |                         |   | 5,040 |   |
| U-Haul                notes receivable from SAC Holding Coporation                                 |   |                          | 123,578 |                         |   | 123,578 |   |
| U-Haul                interest receivable from SAC Holding Corporation                             |   |                          | 23,803  |                         |   | 23,361 |   |
| U-Haul                receivable from SAC Holding Corporation                                      |   |                          | 12,969  |                         |   | 16,596 |   |
| U-Haul                receivable from Mercury                                                      |   |                          | 2,253   |                         |   | 4,278 |   |
| Other                                                                                              |   |                          | 743     |                         |   | 541 |   |
|                                                                                               |   | $                             | 240,056 |                         | $      | 245,179 |   |
|                                                                                               |   |                          |    |                         |   |   |   |
| (a)                SAC Holding Corporation repaid this note in full April 13,                2007. |   |                          |    |                         |   |   |   |

**Related      Party Liabilities**

|                                               |   | **June                30,**   |   | **March                31,** |   |
|----------------------------------------------------|--------|-------------------------------|--------|------------------------------|--------|
|                                               |   | **2007**                      |   | **2007**                     |   |
|                                               |   | (Unaudited)                   |   |                         |   |
|                                               |   | (In                thousands) |   |
| SAC                Holding II payable to affiliate |   | $                             | 2,474  |                         | $      | 2,099 |   |
|                                               |   |                          |   |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

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

|   | (b) | Property                and Casualty Insurance, comprised of RepWest and its wholly-owned                subsidiary |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (c) | Life                Insurance, comprised of Oxford and its wholly-owned                subsidiaries |
|--------|-----|-----------------------------------------------------------------------------------------------------|

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**10.**
**Financial      Information by Consolidating Industry Segment:**

