**UNITED        STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**Form      10-Q**

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

**For      the quarterly period ended September 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                                                               |   |                                                                    |
|                                         |   |                                                                                                  |   |                                                                    |

----

**TABLE      OF CONTENTS**

|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Page                No.      |
|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|
|                    | **PART                I FINANCIAL INFORMATION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                         |
| Item                1.  | Financial                Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                         |
|                    | a)Condensed                Consolidated Balance Sheets as of                September 30, 2007 (unaudited) and March 31, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1                            |
|                    | b)Condensed                Consolidated Statements of                Operations for the Quarters ended September 30, 2007 and 2006                (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2                            |
|                    | c)Condensed                Consolidated Statements of                Operations for the Six Months ended September 30, 2007 and 2006                (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 3                            |
|                    | d)Condensed                Consolidated Statements of Cash                Flows for the Six Months ended September 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                – 51 |
| Item                3.  | Quantitative                and Qualitative Disclosures About Market                Risk                                                                                                                                 | 52                           |
| Item                4.  | Controls                and                Procedures                                                                                                                                                                    | 52                – 53 |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                         |
|                    | **PART                II OTHER INFORMATION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                         |
| Item                1.  | Legal                Proceedings                                                                                                                                                                                         | 53                           |
| Item                1A. | Risk                Factors                                                                                                                                                                                              | 53                           |
| Item                2.  | Unregistered                Sales of Equity Securities and                Use of                Proceeds                                                                                                                 | 53                           |
| Item                3.  | Defaults                Upon Senior                Securities                                                                                                                                                            | 54                           |
| Item                4.  | Submission                of Matters to a Vote of Security                Holders                                                                                                                                        | 54                           |
| Item                5.  | Other                Information                                                                                                                                                                                         | 54                           |
| Item                6.  | Exhibits                                                                                                                                                                                                                 | 55                - 56       |

----

**PART      I FINANCIAL INFORMATION**

***ITEM      1.    Financial      Statements***

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS**

|                                                                                                           |   | **September                30,** |       |   | **March                31,** |   |
|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------|------------|--------|------------------------------|--------|
|                                                                                                           |   | **2007**                         |       |   | **2007**                     |   |
|                                                                                                           |   | (Unaudited)                      |       |   |                         |   |
|                                                                                                           |   | (In                thousands)    |       |
| **ASSETS**                                                                                                     |   |                             |       |   |                         |   |
| Cash                and cash equivalents                                                                       |   | $                                | 203,344    |   |                         | $      | 75,272 |   |
| Reinsurance                recoverables and trade receivables, net                                             |   |                             | 189,869    |   |                         |   | 184,617 |   |
| Notes                and mortgage receivables, net                                                             |   |                             | 1,862      |   |                         |   | 1,669 |   |
| Inventories,                net                                                                                |   |                             | 62,983     |   |                         |   | 67,023 |   |
| Prepaid                expenses                                                                                |   |                             | 47,487     |   |                         |   | 52,080 |   |
| Investments,                fixed maturities and marketable equities                                           |   |                             | 656,912    |   |                         |   | 681,801 |   |
| Investments,                other                                                                              |   |                             | 166,650    |   |                         |   | 178,699 |   |
| Deferred                policy acquisition costs, net                                                          |   |                             | 43,887     |   |                         |   | 44,514 |   |
| Other                assets                                                                                    |   |                             | 231,506    |   |                         |   | 95,123 |   |
| Related                party assets                                                                            |   |                             | 205,849    |   |                         |   | 245,179 |   |
|                                                                                                           |   |                             | 1,810,349  |   |                         |   | 1,625,977 |   |
| Property,                plant and equipment, at cost:                                                         |   |                             |       |   |                         |   |   |   |
| Land                                                                                                           |   |                             | 206,780    |   |                         |   | 202,917 |   |
| Buildings                and improvements                                                                      |   |                             | 834,331    |   |                         |   | 802,289 |   |
| Furniture                and equipment                                                                         |   |                             | 313,303    |   |                         |   | 301,751 |   |
| Rental                trailers and other rental equipment                                                      |   |                             | 206,599    |   |                         |   | 200,208 |   |
| Rental                trucks                                                                                   |   |                             | 1,736,826  |   |                         |   | 1,604,123 |   |
| SAC                Holding II - property, plant and equipment                                                  |   |                             | 81,385     |   |                         |   | 80,349 |   |
|                                                                                                           |   |                             | 3,379,224  |   |                         |   | 3,191,637 |   |
| Less:                Accumulated depreciation                                                                  |   |                             | (1,310,726 | )      |                         |   | (1,294,566 | ) |
| Total                property, plant and equipment                                                             |   |                             | 2,068,498  |   |                         |   | 1,897,071 |   |
| Total                assets                                                                                    |   | $                                | 3,878,847  |   |                         | $      | 3,523,048 |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**                                                        |   |                             |       |   |                         |   |   |   |
| Liabilities:                                                                                                   |   |                             |       |   |                         |   |   |   |
| Accounts                payable and accrued expenses                                                           |   | $                                | 264,876    |   |                         | $      | 251,197 |   |
| AMERCO's                notes and loans payable                                                                |   |                             | 1,452,042  |   |                         |   | 1,181,165 |   |
| SAC                Holding II notes and loans payable, non-recourse to AMERCO                                  |   |                             | 74,197     |   |                         |   | 74,887 |   |
| Policy                benefits and losses, claims and loss expenses payable                                    |   |                             | 773,250    |   |                         |   | 768,751 |   |
| Liabilities                from investment contracts                                                           |   |                             | 361,380    |   |                         |   | 386,640 |   |
| Other                policyholders' funds and liabilities                                                      |   |                             | 10,774     |   |                         |   | 10,563 |   |
| Deferred                income                                                                                 |   |                             | 14,935     |   |                         |   | 16,478 |   |
| Deferred                income taxes                                                                           |   |                             | 137,676    |   |                         |   | 113,170 |   |
| Related                party liabilities                                                                       |   |                             | 2,008      |   |                         |   | 2,099 |   |
| Total                liabilities                                                                               |   |                             | 3,091,138  |   |                         |   | 2,804,950 |   |
| Commitments                and contingencies (Notes 3, 6 and 7)                                                |   |                             |       |   |                         |   |   |   |
| Stockholders'                equity:                                                                           |   |                             |       |   |                         |   |   |   |
| Series                preferred stock, with or without par value, 50,000,000 shares                authorized: |   |                             |       |   |                         |   |   |   |
| Series                A preferred stock, with no par value, 6,100,000 shares                authorized;        |   |                             |       |   |                         |   |   |   |
| 6,100,000                shares issued and outstanding as of September 30 and March 31,                2007    |   |                             | -          |   |                         |   | - |   |
| Series                B preferred stock, with no par value, 100,000 shares authorized;                none     |   |                             |       |   |                         |   |   |   |
| issued                and outstanding as of September 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 September 30 and March 31,                2007                |   |                             | -          |   |                         |   | - |   |
| Common                stock of $0.25 par value, 150,000,000 shares authorized;                41,985,700       |   |                             |       |   |                         |   |   |   |
| issued                as of September 30 and March 31, 2007                                                    |   |                             | 10,497     |   |                         |   | 10,497 |   |
| Additional                paid-in capital                                                                      |   |                             | 376,661    |   |                         |   | 375,412 |   |
| Accumulated                other comprehensive loss                                                            |   |                             | (32,628    | )      |                         |   | (41,779 | ) |
| Retained                earnings                                                                               |   |                             | 941,870    |   |                         |   | 849,300 |   |
| Cost                of common shares in treasury, net (21,926,386 shares as of                                 |   |                             |       |   |                         |   |   |   |
| September                30, 2007 and 21,440,387 as of March 31, 2007)                                         |   |                             | (501,165   | )      |                         |   | (467,198 | ) |
| Unearned                employee stock ownership plan shares                                                   |   |                             | (7,526     | )      |                         |   | (8,134 | ) |
| Total                stockholders' equity                                                                      |   |                             | 787,709    |   |                         |   | 718,098 |   |
| Total                liabilities and stockholders' equity                                                      |   | $                                | 3,878,847  |   |                         | $      | 3,523,048 |   |
|                                                                                                           |   |                             |       |   |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF      OPERATIONS**

|                                                                         |   | **Quarter                Ended September 30,**                    |       |
|------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|------------|
|                                                                         |   | **2007**                                                          |       |   | **2006** |   |
|                                                                         |   | (Unaudited)                                                       |       |
|                                                                         |   | (In                thousands, except share and per share amounts) |       |
| Revenues:                                                                    |   |                                                              |       |   |   |   |
| Self-moving                equipment rentals                                 |   | $                                                                 | 439,801    |   |   | $ | 445,720 |   |
| Self-storage                revenues                                         |   |                                                              | 33,088     |   |   |   | 32,416 |   |
| Self-moving                and self-storage products and service sales       |   |                                                              | 62,495     |   |   |   | 61,916 |   |
| Property                management fees                                      |   |                                                              | 3,993      |   |   |   | 3,986 |   |
| Life                insurance premiums                                       |   |                                                              | 27,937     |   |   |   | 31,120 |   |
| Property                and casualty insurance premiums                      |   |                                                              | 7,332      |   |   |   | 6,470 |   |
| Net                investment and interest income                            |   |                                                              | 16,419     |   |   |   | 15,626 |   |
| Other                revenue                                                 |   |                                                              | 9,492      |   |   |   | 8,999 |   |
| Total                revenues                                                |   |                                                              | 600,557    |   |   |   | 606,253 |   |
|                                                                         |   |                                                              |       |   |   |   |   |   |
| Costs                and expenses:                                           |   |                                                              |       |   |   |   |   |   |
| Operating                expenses                                            |   |                                                              | 284,990    |   |   |   | 280,808 |   |
| Commission                expenses                                           |   |                                                              | 53,437     |   |   |   | 53,605 |   |
| Cost                of sales                                                 |   |                                                              | 33,943     |   |   |   | 31,448 |   |
| Benefits                and losses                                           |   |                                                              | 25,592     |   |   |   | 28,842 |   |
| Amortization                of deferred policy acquisition costs             |   |                                                              | 3,266      |   |   |   | 4,825 |   |
| Lease                expense                                                 |   |                                                              | 34,457     |   |   |   | 37,385 |   |
| Depreciation,                net of (gains) losses on disposals              |   |                                                              | 55,746     |   |   |   | 43,087 |   |
| Total                costs and expenses                                      |   |                                                              | 491,431    |   |   |   | 480,000 |   |
|                                                                         |   |                                                              |       |   |   |   |   |   |
| Earnings                from operations                                      |   |                                                              | 109,126    |   |   |   | 126,253 |   |
| Interest                expense                                              |   |                                                              | (27,495    | ) |   |   | (21,063 | ) |
| Amortization                of fees on early extinguishment of debt          |   |                                                              | -          |   |   |   | (6,969 | ) |
| Pretax                earnings                                               |   |                                                              | 81,631     |   |   |   | 98,221 |   |
| Income                tax expense                                            |   |                                                              | (31,157    | ) |   |   | (37,730 | ) |
| Net                earnings                                                  |   |                                                              | 50,474     |   |   |   | 60,491 |   |
| Less:                Preferred stock dividends                               |   |                                                              | (3,241     | ) |   |   | (3,241 | ) |
| Earnings                available to common shareholders                     |   | $                                                                 | 47,233     |   |   | $ | 57,250 |   |
| Basic                and diluted earnings per common share                   |   | $                                                                 | 2.39       |   |   | $ | 2.74 |   |
| Weighted                average common shares outstanding: Basic and diluted |   |                                                              | 19,733,755 |   |   |   | 20,910,204 |   |
|                                                                         |   |                                                              |       |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                         |   | **Six                Months Ended September 30,**                 |       |
|------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|------------|
|                                                                         |   | **2007**                                                          |       |   | **2006** |   |
|                                                                         |   | (Unaudited)                                                       |       |
|                                                                         |   | (In                thousands, except share and per share amounts) |       |
| Revenues:                                                                    |   |                                                              |       |   |   |   |
| Self-moving                equipment rentals                                 |   | $                                                                 | 835,878    |   |   | $ | 852,954 |   |
| Self-storage                revenues                                         |   |                                                              | 65,124     |   |   |   | 62,847 |   |
| Self-moving                and self-storage products and service sales       |   |                                                              | 131,209    |   |   |   | 129,367 |   |
| Property                management fees                                      |   |                                                              | 7,940      |   |   |   | 7,833 |   |
| Life                insurance premiums                                       |   |                                                              | 57,124     |   |   |   | 62,039 |   |
| Property                and casualty insurance premiums                      |   |                                                              | 13,248     |   |   |   | 11,852 |   |
| Net                investment and interest income                            |   |                                                              | 30,788     |   |   |   | 29,101 |   |
| Other                revenue                                                 |   |                                                              | 17,404     |   |   |   | 16,932 |   |
| Total                revenues                                                |   |                                                              | 1,158,715  |   |   |   | 1,172,925 |   |
|                                                                         |   |                                                              |       |   |   |   |   |   |
| Costs                and expenses:                                           |   |                                                              |       |   |   |   |   |   |
| Operating                expenses                                            |   |                                                              | 558,321    |   |   |   | 542,187 |   |
| Commission                expenses                                           |   |                                                              | 101,360    |   |   |   | 103,141 |   |
| Cost                of sales                                                 |   |                                                              | 68,591     |   |   |   | 63,764 |   |
| Benefits                and losses                                           |   |                                                              | 54,869     |   |   |   | 59,448 |   |
| Amortization                of deferred policy acquisition costs             |   |                                                              | 7,183      |   |   |   | 10,451 |   |
| Lease                expense                                                 |   |                                                              | 67,195     |   |   |   | 74,757 |   |
| Depreciation,                net of (gains) losses on disposals              |   |                                                              | 100,011    |   |   |   | 82,758 |   |
| Total                costs and expenses                                      |   |                                                              | 957,530    |   |   |   | 936,506 |   |
|                                                                         |   |                                                              |       |   |   |   |   |   |
| Earnings                from operations                                      |   |                                                              | 201,185    |   |   |   | 236,419 |   |
| Interest                expense                                              |   |                                                              | (51,266    | ) |   |   | (39,525 | ) |
| Amortization                of fees on early extinguishment of debt          |   |                                                              | -          |   |   |   | (6,969 | ) |
| Pretax                earnings                                               |   |                                                              | 149,919    |   |   |   | 189,925 |   |
| Income                tax expense                                            |   |                                                              | (57,693    | ) |   |   | (74,013 | ) |
| Net                earnings                                                  |   |                                                              | 92,226     |   |   |   | 115,912 |   |
| Less:                Preferred stock dividends                               |   |                                                              | (6,482     | ) |   |   | (6,482 | ) |
| Earnings                available to common shareholders                     |   | $                                                                 | 85,744     |   |   | $ | 109,430 |   |
| Basic                and diluted earnings per common share                   |   | $                                                                 | 4.32       |   |   | $ | 5.23 |   |
| Weighted                average common shares outstanding: Basic and diluted |   |                                                              | 19,850,874 |   |   |   | 20,903,946 |   |
|                                                                         |   |                                                              |       |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH      FLOWS**

