**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**Form      10-Q**

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

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

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

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

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

----

**TABLE      OF CONTENTS**

|                   |                                                                                                                                                                                         | Page                No. |
|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|
|                   | **PART                I FINANCIAL INFORMATION**                                                                                                                                              |                    |
| Item                1. | Financial                Statements                                                                                                                                                          |                    |
|                   | a)Condensed                Consolidated Balance Sheets as of September 30, 2005 (unaudited)                and March                31, 2005                                                 | 1-2                     |
|                   | b)Condensed                Consolidated Statements of Operations for the Quarters ended September                30,                2005 and 2004 (unaudited)                                | 3                       |
|                   | c)Condensed                Consolidated Statements of Operations for the Six Months ended September                30, 2005 and 2004 (unaudited)                                             | 4                       |
|                   | c) Condensed                Consolidated Statements of Comprehensive Income for the Quarters                and Six                Months ended September 30, 2005 and 2004 (unaudited) | 5                       |
|                   | d) Condensed                Consolidated Statements of Cash Flows for the Six Months ended September                30, 2005 and 2004 (unaudited)                                       | 6-7                     |
|                   | e)Notes                to Condensed Consolidated Financial Statements                                                                                                                        | 8                       |
| Item                2. | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                                                               | 33                      |
| Item                3. | Quantitative                and Qualitative Disclosures About Market                Risk                                                                                                     | 52                      |
| Item                4. | Controls                and Procedures                                                                                                                                                       | 53                      |
|                   |                                                                                                                                                                                         |                    |
|                   | **PART                II OTHER INFORMATION**                                                                                                                                                 |                    |
| Item                1. | Legal                Proceedings                                                                                                                                                        | 55                      |
| Item                2. | Unregistered                Sales of Equity Securities and                Use of Proceeds                                                                                                    | 55                      |
| Item                3. | Defaults                Upon Senior                Securities                                                                                                                                | 55                      |
| Item                4. | Submission                of Matters to a Vote of Security                Holders                                                                                                            | 55                      |
| Item                5. | Other                Information                                                                                                                                                             | 55                      |
| Item                6. | Exhibits                                                                                                                                                                                     |                    |

----

**PART      I FINANCIAL INFORMATION**

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

**AMERCO      AND CONSOLIDATED ENTITIES**

**    CONDENSED      CONSOLIDATED BALANCE SHEETS**

|                                                                      |   | **September                30,** |       | **March                31,** |   |
|---------------------------------------------------------------------------|--------|----------------------------------|------------|------------------------------|--------|
|                                                                      |   | **2005**                         |       | **2005**                     |   |
|                                                                      |   | (Unaudited)                      |       |                         |   |
|                                                                      |   | (In                thousands)    |       |
| **ASSETS**                                                                |   |                             |       |                         |   |
| Cash                and cash equivalents                                  |   | $                                | 289,133    |                         | $      | 55,955 |   |
| Trade                receivables, net                                     |   |                             | 233,616    |                         |   | 236,817 |   |
| Notes                and mortgage receivables, net                        |   |                             | 2,369      |                         |   | 1,965 |   |
| Inventories,                net                                           |   |                             | 69,781     |                         |   | 63,658 |   |
| Prepaid                expenses                                           |   |                             | 22,293     |                         |   | 19,874 |   |
| Investments,                fixed maturities                              |   |                             | 683,629    |                         |   | 635,178 |   |
| Investments,                other                                         |   |                             | 214,864    |                         |   | 345,207 |   |
| Deferred                policy acquisition costs, net                     |   |                             | 48,599     |                         |   | 52,543 |   |
| Other                assets                                               |   |                             | 98,456     |                         |   | 85,291 |   |
| Related                party assets                                       |   |                             | 256,608    |                         |   | 252,666 |   |
|                                                                      |   |                             | 1,919,348  |                         |   | 1,749,154 |   |
| Property,                plant and equipment, at cost:                    |   |                             |       |                         |   |   |   |
| Land                                                                      |   |                             | 160,735    |                         |   | 151,145 |   |
| Buildings                and improvements                                 |   |                             | 720,569    |                         |   | 686,225 |   |
| Furniture                and equipment                                    |   |                             | 273,407    |                         |   | 265,216 |   |
| Rental                trailers and other rental equipment                 |   |                             | 201,885    |                         |   | 199,461 |   |
| Rental                trucks                                              |   |                             | 1,229,664  |                         |   | 1,252,018 |   |
| SAC                Holding II Corporation - property, plant and equipment |   |                             | 77,976     |                         |   | 77,594 |   |
|                                                                      |   |                             | 2,664,236  |                         |   | 2,631,659 |   |
| Less:                Accumulated depreciation                             |   |                             | (1,277,864 | )                            |   | (1,277,191 | ) |
| Total                property, plant and equipment                        |   |                             | 1,386,372  |                         |   | 1,354,468 |   |
| Total                assets                                               |   | $                                | 3,305,720  |                         | $      | 3,103,622 |   |
|                                                                      |   |                             |       |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS (CONTINUED)**