|                                                                                                                                                                     |   | Moving                & Storage |      |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                     |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                                                     |   | (Unaudited)                         |      |
|                                                                                                                                                                     |   | (In                thousands)       |      |
| Assets:                                                                                                                                                                  |   |                                |      |
| Cash                and cash equivalents                                                                                                                                 |   | $                                   | 31        |   | $      | 153,619                    |   | $                                 | 23       |   | $      | -                                               |   |   |   |   | $ | 153,673 |   | $ | 1,298 |   | $ | 6,658 |   | $ | - |   |   |   |   | $ | 161,629 |   | $ | - |   | $ | - |   |   |   |   | $ | 161,629 |   |
| Reinsurance                recoverables and trade receivables, net                                                                                                       |   |                                | -         |   |   | 24,355                     |   |                              | 31       |   |   | -                                               |   |   |   |   |   | 24,386 |   |   | 154,308 |   |   | 12,191 |   |   | - |   |   |   |   |   | 190,885 |   |   | - |   |   | - |   |   |   |   |   | 190,885 |   |
| Notes                and mortgage receivables, net                                                                                                                       |   |                                | -         |   |   | 1,202                      |   |                              | 866      |   |   | -                                               |   |   |   |   |   | 2,068 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,068 |   |   | - |   |   | - |   |   |   |   |   | 2,068 |   |
| Inventories,                net                                                                                                                                          |   |                                | -         |   |   | 63,682                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 63,682 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 63,682 |   |   | 1,316 |   |   | - |   |   |   |   |   | 64,998 |   |
| Prepaid                expenses                                                                                                                                          |   |                                | -         |   |   | 47,233                     |   |                              | 67       |   |   | -                                               |   |   |   |   |   | 47,300 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 47,300 |   |   | 123 |   |   | - |   |   |   |   |   | 47,423 |   |
| Investments,                fixed maturities and marketable equities                                                                                                     |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 154,146 |   |   | 519,890 |   |   | - |   |   |   |   |   | 674,036 |   |   | - |   |   | - |   |   |   |   |   | 674,036 |   |
| Investments,                other                                                                                                                                        |   |                                | -         |   |   | 1,119                      |   |                              | 10,735   |   |   | -                                               |   |   |   |   |   | 11,854 |   |   | 75,076 |   |   | 83,801 |   |   | - |   |   |   |   |   | 170,731 |   |   | - |   |   | - |   |   |   |   |   | 170,731 |   |
| Deferred                policy acquisition costs, net                                                                                                                    |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 177 |   |   | 40,468 |   |   | - |   |   |   |   |   | 40,645 |   |   | - |   |   | - |   |   |   |   |   | 40,645 |   |
| Other                assets                                                                                                                                              |   |                                | 7         |   |   | 275,488                    |   |                              | 42,196   |   |   | -                                               |   |   |   |   |   | 317,691 |   |   | 1,976 |   |   | 847 |   |   | - |   |   |   |   |   | 320,514 |   |   | 4,979 |   |   | - |   |   |   |   |   | 325,493 |   |
| Related                party assets                                                                                                                                      |   |                                | 1,173,630 |   |   | 245,234                    |   |                              | 12,700   |   |   | (1,106,084                                      | )      |   | (d | ) |   | 325,480 |   |   | 9,850 |   |   | 5,040 |   |   | (20,162 | ) |   | (d | ) |   | 320,208 |   |   | - |   |   | (80,152 | ) |   | (d | ) |   | 240,056 |   |
|                                                                                                                                                                     |   |                                | 1,173,668 |   |   | 811,932                    |   |                              | 66,618   |   |   | (1,106,084                                      | )      |   |   |   |   | 946,134 |   |   | 396,831 |   |   | 668,895 |   |   | (20,162 | ) |   |   |   |   | 1,991,698 |   |   | 6,418 |   |   | (80,152 | ) |   |   |   |   | 1,917,964 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment                in subsidiaries                                                                                                                                |   |                                | (191,909  | )      |   | -                          |   |                              | -        |   |   | 473,911                                         |   |   | (c | ) |   | 282,002 |   |   | - |   |   | - |   |   | (282,002 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                in SAC Holding II                                                                                                                              |   |                                | (8,944    | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (8,944 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (8,944 | ) |   | - |   |   | 8,944 |   |   | (c | ) |   | - |   |
| Total                investment in subsidiaries and SAC Holding II                                                                                                       |   |                                | (200,853  | )      |   | -                          |   |                              | -        |   |   | 473,911                                         |   |   |   |   |   | 273,058 |   |   | - |   |   | - |   |   | (282,002 | ) |   |   |   |   | (8,944 | ) |   | - |   |   | 8,944 |   |   |   |   |   | - |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, at cost:                                                                                                                   |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                     |   |                                | -         |   |   | 41,655                     |   |                              | 163,049  |   |   | -                                               |   |   |   |   |   | 204,704 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 204,704 |   |   | - |   |   | - |   |   |   |   |   | 204,704 |   |
| Buildings                and improvements                                                                                                                                |   |                                | -         |   |   | 116,336                    |   |                              | 701,097  |   |   | -                                               |   |   |   |   |   | 817,433 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 817,433 |   |   | - |   |   | - |   |   |   |   |   | 817,433 |   |
| Furniture                and equipment                                                                                                                                   |   |                                | 4,612     |   |   | 283,841                    |   |                              | 18,049   |   |   | -                                               |   |   |   |   |   | 306,502 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 306,502 |   |   | - |   |   | - |   |   |   |   |   | 306,502 |   |
| Rental                trailers and other rental equipment                                                                                                                |   |                                | -         |   |   | 202,341                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 202,341 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 202,341 |   |   | - |   |   | - |   |   |   |   |   | 202,341 |   |
| Rental                trucks                                                                                                                                             |   |                                | -         |   |   | 1,725,380                  |   |                              | -        |   |   | -                                               |   |   |   |   |   | 1,725,380 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,725,380 |   |   | - |   |   | - |   |   |   |   |   | 1,725,380 |   |
| SAC                Holding II - property, plant and equipment (b)                                                                                                        |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 155,246 |   |   | (74,212 | ) |   | (e | ) |   | 81,034 |   |
|                                                                                                                                                                     |   |                                | 4,612     |   |   | 2,369,553                  |   |                              | 882,195  |   |   | -                                               |   |   |   |   |   | 3,256,360 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 3,256,360 |   |   | 155,246 |   |   | (74,212 | ) |   |   |   |   | 3,337,394 |   |
| Less:                Accumulated depreciation                                                                                                                            |   |                                | (801      | )      |   | (999,111                   | )      |                              | (299,220 | )      |   | -                                               |   |   |   |   |   | (1,299,132 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,299,132 | ) |   | (13,208 | ) |   | 10,365 |   |   | (e | ) |   | (1,301,975 | ) |
| Total                property, plant and equipment                                                                                                                       |   |                                | 3,811     |   |   | 1,370,442                  |   |                              | 582,975  |   |   | -                                               |   |   |   |   |   | 1,957,228 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,957,228 |   |   | 142,038 |   |   | (63,847 | ) |   |   |   |   | 2,035,419 |   |
| Total                assets                                                                                                                                              |   | $                                   | 976,626   |   | $      | 2,182,374                  |   | $                                 | 649,593  |   | $      | (632,173                                        | )      |   |   |   | $ | 3,176,420 |   | $ | 396,831 |   | $ | 668,895 |   | $ | (302,164 | ) |   |   |   | $ | 3,939,982 |   | $ | 148,456 |   | $ | (135,055 | ) |   |   |   | $ | 3,953,383 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of March 31, 2007                                                                                                                         |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Included in this caption is land of $57,169, buildings and improvements                of                $97,443, and furniture and equipment of $634 |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate investment in subsidiaries and SAC Holding II                                                                                               |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany receivables and payables                                                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of property from U-Haul to SAC Holding                II                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                               |   | Moving                & Storage |     |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                               |   | AMERCO                              |     | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                               |   | (Unaudited)                         |     |
|                                                                                               |   | (In                thousands)       |     |
| Liabilities:                                                                                       |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                               |   | $                                   | 1,585    |   | $      | 254,023                    |   | $                                 | 5,065    |   | $      | -                                               |   |   |   |   | $ | 260,673 |   | $ | - |   | $ | 5,058 |   | $ | - |   |   |   |   | $ | 265,731 |   | $ | 1,432 |   | $ | - |   |   |   |   | $ | 267,163 |   |
| AMERCO's                notes and loans payable                                                    |   |                                | -        |   |   | 797,415                    |   |                              | 785,378  |   |   | -                                               |   |   |   |   |   | 1,582,793 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,582,793 |   |   | - |   |   | - |   |   |   |   |   | 1,582,793 |   |
| SAC                Holding II notes and loans payable,                non-recourse to AMERCO       |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 74,545 |   |   | - |   |   |   |   |   | 74,545 |   |
| Policy                benefits and losses, claims                and loss expenses payable         |   |                                | -        |   |   | 341,692                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 341,692 |   |   | 281,623 |   |   | 143,931 |   |   | - |   |   |   |   |   | 767,246 |   |   | - |   |   | - |   |   |   |   |   | 767,246 |   |
| Liabilities                from investment contracts                                               |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 373,632 |   |   | - |   |   |   |   |   | 373,632 |   |   | - |   |   | - |   |   |   |   |   | 373,632 |   |
| Other                policyholders' funds and liabilities                                          |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 7,845 |   |   | 2,852 |   |   | - |   |   |   |   |   | 10,697 |   |   | - |   |   | - |   |   |   |   |   | 10,697 |   |
| Deferred                income                                                                     |   |                                | -        |   |   | 15,388                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 15,388 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 15,388 |   |   | 858 |   |   | - |   |   |   |   |   | 16,246 |   |
| Deferred                income taxes                                                               |   |                                | 184,596  |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | 184,596 |   |   | (39,949 | ) |   | (2,767 | ) |   | - |   |   |   |   |   | 141,880 |   |   | (2,061 | ) |   | (26,718 | ) |   | (d | ) |   | 113,101 |   |
| Related                party liabilities                                                           |   |                                | -        |   |   | 1,074,877                  |   |                              | 39,870   |   |   | (1,106,084                                      | )      |   | (c | ) |   | 8,663 |   |   | 3,056 |   |   | 8,443 |   |   | (20,162 | ) |   | (c | ) |   | - |   |   | 82,626 |   |   | (80,152 | ) |   | (c | ) |   | 2,474 |   |
| Total                liabilities                                                                   |   |                                | 186,181  |   |   | 2,483,395                  |   |                              | 830,313  |   |   | (1,106,084                                      | )      |   |   |   |   | 2,393,805 |   |   | 252,575 |   |   | 531,149 |   |   | (20,162 | ) |   |   |   |   | 3,157,367 |   |   | 157,400 |   |   | (106,870 | ) |   |   |   |   | 3,207,897 |   |
|                                                                                               |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders'                equity:                                                               |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                preferred stock:                                                             |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                A preferred stock                                                            |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                B preferred stock                                                            |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                A common stock                                                               |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Common                stock                                                                        |   |                                | 10,497   |   |   | 540                        |   |                              | 1        |   |   | (541                                            | )      |   | (b | ) |   | 10,497 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 10,497 |   |   | - |   |   | - |   |   |   |   |   | 10,497 |   |
| Additional                paid-in capital                                                          |   |                                | 422,161  |   |   | 121,230                    |   |                              | 147,481  |   |   | (268,711                                        | )      |   | (b | ) |   | 422,161 |   |   | 86,121 |   |   | 26,271 |   |   | (112,392 | ) |   | (b | ) |   | 422,161 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 376,090 |   |
| Additional                paid-in capital - SAC Holding II                                         |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 4,492 |   |   | (4,492 | ) |   | (b | ) |   | - |   |
| Accumulated                other comprehensive income (loss)                                       |   |                                | (26,743  | )      |   | (27,608                    | )      |                              | -        |   |   | 27,608                                          |   |   | (b | ) |   | (26,743 | ) |   | 145 |   |   | 719 |   |   | (864 | ) |   | (b | ) |   | (26,743 | ) |   | - |   |   | - |   |   |   |   |   | (26,743 | ) |
| Retained                earnings (deficit)                                                         |   |                                | 885,695  |   |   | (387,353                   | )      |                              | (328,202 | )      |   | 715,555                                         |   |   | (b | ) |   | 885,695 |   |   | 54,690 |   |   | 108,256 |   |   | (162,946 | ) |   | (b | ) |   | 885,695 |   |   | (13,436 | ) |   | 22,378 |   |   | (b,d | ) |   | 894,637 |   |
| Cost                of common shares in treasury, net                                              |   |                                | (501,165 | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (501,165 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (501,165 | ) |   | - |   |   | - |   |   |   |   |   | (501,165 | ) |
| Unearned                employee stock ownership plan shares                                       |   |                                | -        |   |   | (7,830                     | )      |                              | -        |   |   | -                                               |   |   |   |   |   | (7,830 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (7,830 | ) |   | - |   |   | - |   |   |   |   |   | (7,830 | ) |
| Total                stockholders' equity (deficit)                                                |   |                                | 790,445  |   |   | (301,021                   | )      |                              | (180,720 | )      |   | 473,911                                         |   |   |   |   |   | 782,615 |   |   | 144,256 |   |   | 137,746 |   |   | (282,002 | ) |   |   |   |   | 782,615 |   |   | (8,944 | ) |   | (28,185 | ) |   |   |   |   | 745,486 |   |
| Total                liabilities and stockholders' equity                                          |   | $                                   | 976,626  |   | $      | 2,182,374                  |   | $                                 | 649,593  |   | $      | (632,173                                        | )      |   |   |   | $ | 3,176,420 |   | $ | 396,831 |   | $ | 668,895 |   | $ | (302,164 | ) |   |   |   | $ | 3,939,982 |   | $ | 148,456 |   | $ | (135,055 | ) |   |   |   | $ | 3,953,383 |   |
|                                                                                               |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of March 31, 2007                                                   |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate investment in subsidiaries and SAC Holding II                         |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate intercompany receivables and payables                                 |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate gain on sale of property from U-Haul to SAC Holding                II |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                                                                     |   | Moving                & Storage |      |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                     |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                                                     |   |                                |      |
|                                                                                                                                                                     |   | (In                thousands)       |      |
| Assets:                                                                                                                                                                  |   |                                |      |