|                                                                                       |   | **Six                Months Ended September 30,** |     |
|--------------------------------------------------------------------------------------------|--------|---------------------------------------------------|----------|
|                                                                                       |   | **2007**                                          |     |   | **2006** |   |
|                                                                                       |   | (Unaudited)                                       |     |
|                                                                                       |   | (In                thousands)                     |     |
|  Cash                flow from operating activities:                                  |   |                                              |     |   |   |   |
|  Net                earnings                                                          |   | $                                                 | 92,226   |   |   | $ | 115,912 |   |
|  Adjustments                to reconcile net earnings to cash provided by operations: |   |                                              |     |   |   |   |   |   |
|  Depreciation                                                                         |   |                                              | 113,194  |   |   |   | 86,545 |   |
|  Amortization                of deferred policy acquisition costs                     |   |                                              | 7,183    |   |   |   | 10,451 |   |
|  Change                in provision for (gain) loss on trade receivables              |   |                                              | 87       |   |   |   | (11 | ) |
|  Change                in provision for gain on mortgage notes                        |   |                                              | (19      | ) |   |   | (20 | ) |
|  Change                in provision for inventory reserves                            |   |                                              | 1,281    |   |   |   | - |   |
|  Net                gain on sale of real and personal property                        |   |                                              | (13,183  | ) |   |   | (3,787 | ) |
|  Net                loss on sale of investments                                       |   |                                              | 149      |   |   |   | 891 |   |
|  Write-off                of unamortized debt issuance costs                          |   |                                              | -        |   |   |   | 6,969 |   |
|  Deferred                income taxes                                                 |   |                                              | 33,966   |   |   |   | 27,677 |   |
|  Net                change in other operating assets and liabilities:                 |   |                                              |     |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables                              |   |                                              | (5,154   | ) |   |   | 18,383 |   |
| Inventories                                                                                |   |                                              | 3,181    |   |   |   | (8,357 | ) |
| Prepaid                expenses                                                            |   |                                              | 4,120    |   |   |   | (2,962 | ) |
| Capitalization                of deferred policy acquisition costs                         |   |                                              | (2,539   | ) |   |   | (3,166 | ) |
| Other                assets                                                                |   |                                              | (10,373  | ) |   |   | (95 | ) |
| Related                party assets                                                        |   |                                              | 41,881   |   |   |   | 12,899 |   |
| Accounts                payable and accrued expenses                                       |   |                                              | 13,497   |   |   |   | 7,380 |   |
| Policy                benefits and losses, claims and loss expenses payable                |   |                                              | 5,066    |   |   |   | (8,420 | ) |
| Other                policyholders' funds and liabilities                                  |   |                                              | 211      |   |   |   | 1,577 |   |
| Deferred                income                                                             |   |                                              | (1,673   | ) |   |   | 530 |   |
| Related                party liabilities                                                   |   |                                              | (3,411   | ) |   |   | (10,016 | ) |
|  Net                cash provided by operating activities                             |   |                                              | 279,690  |   |   |   | 252,380 |   |
|                                                                                       |   |                                              |     |   |   |   |   |   |
|  Cash                flows from investing activities:                                 |   |                                              |     |   |   |   |   |   |
|  Purchases                of:                                                         |   |                                              |     |   |   |   |   |   |
| Property,                plant and equipment                                               |   |                                              | (360,511 | ) |   |   | (378,605 | ) |
| Short                term investments                                                      |   |                                              | (128,627 | ) |   |   | (103,999 | ) |
| Fixed                maturities investments                                                |   |                                              | (45,622  | ) |   |   | (59,033 | ) |
| Real                estate                                                                 |   |                                              | (3,441   | ) |   |   | - |   |
| Mortgage                loans                                                              |   |                                              | (4,895   | ) |   |   | (8,855 | ) |
|  Proceeds                from sale of:                                                |   |                                              |     |   |   |   |   |   |
| Property,                plant and equipment                                               |   |                                              | 100,660  |   |   |   | 57,204 |   |
| Short                term investments                                                      |   |                                              | 144,814  |   |   |   | 145,044 |   |
| Fixed                maturities investments                                                |   |                                              | 61,206   |   |   |   | 52,056 |   |
| Cash                received in excess of purchase for company acquired                    |   |                                              | -        |   |   |   | 1,235 |   |
| Equity                securities                                                           |   |                                              | 46       |   |   |   | - |   |
| Preferred                stock                                                             |   |                                              | 2,625    |   |   |   | 125 |   |
| Real                estate                                                                 |   |                                              | 153      |   |   |   | 10,113 |   |
| Mortgage                loans                                                              |   |                                              | 4,043    |   |   |   | 4,182 |   |
| Payments                from notes and mortgage receivables                                |   |                                              | 367      |   |   |   | 293 |   |
|  Net                cash used by investing activities                                 |   |                                              | (229,182 | ) |   |   | (280,240 | ) |
|                                                                                       |   |                                              |     |   |   |   |   |   |
|  Cash                flows from financing activities:                                 |   |                                              |     |   |   |   |   |   |
| Borrowings                from credit facilities                                           |   |                                              | 447,620  |   |   |   | 276,744 |   |
| Principal                repayments on credit facilities                                   |   |                                              | (179,043 | ) |   |   | (39,614 | ) |
| Debt                issuance costs                                                         |   |                                              | (9,850   | ) |   |   | (539 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan              |   |                                              | 608      |   |   |   | 608 |   |
| Treasury                stock repurchases                                                  |   |                                              | (33,966  | ) |   |   | - |   |
| Securitization                deposits                                                     |   |                                              | (116,176 | ) |   |   | - |   |
| Preferred                stock dividends paid                                              |   |                                              | (6,482   | ) |   |   | (6,482 | ) |
| Investment                contract deposits                                                |   |                                              | 8,772    |   |   |   | 8,444 |   |
| Investment                contract withdrawals                                             |   |                                              | (34,032  | ) |   |   | (40,275 | ) |
|  Net                cash provided by financing activities                             |   |                                              | 77,451   |   |   |   | 198,886 |   |
|                                                                                       |   |                                              |     |   |   |   |   |   |
|  Effects                of exchange rate on cash                                      |   |                                              | 113      |   |   |   | 131 |   |
|                                                                                       |   |                                              |     |   |   |   |   |   |
|  Increase                in cash equivalents                                          |   |                                              | 128,072  |   |   |   | 171,157 |   |
|  Cash                and cash equivalents at the beginning of period                  |   |                                              | 75,272   |   |   |   | 155,459 |   |
|  Cash                and cash equivalents at the end of period                        |   | $                                                 | 203,344  |   |   | $ | 326,616 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**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**

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**3.      Borrowings**

***Long-Term      Debt***

|                                                                                                                             |   |                             |       |   |           |                                   |      | **September                30,** |   |    | **March                31,** |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|------------|--------|----------------|----------------------------------------|-----------|----------------------------------|--------|---------|------------------------------|--------|
|                                                                                                                             |   | **2008                Rate (a)** |       |   | **Maturities** |                                   |      | **2007**                         |   |    | **2007**                     |   |
|                                                                                                                             |   |                             |       |   |           |                                   |      | (Unaudited)                      |   |    |                         |   |
|                                                                                                                             |   |                             |       |   |           |                                   |      | (In                thousands)    |   |
| Real                estate loan (amortizing term)                                                                                |   |                             | 6.93       | %      |           |                    2018 |      |                             | $      | 290,000 |                         |   | $ | 295,000 |   |
| Real                estate loan (revolving credit)                                                                               |   |                             | -          |   |           | 2018                                   |      |                             |   | -       |                         |   |   | - |   |
| Senior                mortgages                                                                                                  |   |                             | 5.19%-5.75 | %      |           | 2015                                   |      |                             |   | 519,990 |                         |   |   | 521,332 |   |
| Construction                loan (revolving credit)                                                                              |   |                             | 7.32       | %      |           | 2009                                   |      |                             |   | 21,700  |                         |   |   | - |   |
| Working                capital loan (revolving credit)                                                                           |   |                             | -          |   |           | 2008                                   |      |                             |   | -       |                         |   |   | - |   |
| Fleet                loans (amortizing term)                                                                                     |   |                             | 6.11%-7.42 | %      |           |                                   | 2012-2014 |                             |   |    | 322,143                      |   |   |   | 364,833 |   |
| Fleet                loans (securitization)                                                                                      |   |                             | 5.40%-5.56 | %      |           |                                   | 2010-2014 |                             |   |    | 298,209                      |   |   |   | - |   |
| Fleet                loan (revolving credit)                                                                                     |   |                             | -          |   |           | 2011                                   |      |                             |   | -       |                         |   |   | - |   |
| Total                AMERCO notes and loans payable                                                                              |   |                             |       |   |           |                                   |      |                             |   | $       | 1,452,042                    |   |   | $ | 1,181,165 |   |
|                                                                                                                             |   |                             |       |   |           |                                   |      |                             |   |    |                         |   |   |   |   |   |
| (a)                Interest rate as of September 30, 2007, including the effect of applicable                hedging instruments |   |                             |       |   |           |

***Real      Estate Backed Loans***

*Real      Estate Loan*

*Senior      Mortgages*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

*Construction      / Working Capital Loans*

***Fleet      Loans***

*Rental      Truck Amortizing Loans*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

*Rental      Truck Securitizations*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

*Revolving      Credit Agreement*

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

|                                  |   | **Year                Ending September 30,** |    |
|---------------------------------------|--------|----------------------------------------------|---------|
|                                  |   | **2008**                                     |    |   | **2009** |   |   | **2010** |   |   | **2011** |   |   | **2012** |   |   | **Thereafter** |   |
|                                  |   | (Unaudited)                                  |    |
|                                  |   | (In                thousands)                |    |
| Notes                payable, secured |   | $                                            | 110,829 |   |   | $ | 125,323 |   |   | $ | 159,029 |   |   | $ | 63,355 |   |   | $ | 141,671 |   |   | $ | 851,835 |   |
|                                  |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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

|                                                                 |   | **September                30,** |   |   | **March                31,** |   |
|----------------------------------------------------------------------|--------|----------------------------------|--------|--------|------------------------------|--------|
|                                                                 |   | **2007**                         |   |   | **2007**                     |   |
|                                                                 |   | (Unaudited)                      |   |   |                         |   |
|                                                                 |   | (In                thousands)    |   |
| Notes                payable, secured, 7.87% interest rate, due 2027 |   | $                                | 74,197 |   |                         | $      | 74,887 |   |
|                                                                 |   |                             |   |   |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                  |   | **Year                Ending September 30,** |   |
|---------------------------------------|--------|----------------------------------------------|--------|
|                                  |   | **2008**                                     |   |   | **2009** |   |   | **2010** |   |   | **2011** |   |   | **2012** |   |   | **Thereafter** |   |
|                                  |   | (Unaudited)                                  |   |
|                                  |   | (In                thousands)                |   |
| Notes                payable, secured |   | $                                            | 1,499  |   |   | $ | 1,640 |   |   | $ | 1,776 |   |   | $ | 1,923 |   |   | $ | 2,067 |   |   | $ | 65,292 |   |
|                                  |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

**4.      Interest on Borrowings**

***Interest      Expense***

|                                                                                                    |   | **Quarter                Ended September 30,** |   |
|---------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|--------|
|                                                                                                    |   | **2007**                                       |   |   | **2006** |   |
|                                                                                                    |   | (Unaudited)                                    |   |
|                                                                                                    |   | (In                thousands)                  |   |
| Interest                expense                                                                         |   | $                                              | 25,373 |   |   | $ | 19,331 |   |
| Capitalized                interest                                                                     |   |                                           | (322   | ) |   |   | (129 | ) |
| Amortization                of transaction costs                                                        |   |                                           | 1,514  |   |   |   | 1,076 |   |
| Interest                income resulting from derivatives                                               |   |                                           | (568   | ) |   |   | (738 | ) |
| Amortization                of transaction costs related to early extinguishment of                debt |   |                                           | -      |   |   |   | 6,969 |   |
| Total                AMERCO interest expense                                                            |   |                                           | 25,997 |   |   |   | 26,509 |   |
| SAC                Holding II interest expense                                                          |   |                                           | 3,236  |   |   |   | 3,206 |   |
| Less:                Intercompany transactions                                                          |   |                                           | 1,738  |   |   |   | 1,683 |   |
| Total                SAC Holding II interest expense                                                    |   |                                           | 1,498  |   |   |   | 1,523 |   |
| Total                                                                                                   |   | $                                              | 27,495 |   |   | $ | 28,032 |   |
|                                                                                                    |   |                                           |   |   |   |   |   |   |

|                                                                                                    |   | **Six                Months Ended September 30,** |   |
|---------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                                                    |   | **2007**                                          |   |   | **2006** |   |
|                                                                                                    |   | (Unaudited)                                       |   |
|                                                                                                    |   | (In                thousands)                     |   |
| Interest                expense                                                                         |   | $                                                 | 47,496 |   |   | $ | 35,888 |   |
| Capitalized                interest                                                                     |   |                                              | (605   | ) |   |   | (171 | ) |
| Amortization                of transaction costs                                                        |   |                                              | 2,395  |   |   |   | 2,374 |   |
| Interest                income resulting from derivatives                                               |   |                                              | (1,021 | ) |   |   | (1,601 | ) |
| Amortization                of transaction costs related to early extinguishment of                debt |   |                                              | -      |   |   |   | 6,969 |   |
| Total                AMERCO interest expense                                                            |   |                                              | 48,265 |   |   |   | 43,459 |   |
| SAC                Holding II interest expense                                                          |   |                                              | 6,467  |   |   |   | 6,600 |   |
| Less:                Intercompany transactions                                                          |   |                                              | 3,466  |   |   |   | 3,565 |   |
| Total                SAC Holding II interest expense                                                    |   |                                              | 3,001  |   |   |   | 3,035 |   |
| Total                                                                                                   |   | $                                                 | 51,266 |   |   | $ | 46,494 |   |
|                                                                                                    |   |                                              |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***Interest      Rates***

|                                                             |   | **Revolving                Credit Activity**         |    |
|------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                             |   | **Quarter                Ended September 30,**       |    |
|                                                             |   | **2007**                                             |    |   | **2006** |   |
|                                                             |   | (Unaudited)                                          |    |
|                                                             |   | (In                thousands, except interest rates) |    |
| Weighted                average interest rate during the quarter |   |                                                 | 6.87    | % |   |   | 6.85 | % |
| Interest                rate at the end of the quarter           |   |                                                 | 7.32    | % |   |   | 6.82 | % |
| Maximum                amount outstanding during the quarter     |   | $                                                    | 121,700 |   |   | $ | 90,000 |   |
| Average                amount outstanding during the quarter     |   | $                                                    | 98,874  |   |   | $ | 90,000 |   |
| Facility                fees                                     |   | $                                                    | 65      |   |   | $ | 57 |   |
|                                                             |   |                                                 |    |   |   |   |   |   |

|                                                                      |   | **Revolving                Credit Activity**         |    |
|---------------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                                      |   | **Six                Months Ended September 30,**    |    |
|                                                                      |   | **2007**                                             |    |   | **2006** |   |
|                                                                      |   | (Unaudited)                                          |    |
|                                                                      |   | (In                thousands, except interest rates) |    |
| Weighted                average interest rate during the first six months |   |                                                 | 6.80    | % |   |   | 7.35 | % |
| Interest                rate at the end of the first six months           |   |                                                 | 7.32    | % |   |   | 6.82 | % |
| Maximum                amount outstanding during the first six months     |   | $                                                    | 138,700 |   |   | $ | 90,000 |   |
| Average                amount outstanding during the first six months     |   | $                                                    | 100,065 |   |   | $ | 90,000 |   |
| Facility                fees                                              |   | $                                                    | 134     |   |   | $ | 114 |   |
|                                                                      |   |                                                 |    |   |   |   |   |   |

**5.      Comprehensive Income (Loss)**

|                                                          |   | **Foreign****Currency****Translation** |    |   | **Unrealized****Gain                (Loss) on****Investments** |   |   | **Fair                Market****Value                of Cash****Flow                Hedge** |   |   | **FASB****Statement                No.**** 158                Adjustment** |   |   | **Accumulated****Other**** Comprehensive****Income                (Loss)** |   |
|---------------------------------------------------------------|--------|----------------------------------------|---------|--------|----------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------|--------|
|                                                          |   | (Unaudited)                            |    |
|                                                          |   | (In                thousands)          |    |
| Balance                at March 31, 2007                      |   | $                                      | (36,166 | )      |                                                           | $      | (355   | )                                                                                           |   | $      | (5,105                                                                          | )      |   | $                                                                               | (153   | ) |   | $ | (41,779 | ) |
| Foreign                currency translation                   |   |                                   | 11,879  |   |                                                           |   | -      |                                                                                        |   |   | -                                                                               |   |   |                                                                            | -      |   |   |   | 11,879 |   |
| Unrealized                loss on investments                 |   |                                   | -       |   |                                                           |   | (1,287 | )                                                                                           |   |   | -                                                                               |   |   |                                                                            | -      |   |   |   | (1,287 | ) |
| Change                in fair market value of cash flow hedge |   |                                   | -       |   |                                                           |   | -      |                                                                                        |   |   | (1,441                                                                          | )      |   |                                                                            | -      |   |   |   | (1,441 | ) |
| Balance                at September 30, 2007                  |   | $                                      | (24,287 | )      |                                                           | $      | (1,642 | )                                                                                           |   | $      | (6,546                                                                          | )      |   | $                                                                               | (153   | ) |   | $ | (32,628 | ) |
|                                                          |   |                                   |    |   |                                                           |   |   |                                                                                        |   |   |                                                                            |   |   |                                                                            |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**6.      Contingent Liabilities and Commitments**

|                                    |   | **Property,****Plant****and****Equipment**                                                    |   |   | **Rental****Equipment**       |   |    | **Total** |   |
|-----------------------------------------|--------|-----------------------------------------------------------------------------------------------|--------|--------|-------------------------------|--------|---------|-----------|--------|
|                                    |   |                            (Unaudited) |   |
|                                    |   |                                                                                          |   |   | (In                thousands) |   |    |      |   |
| Year-ended                September 30: |   |                                                                                          |   |   |                          |   |    |      |   |
| 2008                                    |   | $                                                                                             | 12,458 |   |                          | $      | 116,904 |      |   | $ | 129,362 |   |
| 2009                                    |   |                                                                                          | 12,134 |   |                          |   | 102,248 |      |   |   | 114,382 |   |
| 2010                                    |   |                                                                                          | 11,723 |   |                          |   | 84,057  |      |   |   | 95,780 |   |
| 2011                                    |   |                                                                                          | 11,601 |   |                          |   | 67,796  |      |   |   | 79,397 |   |
| 2012                                    |   |                                                                                          | 10,928 |   |                          |   | 53,883  |      |   |   | 64,811 |   |
| Thereafter                              |   |                                                                                          | 22,593 |   |                          |   | 52,125  |      |   |   | 74,718 |   |
| Total                                   |   | $                                                                                             | 81,437 |   |                          | $      | 477,013 |      |   | $ | 558,450 |   |
|                                    |   |                                                                                          |   |   |                          |   |    |      |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**7.      Contingencies**