|                                                                                                               |   | **September                  30,**                                  |      | **March                  31,** |   |
|--------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|-----------|--------------------------------|--------|
|                                                                                                               |   | **2005**                                                            |      | **2005**                       |   |
|                                                                                                               |   | (Unaudited)                                                         |      |                           |   |
|                                                                                                               |   | (In                  thousands, except share and per share amounts) |      |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                                                          |   |                                                                |      |                           |   |
| Liabilities:                                                                                                       |   |                                                                |      |                           |   |
| Accounts                  payable and accrued expenses                                                             |   | $                                                                   | 212,998   |                           | $      | 206,763 |   |
| AMERCO's                  notes and loans payable                                                                  |   |                                                                | 865,163   |                           |   | 780,008 |   |
| SAC                  Holding II Corporation notes and loans payable, non-recourse to                  AMERCO       |   |                                                                | 76,890    |                           |   | 77,474 |   |
| Policy                  benefits and losses, claims and loss expenses payable                                      |   |                                                                | 802,180   |                           |   | 805,121 |   |
| Liabilities                  from investment contracts                                                             |   |                                                                | 476,375   |                           |   | 503,838 |   |
| Other                  policyholders' funds and liabilities                                                        |   |                                                                | 19,857    |                           |   | 29,642 |   |
| Deferred                  income                                                                                   |   |                                                                | 39,481    |                           |   | 38,743 |   |
| Deferred                  income taxes                                                                             |   |                                                                | 123,983   |                           |   | 78,124 |   |
| Related                  party liabilities                                                                         |   |                                                                | 10,164    |                           |   | 11,070 |   |
| Total                  liabilities                                                                                 |   |                                                                | 2,627,091 |                           |   | 2,530,783 |   |
|                                                                                                               |   |                                                                |      |                           |   |   |   |
| Commitments                  and contingencies (notes 3, 6 and 7)                                                  |   |                                                                |      |                           |   |   |   |
|                                                                                                               |   |                                                                |      |                           |   |   |   |
|                                                                                                               |   |                                                                |      |                           |   |   |   |
| Stockholders'                  equity:                                                                             |   |                                                                |      |                           |   |   |   |
| Series                  preferred stock, with or without par value, 50,000,000 shares                  authorized: |   |                                                                |      |                           |   |   |   |
| Series                  A preferred stock, with no par value, 6,100,000 shares                  authorized;        |   |                                                                |      |                           |   |   |   |
| 6,100,000                  shares issued and outstanding as of September 30 and March 31,                  2005    |   |                                                                | -         |                           |   | - |   |
| Series                  B preferred stock, with no par value, 100,000 shares authorized;                  none     |   |                                                                |      |                           |   |   |   |
| issued                  and outstanding as of September 30 and March 31, 2005                                      |   |                                                                | -         |                           |   | - |   |
| Series                  common stock, with or without par value, 150,000,000 shares                  authorized:   |   |                                                                |      |                           |   |   |   |
| Series                  A common stock of $0.25 par value, 10,000,000 shares                  authorized;          |   |                                                                |      |                           |   |   |   |
|    3,716,181                  shares issued as of September 30 and March 31, 2005                   |   |                                                                | 929       |                           |   | 929 |   |
| Common                  stock of $0.25 par value, 150,000,000 shares authorized;                                   |   |                                                                |      |                           |   |   |   |
| 38,269,518                  issued as of September 30 and March 31, 2005                                           |   |                                                                | 9,568     |                           |   | 9,568 |   |
| Additional                  paid-in capital                                                                        |   |                                                                | 353,596   |                           |   | 350,344 |   |
| Accumulated                  other comprehensive loss                                                              |   |                                                                | (26,260   | )                              |   | (30,661 | ) |
| Retained                  earnings                                                                                 |   |                                                                | 769,344   |                           |   | 671,642 |   |
| Cost                  of common shares in treasury, net (20,701,096 shares as of                                   |   |                                                                |      |                           |   |   |   |
| September                  30 and March 31, 2005)                                                                  |   |                                                                | (418,092  | )                              |   | (418,092 | ) |