| Cash                and cash equivalents                                                                                                                                 |   | $                                   | 9         |   | $      | 63,490                     |   | $                                 | 807      |   | $      | -                                               |   |   |   |   | $ | 64,306 |   | $ | 4,228 |   | $ | 6,738 |   | $ | - |   |   |   |   | $ | 75,272 |   | $ | - |   | $ | - |   |   |   |   | $ | 75,272 |   |
| Reinsurance                recoverables and trade receivables, net                                                                                                       |   |                                | -         |   |   | 18,343                     |   |                              | 27       |   |   | -                                               |   |   |   |   |   | 18,370 |   |   | 155,172 |   |   | 11,075 |   |   | - |   |   |   |   |   | 184,617 |   |   | - |   |   | - |   |   |   |   |   | 184,617 |   |
| Notes                and mortgage receivables, net                                                                                                                       |   |                                | -         |   |   | 1,236                      |   |                              | 433      |   |   | -                                               |   |   |   |   |   | 1,669 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,669 |   |   | - |   |   | - |   |   |   |   |   | 1,669 |   |
| Inventories,                net                                                                                                                                          |   |                                | -         |   |   | 65,646                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 65,646 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 65,646 |   |   | 1,377 |   |   | - |   |   |   |   |   | 67,023 |   |
| Prepaid                expenses                                                                                                                                          |   |                                | 11,173    |   |   | 40,586                     |   |                              | 30       |   |   | -                                               |   |   |   |   |   | 51,789 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 51,789 |   |   | 291 |   |   | - |   |   |   |   |   | 52,080 |   |
| Investments,                fixed maturities and marketable equities                                                                                                     |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 156,540 |   |   | 525,261 |   |   | - |   |   |   |   |   | 681,801 |   |   | - |   |   | - |   |   |   |   |   | 681,801 |   |
| Investments,                other                                                                                                                                        |   |                                | -         |   |   | 1,119                      |   |                              | 10,714   |   |   | -                                               |   |   |   |   |   | 11,833 |   |   | 74,716 |   |   | 92,150 |   |   | - |   |   |   |   |   | 178,699 |   |   | - |   |   | - |   |   |   |   |   | 178,699 |   |
| Deferred                policy acquisition costs, net                                                                                                                    |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 196 |   |   | 44,318 |   |   | - |   |   |   |   |   | 44,514 |   |   | - |   |   | - |   |   |   |   |   | 44,514 |   |
| Other                assets                                                                                                                                              |   |                                | 12        |   |   | 56,264                     |   |                              | 31,794   |   |   | -                                               |   |   |   |   |   | 88,070 |   |   | 1,744 |   |   | 833 |   |   | - |   |   |   |   |   | 90,647 |   |   | 4,476 |   |   | - |   |   |   |   |   | 95,123 |   |
| Related                party assets                                                                                                                                      |   |                                | 1,180,929 |   |   | 251,288                    |   |                              | 12,663   |   |   | (1,113,379                                      | )      |   | (d | ) |   | 331,501 |   |   | 9,909 |   |   | 5,040 |   |   | (20,840 | ) |   | (d | ) |   | 325,610 |   |   | 5 |   |   | (80,436 | ) |   | (d | ) |   | 245,179 |   |
|                                                                                                                                                                     |   |                                | 1,192,123 |   |   | 497,972                    |   |                              | 56,468   |   |   | (1,113,379                                      | )      |   |   |   |   | 633,184 |   |   | 402,505 |   |   | 685,415 |   |   | (20,840 | ) |   |   |   |   | 1,700,264 |   |   | 6,149 |   |   | (80,436 | ) |   |   |   |   | 1,625,977 |   |
| Investment                in subsidiaries                                                                                                                                |   |                                | (235,860  | )      |   | -                          |   |                              | -        |   |   | 514,745                                         |   |   | (c | ) |   | 278,885 |   |   | - |   |   | - |   |   | (278,885 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                in SAC Holding II                                                                                                                              |   |                                | (9,256    | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (9,256 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,256 | ) |   | - |   |   | 9,256 |   |   | (c | ) |   | - |   |
| Total                investment in subsidiaries and SAC Holding II                                                                                                       |   |                                | (245,116  | )      |   | -                          |   |                              | -        |   |   | 514,745                                         |   |   |   |   |   | 269,629 |   |   | - |   |   | - |   |   | (278,885 | ) |   |   |   |   | (9,256 | ) |   | - |   |   | 9,256 |   |   |   |   |   | - |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, at cost:                                                                                                                   |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                     |   |                                | -         |   |   | 39,868                     |   |                              | 163,049  |   |   | -                                               |   |   |   |   |   | 202,917 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 202,917 |   |   | - |   |   | - |   |   |   |   |   | 202,917 |   |
| Buildings                and improvements                                                                                                                                |   |                                | -         |   |   | 103,542                    |   |                              | 698,747  |   |   | -                                               |   |   |   |   |   | 802,289 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 802,289 |   |   | - |   |   | - |   |   |   |   |   | 802,289 |   |
| Furniture                and equipment                                                                                                                                   |   |                                | 4,588     |   |   | 279,219                    |   |                              | 17,944   |   |   | -                                               |   |   |   |   |   | 301,751 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 301,751 |   |   | - |   |   | - |   |   |   |   |   | 301,751 |   |
| Rental                trailers and other rental equipment                                                                                                                |   |                                | -         |   |   | 200,208                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 200,208 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 200,208 |   |   | - |   |   | - |   |   |   |   |   | 200,208 |   |
| Rental                trucks                                                                                                                                             |   |                                | -         |   |   | 1,604,123                  |   |                              | -        |   |   | -                                               |   |   |   |   |   | 1,604,123 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,604,123 |   |   | - |   |   | - |   |   |   |   |   | 1,604,123 |   |
| SAC                Holding II - property, plant and equipment (b)                                                                                                        |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 154,561 |   |   | (74,212 | ) |   | (e | ) |   | 80,349 |   |
|                                                                                                                                                                     |   |                                | 4,588     |   |   | 2,226,960                  |   |                              | 879,740  |   |   | -                                               |   |   |   |   |   | 3,111,288 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 3,111,288 |   |   | 154,561 |   |   | (74,212 | ) |   |   |   |   | 3,191,637 |   |
| Less:                Accumulated depreciation                                                                                                                            |   |                                | (627      | )      |   | (995,028                   | )      |                              | (296,563 | )      |   | -                                               |   |   |   |   |   | (1,292,218 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,292,218 | ) |   | (12,573 | ) |   | 10,225 |   |   | (e | ) |   | (1,294,566 | ) |
| Total                property, plant and equipment                                                                                                                       |   |                                | 3,961     |   |   | 1,231,932                  |   |                              | 583,177  |   |   | -                                               |   |   |   |   |   | 1,819,070 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,819,070 |   |   | 141,988 |   |   | (63,987 | ) |   |   |   |   | 1,897,071 |   |
| Total                assets                                                                                                                                              |   | $                                   | 950,968   |   | $      | 1,729,904                  |   | $                                 | 639,645  |   | $      | (598,634                                        | )      |   |   |   | $ | 2,721,883 |   | $ | 402,505 |   | $ | 685,415 |   | $ | (299,725 | ) |   |   |   | $ | 3,510,078 |   | $ | 148,137 |   | $ | (135,167 | ) |   |   |   | $ | 3,523,048 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of December 31, 2006                                                                                                                      |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Included in this caption is land of $57,169, buildings and improvements                of                $96,879, and furniture and equipment of $513 |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate investment in subsidiaries and SAC Holding II                                                                                               |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany receivables and payables                                                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of property from U-Haul to SAC Holding                II                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                               |   | Moving                & Storage |     |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                               |   | AMERCO                              |     | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                               |   |                                |     |
|                                                                                               |   | (In                thousands)       |     |
| Liabilities:                                                                                       |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                               |   | $                                   | 926      |   | $      | 236,830                    |   | $                                 | 4,973    |   | $      | -                                               |   |   |   |   | $ | 242,729 |   | $ | - |   | $ | 7,083 |   | $ | - |   |   |   |   | $ | 249,812 |   | $ | 1,385 |   | $ | - |   |   |   |   | $ | 251,197 |   |
| AMERCO's                notes and loans payable                                                    |   |                                | -        |   |   | 406,458                    |   |                              | 774,707  |   |   | -                                               |   |   |   |   |   | 1,181,165 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,181,165 |   |   | - |   |   | - |   |   |   |   |   | 1,181,165 |   |
| SAC                Holding II notes and loans payable,                non-recourse to AMERCO       |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 74,887 |   |   | - |   |   |   |   |   | 74,887 |   |
| Policy                benefits and losses, claims                and loss expenses payable         |   |                                | -        |   |   | 330,602                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 330,602 |   |   | 291,241 |   |   | 146,908 |   |   | - |   |   |   |   |   | 768,751 |   |   | - |   |   | - |   |   |   |   |   | 768,751 |   |
| Liabilities                from investment contracts                                               |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 386,640 |   |   | - |   |   |   |   |   | 386,640 |   |   | - |   |   | - |   |   |   |   |   | 386,640 |   |
| Other                policyholders' funds and liabilities                                          |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 7,633 |   |   | 2,930 |   |   | - |   |   |   |   |   | 10,563 |   |   | - |   |   | - |   |   |   |   |   | 10,563 |   |
| Deferred                income                                                                     |   |                                | -        |   |   | 15,629                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 15,629 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 15,629 |   |   | 849 |   |   | - |   |   |   |   |   | 16,478 |   |
| Deferred                income taxes                                                               |   |                                | 186,594  |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | 186,594 |   |   | (41,223 | ) |   | (3,167 | ) |   | - |   |   |   |   |   | 142,204 |   |   | (2,263 | ) |   | (26,771 | ) |   | (d | ) |   | 113,170 |   |
| Related                party liabilities                                                           |   |                                | -        |   |   | 1,077,090                  |   |                              | 46,139   |   |   | (1,113,379                                      | )      |   | (c | ) |   | 9,850 |   |   | 2,411 |   |   | 8,579 |   |   | (20,840 | ) |   | (c | ) |   | - |   |   | 82,535 |   |   | (80,436 | ) |   | (c | ) |   | 2,099 |   |
| Total                liabilities                                                                   |   |                                | 187,520  |   |   | 2,066,609                  |   |                              | 825,819  |   |   | (1,113,379                                      | )      |   |   |   |   | 1,966,569 |   |   | 260,062 |   |   | 548,973 |   |   | (20,840 | ) |   |   |   |   | 2,754,764 |   |   | 157,393 |   |   | (107,207 | ) |   |   |   |   | 2,804,950 |   |
| Stockholders'                equity:                                                               |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                preferred stock:                                                             |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                A preferred stock                                                            |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                B preferred stock                                                            |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                A common stock                                                               |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Common                stock                                                                        |   |                                | 10,497   |   |   | 540                        |   |                              | 1        |   |   | (541                                            | )      |   | (b | ) |   | 10,497 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 10,497 |   |   | - |   |   | - |   |   |   |   |   | 10,497 |   |
| Additional                paid-in capital                                                          |   |                                | 421,483  |   |   | 121,230                    |   |                              | 147,481  |   |   | (268,711                                        | )      |   | (b | ) |   | 421,483 |   |   | 86,121 |   |   | 26,271 |   |   | (112,392 | ) |   | (b | ) |   | 421,483 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 375,412 |   |
| Additional                paid-in capital - SAC II                                                 |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 4,492 |   |   | (4,492 | ) |   | (b | ) |   | - |   |
| Accumulated                other comprehensive loss                                                |   |                                | (41,779  | )      |   | (41,454                    | )      |                              | -        |   |   | 41,454                                          |   |   | (b | ) |   | (41,779 | ) |   | (163 | ) |   | (192 | ) |   | 355 |   |   | (b | ) |   | (41,779 | ) |   | - |   |   | - |   |   |   |   |   | (41,779 | ) |
| Retained                earnings (deficit)                                                         |   |                                | 840,445  |   |   | (408,887                   | )      |                              | (333,656 | )      |   | 742,543                                         |   |   | (b | ) |   | 840,445 |   |   | 53,185 |   |   | 107,863 |   |   | (161,048 | ) |   | (b | ) |   | 840,445 |   |   | (13,748 | ) |   | 22,603 |   |   | (b,d | ) |   | 849,300 |   |
| Cost                of common shares in treasury, net                                              |   |                                | (467,198 | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (467,198 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (467,198 | ) |   | - |   |   | - |   |   |   |   |   | (467,198 | ) |
| Unearned                employee stock ownership plan shares                                       |   |                                | -        |   |   | (8,134                     | )      |                              | -        |   |   | -                                               |   |   |   |   |   | (8,134 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (8,134 | ) |   | - |   |   | - |   |   | - |   |   | (8,134 | ) |
| Total                stockholders' equity (deficit)                                                |   |                                | 763,448  |   |   | (336,705                   | )      |                              | (186,174 | )      |   | 514,745                                         |   |   |   |   |   | 755,314 |   |   | 142,443 |   |   | 136,442 |   |   | (278,885 | ) |   |   |   |   | 755,314 |   |   | (9,256 | ) |   | (27,960 | ) |   |   |   |   | 718,098 |   |
| Total                liabilities and stockholders' equity                                          |   | $                                   | 950,968  |   | $      | 1,729,904                  |   | $                                 | 639,645  |   | $      | (598,634                                        | )      |   |   |   | $ | 2,721,883 |   | $ | 402,505 |   | $ | 685,415 |   | $ | (299,725 | ) |   |   |   | $ | 3,510,078 |   | $ | 148,137 |   | $ | (135,167 | ) |   |   |   | $ | 3,523,048 |   |
|                                                                                               |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of December 31, 2006                                                |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate investment in subsidiaries and SAC Holding II                         |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate intercompany receivables and payables                                 |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate gain on sale of property from U-Haul to SAC Holding                II |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                                   |   | Moving                & Storage |   |   |   |                       |   | AMERCO                Legal Group |    |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|--------|----------------------------|--------|-----------------------------------|---------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |   | U-Haul |   | Real                Estate |   | Eliminations                      |    |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |   |
|                                                                                                                                   |   | (In                thousands)       |   |
| Revenues:                                                                                                                              |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -      |   | $      | 396,136                    |   | $                                 | -       |   | $      | -                                               |   |   |   |   | $ | 396,136 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 396,136 |   | $ | 2,423 |   | $ | (2,423 | ) |   | (b | ) | $396,136 |
| Self-storage                revenues                                                                                                   |   |                                | -      |   |   | 26,624                     |   |                              | 420     |   |   | -                                               |   |   |   |   |   | 27,044 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 27,044 |   |   | 4,992 |   |   | - |   |   |   |   | 32,036 |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -      |   |   | 64,003                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 64,003 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 64,003 |   |   | 4,652 |   |   | - |   |   |   |   | 68,655 |