***Shoen***

***Environmental***

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***Other***

**8.      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***

|                                                                                                                                                           |   | **September                  30,** |    |   | **March                  31,** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|---------|--------|--------------------------------|--------|
|                                                                                                                                                           |   | **2007**                           |    |   | **2007**                       |   |
|                                                                                                                                                           |   | (Unaudited)                        |    |   |                           |   |
|                                                                                                                                                           |   | (In                  thousands)    |    |
| Private                  Mini notes, receivables and interest                                                                                                  |   | $                                  | 71,566  |   |                           | $      | 71,785 |   |
| Oxford                  note receivable from SAC Holding Corporation                                                                                           |   |                               | -       |   |                           |   | 5,040 |   |
| U-Haul                  notes receivable from SAC Holding Coporation                                                                                           |   |                               | 123,340 |   |                           |   | 123,578 |   |
| U-Haul                  interest receivable from SAC Holding Corporation                                                                                       |   |                               | 3,441   |   |                           |   | 23,361 |   |
| U-Haul                  receivable from SAC Holding Corporation                                                                                                |   |                               | 9,233   |   |                           |   | 16,596 |   |
| U-Haul                  receivable from Mercury                                                                                                                |   |                               | 2,405   |   |                           |   | 4,278 |   |
| Other                  (a)                                                                                                                                     |   |                               | (4,136  | )      |                           |   | 541 |   |
|                                                                                                                                                           |   | $                                  | 205,849 |   |                           | $      | 245,179 |   |
|                                                                                                                                                           |   |                               |    |   |                           |   |   |   |
| (a)                  The current period credit balance resulted from a timing difference                  between Oxford and AMERCO for a                      |   |
| partial                  repayment of an intercompany note. This will reverse in our December                  31,                  2007 financial statements. |   |

***Related      Party Liabilities***

|                                               |   | **September                30,** |   |   | **March                31,** |   |
|----------------------------------------------------|--------|----------------------------------|--------|--------|------------------------------|--------|
|                                               |   | **2007**                         |   |   | **2007**                     |   |
|                                               |   | (Unaudited)                      |   |   |                         |   |
|                                               |   | (In                thousands)    |   |
| SAC                Holding II payable to affiliate |   | $                                | 2,008  |   |                         | $      | 2,099 |   |
|                                               |   |                             |   |   |                         |   |   |   |