| Unearned                  employee stock ownership plan shares                                                     |   |                                                                | (10,456   | )                              |   | (10,891 | ) |
| Total                  stockholders' equity                                                                        |   |                                                                | 678,629   |                           |   | 572,839 |   |
| Total                  liabilities and stockholders' equity                                                        |   | $                                                                   | 3,305,720 |                           | $      | 3,103,622 |   |
|                                                                                                               |   |                                                                |      |                           |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                   |   |   |                                                              | **Quarter                Ended September 30,** |   |
|------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------|------------------------------------------------|--------|
|                                                                   |   |   |                                                              | **2005**                                       |   | **2004** |   |
|                                                                   |   |   |                                                              | (Unaudited)                                    |   |
|                                                                   |   |        | (In                thousands, except share and per share amounts) |                                           |
| Revenues:                                                              |   |   |                                                              |                                           |   |   |   |
| Self-moving                equipment rentals                           |   |   |                                                              |                                           | $      | 446,705 |   | $ | 429,156 |   |
| Self-storage                revenues                                   |   |   |                                                              |                                           |   | 33,601 |   |   | 28,938 |   |
| Self-moving                and self-storage products and service sales |   |   |                                                              |                                           |   | 62,492 |   |   | 57,909 |   |
| Property                management fees                                |   |   |                                                              |                                           |   | 3,829 |   |   | 3,109 |   |
| Life                insurance premiums                                 |   |   |                                                              |                                           |   | 29,718 |   |   | 32,035 |   |
| Property                and casualty insurance premiums                |   |   |                                                              |                                           |   | 5,399 |   |   | 7,038 |   |
| Net                investment and interest income                      |   |   |                                                              |                                           |   | 12,352 |   |   | 11,475 |   |
| Other                revenue                                           |   |   |                                                              |                                           |   | 11,420 |   |   | 9,760 |   |
| Total                revenues                                          |   |   |                                                              |                                           |   | 605,516 |   |   | 579,420 |   |
| Costs                and expenses:                                     |   |   |                                                              |                                           |   |   |   |   |   |   |
| Operating                expenses                                      |   |   |                                                              |                                           |   | 289,701 |   |   | 287,447 |   |
| Commission                expenses                                     |   |   |                                                              |                                           |   | 53,197 |   |   | 51,854 |   |
| Cost                of sales                                           |   |   |                                                              |                                           |   | 30,917 |   |   | 28,516 |   |
| Benefits                and losses                                     |   |   |                                                              |                                           |   | 26,709 |   |   | 33,381 |   |
| Amortization                of deferred policy acquisition costs       |   |   |                                                              |                                           |   | 5,854 |   |   | 7,778 |   |
| Lease                expense                                           |   |   |                                                              |                                           |   | 36,578 |   |   | 36,348 |   |
| Depreciation,                net                                       |   |   |                                                              |                                           |   | 34,322 |   |   | 29,903 |   |
| Total                costs and expenses                                |   |   |                                                              |                                           |   | 477,278 |   |   | 475,227 |   |
|                                                                   |   |   |                                                              |                                           |   |   |   |   |   |   |
| Earnings                from operations                                |   |   |                                                              |                                           |   | 128,238 |   |   | 104,193 |   |
| Interest                expense                                        |   |   |                                                              |                                           |   | 15,245 |   |   | 18,060 |   |
| Pretax                earnings                                         |   |   |                                                              |                                           |   | 112,993 |   |   | 86,133 |   |
| Income                tax expense                                      |   |   |                                                              |                                           |   | (43,871 | ) |   | (33,074 | ) |
| Net                earnings                                            |   |   |                                                              |                                           |   | 69,122 |   |   | 53,059 |   |
| Less:                Preferred stock dividends                         |   |   |                                                              |                                           |   | (3,241 | ) |   | (3,241 | ) |
| Earnings                available to common shareholders               |   |   |                                                              |                                           | $      | 65,881 |   | $ | 49,818 |   |
| Basic                and diluted earnings per common share             |   |   |                                                              |                                           | $      | 3.16 |   | $ | 2.39 |   |
| Weighted                average common shares outstanding:             |   |   |                                                              |                                           |   |   |   |   |   |   |
| Basic                and diluted                                       |   |   |                                                              |                                           |   | 20,848,620 |   |   | 20,801,525 |   |
|                                                                   |   |   |                                                              |                                           |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS**