| Property                management fees                                                                                                |   |                                | -      |   |   | 4,686                      |   |                              | -       |   |   | -                                               |   |   |   |   |   | 4,686 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 4,686 |   |   | - |   |   | (739 | ) |   | (g | ) | 3,947 |
| Life                insurance premiums                                                                                                 |   |                                | -      |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 29,187 |   |   | - |   |   |   |   |   | 29,187 |   |   | - |   |   | - |   |   |   |   | 29,187 |
| Property                and casualty insurance premiums                                                                                |   |                                | -      |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 5,916 |   |   | - |   |   | - |   |   |   |   |   | 5,916 |   |   | - |   |   | - |   |   |   |   | 5,916 |
| Net                investment and interest income                                                                                      |   |                                | 1,186  |   |   | 6,408                      |   |                              | -       |   |   | -                                               |   |   |   |   |   | 7,594 |   |   | 3,100 |   |   | 5,854 |   |   | (451 | ) |   | (b,d | ) |   | 16,097 |   |   | - |   |   | (1,728 | ) |   | (d | ) | 14,369 |
| Other                revenue                                                                                                           |   |                                | -      |   |   | 8,180                      |   |                              | 17,066  |   |   | (18,493                                         | )      |   | (b | ) |   | 6,753 |   |   | - |   |   | 1,142 |   |   | (128 | ) |   | (b | ) |   | 7,767 |   |   | 322 |   |   | (177 | ) |   | (b | ) | 7,912 |
| Total                revenues                                                                                                          |   |                                | 1,186  |   |   | 506,037                    |   |                              | 17,486  |   |   | (18,493                                         | )      |   |   |   |   | 506,216 |   |   | 9,016 |   |   | 36,183 |   |   | (579 | ) |   |   |   |   | 550,836 |   |   | 12,389 |   |   | (5,067 | ) |   |   |   | 558,158 |
|                                                                                                                                   |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 3,650  |   |   | 273,221                    |   |                              | 2,834   |   |   | (18,493                                         | )      |   | (b | ) |   | 261,212 |   |   | 2,762 |   |   | 6,372 |   |   | (2,121 | ) |   | (b,c,d | ) |   | 268,225 |   |   | 5,845 |   |   | (739 | ) |   | (g | ) | 273,331 |
| Commission                expenses                                                                                                     |   |                                | -      |   |   | 50,346                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 50,346 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 50,346 |   |   | - |   |   | (2,423 | ) |   | (b | ) | 47,923 |
| Cost                of sales                                                                                                           |   |                                | -      |   |   | 32,426                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 32,426 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 32,426 |   |   | 2,222 |   |   | - |   |   |   |   | 34,648 |
| Benefits                and losses                                                                                                     |   |                                | -      |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 3,797 |   |   | 23,718 |   |   | 1,762 |   |   | (c | ) |   | 29,277 |   |   | - |   |   | - |   |   |   |   | 29,277 |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -      |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 141 |   |   | 3,776 |   |   | - |   |   |   |   |   | 3,917 |   |   | - |   |   | - |   |   |   |   | 3,917 |
| Lease                expense                                                                                                           |   |                                | 26     |   |   | 33,084                     |   |                              | 25      |   |   | -                                               |   |   |   |   |   | 33,135 |   |   | - |   |   | - |   |   | (220 | ) |   | (b | ) |   | 32,915 |   |   | - |   |   | (177 | ) |   | (b | ) | 32,738 |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 174    |   |   | 51,003                     |   |                              | (7,339  | )      |   | -                                               |   |   |   |   |   | 43,838 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 43,838 |   |   | 567 |   |   | (140 | ) |   | (e | ) | 44,265 |
| Total                costs and expenses                                                                                                |   |                                | 3,850  |   |   | 440,080                    |   |                              | (4,480  | )      |   | (18,493                                         | )      |   |   |   |   | 420,957 |   |   | 6,700 |   |   | 33,866 |   |   | (579 | ) |   |   |   |   | 460,944 |   |   | 8,634 |   |   | (3,479 | ) |   |   |   | 466,099 |
|                                                                                                                                   |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 29,909 |   |   | -                          |   |                              | -       |   |   | (26,988                                         | )      |   | (f | ) |   | 2,921 |   |   | - |   |   | - |   |   | (2,921 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   | - |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 312    |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | 312 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 312 |   |   | - |   |   | (312 | ) |   | (f | ) | - |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 30,221 |   |   | -                          |   |                              | -       |   |   | (26,988                                         | )      |   |   |   |   | 3,233 |   |   | - |   |   | - |   |   | (2,921 | ) |   |   |   |   | 312 |   |   | - |   |   | (312 | ) |   |   |   | - |
| Earnings                from operations                                                                                                |   |                                | 27,557 |   |   | 65,957                     |   |                              | 21,966  |   |   | (26,988                                         | )      |   |   |   |   | 88,492 |   |   | 2,316 |   |   | 2,317 |   |   | (2,921 | ) |   |   |   |   | 90,204 |   |   | 3,755 |   |   | (1,900 | ) |   |   |   | 92,059 |
| Interest                income (expense)                                                                                               |   |                                | 21,265 |   |   | (30,636                    | )      |                              | (12,897 | )      |   | -                                               |   |   |   |   |   | (22,268 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (22,268 | ) |   | (3,231 | ) |   | 1,728 |   |   | (d | ) | (23,771) |
| Pretax                earnings                                                                                                         |   |                                | 48,822 |   |   | 35,321                     |   |                              | 9,069   |   |   | (26,988                                         | )      |   |   |   |   | 66,224 |   |   | 2,316 |   |   | 2,317 |   |   | (2,921 | ) |   |   |   |   | 67,936 |   |   | 524 |   |   | (172 | ) |   |   |   | 68,288 |
| Income                tax expense                                                                                                      |   |                                | (7,157 | )      |   | (13,787                    | )      |                              | (3,615  | )      |   | -                                               |   |   |   |   |   | (24,559 | ) |   | (811 | ) |   | (901 | ) |   | - |   |   |   |   |   | (26,271 | ) |   | (212 | ) |   | (53 | ) |   | (e | ) | (26,536) |
| Net                earnings                                                                                                            |   |                                | 41,665 |   |   | 21,534                     |   |                              | 5,454   |   |   | (26,988                                         | )      |   |   |   |   | 41,665 |   |   | 1,505 |   |   | 1,416 |   |   | (2,921 | ) |   |   |   |   | 41,665 |   |   | 312 |   |   | (225 | ) |   |   |   | 41,752 |
| Less:                Preferred stock dividends                                                                                         |   |                                | (3,241 | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   | (3,241) |
| Earnings                available to common shareholders                                                                               |   | $                                   | 38,424 |   | $      | 21,534                     |   | $                                 | 5,454   |   | $      | (26,988                                         | )      |   |   |   | $ | 38,424 |   | $ | 1,505 |   | $ | 1,416 |   | $ | (2,921 | ) |   |   |   | $ | 38,424 |   | $ | 312 |   | $ | (225 | ) |   |   |   | $38,511 |
| (a)                Balances for the quarter ended March 31, 2007                                                                       |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |   |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                                         |   | Moving                  & Storage |   |   |   |                         |   | AMERCO                  Legal Group |    |   |   | AMERCO                  as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|--------|------------------------------|--------|-------------------------------------|---------|--------|--------|---------------------------------------------------|--------|
|                                                                                                                                         |   | AMERCO                                |   | U-Haul |   | Real                  Estate |   | Eliminations                        |    |   |   | Moving                  & StorageConsolidated |   | Property                  & Casualty Insurance (a) |   | Life                  Insurance                  (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                  Holding II |   | Eliminations |   |   |   | Total                  Consolidated |   |
|                                                                                                                                         |   | (Unaudited)                           |   |
|                                                                                                                                         |   | (In                  thousands)       |   |
| Revenues:                                                                                                                                    |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                  equipment rentals                                                                                               |   | $                                     | -      |   | $      | 407,234                      |   | $                                   | -       |   | $      | -                                                 |   |   |   |   | $ | 407,234 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 407,234 |   | $ | 2,556 |   | $ | (2,556 | ) |   | (b | ) | $ | 407,234 |   |
| Self-storage                  revenues                                                                                                       |   |                                  | -      |   |   | 25,179                       |   |                                | 410     |   |   | -                                                 |   |   |   |   |   | 25,589 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 25,589 |   |   | 4,842 |   |   | - |   |   |   |   |   | 30,431 |   |
| Self-moving                  & self-storage products & service sales                                                                 |   |                                  | -      |   |   | 62,699                       |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 62,699 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 62,699 |   |   | 4,752 |   |   | - |   |   |   |   |   | 67,451 |   |
| Property                  management fees                                                                                                    |   |                                  | -      |   |   | 4,596                        |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 4,596 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 4,596 |   |   | - |   |   | (749 | ) |   | (g | ) |   | 3,847 |   |
| Life                  insurance premiums                                                                                                     |   |                                  | -      |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | 31,317 |   |   | (398 | ) |   | (c | ) |   | 30,919 |   |   | - |   |   | - |   |   |   |   |   | 30,919 |   |
| Property                  and casualty insurance premiums                                                                                    |   |                                  | -      |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | 5,382 |   |   | - |   |   | - |   |   |   |   |   | 5,382 |   |   | - |   |   | - |   |   |   |   |   | 5,382 |   |
| Net                  investment and interest income                                                                                          |   |                                  | 1,220  |   |   | 6,568                        |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 7,788 |   |   | 2,686 |   |   | 5,506 |   |   | (623 | ) |   | (b,d | ) |   | 15,357 |   |   | - |   |   | (1,882 | ) |   | (d | ) |   | 13,475 |   |
| Other                  revenue                                                                                                               |   |                                  | 30     |   |   | 8,127                        |   |                                | 16,823  |   |   | (18,248                                           | )      |   | (b | ) |   | 6,732 |   |   | - |   |   | 1,314 |   |   | (265 | ) |   | (b | ) |   | 7,781 |   |   | 329 |   |   | (177 | ) |   | (b | ) |   | 7,933 |   |
| Total                  revenues                                                                                                              |   |                                  | 1,250  |   |   | 514,403                      |   |                                | 17,233  |   |   | (18,248                                           | )      |   |   |   |   | 514,638 |   |   | 8,068 |   |   | 38,137 |   |   | (1,286 | ) |   |   |   |   | 559,557 |   |   | 12,479 |   |   | (5,364 | ) |   |   |   |   | 566,672 |   |
|                                                                                                                                         |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                  and expenses:                                                                                                         |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                  expenses                                                                                                          |   |                                  | 4,565  |   |   | 262,807                      |   |                                | 2,013   |   |   | (18,248                                           | )      |   | (b | ) |   | 251,137 |   |   | 1,563 |   |   | 6,749 |   |   | (2,922 | ) |   | (b,c,d | ) |   | 256,527 |   |   | 5,601 |   |   | (749 | ) |   | (g | ) |   | 261,379 |   |
| Commission                  expenses                                                                                                         |   |                                  | -      |   |   | 52,092                       |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 52,092 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 52,092 |   |   | - |   |   | (2,556 | ) |   | (b | ) |   | 49,536 |   |
| Cost                  of sales                                                                                                               |   |                                  | -      |   |   | 30,229                       |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 30,229 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 30,229 |   |   | 2,087 |   |   | - |   |   |   |   |   | 32,316 |   |
| Benefits                  and losses                                                                                                         |   |                                  | -      |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | 4,182 |   |   | 24,433 |   |   | 1,991 |   |   | (c | ) |   | 30,606 |   |   | - |   |   | - |   |   |   |   |   | 30,606 |   |
| Amortization                  of deferred policy acquisition costs                                                                           |   |                                  | -      |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | 622 |   |   | 5,004 |   |   | - |   |   |   |   |   | 5,626 |   |   | - |   |   | - |   |   |   |   |   | 5,626 |   |
| Lease                  expense                                                                                                               |   |                                  | 19     |   |   | 37,868                       |   |                                | 17      |   |   | -                                                 |   |   |   |   |   | 37,904 |   |   | - |   |   | - |   |   | (355 | ) |   | (b | ) |   | 37,549 |   |   | - |   |   | (177 | ) |   | (b | ) |   | 37,372 |   |
| Depreciation,                  net of (gains) losses on disposals                                                                            |   |                                  | 62     |   |   | 37,273                       |   |                                | 1,808   |   |   | -                                                 |   |   |   |   |   | 39,143 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 39,143 |   |   | 668 |   |   | (140 | ) |   | (e | ) |   | 39,671 |   |
| Total                  costs and expenses                                                                                                    |   |                                  | 4,646  |   |   | 420,269                      |   |                                | 3,838   |   |   | (18,248                                           | )      |   |   |   |   | 410,505 |   |   | 6,367 |   |   | 36,186 |   |   | (1,286 | ) |   |   |   |   | 451,772 |   |   | 8,356 |   |   | (3,622 | ) |   |   |   |   | 456,506 |   |
| Equity                  in earnings of subsidiaries                                                                                          |   |                                  | 43,048 |   |   | -                            |   |                                | -       |   |   | (40,697                                           | )      |   | (f | ) |   | 2,351 |   |   | - |   |   | - |   |   | (2,351 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                  in earnings of SAC Holding II                                                                                        |   |                                  | 437    |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 437 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 437 |   |   | - |   |   | (437 | ) |   | (f | ) |   | - |   |
| Total                  - equity in earnings of subsidiaries and SAC Holding II                                                               |   |                                  | 43,485 |   |   | -                            |   |                                | -       |   |   | (40,697                                           | )      |   |   |   |   | 2,788 |   |   | - |   |   | - |   |   | (2,351 | ) |   |   |   |   | 437 |   |   | - |   |   | (437 | ) |   |   |   |   | - |   |
| Earnings                  from operations                                                                                                    |   |                                  | 40,089 |   |   | 94,134                       |   |                                | 13,395  |   |   | (40,697                                           | )      |   |   |   |   | 106,921 |   |   | 1,701 |   |   | 1,951 |   |   | (2,351 | ) |   |   |   |   | 108,222 |   |   | 4,123 |   |   | (2,179 | ) |   |   |   |   | 110,166 |   |
| Interest                  income (expense)                                                                                                   |   |                                  | 22,121 |   |   | (26,841                      | )      |                                | (12,230 | )      |   | -                                                 |   |   |   |   |   | (16,950 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (16,950 | ) |   | (3,394 | ) |   | 1,882 |   |   | (d | ) |   | (18,462 | ) |
| Pretax                  earnings                                                                                                             |   |                                  | 62,210 |   |   | 67,293                       |   |                                | 1,165   |   |   | (40,697                                           | )      |   |   |   |   | 89,971 |   |   | 1,701 |   |   | 1,951 |   |   | (2,351 | ) |   |   |   |   | 91,272 |   |   | 729 |   |   | (297 | ) |   |   |   |   | 91,704 |   |
| Income                  tax expense                                                                                                          |   |                                  | (6,876 | )      |   | (27,097                      | )      |                                | (664    | )      |   | -                                                 |   |   |   |   |   | (34,637 | ) |   | (618 | ) |   | (683 | ) |   | - |   |   |   |   |   | (35,938 | ) |   | (292 | ) |   | (53 | ) |   | (e | ) |   | (36,283 | ) |
| Net                  earnings                                                                                                                |   |                                  | 55,334 |   |   | 40,196                       |   |                                | 501     |   |   | (40,697                                           | )      |   |   |   |   | 55,334 |   |   | 1,083 |   |   | 1,268 |   |   | (2,351 | ) |   |   |   |   | 55,334 |   |   | 437 |   |   | (350 | ) |   |   |   |   | 55,421 |   |
| Less:                  Preferred stock dividends                                                                                             |   |                                  | (3,241 | )      |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                  available to common shareholders                                                                                   |   | $                                     | 52,093 |   | $      | 40,196                       |   | $                                   | 501     |   | $      | (40,697                                           | )      |   |   |   | $ | 52,093 |   | $ | 1,083 |   | $ | 1,268 |   | $ | (2,351 | ) |   |   |   | $ | 52,093 |   | $ | 437 |   | $ | (350 | ) |   |   |   | $ | 52,180 |   |