**9.      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)**

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

|                                                                                                                                                                     |   | Moving                & Storage |      |   |   |   |       |                       | AMERCO                Legal Group |   |         |   | AMERCO                as Consolidated |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|--------|------------|----------------------------|-----------------------------------|--------|--------------|--------|---------------------------------------|--------|
|                                                                                                                                                                     |   | AMERCO                              |      |   | U-Haul |   |       | Real                Estate |                              |   | Eliminations |   |                                  |   | Moving                & StorageConsolidated |   |   | Property                & Casualty                Insurance                (a) |   |   | LifeInsurance                (a) |   |   | Eliminations |   |   |   | AMERCOConsolidated |   |   | SAC                Holding II |   |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                                                     |   | (Unaudited)                         |      |
|                                                                                                                                                                     |   | (In                thousands)       |      |
| Assets:                                                                                                                                                                  |   |                                |      |
| Cash                and cash equivalents                                                                                                                                 |   | $                                   | 31        |   |   | $      | 182,197    |                       |                              | $      | 2,995        |   |                                  | $      | - |   |   |   | $ | 185,223 |   |   | $ | 4,459 |   |   | $ | 13,662 |   |   | $ | - |   |   |   | $ | 203,344 |   |   | $ | - |   |   | $ | - |   |   |   | $ | 203,344 |   |
| Reinsurance                recoverables and trade receivables, net                                                                                                       |   |                                | -         |   |   |   | 25,255     |                       |                              |   | 25           |   |                                  |   | - |   |   |   |   | 25,280 |   |   |   | 154,004 |   |   |   | 10,585 |   |   |   | - |   |   |   |   | 189,869 |   |   |   | - |   |   |   | - |   |   |   |   | 189,869 |   |
| Notes                and mortgage receivables, net                                                                                                                       |   |                                | -         |   |   |   | 1,307      |                       |                              |   | 555          |   |                                  |   | - |   |   |   |   | 1,862 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 1,862 |   |   |   | - |   |   |   | - |   |   |   |   | 1,862 |   |
| Inventories,                net                                                                                                                                          |   |                                | -         |   |   |   | 61,644     |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | 61,644 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 61,644 |   |   |   | 1,339 |   |   |   | - |   |   |   |   | 62,983 |   |
| Prepaid                expenses                                                                                                                                          |   |                                | -         |   |   |   | 47,169     |                       |                              |   | 44           |   |                                  |   | - |   |   |   |   | 47,213 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 47,213 |   |   |   | 274 |   |   |   | - |   |   |   |   | 47,487 |   |
| Investments,                fixed maturities and marketable equities                                                                                                     |   |                                | -         |   |   |   | -          |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | - |   |   |   | 151,662 |   |   |   | 505,250 |   |   |   | - |   |   |   |   | 656,912 |   |   |   | - |   |   |   | - |   |   |   |   | 656,912 |   |
| Investments,                other                                                                                                                                        |   |                                | -         |   |   |   | 966        |                       |                              |   | 13,917       |   |                                  |   | - |   |   |   |   | 14,883 |   |   |   | 71,784 |   |   |   | 79,983 |   |   |   | - |   |   |   |   | 166,650 |   |   |   | - |   |   |   | - |   |   |   |   | 166,650 |   |
| Deferred                policy acquisition costs, net                                                                                                                    |   |                                | -         |   |   |   | -          |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | - |   |   |   | 76 |   |   |   | 43,811 |   |   |   | - |   |   |   |   | 43,887 |   |   |   | - |   |   |   | - |   |   |   |   | 43,887 |   |
| Other                assets                                                                                                                                              |   |                                | 6         |   |   |   | 181,375    |                       |                              |   | 41,738       |   |                                  |   | - |   |   |   |   | 223,119 |   |   |   | 2,193 |   |   |   | 911 |   |   |   | - |   |   |   |   | 226,223 |   |   |   | 5,283 |   |   |   | - |   |   |   |   | 231,506 |   |
| Related                party assets                                                                                                                                      |   |                                | 1,208,523 |   |   |   | 233,811    |                       |                              |   | 89           |   |                                  |   | (1,146,512 | ) | (d) |   |   | 295,911 |   |   |   | 8,663 |   |   |   | - |   |   |   | (17,962 | ) | (d) |   |   | 286,612 |   |   |   | - |   |   |   | (80,763 | ) | (d) |   |   | 205,849 |   |
|                                                                                                                                                                     |   |                                | 1,208,560 |   |   |   | 733,724    |                       |                              |   | 59,363       |   |                                  |   | (1,146,512 | ) |   |   |   | 855,135 |   |   |   | 392,841 |   |   |   | 654,202 |   |   |   | (17,962 | ) |   |   |   | 1,884,216 |   |   |   | 6,896 |   |   |   | (80,763 | ) |   |   |   | 1,810,349 |   |
|                                                                                                                                                                     |   |                                |      |   |   |   |       |                       |                              |   |         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment                in subsidiaries                                                                                                                                |   |                                | (160,547  | )      |   |   | -          |                       |                              |   | -            |   |                                  |   | 444,861 |   | (c) |   |   | 284,314 |   |   |   | - |   |   |   | - |   |   |   | (284,314 | ) | (c) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Investment                in SAC Holding II                                                                                                                              |   |                                | (8,901    | )      |   |   | -          |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | (8,901 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (8,901 | ) |   |   | - |   |   |   | 8,901 |   | (c) |   |   | - |   |
| Total                investment in subsidiaries and SAC Holding II                                                                                                       |   |                                | (169,448  | )      |   |   | -          |                       |                              |   | -            |   |                                  |   | 444,861 |   |   |   |   | 275,413 |   |   |   | - |   |   |   | - |   |   |   | (284,314 | ) |   |   |   | (8,901 | ) |   |   | - |   |   |   | 8,901 |   |   |   |   | - |   |
|                                                                                                                                                                     |   |                                |      |   |   |   |       |                       |                              |   |         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, at cost:                                                                                                                   |   |                                |      |   |   |   |       |                       |                              |   |         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                     |   |                                | -         |   |   |   | 43,731     |                       |                              |   | 163,049      |   |                                  |   | - |   |   |   |   | 206,780 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 206,780 |   |   |   | - |   |   |   | - |   |   |   |   | 206,780 |   |
| Buildings                and improvements                                                                                                                                |   |                                | -         |   |   |   | 112,781    |                       |                              |   | 721,550      |   |                                  |   | - |   |   |   |   | 834,331 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 834,331 |   |   |   | - |   |   |   | - |   |   |   |   | 834,331 |   |
| Furniture                and equipment                                                                                                                                   |   |                                | 4,645     |   |   |   | 290,586    |                       |                              |   | 18,072       |   |                                  |   | - |   |   |   |   | 313,303 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 313,303 |   |   |   | - |   |   |   | - |   |   |   |   | 313,303 |   |
| Rental                trailers and other rental equipment                                                                                                                |   |                                | -         |   |   |   | 206,599    |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | 206,599 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 206,599 |   |   |   | - |   |   |   | - |   |   |   |   | 206,599 |   |
| Rental                trucks                                                                                                                                             |   |                                | -         |   |   |   | 1,736,826  |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | 1,736,826 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 1,736,826 |   |   |   | - |   |   |   | - |   |   |   |   | 1,736,826 |   |
| SAC                Holding II - property, plant and equipment (b)                                                                                                        |   |                                | -         |   |   |   | -          |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 155,597 |   |   |   | (74,212 | ) | (e) |   |   | 81,385 |   |
|                                                                                                                                                                     |   |                                | 4,645     |   |   |   | 2,390,523  |                       |                              |   | 902,671      |   |                                  |   | - |   |   |   |   | 3,297,839 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 3,297,839 |   |   |   | 155,597 |   |   |   | (74,212 | ) |   |   |   | 3,379,224 |   |
| Less:  Accumulated                depreciation                                                                                                                 |   |                                | (950      | )      |   |   | (1,004,243 | )                          |                              |   | (302,187     | )      |                                  |   | - |   |   |   |   | (1,307,380 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (1,307,380 | ) |   |   | (13,851 | ) |   |   | 10,505 |   | (e) |   |   | (1,310,726 | ) |
| Total                property, plant and equipment                                                                                                                       |   |                                | 3,695     |   |   |   | 1,386,280  |                       |                              |   | 600,484      |   |                                  |   | - |   |   |   |   | 1,990,459 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 1,990,459 |   |   |   | 141,746 |   |   |   | (63,707 | ) |   |   |   | 2,068,498 |   |
| Total                assets                                                                                                                                              |   | $                                   | 1,042,807 |   |   | $      | 2,120,004  |                       |                              | $      | 659,847      |   |                                  | $      | (701,651 | ) |   |   | $ | 3,121,007 |   |   | $ | 392,841 |   |   | $ | 654,202 |   |   | $ | (302,276 | ) |   |   | $ | 3,865,774 |   |   | $ | 148,642 |   |   | $ | (135,569 | ) |   |   | $ | 3,878,847 |   |
|                                                                                                                                                                     |   |                                |      |   |   |   |       |                       |                              |   |         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances                as of June 30, 2007                                                                                                               |   |                                |      |   |   |   |       |                       |                              |   |         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Included in this caption is land of $57,169, buildings and improvements                of                $97,680, and furniture and equipment of $748 |   |                                |      |   |   |   |       |                       |                              |   |         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (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) |   |   | LifeInsurance                (a) |   |   | Eliminations |   |   |   | AMERCOConsolidated |   |   | SAC                Holding II |   |   | Eliminations |   |   |   |   |   | Total                Consolidated |   |
|                                                                                                                        |   | (Unaudited)                         |      |
|                                                                                                                        |   | (In                thousands)       |      |
| Liabilities:                                                                                                                |   |                                |      |   |   |   |      |                       |                              |   |         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                                                        |   | $                                   | 119       |   |   | $      | 250,746   |                       |                              | $      | 5,436        |   |                                  | $      | - |   |   |   | $ | 256,301 |   |   | $ | - |   |   | $ | 6,802 |   |   | $ | - |   |   |   | $ | 263,103 |   |   | $ | 1,773 |   |   | $ | - |   |   |   |   |   | $ | 264,876 |   |
| AMERCO's                notes and loans payable                                                                             |   |                                | -         |   |   |   | 669,166   |                       |                              |   | 782,876      |   |                                  |   | - |   |   |   |   | 1,452,042 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 1,452,042 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 1,452,042 |   |
| SAC                Holding II notes and loans                    payable, non-recourse to AMERCO        |   |                                | -         |   |   |   | -         |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 74,197 |   |   |   | - |   |   |   |   |   |   | 74,197 |   |
| Policy                benefits and losses,                    claims and loss expenses payable          |   |                                | -         |   |   |   | 356,494   |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | 356,494 |   |   |   | 275,693 |   |   |   | 141,063 |   |   |   | - |   |   |   |   | 773,250 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 773,250 |   |
| Liabilities                from investment contracts                                                                        |   |                                | -         |   |   |   | -         |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 361,380 |   |   |   | - |   |   |   |   | 361,380 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 361,380 |   |
| Other                policyholders' funds and liabilities                                                                   |   |                                | -         |   |   |   | -         |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | - |   |   |   | 7,913 |   |   |   | 2,861 |   |   |   | - |   |   |   |   | 10,774 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 10,774 |   |
| Deferred                income                                                                                              |   |                                | -         |   |   |   | 14,104    |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | 14,104 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | 14,104 |   |   |   | 831 |   |   |   | - |   |   |   |   |   |   | 14,935 |   |
| Deferred                income taxes                                                                                        |   |                                | 210,411   |   |   |   | -         |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | 210,411 |   |   |   | (39,009 | ) |   |   | (5,032 | ) |   |   | - |   |   |   |   | 166,370 |   |   |   | (2,029 | ) |   |   | (26,665 | ) |   | (d) |   |   |   | 137,676 |   |
| Related                party liabilities                                                                                    |   |                                | -         |   |   |   | 1,100,005 |                       |                              |   | 53,411       |   |                                  |   | (1,146,512 | ) | (c) |   |   | 6,904 |   |   |   | 2,244 |   |   |   | 8,814 |   |   |   | (17,962 | ) | (c) |   |   | - |   |   |   | 82,771 |   |   |   | (80,763 | ) |   | (c) |   |   |   | 2,008 |   |
| Total                liabilities                                                                                            |   |                                | 210,530   |   |   |   | 2,390,515 |                       |                              |   | 841,723      |   |                                  |   | (1,146,512 | ) |   |   |   | 2,296,256 |   |   |   | 246,841 |   |   |   | 515,888 |   |   |   | (17,962 | ) |   |   |   | 3,041,023 |   |   |   | 157,543 |   |   |   | (107,428 | ) |   |   |   |   |   | 3,091,138 |   |
|                                                                                                                        |   |                                |      |   |   |   |      |                       |                              |   |         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                                                                                   |   |                                | 422,732   |   |   |   | 121,230   |                       |                              |   | 147,481      |   |                                  |   | (268,711 | ) | (b) |   |   | 422,732 |   |   |   | 86,121 |   |   |   | 26,271 |   |   |   | (112,392 | ) | (b) |   |   | 422,732 |   |   |   | - |   |   |   | (46,071 | ) |   | (d) |   |   |   | 376,661 |   |
| Additional                paid-in capital - SAC Holding II                                                                  |   |                                | -         |   |   |   | -         |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 4,492 |   |   |   | (4,492 | ) |   | (b) |   |   |   | - |   |
| Accumulated                other comprehensive income (loss)                                                                |   |                                | (32,628   | )      |   |   | (30,987   | )                          |                              |   | -            |   |                                  |   | 30,987 |   | (b) |   |   | (32,628 | ) |   |   | (530 | ) |   |   | (1,113 | ) |   |   | 1,643 |   | (b) |   |   | (32,628 | ) |   |   | - |   |   |   | - |   |   |   |   |   |   | (32,628 | ) |
| Retained                earnings (deficit)                                                                                  |   |                                | 932,841   |   |   |   | (353,768  | )                          |                              |   | (329,358     | )      |                                  |   | 683,126 |   | (b) |   |   | 932,841 |   |   |   | 57,109 |   |   |   | 110,656 |   |   |   | (167,765 | ) | (b) |   |   | 932,841 |   |   |   | (13,393 | ) |   |   | 22,422 |   |   |   | (b,d | ) |   |   | 941,870 |   |
| Cost                of common shares in treasury, net                                                                       |   |                                | (501,165  | )      |   |   | -         |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | (501,165 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (501,165 | ) |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (501,165 | ) |
| Unearned                employee stock                        ownership plan shares |   |                                | -         |   |   |   | (7,526    | )                          |                              |   | -            |   |                                  |   | - |   |   |   |   | (7,526 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | (7,526 | ) |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (7,526 | ) |
| Total                stockholders' equity (deficit)                                                                         |   |                                | 832,277   |   |   |   | (270,511  | )                          |                              |   | (181,876     | )      |                                  |   | 444,861 |   |   |   |   | 824,751 |   |   |   | 146,000 |   |   |   | 138,314 |   |   |   | (284,314 | ) |   |   |   | 824,751 |   |   |   | (8,901 | ) |   |   | (28,141 | ) |   |   |   |   |   |   | 787,709 |   |
| Total                liabilities and stockholders' equity                                                                   |   | $                                   | 1,042,807 |   |   | $      | 2,120,004 |                       |                              | $      | 659,847      |   |                                  | $      | (701,651 | ) |   |   | $ | 3,121,007 |   |   | $ | 392,841 |   |   | $ | 654,202 |   |   | $ | (302,276 | ) |   |   | $ | 3,865,774 |   |   | $ | 148,642 |   |   | $ | (135,569 | ) |   |   |   |   |   | $ | 3,878,847 |   |
|                                                                                                                        |   |                                |      |   |   |   |      |                       |                              |   |         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances                as of June 30, 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) |   |   | LifeInsurance                (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) |   |   | LifeInsurance                (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 Holding II                                                                  |   |                                | -        |   |   |   | -         |                       |                              |   | -            |   |                                  |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |   |   | 4,492 |   |   |   | (4,492 | ) |   | (b) |   |   |   | - |   |
| Accumulated                other comprehensive income (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) |   |   | LifeInsurance                (a) |   |   | Eliminations |   |   |   |   |   | AMERCOConsolidated |   |   | SAC                Holding II |   |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |   |
|                                                                                                                                   |   | (In                thousands)       |   |
| Revenues:                                                                                                                              |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -      |   |   | $      | 439,801 |                       |                              | $      | -            |   |   | $      | -                                               |   |   |   | $ | 439,801 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   |   |   |   | $ | 439,801 |   |   | $ | 2,734 |   |   | $ | (2,734 | ) | (b) |   | $ | 439,801 |   |
| Self-storage                revenues                                                                                                   |   |                                | -      |   |   |   | 27,865  |                       |                              |   | 418          |   |   |   | -                                               |   |   |   |   | 28,283 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 28,283 |   |   |   | 4,805 |   |   |   | - |   |   |   |   | 33,088 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -      |   |   |   | 58,185  |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 58,185 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 58,185 |   |   |   | 4,310 |   |   |   | - |   |   |   |   | 62,495 |   |
| Property                management fees                                                                                                |   |                                | -      |   |   |   | 4,742   |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 4,742 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 4,742 |   |   |   | - |   |   |   | (749 | ) | (g) |   |   | 3,993 |   |
| Life                insurance premiums                                                                                                 |   |                                | -      |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | - |   |   |   | 27,937 |   |   |   | - |   |   |   |   |   |   | 27,937 |   |   |   | - |   |   |   | - |   |   |   |   | 27,937 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -      |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 7,332 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 7,332 |   |   |   | - |   |   |   | - |   |   |   |   | 7,332 |   |
| Net                investment and interest income                                                                                      |   |                                | 1,091  |   |   |   | 9,163   |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 10,254 |   |   |   | 3,061 |   |   |   | 5,294 |   |   |   | (452 | ) |   |   | (b,d | ) |   |   | 18,157 |   |   |   | - |   |   |   | (1,738 | ) | (d) |   |   | 16,419 |   |
| Other                revenue                                                                                                           |   |                                | -      |   |   |   | 9,274   |                       |                              |   | 17,661       |   |   |   | (18,676                                         | )      | (b) |   |   | 8,259 |   |   |   | - |   |   |   | 1,229 |   |   |   | (131 | ) |   | (b) |   |   |   | 9,357 |   |   |   | 313 |   |   |   | (178 | ) | (b) |   |   | 9,492 |   |
| Total                revenues                                                                                                          |   |                                | 1,091  |   |   |   | 549,030 |                       |                              |   | 18,079       |   |   |   | (18,676                                         | )      |   |   |   | 549,524 |   |   |   | 10,393 |   |   |   | 34,460 |   |   |   | (583 | ) |   |   |   |   |   |   | 593,794 |   |   |   | 12,162 |   |   |   | (5,399 | ) |   |   |   | 600,557 |   |
|                                                                                                                                   |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 2,219  |   |   |   | 285,829 |                       |                              |   | 2,314        |   |   |   | (18,676                                         | )      | (b) |   |   | 271,686 |   |   |   | 3,746 |   |   |   | 6,467 |   |   |   | (1,868 | ) |   |   | (b,c,d | ) |   |   | 280,031 |   |   |   | 5,708 |   |   |   | (749 | ) | (g) |   |   | 284,990 |   |
| Commission                expenses                                                                                                     |   |                                | -      |   |   |   | 56,171  |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 56,171 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 56,171 |   |   |   | - |   |   |   | (2,734 | ) | (b) |   |   | 53,437 |   |
| Cost                of sales                                                                                                           |   |                                | -      |   |   |   | 31,485  |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 31,485 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 31,485 |   |   |   | 2,458 |   |   |   | - |   |   |   |   | 33,943 |   |
| Benefits                and losses                                                                                                     |   |                                | -      |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 2,887 |   |   |   | 21,200 |   |   |   | 1,505 |   |   | (c) |   |   |   | 25,592 |   |   |   | - |   |   |   | - |   |   |   |   | 25,592 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -      |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 38 |   |   |   | 3,228 |   |   |   | - |   |   |   |   |   |   |   | 3,266 |   |   |   | - |   |   |   | - |   |   |   |   | 3,266 |   |
| Lease                expense                                                                                                           |   |                                | 22     |   |   |   | 34,814  |                       |                              |   | 19           |   |   |   | -                                               |   |   |   |   | 34,855 |   |   |   | - |   |   |   | - |   |   |   | (220 | ) |   | (b) |   |   |   | 34,635 |   |   |   | - |   |   |   | (178 | ) | (b) |   |   | 34,457 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 148    |   |   |   | 52,101  |                       |                              |   | 2,961        |   |   |   | -                                               |   |   |   |   | 55,210 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 55,210 |   |   |   | 676 |   |   |   | (140 | ) | (e) |   |   | 55,746 |   |
| Total                costs and expenses                                                                                                |   |                                | 2,389  |   |   |   | 460,400 |                       |                              |   | 5,294        |   |   |   | (18,676                                         | )      |   |   |   | 449,407 |   |   |   | 6,671 |   |   |   | 30,895 |   |   |   | (583 | ) |   |   |   |   |   |   | 486,390 |   |   |   | 8,842 |   |   |   | (3,801 | ) |   |   |   | 491,431 |   |
|                                                                                                                                   |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 37,248 |   |   |   | -       |                       |                              |   | -            |   |   |   | (32,429                                         | )      | (f) |   |   | 4,819 |   |   |   | - |   |   |   | - |   |   |   | (4,819 | ) |   | (f) |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 43     |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 43 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 43 |   |   |   | - |   |   |   | (43 | ) | (f) |   |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 37,291 |   |   |   | -       |                       |                              |   | -            |   |   |   | (32,429                                         | )      |   |   |   | 4,862 |   |   |   | - |   |   |   | - |   |   |   | (4,819 | ) |   |   |   |   |   |   | 43 |   |   |   | - |   |   |   | (43 | ) |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 35,993 |   |   |   | 88,630  |                       |                              |   | 12,785       |   |   |   | (32,429                                         | )      |   |   |   | 104,979 |   |   |   | 3,722 |   |   |   | 3,565 |   |   |   | (4,819 | ) |   |   |   |   |   |   | 107,447 |   |   |   | 3,320 |   |   |   | (1,641 | ) |   |   |   | 109,126 |   |
| Interest                income (expense)                                                                                               |   |                                | 22,276 |   |   |   | (34,906 | )                          |                              |   | (13,367      | )      |   |   | -                                               |   |   |   |   | (25,997 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (25,997 | ) |   |   | (3,236 | ) |   |   | 1,738 |   | (d) |   |   | (27,495 | ) |
| Pretax                earnings (loss)                                                                                                  |   |                                | 58,269 |   |   |   | 53,724  |                       |                              |   | (582         | )      |   |   | (32,429                                         | )      |   |   |   | 78,982 |   |   |   | 3,722 |   |   |   | 3,565 |   |   |   | (4,819 | ) |   |   |   |   |   |   | 81,450 |   |   |   | 84 |   |   |   | 97 |   |   |   |   | 81,631 |   |
| Income                tax expense                                                                                                      |   |                                | (7,882 | )      |   |   | (20,139 | )                          |                              |   | (574         | )      |   |   | -                                               |   |   |   |   | (28,595 | ) |   |   | (1,303 | ) |   |   | (1,165 | ) |   |   | - |   |   |   |   |   |   |   | (31,063 | ) |   |   | (41 | ) |   |   | (53 | ) | (e) |   |   | (31,157 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 50,387 |   |   |   | 33,585  |                       |                              |   | (1,156       | )      |   |   | (32,429                                         | )      |   |   |   | 50,387 |   |   |   | 2,419 |   |   |   | 2,400 |   |   |   | (4,819 | ) |   |   |   |   |   |   | 50,387 |   |   |   | 43 |   |   |   | 44 |   |   |   |   | 50,474 |   |
| Less:  Preferred                stock dividends                                                                              |   |                                | (3,241 | )      |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | (3,241 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (3,241 | ) |   |   | - |   |   |   | - |   |   |   |   | (3,241 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 47,146 |   |   | $      | 33,585  |                       |                              | $      | (1,156       | )      |   | $      | (32,429                                         | )      |   |   | $ | 47,146 |   |   | $ | 2,419 |   |   | $ | 2,400 |   |   | $ | (4,819 | ) |   |   |   |   |   | $ | 47,146 |   |   | $ | 43 |   |   | $ | 44 |   |   |   | $ | 47,233 |   |
| (a)  Balances                for the quarter ended June 30, 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) |   |   | LifeInsurance                (a) |   |   | Eliminations |   |   |   |   |   | AMERCOConsolidated |   |   | SAC                Holding II |   |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |   |
|                                                                                                                                   |   | (In                thousands)       |   |
| Revenues:                                                                                                                              |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -      |   |   | $      | 445,720 |                       |                              | $      | -            |   |   | $      | -                                               |   |   |   | $ | 445,720 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   |   |   |   | $ | 445,720 |   |   | $ | 2,754 |   |   | $ | (2,754 | ) | (b) |   | $ | 445,720 |   |
| Self-storage                revenues                                                                                                   |   |                                | -      |   |   |   | 26,970  |                       |                              |   | 398          |   |   |   | -                                               |   |   |   |   | 27,368 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 27,368 |   |   |   | 5,048 |   |   |   | - |   |   |   |   | 32,416 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -      |   |   |   | 57,531  |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 57,531 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 57,531 |   |   |   | 4,385 |   |   |   | - |   |   |   |   | 61,916 |   |
| Property                management fees                                                                                                |   |                                | -      |   |   |   | 4,738   |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 4,738 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 4,738 |   |   |   | - |   |   |   | (752 | ) | (g) |   |   | 3,986 |   |
| Life                insurance premiums                                                                                                 |   |                                | -      |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | - |   |   |   | 31,519 |   |   |   | (399 | ) |   | (c) |   |   |   | 31,120 |   |   |   | - |   |   |   | - |   |   |   |   | 31,120 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -      |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 6,470 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 6,470 |   |   |   | - |   |   |   | - |   |   |   |   | 6,470 |   |
| Net                investment and interest income                                                                                      |   |                                | 1,242  |   |   |   | 7,818   |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 9,060 |   |   |   | 2,790 |   |   |   | 5,771 |   |   |   | (312 | ) |   |   | (b,d | ) |   |   | 17,309 |   |   |   | - |   |   |   | (1,683 | ) | (d) |   |   | 15,626 |   |
| Other                revenue                                                                                                           |   |                                | 174    |   |   |   | 8,625   |                       |                              |   | 16,940       |   |   |   | (18,335                                         | )      | (b) |   |   | 7,404 |   |   |   | - |   |   |   | 1,441 |   |   |   | (16 | ) |   | (b) |   |   |   | 8,829 |   |   |   | 348 |   |   |   | (178 | ) | (b) |   |   | 8,999 |   |
| Total                revenues                                                                                                          |   |                                | 1,416  |   |   |   | 551,402 |                       |                              |   | 17,338       |   |   |   | (18,335                                         | )      |   |   |   | 551,821 |   |   |   | 9,260 |   |   |   | 38,731 |   |   |   | (727 | ) |   |   |   |   |   |   | 599,085 |   |   |   | 12,535 |   |   |   | (5,367 | ) |   |   |   | 606,253 |   |
|                                                                                                                                   |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 2,768  |   |   |   | 282,779 |                       |                              |   | 2,705        |   |   |   | (18,335                                         | )      | (b) |   |   | 269,917 |   |   |   | 2,004 |   |   |   | 7,221 |   |   |   | (3,419 | ) |   |   | (b,c,d | ) |   |   | 275,723 |   |   |   | 5,837 |   |   |   | (752 | ) | (g) |   |   | 280,808 |   |
| Commission                expenses                                                                                                     |   |                                | -      |   |   |   | 56,359  |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 56,359 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 56,359 |   |   |   | - |   |   |   | (2,754 | ) | (b) |   |   | 53,605 |   |
| Cost                of sales                                                                                                           |   |                                | -      |   |   |   | 29,559  |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 29,559 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 29,559 |   |   |   | 1,889 |   |   |   | - |   |   |   |   | 31,448 |   |
| Benefits                and losses                                                                                                     |   |                                | -      |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 4,949 |   |   |   | 21,925 |   |   |   | 1,968 |   |   | (c) |   |   |   | 28,842 |   |   |   | - |   |   |   | - |   |   |   |   | 28,842 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -      |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 643 |   |   |   | 4,182 |   |   |   | - |   |   |   |   |   |   |   | 4,825 |   |   |   | - |   |   |   | - |   |   |   |   | 4,825 |   |
| Lease                expense                                                                                                           |   |                                | 22     |   |   |   | 37,858  |                       |                              |   | 801          |   |   |   | -                                               |   |   |   |   | 38,681 |   |   |   | - |   |   |   | - |   |   |   | (1,118 | ) |   | (b) |   |   |   | 37,563 |   |   |   | - |   |   |   | (178 | ) | (b) |   |   | 37,385 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 60     |   |   |   | 43,366  |                       |                              |   | (869         | )      |   |   | -                                               |   |   |   |   | 42,557 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 42,557 |   |   |   | 670 |   |   |   | (140 | ) | (e) |   |   | 43,087 |   |
| Total                costs and expenses                                                                                                |   |                                | 2,850  |   |   |   | 449,921 |                       |                              |   | 2,637        |   |   |   | (18,335                                         | )      |   |   |   | 437,073 |   |   |   | 7,596 |   |   |   | 33,328 |   |   |   | (2,569 | ) |   |   |   |   |   |   | 475,428 |   |   |   | 8,396 |   |   |   | (3,824 | ) |   |   |   | 480,000 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 46,841 |   |   |   | -       |                       |                              |   | -            |   |   |   | (40,359                                         | )      | (f) |   |   | 6,482 |   |   |   | - |   |   |   | - |   |   |   | (6,482 | ) |   | (f) |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 560    |   |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 560 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 560 |   |   |   | - |   |   |   | (560 | ) | (f) |   |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 47,401 |   |   |   | -       |                       |                              |   | -            |   |   |   | (40,359                                         | )      |   |   |   | 7,042 |   |   |   | - |   |   |   | - |   |   |   | (6,482 | ) |   |   |   |   |   |   | 560 |   |   |   | - |   |   |   | (560 | ) |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 45,967 |   |   |   | 101,481 |                       |                              |   | 14,701       |   |   |   | (40,359                                         | )      |   |   |   | 121,790 |   |   |   | 1,664 |   |   |   | 5,403 |   |   |   | (4,640 | ) |   |   |   |   |   |   | 124,217 |   |   |   | 4,139 |   |   |   | (2,103 | ) |   |   |   | 126,253 |   |
| Interest                income (expense)                                                                                               |   |                                | 21,981 |   |   |   | (27,685 | )                          |                              |   | (13,836      | )      |   |   | -                                               |   |   |   |   | (19,540 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (19,540 | ) |   |   | (3,206 | ) |   |   | 1,683 |   | (d) |   |   | (21,063 | ) |
| Amortization                of fees on early extinguishment of debt                                                                    |   |                                | -      |   |   |   | (302    | )                          |                              |   | (6,667       | )      |   |   | -                                               |   |   |   |   | (6,969 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (6,969 | ) |   |   | - |   |   |   | - |   |   |   |   | (6,969 | ) |
| Pretax                earnings (loss)                                                                                                  |   |                                | 67,948 |   |   |   | 73,494  |                       |                              |   | (5,802       | )      |   |   | (40,359                                         | )      |   |   |   | 95,281 |   |   |   | 1,664 |   |   |   | 5,403 |   |   |   | (4,640 | ) |   |   |   |   |   |   | 97,708 |   |   |   | 933 |   |   |   | (420 | ) |   |   |   | 98,221 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | (7,544 | )      |   |   | (29,328 | )                          |                              |   | 1,995        |   |   |   | -                                               |   |   |   |   | (34,877 | ) |   |   | (560 | ) |   |   | (1,867 | ) |   |   | - |   |   |   |   |   |   |   | (37,304 | ) |   |   | (373 | ) |   |   | (53 | ) | (e) |   |   | (37,730 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 60,404 |   |   |   | 44,166  |                       |                              |   | (3,807       | )      |   |   | (40,359                                         | )      |   |   |   | 60,404 |   |   |   | 1,104 |   |   |   | 3,536 |   |   |   | (4,640 | ) |   |   |   |   |   |   | 60,404 |   |   |   | 560 |   |   |   | (473 | ) |   |   |   | 60,491 |   |
| Less:  Preferred                stock dividends                                                                              |   |                                | (3,241 | )      |   |   | -       |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | (3,241 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (3,241 | ) |   |   | - |   |   |   | - |   |   |   |   | (3,241 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 57,163 |   |   | $      | 44,166  |                       |                              | $      | (3,807       | )      |   | $      | (40,359                                         | )      |   |   | $ | 57,163 |   |   | $ | 1,104 |   |   | $ | 3,536 |   |   | $ | (4,640 | ) |   |   |   |   |   | $ | 57,163 |   |   | $ | 560 |   |   | $ | (473 | ) |   |   | $ | 57,250 |   |
| (a) Balances                for the quarter ended June 30, 2006                                                                   |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                   |   |                                |   |   |   |   |    |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                                   |   | Moving                & Storage |    |   |   |   |      |                       | AMERCO                Legal Group |   |         |   |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|--------|-----------|----------------------------|-----------------------------------|--------|--------------|--------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |    |   | U-Haul |   |      | Real                Estate |                              |   | Eliminations |   |   |   | Moving                & StorageConsolidated |   |   | Property                & Casualty Insurance                (a) |   |   | LifeInsurance                (a) |   |   | Eliminations |   |   |   |   |   | AMERCOConsolidated |   |   | SAC                Holding II |   |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |    |