|                                                                   |   |    |                                                              | **Six                Months Ended September 30,** |    |
|------------------------------------------------------------------------|--------|---------|-------------------------------------------------------------------|---------------------------------------------------|---------|
|                                                                   |   |    |                                                              | **2005**                                          |    | **2004** |   |
|                                                                   |   |    |                                                              | (Unaudited)                                       |    |
|                                                                   |   |         | (In                thousands, except share and per share amounts) |                                              |
| Revenues:                                                              |   |    |                                                              |                                              |    |   |   |
| Self-moving                equipment rentals                           |   |    |                                                              |                                              | $       | 847,965 |   | $ | 818,898 |   |
| Self-storage                revenues                                   |   |    |                                                              |                                              |    | 62,369 |   |   | 59,513 |   |
| Self-moving                and self-storage products and service sales |   | 129,055 |                                                              |                                              | 119,273 |   |
| Property                management fees                                |   |    |                                                              |                                              |    | 8,269 |   |   | 6,091 |   |
| Life                insurance premiums                                 |   |    |                                                              |                                              |    | 59,307 |   |   | 65,294 |   |
| Property                and casualty insurance premiums                |   |    |                                                              |                                              |    | 10,223 |   |   | 16,840 |   |
| Net                investment and interest income                      |   |    |                                                              |                                              |    | 26,066 |   |   | 29,051 |   |
| Other                revenue                                           |   |    |                                                              |                                              |    | 21,720 |   |   | 17,405 |   |
| Total                revenues                                          |   |    |                                                              |                                              |    | 1,164,974 |   |   | 1,132,365 |   |
| Costs                and expenses:                                     |   |    |                                                              |                                              |    |   |   |   |   |   |
| Operating                expenses                                      |   |    |                                                              |                                              |    | 556,493 |   |   | 559,358 |   |
| Commission                expenses                                     |   |    |                                                              |                                              |    | 101,215 |   |   | 98,767 |   |
| Cost                of sales                                           |   |    |                                                              |                                              |    | 61,961 |   |   | 56,256 |   |
| Benefits                and losses                                     |   |    |                                                              |                                              |    | 54,023 |   |   | 70,052 |   |
| Amortization                of deferred policy acquisition costs       |   |    |                                                              |                                              |    | 12,052 |   |   | 17,736 |   |
| Lease                expense                                           |   |    |                                                              |                                              |    | 69,873 |   |   | 76,883 |   |
| Depreciation,                net                                       |   |    |                                                              |                                              |    | 68,559 |   |   | 57,932 |   |
| Total                costs and expenses                                |   |    |                                                              |                                              |    | 924,176 |   |   | 936,984 |   |
|                                                                   |   |    |                                                              |                                              |    |   |   |   |   |   |
| Earnings                from operations                                |   |    |                                                              |                                              |    | 240,798 |   |   | 195,381 |   |
| Interest                expense                                        |   |    |                                                              |                                              |    | 34,881 |   |   | 37,064 |   |
| Fees                on early extinguishment of debt                    |   |    |                                                              |                                              |    | 35,627 |   |   | - |   |
| Pretax                earnings                                         |   |    |                                                              |                                              |    | 170,290 |   |   | 158,317 |   |
| Income                tax expense                                      |   |    |                                                              |                                              |    | (66,106 | ) |   | (60,839 | ) |
| Net                earnings                                            |   |    |                                                              |                                              |    | 104,184 |   |   | 97,478 |   |
| Less:                Preferred stock dividends                         |   |    |                                                              |                                              |    | (6,482 | ) |   | (6,482 | ) |
| Earnings                available to common shareholders               |   |    |                                                              |                                              | $       | 97,702 |   | $ | 90,996 |   |
| Basic                and diluted earnings per common share             |   |    |                                                              |                                              | $       | 4.69 |   | $ | 4.38 |   |
| Weighted                average common shares outstanding:             |   |    |                                                              |                                              |    |   |   |   |   |   |
| Basic                and diluted                                       |   |    |                                                              |                                              |    | 20,842,539 |   |   | 20,794,766 |   |
|                                                                   |   |    |                                                              |                                              |    |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