| (a)                  Balances for the quarter ended March 31, 2006                                                                           |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                  Eliminate intercompany lease income and commission income                                                               |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                  )                  Eliminate intercompany premiums                                                                       |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                  Eliminate intercompany interest on debt                                                                                 |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                  Eliminate gain on sale of surplus property from U-Haul to SAC Holding                  II                               |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                  Eliminate equity in earnings of subsidiaries and equity in earnings                  of SAC                  Holding II |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                  Eliminate management fees charged to SAC Holding II and other intercompany                  operating expenses          |   |                                  |   |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                           |   | Moving                & Storage |    |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|--------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                           |   | AMERCO                              |    | U-Haul |   | Real                Estate        |   | 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                                                    |   | $                                   | 41,665  |   | $      | 21,534                            |   | $           | 5,454   |                                             | $      | (26,988                                                                            | )      | $                                                | 41,665   |   | $ | 1,505 |   | $ | 1,416 |   | $ | (2,921 | ) | $ | 41,665 |   | $ | 312 |   | $ | (225 | ) | $ | 41,752 |   |
| Earnings                from consolidated entities                             |   |                                | (30,221 | )      |   | -                                 |   |        | -       |                                             |   | 26,988                                                                             |   |                                             | (3,233   | ) |   | - |   |   | - |   |   | 2,921 |   |   | (312 | ) |   | - |   |   | 312 |   |   | - |   |
| Adjustments                required to convert net earnings to the cash basis: |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                                   |   |                                | 174     |   |   | 51,806                            |   |        | 2,666   |                                             |   | -                                                                                  |   |                                             | 54,646   |   |   | - |   |   | - |   |   | - |   |   | 54,646 |   |   | 727 |   |   | (140 | ) |   | 55,233 |   |
| Amortization                of deferred policy acquisition costs               |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 141 |   |   | 3,776 |   |   | - |   |   | 3,917 |   |   | - |   |   | - |   |   | 3,917 |   |
| Change                in provision for losses on trade receivables             |   |                                | -       |   |   | 137                               |   |        | -       |                                             |   | -                                                                                  |   |                                             | 137      |   |   | - |   |   | 29 |   |   | - |   |   | 166 |   |   | - |   |   | - |   |   | 166 |   |
| Change                in provision for losses on mortgage notes                |   |                                | -       |   |   | 10                                |   |        | -       |                                             |   | -                                                                                  |   |                                             | 10       |   |   | - |   |   | - |   |   | - |   |   | 10 |   |   | - |   |   | - |   |   | 10 |   |
| Change                in provision for inventory reserve                       |   |                                | -       |   |   | (190                              | )      |        | -       |                                             |   |                                                                               |   |                                             | (190     | ) |   | - |   |   | - |   |   |   |   |   | (190 | ) |   | - |   |   | - |   |   | (190 | ) |
| Net                gain on sale of real and personal property                  |   |                                | -       |   |   | (803                              | )      |        | (10,005 | )                                                |   | -                                                                                  |   |                                             | (10,808  | ) |   | - |   |   | - |   |   | - |   |   | (10,808 | ) |   | (160 | ) |   | - |   |   | (10,968 | ) |
| Net                (gain) loss on sale of investments                          |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 109 |   |   | (26 | ) |   | - |   |   | 83 |   |   | - |   |   | - |   |   | 83 |   |
| Deferred                income taxes                                           |   |                                | 5,850   |   |   | 66                                |   |        | -       |                                             |   | -                                                                                  |   |                                             | 5,916    |   |   | 1,108 |   |   | (1,113 | ) |   | - |   |   | 5,911 |   |   | 202 |   |   | 53 |   |   | 6,166 |   |
| Net                change in other operating assets and liabilities:           |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables                  |   |                                | -       |   |   | (5,798                            | )      |        | 4       |                                             |   | -                                                                                  |   |                                             | (5,794   | ) |   | 864 |   |   | (1,145 | ) |   | - |   |   | (6,075 | ) |   | - |   |   | - |   |   | (6,075 | ) |
| Inventories                                                                    |   |                                | -       |   |   | 2,006                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 2,006    |   |   | - |   |   | - |   |   | - |   |   | 2,006 |   |   | 61 |   |   | - |   |   | 2,067 |   |
| Prepaid                expenses                                                |   |                                | 11,173  |   |   | 1,559                             |   |        | (37     | )                                                |   | -                                                                                  |   |                                             | 12,695   |   |   | - |   |   | - |   |   | - |   |   | 12,695 |   |   | 168 |   |   | - |   |   | 12,863 |   |
| Capitalization                of deferred policy acquisition costs             |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (122 | ) |   | (1,193 | ) |   | - |   |   | (1,315 | ) |   | - |   |   | - |   |   | (1,315 | ) |
| Other                assets                                                    |   |                                | 5       |   |   | (179                              | )      |        | (10,232 | )                                                |   | -                                                                                  |   |                                             | (10,406  | ) |   | (233 | ) |   | (14 | ) |   | - |   |   | (10,653 | ) |   | (538 | ) |   | - |   |   | (11,191 | ) |
| Related                party assets                                            |   |                                | 4       |   |   | 5,878                             |   |        | (37     | )                                                |   | -                                                                                  |   |                                             | 5,845    |   |   | 59 |   |   | - |   |   | - |   |   | 5,904 |   |   | 5 |   |   | - |   |   | 5,909 |   |
| Accounts                payable and accrued expenses                           |   |                                | 1,308   |   |   | 15,672                            |   |        | (4,160  | )                                                |   | -                                                                                  |   |                                             | 12,820   |   |   | - |   |   | (1,757 | ) |   | - |   |   | 11,063 |   |   | 47 |   |   | - |   |   | 11,110 |   |
| Policy                benefits and losses, claims and loss expenses payable    |   |                                | -       |   |   | 11,183                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 11,183   |   |   | (9,617 | ) |   | (2,977 | ) |   | - |   |   | (1,411 | ) |   | - |   |   | - |   |   | (1,411 | ) |
| Other                policyholders' funds and liabilities                      |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 212 |   |   | (79 | ) |   | - |   |   | 133 |   |   | - |   |   | - |   |   | 133 |   |
| Deferred                income                                                 |   |                                | -       |   |   | (315                              | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (315     | ) |   | - |   |   | - |   |   | - |   |   | (315 | ) |   | 9 |   |   | - |   |   | (306 | ) |
| Related                party liabilities                                       |   |                                | -       |   |   | (1,426                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (1,426   | ) |   | 645 |   |   | (136 | ) |   | - |   |   | (917 | ) |   | 91 |   |   | - |   |   | (826 | ) |
| Net                cash provided (used) by operating activities                |   |                                | 29,958  |   |   | 101,140                           |   |        | (16,347 | )                                                |   | -                                                                                  |   |                                             | 114,751  |   |   | (5,329 | ) |   | (3,219 | ) |   | - |   |   | 106,203 |   |   | 924 |   |   | - |   |   | 107,127 |   |
| Cash                flows from investing activities:                           |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                   |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                   |   |                                | (24     | )      |   | (223,662                          | )      |        | (21     | )                                                |   | -                                                                                  |   |                                             | (223,707 | ) |   | - |   |   | - |   |   | - |   |   | (223,707 | ) |   | (973 | ) |   | - |   |   | (224,680 | ) |
| Short                term investments                                          |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (26,920 | ) |   | (35,327 | ) |   | - |   |   | (62,247 | ) |   | - |   |   | - |   |   | (62,247 | ) |
| Fixed                maturities investments                                    |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (5,893 | ) |   | (6,693 | ) |   | - |   |   | (12,586 | ) |   | - |   |   | - |   |   | (12,586 | ) |
| Real                estate                                                     |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (270 | ) |   | - |   |   | - |   |   | (270 | ) |   | - |   |   | - |   |   | (270 | ) |
| Mortgage                loans                                                  |   |                                | -       |   |   | -                                 |   |        | (433    | )                                                |   | -                                                                                  |   |                                             | (433     | ) |   | - |   |   | (2,350 | ) |   | - |   |   | (2,783 | ) |   | - |   |   | - |   |   | (2,783 | ) |
| Proceeds                from sales of:                                         |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                   |   |                                | -       |   |   | 41,950                            |   |        | 11,787  |                                             |   | -                                                                                  |   |                                             | 53,737   |   |   | - |   |   | - |   |   | - |   |   | 53,737 |   |   | 391 |   |   | - |   |   | 54,128 |   |
| Short                term investments                                          |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 26,830 |   |   | 43,408 |   |   | - |   |   | 70,238 |   |   | - |   |   | - |   |   | 70,238 |   |
| Fixed                maturities investments                                    |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 6,652 |   |   | 13,823 |   |   | - |   |   | 20,475 |   |   | - |   |   | - |   |   | 20,475 |   |
| Equity                securities                                               |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 46 |   |   | - |   |   | 46 |   |   | - |   |   | - |   |   | 46 |   |
| Preferred                stock                                                 |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 2,000 |   |   | 625 |   |   | - |   |   | 2,625 |   |   | - |   |   | - |   |   | 2,625 |   |
| Real                estate                                                     |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Mortgage                loans                                                  |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 2,615 |   |   | - |   |   | 2,615 |   |   | - |   |   | - |   |   | 2,615 |   |
| Payments                from notes and mortgage receivables                    |   |                                | -       |   |   | 48                                |   |        | -       |                                             |   | -                                                                                  |   |                                             | 48       |   |   | - |   |   | - |   |   | - |   |   | 48 |   |   | - |   |   | - |   |   | 48 |   |
| Net                cash provided (used) by investing activities                |   |                                | (24     | )      |   | (181,664                          | )      |        | 11,333  |                                             |   | -                                                                                  |   |                                             | (170,355 | ) |   | 2,399 |   |   | 16,147 |   |   | - |   |   | (151,809 | ) |   | (582 | ) |   | - |   |   | (152,391 | ) |
|                                                                           |   | (page                1 of 2)   |
| (a)                Balance for the period ended March 31, 2007                 |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | Moving                & Storage |    |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                          |   | AMERCO                              |    | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                          |   | (Unaudited)                         |    |
| Cash                flows from financing activities:                          |   | (In                thousands)       |    |
| Borrowings                from credit facilities                              |   |                                | -       |   |   | 409,794                           |   |        | 35,500  |                                             |   | -                                                                                  |   |                                             | 445,294  |   |   | - |   |   | - |   |   | - |   |   | 445,294 |   |   | - |   |   | - |   |   | 445,294 |   |
| Principal                repayments on credit facilities                      |   |                                | -       |   |   | (19,629                           | )      |        | (24,829 | )                                                |   | -                                                                                  |   |                                             | (44,458  | ) |   | - |   |   | - |   |   | - |   |   | (44,458 | ) |   | (342 | ) |   | - |   |   | (44,800 | ) |
| Debt                issuance costs                                            |   |                                | -       |   |   | (8,710                            | )      |        | (170    | )                                                |   | -                                                                                  |   |                                             | (8,880   | ) |   | - |   |   | - |   |   | - |   |   | (8,880 | ) |   | - |   |   | - |   |   | (8,880 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | -       |   |   | 304                               |   |        | -       |                                             |   | -                                                                                  |   |                                             | 304      |   |   | - |   |   | - |   |   | - |   |   | 304 |   |   | - |   |   | - |   |   | 304 |   |
| Treasury                stock repurchases                                     |   |                                | (33,966 | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (33,966  | ) |   | - |   |   | - |   |   | - |   |   | (33,966 | ) |   | - |   |   | - |   |   | (33,966 | ) |
| Securitization                deposits                                        |   |                                | -       |   |   | (210,308                          | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (210,308 | ) |   | - |   |   | - |   |   | - |   |   | (210,308 | ) |   | - |   |   | - |   |   | (210,308 | ) |
| Proceeds                from (repayment of) intercompany loans                |   |                                | 7,295   |   |   | (1,024                            | )      |        | (6,271  | )                                                |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (3,241  | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (3,241   | ) |   | - |   |   | - |   |   | - |   |   | (3,241 | ) |   | - |   |   | - |   |   | (3,241 | ) |
| Investment                contract deposits                                   |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 4,027 |   |   | - |   |   | 4,027 |   |   | - |   |   | - |   |   | 4,027 |   |
| Investment                contract withdrawals                                |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (17,035 | ) |   | - |   |   | (17,035 | ) |   | - |   |   | - |   |   | (17,035 | ) |
| Net                cash provided (used) by financing activities               |   |                                | (29,912 | )      |   | 170,427                           |   |        | 4,230   |                                             |   | -                                                                                  |   |                                             | 144,745  |   |   | - |   |   | (13,008 | ) |   | - |   |   | 131,737 |   |   | (342 | ) |   | - |   |   | 131,395 |   |
|                                                                          |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                | -       |   |   | 226                               |   |        | -       |                                             |   | -                                                                                  |   |                                             | 226      |   |   | - |   |   | - |   |   | - |   |   | 226 |   |   | - |   |   | - |   |   | 226 |   |
|                                                                          |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | 22      |   |   | 90,129                            |   |        | (784    | )                                                |   | -                                                                                  |   |                                             | 89,367   |   |   | (2,930 | ) |   | (80 | ) |   | - |   |   | 86,357 |   |   | - |   |   | - |   |   | 86,357 |   |
| Cash                and cash equivalents at beginning of period               |   |                                | 9       |   |   | 63,490                            |   |        | 807     |                                             |   | -                                                                                  |   |                                             | 64,306   |   |   | 4,228 |   |   | 6,738 |   |   | - |   |   | 75,272 |   |   | - |   |   | - |   |   | 75,272 |   |
| Cash                and cash equivalents at end of period                     |   | $                                   | 31      |   | $      | 153,619                           |   | $           | 23      |                                             | $      | -                                                                                  |   | $                                                | 153,673  |   | $ | 1,298 |   | $ | 6,658 |   | $ | - |   | $ | 161,629 |   | $ | - |   | $ | - |   | $ | 161,629 |   |
|                                                                          |   | (page                2 of 2)   |
| (a)                Balance for the period ended March 31, 2007                |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                           |   | Moving                & Storage |    |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|--------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                           |   | AMERCO                              |    | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                           |   | (Unaudited)                         |    |
| Cash                flows from operating activities:                           |   | (In                thousands)       |    |
| Net                earnings                                                    |   | $                                   | 55,334  |   | $      | 40,196                            |   | $           | 501     |                                             | $      | (40,697                                                                            | )      | $                                                | 55,334   |   | $ | 1,083 |   | $ | 1,268 |   | $ | (2,351 | ) | $ | 55,334 |   | $ | 437 |   | $ | (350 | ) | $ | 55,421 |   |