|                                                                                                                                   |   | (In                thousands)       |    |
| Revenues:                                                                                                                              |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -       |   |   | $      | 835,878   |                       |                              | $      | -            |   |   | $      | -                                               |   |   |   | $ | 835,878 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   |   |   |   | $ | 835,878 |   |   | $ | 5,157 |   |   | $ | (5,157 | ) | (b) |   | $ | 835,878 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   |   | 54,489    |                       |                              |   | 838          |   |   |   | -                                               |   |   |   |   | 55,327 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 55,327 |   |   |   | 9,797 |   |   |   | - |   |   |   |   | 65,124 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   |   | 122,247   |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 122,247 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 122,247 |   |   |   | 8,962 |   |   |   | - |   |   |   |   | 131,209 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   |   | 9,428     |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 9,428 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 9,428 |   |   |   | - |   |   |   | (1,488 | ) | (g) |   |   | 7,940 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | - |   |   |   | 57,124 |   |   |   | - |   |   |   |   |   |   | 57,124 |   |   |   | - |   |   |   | - |   |   |   |   | 57,124 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 13,248 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 13,248 |   |   |   | - |   |   |   | - |   |   |   |   | 13,248 |   |
| Net                investment and interest income                                                                                      |   |                                | 2,277   |   |   |   | 15,571    |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 17,848 |   |   |   | 6,161 |   |   |   | 11,148 |   |   |   | (903 | ) |   |   | (b,d | ) |   |   | 34,254 |   |   |   | - |   |   |   | (3,466 | ) | (d) |   |   | 30,788 |   |
| Other                revenue                                                                                                           |   |                                | -       |   |   |   | 17,454    |                       |                              |   | 34,727       |   |   |   | (37,169                                         | )      | (b) |   |   | 15,012 |   |   |   | - |   |   |   | 2,371 |   |   |   | (259 | ) |   | (b) |   |   |   | 17,124 |   |   |   | 635 |   |   |   | (355 | ) | (b) |   |   | 17,404 |   |
| Total                revenues                                                                                                          |   |                                | 2,277   |   |   |   | 1,055,067 |                       |                              |   | 35,565       |   |   |   | (37,169                                         | )      |   |   |   | 1,055,740 |   |   |   | 19,409 |   |   |   | 70,643 |   |   |   | (1,162 | ) |   |   |   |   |   |   | 1,144,630 |   |   |   | 24,551 |   |   |   | (10,466 | ) |   |   |   | 1,158,715 |   |
|                                                                                                                                   |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 5,869   |   |   |   | 559,050   |                       |                              |   | 5,148        |   |   |   | (37,169                                         | )      | (b) |   |   | 532,898 |   |   |   | 6,508 |   |   |   | 12,839 |   |   |   | (3,989 | ) |   |   | (b,c,d | ) |   |   | 548,256 |   |   |   | 11,553 |   |   |   | (1,488 | ) | (g) |   |   | 558,321 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   |   | 106,517   |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 106,517 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 106,517 |   |   |   | - |   |   |   | (5,157 | ) | (b) |   |   | 101,360 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   |   | 63,911    |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 63,911 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 63,911 |   |   |   | 4,680 |   |   |   | - |   |   |   |   | 68,591 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 6,684 |   |   |   | 44,918 |   |   |   | 3,267 |   |   | (c) |   |   |   | 54,869 |   |   |   | - |   |   |   | - |   |   |   |   | 54,869 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 179 |   |   |   | 7,004 |   |   |   | - |   |   |   |   |   |   |   | 7,183 |   |   |   | - |   |   |   | - |   |   |   |   | 7,183 |   |
| Lease                expense                                                                                                           |   |                                | 48      |   |   |   | 67,898    |                       |                              |   | 44           |   |   |   | -                                               |   |   |   |   | 67,990 |   |   |   | - |   |   |   | - |   |   |   | (440 | ) |   | (b) |   |   |   | 67,550 |   |   |   | - |   |   |   | (355 | ) | (b) |   |   | 67,195 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 322     |   |   |   | 103,104   |                       |                              |   | (4,378       | )      |   |   | -                                               |   |   |   |   | 99,048 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 99,048 |   |   |   | 1,243 |   |   |   | (280 | ) | (e) |   |   | 100,011 |   |
| Total                costs and expenses                                                                                                |   |                                | 6,239   |   |   |   | 900,480   |                       |                              |   | 814          |   |   |   | (37,169                                         | )      |   |   |   | 870,364 |   |   |   | 13,371 |   |   |   | 64,761 |   |   |   | (1,162 | ) |   |   |   |   |   |   | 947,334 |   |   |   | 17,476 |   |   |   | (7,280 | ) |   |   |   | 957,530 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 67,157  |   |   |   | -         |                       |                              |   | -            |   |   |   | (59,417                                         | )      | (f) |   |   | 7,740 |   |   |   | - |   |   |   | - |   |   |   | (7,740 | ) |   | (f) |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 355     |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 355 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 355 |   |   |   | - |   |   |   | (355 | ) | (f) |   |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 67,512  |   |   |   | -         |                       |                              |   | -            |   |   |   | (59,417                                         | )      |   |   |   | 8,095 |   |   |   | - |   |   |   | - |   |   |   | (7,740 | ) |   |   |   |   |   |   | 355 |   |   |   | - |   |   |   | (355 | ) |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 63,550  |   |   |   | 154,587   |                       |                              |   | 34,751       |   |   |   | (59,417                                         | )      |   |   |   | 193,471 |   |   |   | 6,038 |   |   |   | 5,882 |   |   |   | (7,740 | ) |   |   |   |   |   |   | 197,651 |   |   |   | 7,075 |   |   |   | (3,541 | ) |   |   |   | 201,185 |   |
| Interest                income (expense)                                                                                               |   |                                | 43,541  |   |   |   | (65,542   | )                          |                              |   | (26,264      | )      |   |   | -                                               |   |   |   |   | (48,265 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (48,265 | ) |   |   | (6,467 | ) |   |   | 3,466 |   | (d) |   |   | (51,266 | ) |
| Pretax                earnings                                                                                                         |   |                                | 107,091 |   |   |   | 89,045    |                       |                              |   | 8,487        |   |   |   | (59,417                                         | )      |   |   |   | 145,206 |   |   |   | 6,038 |   |   |   | 5,882 |   |   |   | (7,740 | ) |   |   |   |   |   |   | 149,386 |   |   |   | 608 |   |   |   | (75 | ) |   |   |   | 149,919 |   |
| Income                tax expense                                                                                                      |   |                                | (15,039 | )      |   |   | (33,926   | )                          |                              |   | (4,189       | )      |   |   | -                                               |   |   |   |   | (53,154 | ) |   |   | (2,114 | ) |   |   | (2,066 | ) |   |   | - |   |   |   |   |   |   |   | (57,334 | ) |   |   | (253 | ) |   |   | (106 | ) | (e) |   |   | (57,693 | ) |
| Net                earnings                                                                                                            |   |                                | 92,052  |   |   |   | 55,119    |                       |                              |   | 4,298        |   |   |   | (59,417                                         | )      |   |   |   | 92,052 |   |   |   | 3,924 |   |   |   | 3,816 |   |   |   | (7,740 | ) |   |   |   |   |   |   | 92,052 |   |   |   | 355 |   |   |   | (181 | ) |   |   |   | 92,226 |   |
| Less:  Preferred                stock dividends                                                                              |   |                                | (6,482  | )      |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   |   | (6,482 | ) |
| Earnings                available to common shareholders                                                                               |   | $                                   | 85,570  |   |   | $      | 55,119    |                       |                              | $      | 4,298        |   |   | $      | (59,417                                         | )      |   |   | $ | 85,570 |   |   | $ | 3,924 |   |   | $ | 3,816 |   |   | $ | (7,740 | ) |   |   |   |   |   | $ | 85,570 |   |   | $ | 355 |   |   | $ | (181 | ) |   |   | $ | 85,744 |   |
| (a) Balances                for the six months ended June 30, 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) |   |   | LifeInsurance                (a) |   |   | Eliminations |   |   |   |   |   | AMERCOConsolidated |   |   | SAC                Holding II |   |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                         |    |
|                                                                                                                                   |   | (In                thousands)       |    |
| Revenues:                                                                                                                              |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -       |   |   | $      | 852,954   |                       |                              | $      | -            |   |   | $      | -                                               |   |   |   | $ | 852,954 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   |   |   |   | $ | 852,954 |   |   | $ | 5,310 |   |   | $ | (5,310 | ) | (b) |   | $ | 852,954 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   |   | 52,149    |                       |                              |   | 808          |   |   |   | -                                               |   |   |   |   | 52,957 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 52,957 |   |   |   | 9,890 |   |   |   | - |   |   |   |   | 62,847 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   |   | 120,230   |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 120,230 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 120,230 |   |   |   | 9,137 |   |   |   | - |   |   |   |   | 129,367 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   |   | 9,334     |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 9,334 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 9,334 |   |   |   | - |   |   |   | (1,501 | ) | (g) |   |   | 7,833 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | - |   |   |   | 62,836 |   |   |   | (797 | ) |   | (c) |   |   |   | 62,039 |   |   |   | - |   |   |   | - |   |   |   |   | 62,039 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 11,852 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 11,852 |   |   |   | - |   |   |   | - |   |   |   |   | 11,852 |   |
| Net                investment and interest income                                                                                      |   |                                | 2,462   |   |   |   | 14,386    |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 16,848 |   |   |   | 5,476 |   |   |   | 11,277 |   |   |   | (935 | ) |   |   | (b,d | ) |   |   | 32,666 |   |   |   | - |   |   |   | (3,565 | ) | (d) |   |   | 29,101 |   |
| Other                revenue                                                                                                           |   |                                | 204     |   |   |   | 16,752    |                       |                              |   | 33,763       |   |   |   | (36,583                                         | )      | (b) |   |   | 14,136 |   |   |   | - |   |   |   | 2,755 |   |   |   | (281 | ) |   | (b) |   |   |   | 16,610 |   |   |   | 677 |   |   |   | (355 | ) | (b) |   |   | 16,932 |   |
| Total                revenues                                                                                                          |   |                                | 2,666   |   |   |   | 1,065,805 |                       |                              |   | 34,571       |   |   |   | (36,583                                         | )      |   |   |   | 1,066,459 |   |   |   | 17,328 |   |   |   | 76,868 |   |   |   | (2,013 | ) |   |   |   |   |   |   | 1,158,642 |   |   |   | 25,014 |   |   |   | (10,731 | ) |   |   |   | 1,172,925 |   |
|                                                                                                                                   |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 7,333   |   |   |   | 545,586   |                       |                              |   | 4,718        |   |   |   | (36,583                                         | )      | (b) |   |   | 521,054 |   |   |   | 3,567 |   |   |   | 13,970 |   |   |   | (6,341 | ) |   |   | (b,c,d | ) |   |   | 532,250 |   |   |   | 11,438 |   |   |   | (1,501 | ) | (g) |   |   | 542,187 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   |   | 108,451   |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 108,451 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 108,451 |   |   |   | - |   |   |   | (5,310 | ) | (b) |   |   | 103,141 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   |   | 59,788    |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 59,788 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 59,788 |   |   |   | 3,976 |   |   |   | - |   |   |   |   | 63,764 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 9,131 |   |   |   | 46,358 |   |   |   | 3,959 |   |   | (c) |   |   |   | 59,448 |   |   |   | - |   |   |   | - |   |   |   |   | 59,448 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | - |   |   |   | 1,265 |   |   |   | 9,186 |   |   |   | - |   |   |   |   |   |   |   | 10,451 |   |   |   | - |   |   |   | - |   |   |   |   | 10,451 |   |
| Lease                expense                                                                                                           |   |                                | 41      |   |   |   | 75,726    |                       |                              |   | 818          |   |   |   | -                                               |   |   |   |   | 76,585 |   |   |   | - |   |   |   | - |   |   |   | (1,473 | ) |   | (b) |   |   |   | 75,112 |   |   |   | - |   |   |   | (355 | ) | (b) |   |   | 74,757 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 122     |   |   |   | 80,639    |                       |                              |   | 939          |   |   |   | -                                               |   |   |   |   | 81,700 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 81,700 |   |   |   | 1,338 |   |   |   | (280 | ) | (e) |   |   | 82,758 |   |
| Total                costs and expenses                                                                                                |   |                                | 7,496   |   |   |   | 870,190   |                       |                              |   | 6,475        |   |   |   | (36,583                                         | )      |   |   |   | 847,578 |   |   |   | 13,963 |   |   |   | 69,514 |   |   |   | (3,855 | ) |   |   |   |   |   |   | 927,200 |   |   |   | 16,752 |   |   |   | (7,446 | ) |   |   |   | 936,506 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 89,889  |   |   |   | -         |                       |                              |   | -            |   |   |   | (81,056                                         | )      | (f) |   |   | 8,833 |   |   |   | - |   |   |   | - |   |   |   | (8,833 | ) |   | (f) |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 997     |   |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | 997 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 997 |   |   |   | - |   |   |   | (997 | ) | (f) |   |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 90,886  |   |   |   | -         |                       |                              |   | -            |   |   |   | (81,056                                         | )      |   |   |   | 9,830 |   |   |   | - |   |   |   | - |   |   |   | (8,833 | ) |   |   |   |   |   |   | 997 |   |   |   | - |   |   |   | (997 | ) |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 86,056  |   |   |   | 195,615   |                       |                              |   | 28,096       |   |   |   | (81,056                                         | )      |   |   |   | 228,711 |   |   |   | 3,365 |   |   |   | 7,354 |   |   |   | (6,991 | ) |   |   |   |   |   |   | 232,439 |   |   |   | 8,262 |   |   |   | (4,282 | ) |   |   |   | 236,419 |   |
| Interest                income (expense)                                                                                               |   |                                | 44,102  |   |   |   | (54,526   | )                          |                              |   | (26,066      | )      |   |   | -                                               |   |   |   |   | (36,490 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (36,490 | ) |   |   | (6,600 | ) |   |   | 3,565 |   | (d) |   |   | (39,525 | ) |
| Amortization                of fees on early extinguishment of debt                                                                    |   |                                | -       |   |   |   | (302      | )                          |                              |   | (6,667       | )      |   |   | -                                               |   |   |   |   | (6,969 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (6,969 | ) |   |   | - |   |   |   | - |   |   |   |   | (6,969 | ) |
| Pretax                earnings (loss)                                                                                                  |   |                                | 130,158 |   |   |   | 140,787   |                       |                              |   | (4,637       | )      |   |   | (81,056                                         | )      |   |   |   | 185,252 |   |   |   | 3,365 |   |   |   | 7,354 |   |   |   | (6,991 | ) |   |   |   |   |   |   | 188,980 |   |   |   | 1,662 |   |   |   | (717 | ) |   |   |   | 189,925 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | (14,420 | )      |   |   | (56,425   | )                          |                              |   | 1,331        |   |   |   | -                                               |   |   |   |   | (69,514 | ) |   |   | (1,178 | ) |   |   | (2,550 | ) |   |   | - |   |   |   |   |   |   |   | (73,242 | ) |   |   | (665 | ) |   |   | (106 | ) | (e) |   |   | (74,013 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 115,738 |   |   |   | 84,362    |                       |                              |   | (3,306       | )      |   |   | (81,056                                         | )      |   |   |   | 115,738 |   |   |   | 2,187 |   |   |   | 4,804 |   |   |   | (6,991 | ) |   |   |   |   |   |   | 115,738 |   |   |   | 997 |   |   |   | (823 | ) |   |   |   | 115,912 |   |
| Less:  Preferred                stock dividends                                                                              |   |                                | (6,482  | )      |   |   | -         |                       |                              |   | -            |   |   |   | -                                               |   |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   |   | (6,482 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 109,256 |   |   | $      | 84,362    |                       |                              | $      | (3,306       | )      |   | $      | (81,056                                         | )      |   |   | $ | 109,256 |   |   | $ | 2,187 |   |   | $ | 4,804 |   |   | $ | (6,991 | ) |   |   |   |   |   | $ | 109,256 |   |   | $ | 997 |   |   | $ | (823 | ) |   |   | $ | 109,430 |   |
| (a) Balances                for the six months ended June 30, 2006                                                                |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                   |   |                                |    |   |   |   |      |                       |                              |   |         |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                          |   | Moving                & Storage |    |   |   |   |     | AMERCO                Legal Group |   |   |        |   |   |                                            |    |   | AMERCO                as Consolidated                             |   |     |                             |   |
|---------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|--------|----------|-----------------------------------|--------|--------|-------------|--------|--------|-------------------------------------------------|---------|--------|-------------------------------------------------------------------|--------|----------|----------------------------------|--------|
|                                                                                                          |   | AMERCO                              |    |   | U-Haul |   |     | RealEstate                        |   |   | Elimination |   |   | Moving                & StorageConsolidated |    |   | Property                &CasualtyInsurance                (a) |   |     | LifeInsurance                (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |   | SAC                Holding II |   |   | Elimination |   |   | TotalConsolidated |   |
|                                                                                                          |   | (Unaudited)                         |    |
| Cash                flows from operating activities:                                                          |   | (In                thousands)       |    |
| Net                earnings                                                                                   |   | $                                   | 92,052  |   |   | $      | 55,119   |                              |   | $      | 4,298       |   |   | $                                               | (59,417 | )      |                                                              | $      | 92,052   |                             |   | $ | 3,924 |   |   | $ | 3,816 |   |   | $ | (7,740 | ) |   | $ | 92,052 |   |   | $ | 355 |   |   | $ | (181 | ) |   | $ | 92,226 |   |
| Earnings                from consolidated entities                                                            |   |                                | (67,512 | )      |   |   | -        |                              |   |   | -           |   |   |                                            | 59,417  |   |                                                              |   | (8,095   | )                                |   |   | - |   |   |   | - |   |   |   | 7,740 |   |   |   | (355 | ) |   |   | - |   |   |   | 355 |   |   |   | - |   |
| Adjustments                to reconcile net earnings to cash provided by operations:                          |   |                                |    |   |   |   |     |                              |   |   |        |   |   |                                            |    |   |                                                              |   |     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                                                                  |   |                                | 322     |   |   |   | 106,115  |                              |   |   | 5,634       |   |   |                                            | -       |   |                                                              |   | 112,071  |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 112,071 |   |   |   | 1,403 |   |   |   | (280 | ) |   |   | 113,194 |   |
| Amortization                of deferred policy acquisition costs                                              |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | 179 |   |   |   | 7,004 |   |   |   | - |   |   |   | 7,183 |   |   |   | - |   |   |   | - |   |   |   | 7,183 |   |
| Change                in provision for loss on trade receivables                                              |   |                                | -       |   |   |   | 31       |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | 31       |                             |   |   | - |   |   |   | 56 |   |   |   | - |   |   |   | 87 |   |   |   | - |   |   |   | - |   |   |   | 87 |   |
| Change                in provision for gain on mortgage notes                                                 |   |                                | -       |   |   |   | (19      | )                                 |   |   | -           |   |   |                                            | -       |   |                                                              |   | (19      | )                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (19 | ) |   |   | - |   |   |   | - |   |   |   | (19 | ) |
| Change                in provision for inventory reserve                                                      |   |                                | -       |   |   |   | 1,281    |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | 1,281    |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,281 |   |   |   | - |   |   |   | - |   |   |   | 1,281 |   |
| Net                gain on sale of real and personal property                                                 |   |                                | -       |   |   |   | (3,011   | )                                 |   |   | (10,012     | )      |   |                                            | -       |   |                                                              |   | (13,023  | )                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (13,023 | ) |   |   | (160 | ) |   |   | - |   |   |   | (13,183 | ) |
| Net                (gain) loss on sale of investments                                                         |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | 167 |   |   |   | (18 | ) |   |   | - |   |   |   | 149 |   |   |   | - |   |   |   | - |   |   |   | 149 |   |
| Deferred                income taxes                                                                          |   |                                | 31,666  |   |   |   | 121      |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | 31,787   |                             |   |   | 2,411 |   |   |   | (572 | ) |   |   | - |   |   |   | 33,626 |   |   |   | 234 |   |   |   | 106 |   |   |   | 33,966 |   |
| Net                change in other operating assets and liabilities:                                          |   |                                |    |   |   |   |     |                              |   |   |        |   |   |                                            |    |   |                                                              |   |     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                     Reinsurance recoverables and trade receivables                        |   |                                | -       |   |   |   | (6,754   | )                                 |   |   | (2          | )      |   |                                            | -       |   |                                                              |   | (6,756   | )                                |   |   | 1,168 |   |   |   | 434 |   |   |   | - |   |   |   | (5,154 | ) |   |   | - |   |   |   | - |   |   |   | (5,154 | ) |
|                     Inventories                                                           |   |                                | -       |   |   |   | 3,143    |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | 3,143    |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,143 |   |   |   | 38 |   |   |   | - |   |   |   | 3,181 |   |
|                     Prepaid expenses                                                      |   |                                | 11,173  |   |   |   | (7,056   | )                                 |   |   | (14         | )      |   |                                            | -       |   |                                                              |   | 4,103    |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,103 |   |   |   | 17 |   |   |   | - |   |   |   | 4,120 |   |
|                     Capitalization of deferred policy acquisition costs                   |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | (59 | ) |   |   | (2,480 | ) |   |   | - |   |   |   | (2,539 | ) |   |   | - |   |   |   | - |   |   |   | (2,539 | ) |
|                     Other assets                                                          |   |                                | 6       |   |   |   | 797      |                              |   |   | (9,774      | )      |   |                                            | -       |   |                                                              |   | (8,971   | )                                |   |   | (447 | ) |   |   | (79 | ) |   |   | - |   |   |   | (9,497 | ) |   |   | (876 | ) |   |   | - |   |   |   | (10,373 | ) |
|                     Related party assets                                                  |   |                                | 5,812   |   |   |   | 17,204   |                              |   |   | 12,574      |   |   |                                            | -       |   |                                                              |   | 35,590   |                             |   |   | 1,246 |   |   |   | 5,040 |   |   |   | - |   |   |   | 41,876 |   |   |   | 5 |   |   |   | - |   |   |   | 41,881 |   |
|                    Accounts payable and accrued expenses                                       |   |                                | 415     |   |   |   | 18,485   |                              |   |   | (4,187      | )      |   |                                            | -       |   |                                                              |   | 14,713   |                             |   |   | - |   |   |   | (1,613 | ) |   |   | - |   |   |   | 13,100 |   |   |   | 397 |   |   |   | - |   |   |   | 13,497 |   |
|                    Policy benefits and losses, claims and loss expenses                payable |   |                                | -       |   |   |   | 26,459   |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | 26,459   |                             |   |   | (15,548 | ) |   |   | (5,845 | ) |   |   | - |   |   |   | 5,066 |   |   |   | - |   |   |   | - |   |   |   | 5,066 |   |
|                    Other policyholders' funds and liabilities                                  |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | 280 |   |   |   | (69 | ) |   |   | - |   |   |   | 211 |   |   |   | - |   |   |   | - |   |   |   | 211 |   |
|                    Deferred income                                                             |   |                                | -       |   |   |   | (1,655   | )                                 |   |   | -           |   |   |                                            | -       |   |                                                              |   | (1,655   | )                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,655 | ) |   |   | (18 | ) |   |   | - |   |   |   | (1,673 | ) |
|                    Related party liabilities                                                   |   |                                | -       |   |   |   | (3,715   | )                                 |   |   | -           |   |   |                                            | -       |   |                                                              |   | (3,715   | )                                |   |   | (167 | ) |   |   | 235 |   |   |   | - |   |   |   | (3,647 | ) |   |   | 236 |   |   |   | - |   |   |   | (3,411 | ) |
| Net                cash provided (used) by operating activities                                               |   |                                | 73,934  |   |   |   | 206,545  |                              |   |   | (1,483      | )      |   |                                            | -       |   |                                                              |   | 278,996  |                             |   |   | (6,846 | ) |   |   | 5,909 |   |   |   | - |   |   |   | 278,059 |   |   |   | 1,631 |   |   |   | - |   |   |   | 279,690 |   |
| Cash                flows from investing activities:                                                          |   |                                |    |   |   |   |     |                              |   |   |        |   |   |                                            |    |   |                                                              |   |     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                                                  |   |                                |    |   |   |   |     |                              |   |   |        |   |   |                                            |    |   |                                                              |   |     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                                                  |   |                                | (58     | )      |   |   | (338,531 | )                                 |   |   | (20,590     | )      |   |                                            | -       |   |                                                              |   | (359,179 | )                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (359,179 | ) |   |   | (1,332 | ) |   |   | - |   |   |   | (360,511 | ) |
| Short                term investments                                                                         |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | (34,607 | ) |   |   | (94,020 | ) |   |   | - |   |   |   | (128,627 | ) |   |   | - |   |   |   | - |   |   |   | (128,627 | ) |
| Fixed                maturities investments                                                                   |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | (12,885 | ) |   |   | (32,737 | ) |   |   | - |   |   |   | (45,622 | ) |   |   | - |   |   |   | - |   |   |   | (45,622 | ) |
| Real                estate                                                                                    |   |                                | -       |   |   |   | -        |                              |   |   | (3,203      | )      |   |                                            | -       |   |                                                              |   | (3,203   | )                                |   |   | (238 | ) |   |   | - |   |   |   | - |   |   |   | (3,441 | ) |   |   | - |   |   |   | - |   |   |   | (3,441 | ) |
| Mortgage                loans                                                                                 |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | - |   |   |   | (4,895 | ) |   |   | - |   |   |   | (4,895 | ) |   |   | - |   |   |   | - |   |   |   | (4,895 | ) |
| Proceeds                from sales of:                                                                        |   |                                |    |   |   |   |     |                              |   |   |        |   |   |                                            |    |   |                                                              |   |     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                                                  |   |                                | -       |   |   |   | 88,385   |                              |   |   | 11,884      |   |   |                                            | -       |   |                                                              |   | 100,269  |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 100,269 |   |   |   | 391 |   |   |   | - |   |   |   | 100,660 |   |
| Short                term investments                                                                         |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | 37,778 |   |   |   | 107,036 |   |   |   | - |   |   |   | 144,814 |   |   |   | - |   |   |   | - |   |   |   | 144,814 |   |
| Fixed                maturities investments                                                                   |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | 15,029 |   |   |   | 46,177 |   |   |   | - |   |   |   | 61,206 |   |   |   | - |   |   |   | - |   |   |   | 61,206 |   |
| Equity                securities                                                                              |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | - |   |   |   | 46 |   |   |   | - |   |   |   | 46 |   |   |   | - |   |   |   | - |   |   |   | 46 |   |
| Preferred                stock                                                                                |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | 2,000 |   |   |   | 625 |   |   |   | - |   |   |   | 2,625 |   |   |   | - |   |   |   | - |   |   |   | 2,625 |   |
| Real                estate                                                                                    |   |                                | -       |   |   |   | 153      |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | 153      |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 153 |   |   |   | - |   |   |   | - |   |   |   | 153 |   |
| Mortgage                loans                                                                                 |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -       |   |                                                              |   | -        |                             |   |   | - |   |   |   | 4,043 |   |   |   | - |   |   |   | 4,043 |   |   |   | - |   |   |   | - |   |   |   | 4,043 |   |
| Payments                from notes and mortgage receivables                                                   |   |                                | -       |   |   |   | 56       |                              |   |   | 311         |   |   |                                            | -       |   |                                                              |   | 367      |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 367 |   |   |   | - |   |   |   | - |   |   |   | 367 |   |
| Net                cash provided (used) by investing activities                                               |   |                                | (58     | )      |   |   | (249,937 | )                                 |   |   | (11,598     | )      |   |                                            | -       |   |                                                              |   | (261,593 | )                                |   |   | 7,077 |   |   |   | 26,275 |   |   |   | - |   |   |   | (228,241 | ) |   |   | (941 | ) |   |   | - |   |   |   | (229,182 | ) |
|                                                                                                          |   | (page                1 of 2)        |    |
| (a)                Balance for the period ended June 30, 2007                                                 |   |                                |    |   |   |   |     |                              |   |   |        |   |   |                                            |    |   |                                                              |   |     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | Moving                & Storage |    |   |   |   |     | AMERCO                Legal Group |   |   |        |   |   |                                            |   |   | AMERCO                as Consolidated                             |   |     |                             |   |
|-------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|--------|----------|-----------------------------------|--------|--------|-------------|--------|--------|-------------------------------------------------|--------|--------|-------------------------------------------------------------------|--------|----------|----------------------------------|--------|
|                                                                          |   | AMERCO                              |    |   | U-Haul |   |     | RealEstate                        |   |   | Elimination |   |   | Moving                & StorageConsolidated |   |   | Property                &CasualtyInsurance                (a) |   |     | LifeInsurance                (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |   | SAC                Holding II |   |   | Elimination |   |   | TotalConsolidated |   |
|                                                                          |   | (Unaudited)                         |    |
| Cash                flows from financing activities:                          |   | (In                thousands)       |    |
| Borrowings                from credit facilities                              |   |                                | -       |   |   |   | 409,794  |                              |   |   | 37,826      |   |   |                                            | -      |   |                                                              |   | 447,620  |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 447,620 |   |   |   | - |   |   |   | - |   |   |   | 447,620 |   |
| Principal                repayments on credit facilities                      |   |                                | -       |   |   |   | (148,696 | )                                 |   |   | (29,657     | )      |   |                                            | -      |   |                                                              |   | (178,353 | )                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (178,353 | ) |   |   | (690 | ) |   |   | - |   |   |   | (179,043 | ) |
| Debt                issuance costs                                            |   |                                | -       |   |   |   | (9,680   | )                                 |   |   | (170        | )      |   |                                            | -      |   |                                                              |   | (9,850   | )                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (9,850 | ) |   |   | - |   |   |   | - |   |   |   | (9,850 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | -       |   |   |   | 608      |                              |   |   | -           |   |   |                                            | -      |   |                                                              |   | 608      |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 608 |   |   |   | - |   |   |   | - |   |   |   | 608 |   |
| Treasury                stock repurchases                                     |   |                                | (33,966 | )      |   |   | -        |                              |   |   | -           |   |   |                                            | -      |   |                                                              |   | (33,966  | )                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (33,966 | ) |   |   | - |   |   |   | - |   |   |   | (33,966 | ) |
| Securitization                deposits                                        |   |                                | -       |   |   |   | (116,176 | )                                 |   |   | -           |   |   |                                            | -      |   |                                                              |   | (116,176 | )                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (116,176 | ) |   |   | - |   |   |   | - |   |   |   | (116,176 | ) |
| Proceeds                from (repayment of) intercompany loans                |   |                                | (33,406 | )      |   |   | 26,136   |                              |   |   | 7,270       |   |   |                                            | -      |   |                                                              |   | -        |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (6,482  | )      |   |   | -        |                              |   |   | -           |   |   |                                            | -      |   |                                                              |   | (6,482   | )                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,482 | ) |   |   | - |   |   |   | - |   |   |   | (6,482 | ) |
| Investment                contract deposits                                   |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -      |   |                                                              |   | -        |                             |   |   | - |   |   |   | 8,772 |   |   |   | - |   |   |   | 8,772 |   |   |   | - |   |   |   | - |   |   |   | 8,772 |   |
| Investment                contract withdrawals                                |   |                                | -       |   |   |   | -        |                              |   |   | -           |   |   |                                            | -      |   |                                                              |   | -        |                             |   |   | - |   |   |   | (34,032 | ) |   |   | - |   |   |   | (34,032 | ) |   |   | - |   |   |   | - |   |   |   | (34,032 | ) |
| Net                cash provided (used) by financing activities               |   |                                | (73,854 | )      |   |   | 161,986  |                              |   |   | 15,269      |   |   |                                            | -      |   |                                                              |   | 103,401  |                             |   |   | - |   |   |   | (25,260 | ) |   |   | - |   |   |   | 78,141 |   |   |   | (690 | ) |   |   | - |   |   |   | 77,451 |   |
|                                                                          |   |                                |    |   |   |   |     |                              |   |   |        |   |   |                                            |   |   |                                                              |   |     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                | -       |   |   |   | 113      |                              |   |   | -           |   |   |                                            | -      |   |                                                              |   | 113      |                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 113 |   |   |   | - |   |   |   | - |   |   |   | 113 |   |
|                                                                          |   |                                |    |   |   |   |     |                              |   |   |        |   |   |                                            |   |   |                                                              |   |     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | 22      |   |   |   | 118,707  |                              |   |   | 2,188       |   |   |                                            | -      |   |                                                              |   | 120,917  |                             |   |   | 231 |   |   |   | 6,924 |   |   |   | - |   |   |   | 128,072 |   |   |   | - |   |   |   | - |   |   |   | 128,072 |   |
| 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      |   |   | $      | 182,197  |                              |   | $      | 2,995       |   |   | $                                               | -      |   |                                                              | $      | 185,223  |                             |   | $ | 4,459 |   |   | $ | 13,662 |   |   | $ | - |   |   | $ | 203,344 |   |   | $ | - |   |   | $ | - |   |   | $ | 203,344 |   |
|                                                                          |   | (page                2 of 2)        |    |
| (a)                Balance for the period ended June 30, 2007                 |   |                                |    |   |   |   |     |                              |   |   |        |   |   |                                            |   |   |                                                              |   |     |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