|                                                          |   | **Quarter                Ended September 30,** |   |
|---------------------------------------------------------------|--------|------------------------------------------------|--------|
|                                                          |   | **2005**                                       |   | **2004** |   |
|                                                          |   | (Unaudited)                                    |   |
|                                                          |   | (In                thousands)                  |   |
| Comprehensive                income:                          |   |                                           |   |   |   |
| Net                earnings                                   |   | $                                              | 69,122 |   | $ | 53,059 |   |
| Other                comprehensive income (loss), net of tax: |   |                                           |   |   |   |   |   |
| Foreign                currency translation                   |   |                                           | 1,868  |   |   | 2,010 |   |
| Fair                market value of cash flow hedges          |   |                                           | 3,656  |   |   | (1,668 | ) |
| Unrealized                gain (loss) on investments          |   |                                           | 6,796  |   |   | (12,796 | ) |
| Total                comprehensive income                     |   | $                                              | 81,442 |   | $ | 40,605 |   |
|                                                          |   |                                           |   |   |   |   |   |

|                                                          |   | **Six                Months Ended September 30,** |    |
|---------------------------------------------------------------|--------|---------------------------------------------------|---------|
|                                                          |   | **2005**                                          |    | **2004** |   |
|                                                          |   | (Unaudited)                                       |    |
|                                                          |   | (In                thousands)                     |    |
| Comprehensive                income:                          |   |                                              |    |   |   |   |   |
| Net                earnings                                   |   | $                                                 | 104,184 |   | $ | 97,478 |   |
| Other                comprehensive income (loss), net of tax: |   |                                              |    |   |   |   |   |
| Foreign                currency translation                   |   |                                              | (102    | ) |   | (217 | ) |
| Fair                market value of cash flow hedges          |   |                                              | 3,247   |   |   | (1,668 | ) |
| Unrealized                gain (loss) on investments          |   |                                              | 1,256   |   |   | (9,853 | ) |
| Total                comprehensive income                     |   | $                                                 | 108,585 |   | $ | 85,740 |   |
|                                                          |   |                                              |    |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS**