| Earnings                from consolidated entities                             |   |                                | (43,485 | )      |   | -                                 |   |        | -       |                                             |   | 40,697                                                                             |   |                                             | (2,788   | ) |   | - |   |   | - |   |   | 2,351 |   |   | (437 | ) |   | - |   |   | 437 |   |   | - |   |
| Adjustments                required to convert net earnings to the cash basis: |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                                   |   |                                | 62      |   |   | 37,439                            |   |        | 2,637   |                                             |   | -                                                                                  |   |                                             | 40,138   |   |   | - |   |   | - |   |   | - |   |   | 40,138 |   |   | 668 |   |   | (140 | ) |   | 40,666 |   |
| Amortization                of deferred policy acquisition costs               |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 622 |   |   | 5,004 |   |   | - |   |   | 5,626 |   |   | - |   |   | - |   |   | 5,626 |   |
| Change                in provision for losses on trade receivables             |   |                                | -       |   |   | (51                               | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (51      | ) |   | - |   |   | 19 |   |   | - |   |   | (32 | ) |   | - |   |   | - |   |   | (32 | ) |
| Change                in provision for losses on mortgage notes                |   |                                | -       |   |   | (10                               | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (10      | ) |   | - |   |   | - |   |   | - |   |   | (10 | ) |   | - |   |   | - |   |   | (10 | ) |
| Net                gain on sale of real and personal property                  |   |                                | -       |   |   | (166                              | )      |        | (829    | )                                                |   | -                                                                                  |   |                                             | (995     | ) |   | - |   |   | - |   |   | - |   |   | (995 | ) |   | - |   |   | - |   |   | (995 | ) |
| Net                loss on sale of investments                                 |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 319 |   |   | 234 |   |   | - |   |   | 553 |   |   | - |   |   | - |   |   | 553 |   |
| Deferred                income taxes                                           |   |                                | 13,538  |   |   | 214                               |   |        | -       |                                             |   | -                                                                                  |   |                                             | 13,752   |   |   | 336 |   |   | (170 | ) |   | - |   |   | 13,918 |   |   | 282 |   |   | 53 |   |   | 14,253 |   |
| Net                change in other operating assets and liabilities:           |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables                  |   |                                | -       |   |   | (1,016                            | )      |        | 1       |                                             |   | -                                                                                  |   |                                             | (1,015   | ) |   | 18,894 |   |   | (99 | ) |   | - |   |   | 17,780 |   |   | - |   |   | - |   |   | 17,780 |   |
| Inventories                                                                    |   |                                | -       |   |   | (3,242                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (3,242   | ) |   | - |   |   | - |   |   | - |   |   | (3,242 | ) |   | 41 |   |   | - |   |   | (3,201 | ) |
| Prepaid                expenses                                                |   |                                | 592     |   |   | (3,703                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (3,111   | ) |   | - |   |   | - |   |   | - |   |   | (3,111 | ) |   | 32 |   |   | - |   |   | (3,079 | ) |
| Capitalization                of deferred policy acquisition costs             |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (644 | ) |   | (1,742 | ) |   | - |   |   | (2,386 | ) |   | - |   |   | - |   |   | (2,386 | ) |
| Other                assets                                                    |   |                                | (3      | )      |   | (750                              | )      |        | 2,514   |                                             |   | -                                                                                  |   |                                             | 1,761    |   |   | 295 |   |   | (42 | ) |   | - |   |   | 2,014 |   |   | 118 |   |   | - |   |   | 2,132 |   |
| Related                party assets                                            |   |                                | 2,931   |   |   | 18,378                            |   |        | 60      |                                             |   | -                                                                                  |   |                                             | 21,369   |   |   | 4,369 |   |   | (14 | ) |   | - |   |   | 25,724 |   |   | 2,900 |   |   | - |   |   | 28,624 |   |
| Accounts                payable and accrued expenses                           |   |                                | 7,610   |   |   | 6,718                             |   |        | (1,100  | )                                                |   | -                                                                                  |   |                                             | 13,228   |   |   | - |   |   | 947 |   |   | - |   |   | 14,175 |   |   | 386 |   |   | - |   |   | 14,561 |   |
| Policy                benefits and losses, claims and loss expenses payable    |   |                                | -       |   |   | 12,697                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 12,697   |   |   | (24,004 | ) |   | (3,303 | ) |   | - |   |   | (14,610 | ) |   | - |   |   | - |   |   | (14,610 | ) |
| Other                policyholders' funds and liabilities                      |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (1,057 | ) |   | (216 | ) |   | - |   |   | (1,273 | ) |   | - |   |   | - |   |   | (1,273 | ) |
| Deferred                income                                                 |   |                                | -       |   |   | 2,220                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 2,220    |   |   | - |   |   | - |   |   | - |   |   | 2,220 |   |   | 37 |   |   | - |   |   | 2,257 |   |
| Related                party liabilities                                       |   |                                | (25     | )      |   | 2,867                             |   |        | (2,842  | )                                                |   | -                                                                                  |   |                                             | -        |   |   | (1,725 | ) |   | 159 |   |   | - |   |   | (1,566 | ) |   | (4,517 | ) |   | - |   |   | (6,083 | ) |
| Net                cash provided (used) by operating activities                |   |                                | 36,554  |   |   | 111,791                           |   |        | 942     |                                             |   | -                                                                                  |   |                                             | 149,287  |   |   | (1,512 | ) |   | 2,045 |   |   | - |   |   | 149,820 |   |   | 384 |   |   | - |   |   | 150,204 |   |
| Cash                flows from investing activities:                           |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                   |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                   |   |                                | (2      | )      |   | (142,643                          | )      |        | (24,029 | )                                                |   | -                                                                                  |   |                                             | (166,674 | ) |   | - |   |   | - |   |   | - |   |   | (166,674 | ) |   | (325 | ) |   | - |   |   | (166,999 | ) |
| Short                term investments                                          |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (17,304 | ) |   | (35,827 | ) |   | - |   |   | (53,131 | ) |   | - |   |   | - |   |   | (53,131 | ) |
| Fixed                maturities investments                                    |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (21,054 | ) |   | (11,218 | ) |   | - |   |   | (32,272 | ) |   | - |   |   | - |   |   | (32,272 | ) |
| Mortgage                loans                                                  |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (7,305 | ) |   | - |   |   | (7,305 | ) |   | - |   |   | - |   |   | (7,305 | ) |
| Proceeds                from sales of:                                         |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                   |   |                                | -       |   |   | 27,863                            |   |        | 829     |                                             |   | -                                                                                  |   |                                             | 28,692   |   |   | - |   |   | - |   |   | - |   |   | 28,692 |   |   | - |   |   | - |   |   | 28,692 |   |
| Short                term investments                                          |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 29,044 |   |   | 53,184 |   |   | - |   |   | 82,228 |   |   | - |   |   | - |   |   | 82,228 |   |
| Fixed                maturities investments                                    |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 5,722 |   |   | 16,130 |   |   | - |   |   | 21,852 |   |   | - |   |   | - |   |   | 21,852 |   |
| Cash                received in excess of purchase of company acquired         |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 1,233 |   |   | - |   |   | 1,233 |   |   | - |   |   | - |   |   | 1,233 |   |
| Preferred                stock                                                 |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 125 |   |   | - |   |   | 125 |   |   | - |   |   | - |   |   | 125 |   |
| Real                estate                                                     |   |                                | -       |   |   | -                                 |   |        | 877     |                                             |   | -                                                                                  |   |                                             | 877      |   |   | - |   |   | - |   |   | - |   |   | 877 |   |   | - |   |   | - |   |   | 877 |   |
| Mortgage                loans                                                  |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 2,086 |   |   | - |   |   | 2,086 |   |   | - |   |   | - |   |   | 2,086 |   |
| Payments                from notes and mortgage receivables                    |   |                                | -       |   |   | (45                               | )      |        | 448     |                                             |   | -                                                                                  |   |                                             | 403      |   |   | - |   |   | - |   |   | - |   |   | 403 |   |   | - |   |   | - |   |   | 403 |   |
| Net                cash provided (used) by investing activities                |   |                                | (2      | )      |   | (114,825                          | )      |        | (21,875 | )                                                |   | -                                                                                  |   |                                             | (136,702 | ) |   | (3,592 | ) |   | 18,408 |   |   | - |   |   | (121,886 | ) |   | (325 | ) |   | - |   |   | (122,211 | ) |
|                                                                           |   | (page                1 of 2)   |
| (a)                Balance for the period ended March 31, 2006                 |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | Moving                & Storage |    |   |   | AMERCO                Legal Group |   |        |   |                                             |   | AMERCO                as Consolidated                                              |   |                                             |    |
|-------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-----------------------------------|--------|-------------|--------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                                          |   | AMERCO                              |    | U-Haul |   | Real                Estate        |   | Elimination |   | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |    | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                          |   | (Unaudited)                         |    |
| Cash                flows from financing activities:                          |   | (In                thousands)       |    |
| Borrowings                from credit facilities                              |   |                                | -       |   |   | 87,376                            |   |        | -      |                                             |   | -                                                                                  |   |                                             | 87,376  |   |   | - |   |   | - |   |   | - |   |   | 87,376 |   |   | - |   |   | - |   |   | 87,376 |   |
| Principal                repayments on credit facilities                      |   |                                | -       |   |   | (5,133                            | )      |        | (2,689 | )                                                |   | -                                                                                  |   |                                             | (7,822  | ) |   | - |   |   | - |   |   | - |   |   | (7,822 | ) |   | (314 | ) |   | - |   |   | (8,136 | ) |
| Debt                issuance costs                                            |   |                                | -       |   |   | (1,437                            | )      |        | -      |                                             |   | -                                                                                  |   |                                             | (1,437  | ) |   | - |   |   | - |   |   | - |   |   | (1,437 | ) |   | - |   |   | - |   |   | (1,437 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | -       |   |   | 285                               |   |        | -      |                                             |   | -                                                                                  |   |                                             | 285     |   |   | - |   |   | - |   |   | - |   |   | 285 |   |   | - |   |   | - |   |   | 285 |   |
| Proceeds                from (repayment of) intercompany loans                |   |                                | (33,309 | )      |   | 9,786                             |   |        | 23,523 |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (3,241  | )      |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | (3,241  | ) |   | - |   |   | - |   |   | - |   |   | (3,241 | ) |   | - |   |   | - |   |   | (3,241 | ) |
| Investment                contract deposits                                   |   |                                | -       |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | 4,251 |   |   | - |   |   | 4,251 |   |   | - |   |   | - |   |   | 4,251 |   |
| Investment                contract withdrawals                                |   |                                | -       |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -       |   |   | - |   |   | (20,843 | ) |   | - |   |   | (20,843 | ) |   | - |   |   | - |   |   | (20,843 | ) |
| Net                cash provided (used) by financing activities               |   |                                | (36,550 | )      |   | 90,877                            |   |        | 20,834 |                                             |   | -                                                                                  |   |                                             | 75,161  |   |   | - |   |   | (16,592 | ) |   | - |   |   | 58,569 |   |   | (314 | ) |   | - |   |   | 58,255 |   |
|                                                                          |   |                                |    |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                | -       |   |   | 151                               |   |        | -      |                                             |   | -                                                                                  |   |                                             | 151     |   |   | - |   |   | - |   |   | - |   |   | 151 |   |   | - |   |   | - |   |   | 151 |   |
|                                                                          |   |                                |    |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | 2       |   |   | 87,994                            |   |        | (99    | )                                                |   | -                                                                                  |   |                                             | 87,897  |   |   | (5,104 | ) |   | 3,861 |   |   | - |   |   | 86,654 |   |   | (255 | ) |   | - |   |   | 86,399 |   |
| Cash                and cash equivalents at beginning of period               |   |                                | 7       |   |   | 140,499                           |   |        | 856    |                                             |   | -                                                                                  |   |                                             | 141,362 |   |   | 9,815 |   |   | 4,027 |   |   | - |   |   | 155,204 |   |   | 255 |   |   | - |   |   | 155,459 |   |
| Cash                and cash equivalents at end of period                     |   | $                                   | 9       |   | $      | 228,493                           |   | $           | 757    |                                             | $      | -                                                                                  |   | $                                                | 229,259 |   | $ | 4,711 |   | $ | 7,888 |   | $ | - |   | $ | 241,858 |   | $ | - |   | $ | - |   | $ | 241,858 |   |
|                                                                          |   | (page                2 of 2)   |
| (a)                Balance for the period ended March 31, 2006                |   |                                |    |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                                                                                                                |   | **United                States**                          |      | **Canada** |   | **Consolidated** |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                                                                                                |   | (Unaudited)                                               |      |
|                                                                                                                                |   | (All                amounts are in thousands of U.S. $'s) |      |
| **Quarter                ended June 30, 2007**                                                                                      |   |                                                      |      |       |   |             |   |
| Total                revenues                                                                                                       |   | $                                                         | 529,218   |       | $      | 28,940           |   | $ | 558,158 |   |
| Depreciation                and amortization, net of (gains) losses on disposals *                                                  |   |                                                      | 45,803    |       |   | 2,379            |   |   | 48,182 |   |
| Interest                expense                                                                                                     |   |                                                      | 23,570    |       |   | 201              |   |   | 23,771 |   |
| Pretax                earnings                                                                                                      |   |                                                      | 66,675    |       |   | 1,613            |   |   | 68,288 |   |
| Income                tax expense                                                                                                   |   |                                                      | 25,987    |       |   | 549              |   |   | 26,536 |   |
| Identifiable                assets                                                                                                  |   |                                                      | 3,848,713 |       |   | 104,670          |   |   | 3,953,383 |   |
|                                                                                                                                |   |                                                      |      |       |   |             |   |   |   |   |
| **Quarter                ended June 30, 2006**                                                                                      |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                                                                                                       |   | $                                                         | 541,559   |       | $      | 25,113           |   | $ | 566,672 |   |
| Depreciation                and amortization, net of (gains) losses on disposals                                                    |   |                                                      | 43,575    |       |   | 1,722            |   |   | 45,297 |   |
| Interest                expense                                                                                                     |   |                                                      | 18,301    |       |   | 161              |   |   | 18,462 |   |
| Pretax                earnings                                                                                                      |   |                                                      | 89,633    |       |   | 2,071            |   |   | 91,704 |   |
| Income                tax expense                                                                                                   |   |                                                      | 35,579    |       |   | 704              |   |   | 36,283 |   |
| Identifiable                assets                                                                                                  |   |                                                      | 3,431,320 |       |   | 77,794           |   |   | 3,509,114 |   |
|                                                                                                                                |   |                                                      |      |       |   |             |   |   |   |   |
| *                This includes a $10.0 million gain on disposal of real property in                the                United States |   |                                                      |      |       |   |             |