|                                                                             |   | **United                States**                          |      |   | **Canada** |   |    | **Consolidated** |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-----------|--------|------------|--------|---------|------------------|--------|
|                                                                             |   | (Unaudited)                                               |      |
|                                                                             |   | (All                amounts are in thousands of U.S. $'s) |      |
| **Quarter                ended September 30, 2007**                              |   |                                                      |      |   |       |   |    |             |   |
| Total                revenues                                                    |   | $                                                         | 565,860   |   |       | $      | 34,697  |             |   | $ | 600,557 |   |
| Depreciation                and amortization, net of (gains) losses on disposals |   |                                                      | 56,802    |   |       |   | 2,210   |             |   |   | 59,012 |   |
| Interest                expense                                                  |   |                                                      | 27,342    |   |       |   | 153     |             |   |   | 27,495 |   |
| Pretax                earnings                                                   |   |                                                      | 79,511    |   |       |   | 2,120   |             |   |   | 81,631 |   |
| Income                tax expense                                                |   |                                                      | 30,436    |   |       |   | 721     |             |   |   | 31,157 |   |
| Identifiable                assets                                               |   |                                                      | 3,758,139 |   |       |   | 120,708 |             |   |   | 3,878,847 |   |
|                                                                             |   |                                                      |      |   |       |   |    |             |   |   |   |   |
| **Quarter                ended September 30, 2006**                              |   |                                                      |      |   |       |   |    |             |   |   |   |   |
| Total                revenues                                                    |   | $                                                         | 575,446   |   |       | $      | 30,807  |             |   | $ | 606,253 |   |
| Depreciation                and amortization, net of (gains) losses on disposals |   |                                                      | 46,060    |   |       |   | 1,852   |             |   |   | 47,912 |   |
| Interest                expense                                                  |   |                                                      | 20,959    |   |       |   | 104     |             |   |   | 21,063 |   |
| Pretax                earnings                                                   |   |                                                      | 94,987    |   |       |   | 3,234   |             |   |   | 98,221 |   |
| Income                tax expense                                                |   |                                                      | 36,630    |   |       |   | 1,100   |             |   |   | 37,730 |   |
| Identifiable                assets                                               |   |                                                      | 3,615,432 |   |       |   | 88,680  |             |   |   | 3,704,112 |   |
|                                                                             |   |                                                      |      |   |       |   |    |             |   |   |   |   |