|                                                                        |   | **Six                Months Ended September 30,** |    |
|-----------------------------------------------------------------------------|--------|---------------------------------------------------|---------|
|                                                                        |   | **2005**                                          |    | **2004** |   |
|                                                                        |   | (Unaudited)                                       |    |
|                                                                        |   | (In                thousands)                     |    |
| Cash                flow from operating activities:                         |   |                                              |    |   |   |
| Net                earnings                                                 |   | $                                                 | 104,184 |   | $ | 97,478 |   |
| Depreciation                                                                |   |                                              | 62,618  |   |   | 56,455 |   |
| Amortization                of deferred policy acquisition costs            |   |                                              | 13,463  |   |   | 18,716 |   |
| Change                in provision for losses on trade receivables          |   |                                              | (620    | ) |   | 102 |   |
| Reduction                of inventory reserves                              |   |                                              | (1,000  | ) |   | - |   |
| Net                loss on sale of real and personal property               |   |                                              | 5,871   |   |   | 1,235 |   |
| Net                loss on sale of investments                              |   |                                              | 1,483   |   |   | 44 |   |
| Deferred                income taxes                                        |   |                                              | 45,859  |   |   | 49,712 |   |
| Net                change in other operating assets and liabilities:        |   |                                              |    |   |   |   |   |
| Trade                receivables                                            |   |                                              | 3,821   |   |   | 17,329 |   |
| Inventories                                                                 |   |                                              | (5,123  | ) |   | (3,074 | ) |
| Prepaid                expenses                                             |   |                                              | (2,419  | ) |   | (3,631 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                              | (1,490  | ) |   | (6,732 | ) |
| Other                assets                                                 |   |                                              | 12,080  |   |   | (20,970 | ) |
| Related                party assets                                         |   |                                              | (2,707  | ) |   | (4,240 | ) |
| Accounts                payable and accrued expenses                        |   |                                              | 1,148   |   |   | 7,309 |   |
| Policy                benefits and losses, claims and loss expenses payable |   |                                              | (2,941  | ) |   | (31,825 | ) |
| Other                policyholder's funds and liabilities                   |   |                                              | (9,785  | ) |   | (4,599 | ) |
| Deferred                income                                              |   |                                              | 738     |   |   | (2,031 | ) |
| Related                party liabilities                                    |   |                                              | (2,141  | ) |   | 1,761 |   |
| Net                cash provided by operating activities                    |   |                                              | 223,039 |   |   | 173,039 |   |
|                                                                        |   |                                              |    |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | **Six                Months Ended September 30,** |       |
|-------------------------------------------------------------------------------|--------|---------------------------------------------------|------------|
|                                                                          |   | **2005**                                          |       | **2004** |   |
|                                                                          |   | (Unaudited)                                       |       |
|                                                                          |   | (In                thousands)                     |       |
|                                                                          |   |                                              |       |   |   |
| Cash                flows from investing activities:                          |   |                                              |       |   |   |   |   |
| Purchases                of:                                                  |   |                                              |       |   |   |   |   |
| Property,                plant and equipment                                  |   | $                                                 | (122,756   | ) | $ | (161,693 | ) |
| Short                term investments                                         |   |                                              | (220,480   | ) |   | (97,627 | ) |
| Fixed                maturities investments                                   |   |                                              | (161,102   | ) |   | (59,416 | ) |
| Other                asset investments, net                                   |   |                                              | -          |   |   | (1,387 | ) |
| Equity                securities                                              |   |                                              | -          |   |   | (6,765 | ) |
| Mortgage                loans                                                 |   |                                              | (1,250     | ) |   | - |   |
| Proceeds                from sale of:                                         |   |                                              |       |   |   |   |   |
| Property,                plant and equipment                                  |   |                                              | 30,269     |   |   | 218,039 |   |
| Short                term investments                                         |   |                                              | 308,147    |   |   | 98,188 |   |
| Fixed                maturities investments                                   |   |                                              | 94,132     |   |   | 63,402 |   |
| Equity                securities                                              |   |                                              | 9,250      |   |   | - |   |
| Preferred                stock                                                |   |                                              | 7,842      |   |   | 14,589 |   |
| Other                asset investments, net                                   |   |                                              | -          |   |   | 44,989 |   |
| Real                estate                                                    |   |                                              | 36,002     |   |   | 1,964 |   |
| Mortgage                loans                                                 |   |                                              | 4,823      |   |   | 1,913 |   |
| Notes                and mortgage receivables                                 |   |                                              | (404       | ) |   | (2,157 | ) |
| Net                cash provided (used) by investing activities               |   |                                              | (15,527    | ) |   | 114,039 |   |
| Cash                flows from financing activities:                          |   |                                              |       |   |   |   |   |
| Borrowings                from credit facilities                              |   |                                              | 1,168,318  |   |   | 14,385 |   |
| Principal                repayments on credit facilities                      |   |                                              | (1,083,747 | ) |   | (180,593 | ) |
| Debt                issuance costs                                            |   |                                              | (25,245    | ) |   | - |   |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                              | 435        |   |   | 428 |   |
| Payoff                of capital leases                                       |   |                                              | -          |   |   | (99,607 | ) |
| Preferred                stock dividends paid                                 |   |                                              | (6,482     | ) |   | (9,723 | ) |
| Investment                contract deposits                                   |   |                                              | 10,405     |   |   | 13,427 |   |
| Investment                contract withdrawals                                |   |                                              | (38,018    | ) |   | (61,193 | ) |
| Net                cash provided (used) by financing activities               |   |                                              | 25,666     |   |   | (322,876 | ) |
| Increase                (decrease) in cash equivalents                        |   |                                              | 233,178    |   |   | (35,798 | ) |
| Cash                and cash equivalents at the beginning of period           |   |                                              | 55,955     |   |   | 81,557 |   |
| Cash                and cash equivalents at the end of period                 |   | $                                                 | 289,133    |   | $ | 45,759 |   |
|                                                                          |   |                                              |       |   |   |   |   |
|                                                                          |   |                                              |       |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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

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

***Description      of Legal Entities***

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***Description      of Operating Segments***