**12.      Tax**

*Accounting      for Uncertainty in Income Taxes, an interpretation of FAS 109*

----

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

**General**

**Overall      Strategy**

*,*

**Description      of Operating Segments**

**Moving      and Storage Operating Segment**

----

**Property      and Casualty Insurance Operating Segment**

* *
* *
* *
* *

**Life      Insurance Operating Segment**

**SAC      Holding II Operating Segment**

**Critical      Accounting Policies and Estimates**

----

**Principles      of Consolidation**

----

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

**Insurance      Reserves**
** **

----

**Impairment      of Investments**

**Income      Taxes**

**Adoption      of New Accounting Pronouncements**

*Accounting      for Uncertainty in Income Taxes, an interpretation of FAS 109*

**Recent      Accounting Pronouncements**

*Fair      Value Measurements*

*The      Fair Value Option for Financial Assets and Liabilities,*

----

**Results      of Operations**

**AMERCO      and Consolidated Entities**

***Quarter      Ended June 30, 200****7      compared with the Quarter Ended June 30, 2006***

|                                                                   |   | **Quarter                Ended June 30,** |    |
|------------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                   |   | **2007**                                  |    | **2006** |   |
|                                                                   |   | (Unaudited)                               |    |
|                                                                   |   | (In                thousands)             |    |
| Self-moving                equipment rentals                           |   | $                                         | 396,136 |   | $ | 407,234 |   |
| Self-storage                revenues                                   |   |                                      | 32,036  |   |   | 30,431 |   |
| Self-moving                and self-storage products and service sales |   |                                      | 68,655  |   |   | 67,451 |   |
| Property                management fees                                |   |                                      | 3,947   |   |   | 3,847 |   |
| Life                insurance premiums                                 |   |                                      | 29,187  |   |   | 30,919 |   |
| Property                and casualty insurance premiums                |   |                                      | 5,916   |   |   | 5,382 |   |
| Net                investment and interest income                      |   |                                      | 14,369  |   |   | 13,475 |   |
| Other                revenue                                           |   |                                      | 7,912   |   |   | 7,933 |   |
| Consolidated                revenue                                    |   | $                                         | 558,158 |   | $ | 566,672 |   |

----

|                                           |   | **Quarter                Ended June 30,** |    |
|------------------------------------------------|--------|-------------------------------------------|---------|
|                                           |   | **2007**                                  |    | **2006** |   |
|                                           |   | (Unaudited)                               |    |
|                                           |   | (In                thousands)             |    |
| Moving                and storage              |   |                                      |    |   |   |   |   |
| Revenues                                       |   | $                                         | 506,216 |   | $ | 514,638 |   |
| Earnings                from operations        |   |                                      | 88,492  |   |   | 106,921 |   |
| Property                and casualty insurance |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | 9,016   |   |   | 8,068 |   |
| Earnings                from operations        |   |                                      | 2,316   |   |   | 1,701 |   |
| Life                insurance                  |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | 36,183  |   |   | 38,137 |   |
| Earnings                from operations        |   |                                      | 2,317   |   |   | 1,951 |   |
| SAC                Holding II                  |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | 12,389  |   |   | 12,479 |   |
| Earnings                from operations        |   |                                      | 3,755   |   |   | 4,123 |   |
| Eliminations                                   |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | (5,646  | ) |   | (6,650 | ) |
| Earnings                from operations        |   |                                      | (4,821  | ) |   | (4,530 | ) |
| Consolidated                results            |   |                                      |    |   |   |   |   |
| Revenues                                       |   |                                      | 558,158 |   |   | 566,672 |   |
| Earnings                from operations        |   |                                      | 92,059  |   |   | 110,166 |   |

----

**Moving      and Storage**

***Quarter      Ended June 30, 200****7      compared with the Quarter Ended June 30, 2006***

|                                                                   |   | **Quarter                Ended June 30,** |    |
|------------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                   |   | **2007**                                  |    | **2006** |   |
|                                                                   |   | (Unaudited)                               |    |
|                                                                   |   | (In                thousands)             |    |
| Self-moving                equipment rentals                           |   | $                                         | 396,136 |   | $ | 407,234 |   |
| Self-storage                revenues                                   |   |                                      | 27,044  |   |   | 25,589 |   |
| Self-moving                and self-storage products and service sales |   |                                      | 64,003  |   |   | 62,699 |   |
| Property                management fees                                |   |                                      | 4,686   |   |   | 4,596 |   |
| Net                investment and interest income                      |   |                                      | 7,594   |   |   | 7,788 |   |
| Other                revenue                                           |   |                                      | 6,753   |   |   | 6,732 |   |
| Moving                and Storage revenue                              |   | $                                         | 506,216 |   | $ | 514,638 |   |

|                                                      |   | **Quarter                Ended June 30,**            |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2007**                                             |   | **2006** |   |
|                                                      |   | (Unaudited)                                          |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of June 30                   |   |                                                 | 128    |   |   | 124 |   |
| Square                footage as of June 30               |   |                                                 | 10,181 |   |   | 9,734 |   |
| Average                number of rooms occupied           |   |                                                 | 109    |   |   | 109 |   |
| Average                occupancy rate based on room count |   |                                                 | 85.5   | % |   | 87.8 | % |
| Average                square footage occupied            |   |                                                 | 8,772  |   |   | 8,643 |   |