|                                                                                                                                |   | **United                States**                          |      |   | **Canada** |   |    | **Consolidated** |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-----------|--------|------------|--------|---------|------------------|--------|
|                                                                                                                                |   | (Unaudited)                                               |      |
|                                                                                                                                |   | (All                amounts are in thousands of U.S. $'s) |      |
| **Six                months ended September 30, 2007**                                                                              |   |                                                      |      |   |       |   |    |             |   |
| Total                revenues                                                                                                       |   | $                                                         | 1,095,078 |   |       | $      | 63,637  |             |   | $ | 1,158,715 |   |
| Depreciation                and amortization, net of (gains) losses on disposals *                                                  |   |                                                      | 102,605   |   |       |   | 4,589   |             |   |   | 107,194 |   |
| Interest                expense                                                                                                     |   |                                                      | 50,912    |   |       |   | 354     |             |   |   | 51,266 |   |
| Pretax                earnings                                                                                                      |   |                                                      | 146,186   |   |       |   | 3,733   |             |   |   | 149,919 |   |
| Income                tax expense                                                                                                   |   |                                                      | 56,423    |   |       |   | 1,270   |             |   |   | 57,693 |   |
| Identifiable                assets                                                                                                  |   |                                                      | 3,758,139 |   |       |   | 120,708 |             |   |   | 3,878,847 |   |
|                                                                                                                                |   |                                                      |      |   |       |   |    |             |   |   |   |   |
| **Six                months ended September 30, 2006**                                                                              |   |                                                      |      |   |       |   |    |             |   |   |   |   |
| Total                revenues                                                                                                       |   | $                                                         | 1,117,005 |   |       | $      | 55,920  |             |   | $ | 1,172,925 |   |
| Depreciation                and amortization, net of (gains) losses on disposals                                                    |   |                                                      | 89,635    |   |       |   | 3,574   |             |   |   | 93,209 |   |
| Interest                expense                                                                                                     |   |                                                      | 39,260    |   |       |   | 265     |             |   |   | 39,525 |   |
| Pretax                earnings                                                                                                      |   |                                                      | 184,620   |   |       |   | 5,305   |             |   |   | 189,925 |   |
| Income                tax expense                                                                                                   |   |                                                      | 72,209    |   |       |   | 1,804   |             |   |   | 74,013 |   |
| Identifiable                assets                                                                                                  |   |                                                      | 3,615,432 |   |       |   | 88,680  |             |   |   | 3,704,112 |   |
|                                                                                                                                |   |                                                      |      |   |       |   |    |             |   |   |   |   |
| *                This includes a $10.0 million gain on disposal of real property in                the                United States |   |                                                      |      |   |       |   |    |             |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**11.      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 September 30, 2007 compared with the Quarter Ended September 30,      2006***

|                                                                         |   | **Quarter                Ended September 30,** |    |
|------------------------------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                                         |   | **2007**                                       |    |   | **2006** |   |
|                                                                         |   | (Unaudited)                                    |    |
|                                                                         |   | (In                thousands)                  |    |
|  Self-moving                equipment rentals                           |   | $                                              | 439,801 |   |   | $ | 445,720 |   |
|  Self-storage                revenues                                   |   |                                           | 33,088  |   |   |   | 32,416 |   |
|  Self-moving                and self-storage products and service sales |   |                                           | 62,495  |   |   |   | 61,916 |   |
|  Property                management fees                                |   |                                           | 3,993   |   |   |   | 3,986 |   |
|  Life                insurance premiums                                 |   |                                           | 27,937  |   |   |   | 31,120 |   |
|  Property                and casualty insurance premiums                |   |                                           | 7,332   |   |   |   | 6,470 |   |
|  Net                investment and interest income                      |   |                                           | 16,419  |   |   |   | 15,626 |   |
|  Other                revenue                                           |   |                                           | 9,492   |   |   |   | 8,999 |   |
|  Consolidated                revenue                                    |   | $                                              | 600,557 |   |   | $ | 606,253 |   |
|                                                                         |   |                                           |    |   |   |   |   |   |

----

|                                                 |   | **Quarter                Ended September 30,** |    |
|------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                 |   | **2007**                                       |    |   | **2006** |   |
|                                                 |   | (Unaudited)                                    |    |
|                                                 |   | (In                thousands)                  |    |
|  Moving                and storage              |   |                                           |    |   |   |   |
|  Revenues                                       |   | $                                              | 549,524 |   |   | $ | 551,821 |   |
|  Earnings                from operations        |   |                                           | 104,979 |   |   |   | 121,790 |   |
|  Property                and casualty insurance |   |                                           |    |   |   |   |   |   |
|  Revenues                                       |   |                                           | 10,393  |   |   |   | 9,260 |   |
|  Earnings                from operations        |   |                                           | 3,722   |   |   |   | 1,664 |   |
|  Life                insurance                  |   |                                           |    |   |   |   |   |   |
|  Revenues                                       |   |                                           | 34,460  |   |   |   | 38,731 |   |
|  Earnings                from operations        |   |                                           | 3,565   |   |   |   | 5,403 |   |
|  SAC                Holding II                  |   |                                           |    |   |   |   |   |   |
|  Revenues                                       |   |                                           | 12,162  |   |   |   | 12,535 |   |
|  Earnings                from operations        |   |                                           | 3,320   |   |   |   | 4,139 |   |
|  Eliminations                                   |   |                                           |    |   |   |   |   |   |
|  Revenues                                       |   |                                           | (5,982  | ) |   |   | (6,094 | ) |
|  Earnings                from operations        |   |                                           | (6,460  | ) |   |   | (6,743 | ) |
|  Consolidated                results            |   |                                           |    |   |   |   |   |   |
|  Revenues                                       |   |                                           | 600,557 |   |   |   | 606,253 |   |
|  Earnings                from operations        |   |                                           | 109,126 |   |   |   | 126,253 |   |
|                                                 |   |                                           |    |   |   |   |   |   |

----

**Moving      and Storage**

***Quarter      Ended September 30, 2007 compared with the Quarter Ended September 30,      2006***

|                                                                         |   | **Quarter                Ended September 30,** |    |
|------------------------------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                                         |   | **2007**                                       |    |   | **2006** |   |
|                                                                         |   | (Unaudited)                                    |    |
|                                                                         |   | (In                thousands)                  |    |
|  Self-moving                equipment rentals                           |   | $                                              | 439,801 |   |   | $ | 445,720 |   |
|  Self-storage                revenues                                   |   |                                           | 28,283  |   |   |   | 27,368 |   |
|  Self-moving                and self-storage products and service sales |   |                                           | 58,185  |   |   |   | 57,531 |   |
|  Property                management fees                                |   |                                           | 4,742   |   |   |   | 4,738 |   |
|  Net                investment and interest income                      |   |                                           | 10,254  |   |   |   | 9,060 |   |
|  Other                revenue                                           |   |                                           | 8,259   |   |   |   | 7,404 |   |
|  Moving                and Storage revenue                              |   | $                                              | 549,524 |   |   | $ | 551,821 |   |
|                                                                         |   |                                           |    |   |   |   |   |   |

|                                                      |   | **Quarter                Ended September 30,**             |   |
|-----------------------------------------------------------|--------|------------------------------------------------------------|--------|
|                                                      |   | **2007**                                                   |   |   | **2006** |   |
|                                                      |   | (Unaudited)                                                |   |
|                                                      |   |  (In                thousands, except occupancy rate) |   |
| Room                count as of September 30              |   |                                                       | 130    |   |   |   | 125 |   |
| Square                footage as of September 30          |   |                                                       | 10,379 |   |   |   | 9,853 |   |
| Average                number of rooms occupied           |   |                                                       | 112    |   |   |   | 111 |   |
| Average                occupancy rate based on room count |   |                                                       | 86.5   | % |   |   | 89.2 | % |
| Average                square footage occupied            |   |                                                       | 8,995  |   |   |   | 8,877 |   |

----

**Republic      Western Insurance Company**

***Quarter      Ended June 30, 2007 compared with the Quarter**Ended June 30,      2006***

**Oxford      Life Insurance Company**

***Quarter      Ended June 30, 2007 compared with the Quarter Ended June 30,      2006***

----

**SAC      Holding II**

***Quarter      Ended September 30, 2007 compared with the Quarter Ended September 30,      2006***

|                                                                         |   | **Quarter                Ended September 30,** |   |
|------------------------------------------------------------------------------|--------|------------------------------------------------|--------|
|                                                                         |   | **2007**                                       |   |   | **2006** |   |
|                                                                         |   | (Unaudited)                                    |   |
|                                                                         |   | (In                thousands)                  |   |
|  Self-moving                equipment rentals                           |   | $                                              | 2,734  |   |   | $ | 2,754 |   |
|  Self-storage                revenues                                   |   |                                           | 4,805  |   |   |   | 5,048 |   |
|  Self-moving                and self-storage products and service sales |   |                                           | 4,310  |   |   |   | 4,385 |   |
|  Other                revenue                                           |   |                                           | 313    |   |   |   | 348 |   |
|  Segment                revenue                                         |   | $                                              | 12,162 |   |   | $ | 12,535 |   |
|                                                                         |   |                                           |   |   |   |   |   |   |

**AMERCO      and Consolidated Entities**

***Six      Months Ended September 30, 2007 compared with the Six Months Ended September      30,      2006***

|                                                                         |   | **Six                Months Ended September 30,** |      |
|------------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                         |   | **2007**                                          |      |   | **2006** |   |
|                                                                         |   | (Unaudited)                                       |      |
|                                                                         |   | (In                thousands)                     |      |
|  Self-moving                equipment rentals                           |   | $                                                 | 835,878   |   |   | $ | 852,954 |   |
|  Self-storage                revenues                                   |   |                                              | 65,124    |   |   |   | 62,847 |   |
|  Self-moving                and self-storage products and service sales |   |                                              | 131,209   |   |   |   | 129,367 |   |
|  Property                management fees                                |   |                                              | 7,940     |   |   |   | 7,833 |   |
|  Life                insurance premiums                                 |   |                                              | 57,124    |   |   |   | 62,039 |   |
|  Property                and casualty insurance premiums                |   |                                              | 13,248    |   |   |   | 11,852 |   |
|  Net                investment and interest income                      |   |                                              | 30,788    |   |   |   | 29,101 |   |
|  Other                revenue                                           |   |                                              | 17,404    |   |   |   | 16,932 |   |
|  Consolidated                revenue                                    |   | $                                                 | 1,158,715 |   |   | $ | 1,172,925 |   |
|                                                                         |   |                                              |      |   |   |   |   |   |

----

|                                                 |   | **Six                Months Ended September 30,** |      |
|------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                 |   | **2007**                                          |      |   | **2006** |   |
|                                                 |   | (Unaudited)                                       |      |
|                                                 |   | (In                thousands)                     |      |
|  Moving                and storage              |   |                                              |      |   |   |   |
|  Revenues                                       |   | $                                                 | 1,055,740 |   |   | $ | 1,066,459 |   |
|  Earnings                from operations        |   |                                              | 193,471   |   |   |   | 228,711 |   |
|  Property                and casualty insurance |   |                                              |      |   |   |   |   |   |
|  Revenues                                       |   |                                              | 19,409    |   |   |   | 17,328 |   |
|  Earnings                from operations        |   |                                              | 6,038     |   |   |   | 3,365 |   |
|  Life                insurance                  |   |                                              |      |   |   |   |   |   |
|  Revenues                                       |   |                                              | 70,643    |   |   |   | 76,868 |   |
|  Earnings                from operations        |   |                                              | 5,882     |   |   |   | 7,354 |   |
|  SAC                Holding II                  |   |                                              |      |   |   |   |   |   |
|  Revenues                                       |   |                                              | 24,551    |   |   |   | 25,014 |   |
|  Earnings                from operations        |   |                                              | 7,075     |   |   |   | 8,262 |   |
|  Eliminations                                   |   |                                              |      |   |   |   |   |   |
|  Revenues                                       |   |                                              | (11,628   | ) |   |   | (12,744 | ) |
|  Earnings                from operations        |   |                                              | (11,281   | ) |   |   | (11,273 | ) |
|  Consolidated                results            |   |                                              |      |   |   |   |   |   |
|  Revenues                                       |   |                                              | 1,158,715 |   |   |   | 1,172,925 |   |
|  Earnings                from operations        |   |                                              | 201,185   |   |   |   | 236,419 |   |

----

**Moving      and Storage**

***Six      Months Ended September 30, 2007 compared with the Six Months Ended September      30,      2006***

|                                                                         |   | **Six                Months Ended September 30,** |      |
|------------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                         |   | **2007**                                          |      |   | **2006** |   |
|                                                                         |   | (Unaudited)                                       |      |
|                                                                         |   | (In                thousands)                     |      |
|  Self-moving                equipment rentals                           |   | $                                                 | 835,878   |   |   | $ | 852,954 |   |
|  Self-storage                revenues                                   |   |                                              | 55,327    |   |   |   | 52,957 |   |
|  Self-moving                and self-storage products and service sales |   |                                              | 122,247   |   |   |   | 120,230 |   |
|  Property                management fees                                |   |                                              | 9,428     |   |   |   | 9,334 |   |
|  Net                investment and interest income                      |   |                                              | 17,848    |   |   |   | 16,848 |   |
|  Other                revenue                                           |   |                                              | 15,012    |   |   |   | 14,136 |   |
|  Moving                and Storage revenue                              |   | $                                                 | 1,055,740 |   |   | $ | 1,066,459 |   |
|                                                                         |   |                                              |      |   |   |   |   |   |

----

|                                                      |   | **Six                Months Ended September 30,**    |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2007**                                             |   |   | **2006** |   |
|                                                      |   | (Unaudited)                                          |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of September 30              |   |                                                 | 130    |   |   |   | 125 |   |
| Square                footage as of September 30          |   |                                                 | 10,379 |   |   |   | 9,853 |   |
| Average                number of rooms occupied           |   |                                                 | 111    |   |   |   | 110 |   |
| Average                occupancy rate based on room count |   |                                                 | 86.0   | % |   |   | 88.7 | % |
| Average                square footage occupied            |   |                                                 | 8,883  |   |   |   | 8,760 |   |

**Republic      Western Insurance Company**

***Six      Months Ended June 30, 2007 compared with the Six Months Ended June 30,      2006***

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**Oxford      Life Insurance Company**

***Six      Months Ended June 30, 2007 compared with the Six Months Ended June 30,      2006***

**SAC      Holding II**

***Six      Months Ended September 30, 2007 compared with the Six Months Ended September      30,      2006***

|                                                                         |   | **Six                Months Ended September 30,** |   |
|------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                         |   | **2007**                                          |   |   | **2006** |   |
|                                                                         |   | (Unaudited)                                       |   |
|                                                                         |   | (In                thousands)                     |   |
|  Self-moving                equipment rentals                           |   | $                                                 | 5,157  |   |   | $ | 5,310 |   |
|  Self-storage                revenues                                   |   |                                              | 9,797  |   |   |   | 9,890 |   |
|  Self-moving                and self-storage products and service sales |   |                                              | 8,962  |   |   |   | 9,137 |   |
|  Other                revenue                                           |   |                                              | 635    |   |   |   | 677 |   |
|  Segment                revenue                                         |   | $                                                 | 24,551 |   |   | $ | 25,014 |   |
|                                                                         |   |                                              |   |   |   |   |   |   |

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**Liquidity      and Capital Resources**

|                                        |   | Moving                & Storage |      |   | RepWest                (a) |   |    | Oxford                (a) |   |   | SAC                Holding II |   |
|---------------------------------------------|--------|------------------------------------------|-----------|--------|----------------------------|--------|---------|---------------------------|--------|--------|-------------------------------|--------|
|                                        |   | (Unaudited)                              |      |
|                                        |   | (In                thousands)            |      |
| Cash                and cash equivalents    |   | $                                        | 185,223   |   |                       | $      | 4,459   |                      |   | $      | 13,662                        |   |   | $ | - |   |
| Other                financial assets       |   |                                     | 337,936   |   |                       |   | 386,113 |                      |   |   | 595,818                       |   |   |   | - |   |
| Debt                obligations (b)         |   |                                     | 1,452,042 |   |                       |   | -       |                      |   |   | -                             |   |   |   | 74,197 |   |
|                                        |   |                                     |      |   |                       |   |    |                      |   |   |                          |   |   |   |   |   |
| (a)                As of June 30, 2007      |   |                                     |      |   |                       |   |    |                      |   |   |                          |   |   |   |   |   |
| (b)                Payable to third parties |   |                                     |      |   |                       |   |    |                      |   |   |                          |   |   |   |   |   |

|                                                   |   | **September                30, 2007** |   |
|--------------------------------------------------------|--------|---------------------------------------|--------|
|                                                   |   | (Unaudited)                           |   |
|                                                   |   | (In                millions)          |   |
|                                                   |   |                                  |   |
| Real                estate loan (revolving credit)     |   | $                                     | 200.0  |   |
| Construction                loan (revolving credit)    |   |                                  | 18.3   |   |
| Working                capital loan (revolving credit) |   |                                  | 35.0   |   |
| Fleet                loan (revolving credit)           |   |                                  | 100.0  |   |
|                                                   |   | $                                     | 353.3  |   |
|                                                   |   |                                  |   |   |

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

***Moving      and Storage***

***Property      and Casualty Insurance***

***Life      Insurance***

***SAC      Holding II***

----

**Cash      Provided (Used) 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 |   |                    |   | Fair                Value |       | Effective                Date |       | Expiration                Date |       | Fixed                Rate |   |   | Floating                Rate |
|---------------------------------------------------------------|--------|-------------------------|--------|---------------------------|------------|-------------------------------|------------|--------------------------------|------------|---------------------------|--------|--------|------------------------------|
|                                                          |   |                    |   |                      |       |                          |       |                           |       |                      |   |   |                         |
| $106,698,977                                                  |   | (a),                (b) |   |                      | (931,326   | )                             | 5/10/2006  |                           | 4/10/2012  |                      |   | 5.06   | %                            |   | 1                Month LIBOR |
| 117,289,327                                                   |   | (a),                (b) |   |                      | (2,573,061 | )                             | 10/10/2006 |                           | 10/10/2012 |                      |   | 5.57   | %                            |   | 1                Month LIBOR |
| 38,729,819                                                    |   | (a)                     |   |                      | (1,012,204 | )                             | 7/10/2006  |                           | 7/10/2013  |                      |   | 5.67   | %                            |   | 1                Month LIBOR |
| 289,166,667                                                   |   | (a)                     |   |                      | (7,873,389 | )                             | 8/18/2006  |                           | 8/10/2018  |                      |   | 5.43   | %                            |   | 1                Month LIBOR |
| 26,500,000                                                    |   | (a)                     |   |                      | (390,249   | )                             | 2/12/2007  |                           | 2/10/2014  |                      |   | 5.24   | %                            |   | 1                Month LIBOR |
| 19,000,000                                                    |   | (a)                     |   |                      | (113,106   | )                             | 3/12/2007  |                           | 3/10/2014  |                      |   | 4.99   | %                            |   | 1                Month LIBOR |
| 18,000,000                                                    |   | (a)                     |   |                      | (99,536    | )                             | 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**

Information      regarding our legal proceedings can be      found under Note 7 “Contingencies” to the “Notes to Condensed Consolidated      Financial Statements”.

**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). The Company repurchased stock from time to      time      on the open market pursuant to this program. These purchases were funded from      available working capital. During the course of the program the Company      repurchased 1,225,290 shares at a cost of $83.1 million. During the second      quarter of fiscal 2008, we purchased no additional shares. As of November 1,      2007 the Board has not renewed the repurchase program or established a new      program.

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**Item      3. Defaults upon Senior Securities**

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

The      2007 Annual Meeting of Stockholders of AMERCO was held      on August 20, 2007. At such meeting, John P. Brogan and Daniel R. Mullen were      elected as Class I Directors to serve until the 2011 Annual Meeting of      Stockholders of AMERCO and Michael L. Gallagher was elected as a Class IV      Director to serve until the 2010 Annual Meeting of Stockholders of AMERCO.      Edward J. Shoen and M. Frank Lyons continue as directors with terms that expire      at the 2008 Annual Meeting of Stockholders; John M. Dodds and James P. Shoen      continue as directors with terms that expire at the 2009 Annual Meeting of      Stockholders; and Charles J. Bayer will continue as a director with a term      that      expires at the 2010 Annual Meeting of Stockholders.

|                                                                            |   | **Votes                Cast For** |       |   | **Votes                Cast Against** |   |      | **Withheld** |   |   | **Abstentions** |   |   | **Non-Votes** |      |
|---------------------------------------------------------------------------------|--------|-----------------------------------|------------|--------|---------------------------------------|--------|-----------|--------------|--------|--------|-----------------|--------|--------|---------------|-----------|
|                                                                            |   |                              |       |   |                                  |   |      |         |   |   |            |   |   |          |      |
| Election                of Directors:                                           |   |                              |       |   |                                  |   |      |         |   |   |            |   |   |          |      |
|                                                                            |   |                              |       |   |                                  |   |      |         |   |   |            |   |   |          |      |
| John                P. Brogan                                                   |   |                              | 18,282,729 |   |                                  |   | -         |         |   |   | 1,236,866       |   |   |          | -         |   |   |   | - |   |
|                                                                            |   |                              |       |   |                                  |   |      |         |   |   |            |   |   |          |      |   |   |   |   |   |
|                  Daniel R. Mullen                                          |   |                              | 18,280,718 |   |                                  |   | -         |         |   |   | 1,238,877       |   |   |          | -         |   |   |   | - |   |
|                                                                            |   |                              |       |   |                                  |   |      |         |   |   |            |   |   |          |      |   |   |   |   |   |
|                        Michael L.Gallagher        |   |                              | 18,282,267 |   |                                  |   | -         |         |   |   | 1,237,328       |   |   |          | -         |   |   |   | - |   |
|                                                                            |   |                              |       |   |                                  |   |      |         |   |   |            |   |   |          |      |   |   |   |   |   |
| Ratification                of Appointment of Auditors:                         |   |                              | 19,499,098 |   |                                  |   | 19,253    |         |   |   | -               |   |   |          | 1,244     |   |   |   | - |   |
|                                                                            |   |                              |       |   |                                  |   |      |         |   |   |            |   |   |          |      |   |   |   |   |   |
| Stockholder                Proposal Regarding Ratification of SAC Transactions: |   |                              | 14,404,454 |   |                                  |   | 2,944,200 |         |   |   | -               |   |   |          | 2,167,075 |   |   |   | 3,866 |   |
|                                                                            |   |                              |       |   |                                  |   |      |         |   |   |            |   |   |          |      |   |   |   |   |   |

**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  |
| 10.1                  |   | Amended                and restated Property Management Agreement among Six-A SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                          |   | Filed                herewith                                                                                                                                            |
| 10.2                  |   | Amended                and restated Property Management Agreement among Six-B SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                          |   | Filed                herewith                                                                                                                                            |
| 10.3                  |   | Amended                and restated Property Management Agreement among Six-C SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                          |   | Filed                herewith                                                                                                                                            |
| 10.4                  |   | Amended                and restated Property Management Agreement among Eight SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                          |   | Filed                herewith                                                                                                                                            |
| 10.5                  |   | Amended                and restated Property Management Agreement among Nine SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                           |   | Filed                herewith                                                                                                                                            |
| 10.6                  |   | Amended                and restated Property Management Agreement among Ten SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                            |   | Filed                herewith                                                                                                                                            |
| 10.7                  |   | Amended                and restated Property Management Agreement among Eleven SAC Self-Storage                Corporation and Eleven SAC Self-Storage Odenton, Inc. and subsidiaries                of                U-Haul International, Inc. |   | Filed                herewith                                                                                                                                            |
| 10.8                  |   | Amended                and restated Property Management Agreement among Twelve SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                         |   | Filed                herewith                                                                                                                                            |
| 10.9                  |   | Amended                and restated Property Management Agreement among Thirteen SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                       |   | Filed                herewith                                                                                                                                            |
| 10.10                 |   | Amended                and restated Property Management Agreement among Fourteen SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                       |   | Filed                herewith                                                                                                                                            |
| 10.11                 |   | Amended                and restated Property Management Agreement among Fifteen SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                        |   | Filed                herewith                                                                                                                                            |
| 10.12                 |   | Amended                and restated Property Management Agreement among Sixteen SAC Self-Storage                Corporation and subsidiaries of U-Haul International, Inc.                                                                        |   | Filed                herewith                                                                                                                                            |
| 10.13                 |   | Amended                and restated Property Management Agreement among Seventeen SAC                Self-Storage Corporation and subsidiaries of U-Haul International,                Inc.                                                       |   | Filed                herewith                                                                                                                                            |
|                  |   |                                                                                                                                                                                                                                              |   |                                                                                                                                                                     |

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| **Exhibit                  Number** |   |  **Description**                                                                                                                                                                      |   |  **Page                  or Method of Filing** |
|-------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| 10.14                               |   | Promissory                Note. SAC Holding Corporation, a Nevada corporation ("Borrower"),                pay to                U-Haul International, Inc., a Nevada corporation          |   | Filed                herewith                       |
| 31.1                                |   | Rule                13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and                Chairman                of the Board of AMERCO                                   |   | Filed                herewith                       |
| 31.2                                |   | Rule                13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting                Officer                of AMERCO                                                |   | Filed                herewith                       |
| 32.1                                |   | Certificate                of Edward J. Shoen, President and Chairman of the Board of AMERCO                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                   |

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