----

**U-Haul      International, Inc.**

***Quarter      Ended June 30, 200****7      compared with the Quarter Ended June 30, 2006***

|                                                                   |   | **Quarter                Ended June 30,** |    |
|------------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                   |   | **2007**                                  |    | **2006** |   |
|                                                                   |   | (Unaudited)                               |    |
|                                                                   |   | (In                thousands)             |    |
| Self-moving                equipment rentals                           |   | $                                         | 396,136 |   | $ | 407,234 |   |
| Self-storage                revenues                                   |   |                                      | 26,624  |   |   | 25,179 |   |
| Self-moving                and self-storage products and service sales |   |                                      | 64,003  |   |   | 62,699 |   |
| Property                management fees                                |   |                                      | 4,686   |   |   | 4,596 |   |
| Net                investment and interest income                      |   |                                      | 6,408   |   |   | 6,568 |   |
| Other                revenue                                           |   |                                      | 8,180   |   |   | 8,127 |   |
| U-Haul                International, Inc. revenue                      |   | $                                         | 506,037 |   | $ | 514,403 |   |

----

**Republic      Western Insurance Company**

***Quarter      Ended March 31***
**,      *2007 compared with the Quarter Ended March 31,      2006***

**Oxford      Life Insurance Company**

***Quarter      Ended March 31, 200****7      compared with the Quarter Ended March 31, 2006***

----

**SAC      Holding II**

***Quarter      Ended June 30, 200****7      compared with the Quarter Ended June 30, 2006***

|                                                                   |   | **Quarter                Ended June 30,** |   |
|------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                   |   | **2007**                                  |   | **2006** |   |
|                                                                   |   | (Unaudited)                               |   |
|                                                                   |   | (In                thousands)             |   |
| Self-moving                equipment rentals                           |   | $                                         | 2,423  |   | $ | 2,556 |   |
| Self-storage                revenues                                   |   |                                      | 4,992  |   |   | 4,842 |   |
| Self-moving                and self-storage products and service sales |   |                                      | 4,652  |   |   | 4,752 |   |
| Other                revenue                                           |   |                                      | 322    |   |   | 329 |   |
| Segment                revenue                                         |   | $                                         | 12,389 |   | $ | 12,479 |   |

----

**Liquidity      and Capital Resources**

|                                        |   | Moving                & Storage |      | RepWest                (a) |   | Oxford                (a) |   | SAC                Holding II |    |
|---------------------------------------------|--------|-------------------------------------|-----------|----------------------------|--------|---------------------------|--------|-------------------------------|---------|
|                                        |   | (In                thousands)       |      |
| Cash                and cash equivalents    |   | $                                   | 153,673   |                       | $      | 1,298                     |   | $                             | 6,658   |   | $ | - |   |
| Other                financial assets       |   |                                | 363,788   |                       |   | 393,380                   |   |                          | 620,922 |   |   | - |   |
| Debt                obligations (b)         |   |                                | 1,582,793 |                       |   | -                         |   |                          | -       |   |   | 74,545 |   |
|                                        |   |                                |      |                       |   |                      |   |                          |    |   |   |   |   |
| (a)                As of March 31, 2007     |   |                                |      |                       |   |                      |   |                          |    |   |   |   |   |
| (b)                Payable to third parties |   |                                |      |                       |   |                      |   |                          |    |   |   |   |   |

| Real                estate loan (revolving credit)     |   | $      | 200.0 |   |
|--------------------------------------------------------|--------|--------|-------|--------|
| Construction                loan (revolving credit)    |   |   | 18.3  |   |
| Working                capital loan (revolving credit) |   |   | 20.0  |   |
|                                                   |   | $      | 238.3 |   |

----

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

***Moving      and Storage***

***Property      and Casualty Insurance***

***Life      Insurance***

***SAC      Holding II***

----

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

***Moving      and Storage***

***Property      and Casualty Insurance***

***Life      Insurance***

***SAC      Holding II***

**Liquidity      and Capital Resources-Summary**

**Disclosures      about Contractual Obligations and Commercial Commitments**

----

**Off      Balance Sheet Arrangements**

----

**Fiscal      2008 Outlook**

**Cautionary      Statements Regarding Forward-Looking Statements**

----

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

***Interest      Rate Risk***

| Notional                Amount                                                                                                                                                     |   |                    | Effective                Date |   | Expiration                Date |   | Fixed                Rate |       | Floating                Rate |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|-------------------------------|--------|--------------------------------|--------|---------------------------|------------|------------------------------|--------|
|                                                                                                                                                                               |   |                    |                          |   |                           |   |                      |       |                         |   |
| $                                         112,324,580 |   | (a),                (b) |                          |   | 5/10/2006                      |   |                      | 4/10/2012  |                         |   | 5.06 | % |   | 1                Month LIBOR |   |
| 127,549,582                                                                                                                                                                        |   | (a),                (b) |                          |   | 10/10/2006                     |   |                      | 10/10/2012 |                         |   | 5.57 | % |   | 1                Month LIBOR |   |
| 40,813,799                                                                                                                                                                         |   | (a)                     |                          |   | 7/10/2006                      |   |                      | 7/10/2013  |                         |   | 5.67 | % |   | 1                Month LIBOR |   |
| 291,666,667                                                                                                                                                                        |   | (a)                     |                          |   | 8/18/2006                      |   |                      | 8/10/2018  |                         |   | 5.43 | % |   | 1                Month LIBOR |   |
| 28,000,000                                                                                                                                                                         |   | (a)                     |                          |   | 2/12/2007                      |   |                      | 2/10/2014  |                         |   | 5.24 | % |   | 1                Month LIBOR |   |
| 19,000,000                                                                                                                                                                         |   | (a)                     |                          |   | 3/12/2007                      |   |                      | 3/10/2014  |                         |   | 4.99 | % |   | 1                Month LIBOR |   |
| 19,758,144                                                                                                                                                                         |   | (a)                     |                          |   | 3/12/2007                      |   |                      | 3/10/2014  |                         |   | 4.99 | % |   | 1                Month LIBOR |   |
|                                                                                                                                                                               |   |                    |                          |   |                           |   |                      |       |                         |   |   |   |   |   |   |
| (a)                interest rate swap agreement                                                                                                                                    |
| (b)                forward swap                                                                                                                                                    |

**Foreign      Currency Exchange Rate Risk**

----

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

**Evaluation      of Disclosure Controls and Procedures**

**Inherent      Limitations on the Effectiveness of Controls**

**Changes      in Internal Control over Financial Reporting**

----

**PART      II. OTHER INFORMATION**

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

**Item      1A. Risk Factors**

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

On      September 13, 2006, we announced that our Board had authorized us to repurchase      up to $50.0 million of our common stock. The stock may be repurchased by the      Company from time to time on the open market between September 13, 2006 and      October 31, 2007. On March 9, 2007, the Board authorized an increase in the      Company’s common stock repurchase program to a total aggregate amount, net of      brokerage commissions, of $115.0 million (which amount is inclusive of the      $50.0      million common stock repurchase program approved by the Board in 2006). As      with      the original program, the Company may repurchase stock from time to time on      the      open market until October 31, 2007. The extent to which the Company repurchases      its shares and the timing of such purchases will depend upon market conditions      and other corporate considerations. The purchases will be funded from available      working capital. During the first quarter of fiscal 2008, we repurchased 485,999      shares. 

| **Period**                               |   | **Total                    # of Shares Repurchased** |      | **Average                    Price Paid per Share (1)** |   | **Total                    # of Shares Repurchased as Part of Publicly Announced                    Plan** |   | **Total                    $ of Shares Repurchased as Part of Publicly Announced                    Plan** |      | **Maximum                    $ of Shares That May Yet be Repurchased Under the                    Plan** |   |
|------------------------------------------|--------|------------------------------------------------------|-----------|---------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|-----------|----------------------------------------------------------------------------------------------------------|--------|
|                                     |   |
| April                    1 - 30, 2007    |   |                                                 | 196,232   |                                                    | $      | 69.94                                                                                                      |   |                                                                                                       | 196,232   |                                                                                                     | $      | 13,723,504 |   |  $ | 52,170,394 |   |
| May                    1 - 31, 2007      |   |                                                 | 218,090   |                                                    |   | 69.85                                                                                                      |   |                                                                                                       | 218,090   |                                                                                                     |   | 15,234,536 |   |   | 36,935,858 |   |
| June                    1 - 30, 2007     |   |                                                 | 71,677    |                                                    |   | 69.87                                                                                                      |   |                                                                                                       | 71,677    |                                                                                                     |   | 5,008,018 |   |   | 31,927,840 |   |
| First                    Quarter Total   |   |                                                 | 485,999   |                                                    | $      | 69.89                                                                                                      |   |                                                                                                       | 485,999   |                                                                                                     | $      | 33,966,058 |   |   |   |   |
|                                     |   |                                                 |      |                                                    |   |                                                                                                       |   |                                                                                                       |      |                                                                                                     |   |   |   |   |   |   |
| Cumulative                    Plan Total |   |                                                 | 1,225,290 |                                                    | $      | 67.80                                                                                                      |   |                                                                                                       | 1,225,290 |                                                                                                     | $      | 83,072,160 |   |   |   |   |

**Item      3. Defaults upon Senior Securities**

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

**Item      5. Other Information**

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**Item      6. Exhibits **

| **Exhibit                Number** |  **Description**                                                                                                                                                                                                                                                                                  |  **Page                or Method of Filing**                                                                                                                  |
|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1                               | Joint                Plan of Reorganization of AMERCO and Amerco Real Estate                Company                                                                                                                                                                                                    | Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                      |
| 2.2                               | Disclosure                Statement Concerning the Debtors’ Joint Plan of                Reorganization                                                                                                                                                                                          | Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                      |
| 2.3                               | Amended                Joint Plan of Reorganization of AMERCO and Amerco Real Estate                Company                                                                                                                                                                                            | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2003, file No. 1-11255  |
| 2.4                               | Disclosure                Statement Concerning the Debtor’s First Amended Joint Plan of                Reorganization                                                                                                                                                                            | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2003, file No. 1-11255  |
| 3.1                               | Restated                Articles of Incorporation of AMERCO                                                                                                                                                                                                                                            | Incorporated                by reference to AMERCO’s Registration Statement on form S-4 filed March                30, 2004, file number 1-11255             |
| 3.2                               | Restated                By-Laws of AMERCO                                                                                                                                                                                                                                                              | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 1996, file No. 1-11255 |
| 3.3                               | Restated                Articles of Incorporation of U-Haul International, Inc.                                                                                                                                                                                                                        | Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255           |
| 3.4                               | Bylaws                of U-Haul International, Inc.                                                                                                                                                                                                                                                    | Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255           |
| 31.1                              | Rule                13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and                Chairman                of the Board of AMERCO and Chief Executive Officer and Chairman of                the                Board of U-Haul International, Inc.                                  | Filed                herewith                                                                                                                                      |
| 31.2                              | Rule                13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting                Officer                of AMERCO                                                                                                                                                                 | Filed                herewith                                                                                                                                      |
| 31.3                              | Rule                13a-14(a)/15d-14(a) Certificate of Robert T. Peterson, Chief Financial                Officer of U-Haul International, Inc.                                                                                                                                                        | Filed                herewith                                                                                                                                      |
| 32.1                              | Certificate                of Edward J. Shoen, President and Chairman of the Board of AMERCO                and                Chief Executive Officer and Chairman of the Board of U-Haul International,                Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of                2002 | Furnished                herewith                                                                                                                                  |
| 32.2                              | Certificate                of Jason A. Berg, Chief Accounting Officer of AMERCO pursuant to                Section                906 of the Sarbanes-Oxley Act of 2002                                                                                                                                | Furnished                herewith                                                                                                                                  |
| 32.3                              | Certificate                of Robert T. Peterson, Chief Financial Officer of U-Haul International,                Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of                2002                                                                                                        | Furnished                herewith                                                                                                                                  |

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