**2.      Earnings per Share**

|                                                       |   | **Quarter                Ended September 30,** |       |
|------------------------------------------------------------|--------|------------------------------------------------|------------|
|                                                       |   | **2005**                                       |       | **2004** |   |
|                                                       |   | (Unaudited)                                    |       |
| Basic                and diluted earnings per common share |   | $                                              | 3.16       |   | $ | 2.39 |   |
| Weighted                average common share outstanding:  |   |                                           |       |   |   |   |   |
| Basic                and diluted                           |   |                                           | 20,848,620 |   |   | 20,801,525 |   |
|                                                       |   |                                           |       |   |   |   |   |

|                                                       |   | **Six                Months Ended September 30,** |       |
|------------------------------------------------------------|--------|---------------------------------------------------|------------|
|                                                       |   | **2005**                                          |       | **2004** |   |
|                                                       |   | (Unaudited)                                       |       |
| Basic                and diluted earnings per common share |   | $                                                 | 4.69       |   | $ | 4.38 |   |
| Weighted                average common share outstanding:  |   |                                              |       |   |   |   |   |
| Basic                and diluted                           |   |                                              | 20,842,539 |   |   | 20,794,766 |   |
|                                                       |   |                                              |       |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***3.***
**      Borrowings**

**Long-Term      Debt**

|                                                                             |   | **September                30,** |    | **March                31,** |   |
|----------------------------------------------------------------------------------|--------|----------------------------------|---------|------------------------------|--------|
|                                                                             |   | **2005**                         |    | **2005**                     |   |
|                                                                             |   | (Unaudited)                      |    |                         |   |
|                                                                             |   | (In                thousands)    |    |
| Real                estate loan, due 2010                                        |   | $                                | 242,585 |                         | $      | - |   |
| Senior                mortgages, 5.68%, due 2015                                 |   |                             | 239,327 |                         |   | - |   |
| Senior                mortgages, 5.52%, due 2015                                 |   |                             | 239,347 |                         |   | - |   |
| U-Haul                Co. of Canada mortgage securities 5.75%, due 2015          |   |                             | 9,774   |                         |   | - |   |
| CMBS                mezzanine loan, due 2007                                     |   |                             | 20,000  |                         |   | - |   |
| CMBS                loan, 5.47%, due 2015                                        |   |                             | 24,130  |                         |   | - |   |
| Revolving                credit agreement, due 2010                              |   |                             | 90,000  |                         |   | - |   |
| Revolving                credit facility, senior secured first lien              |   |                             | -       |                         |   | 84,862 |   |
| Senior                amortizing notes, secured, first lien, due 2009            |   |                             | -       |                         |   | 346,500 |   |
| Senior                notes, secured second lien, 9.0% interest rate, due 2009   |   |                             | -       |                         |   | 200,000 |   |
| Senior                subordinated notes, secured, 12.0% interest rate, due 2011 |   |                             | -       |                         |   | 148,646 |   |
| Total                AMERCO notes and loans payable                              |   | $                                | 865,163 |                         | $      | 780,008 |   |
|                                                                             |   |                             |    |                         |   |   |   |

***Real      Estate Backed Loans***

*Real      Estate Loan*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

*Senior      Mortgages*

*U-Haul      Company of Canada Mortgage Securities*

*CMBS      Mezzanine Loan *

*CMBS      Loan*

***Fleet      Loans***

*Revolving      Credit Agreement*

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

*Annual      Maturities of AMERCO Consolidated Notes and Loans Payable*

|                                  |   | **Year                Ending September 30,** |   |
|---------------------------------------|--------|----------------------------------------------|--------|
|                                  |   | **2006**                                     |   | **2007** |   | **2008** |   | **2009** |   | **2010** |   | **Thereafter** |   |
|                                  |   | (Unaudited)                                  |   |
|                                  |   | (In                thousands)                |   |
| Notes                payable, secured |   | $                                            | 26,730 |   | $ | 28,277 |   | $ | 29,913 |   | $ | 31,645 |   | $ | 33,477 |   | $ | 715,121 |   |
|                                  |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                                                |   | **September                30,** |   | **March                31,** |   |
|---------------------------------------------------------------------|--------|----------------------------------|--------|------------------------------|--------|
|                                                                |   | **2005**                         |   | **2005**                     |   |
|                                                                |   | (Unaudited)                      |   |                         |   |
|                                                                |   | (In                thousands)    |   |
| Notes                payable, secured, 7.9% interest rate, due 2014 |   | $                                | 76,890 |                         | $      | 77,474 |   |
|                                                                |   |                             |   |                         |   |   |   |

**4.      Interest on Borrowings**

|                                                                       |   | **Quarter                Ended September 30,** |   |
|----------------------------------------------------------------------------|--------|------------------------------------------------|--------|
|                                                                       |   | **2005**                                       |   | **2004** |   |
|                                                                       |   | (Unaudited)                                    |   |
|                                                                       |   | (In                thousands)                  |   |
| Interest                expense                                            |   | $                                              | 13,774 |   | $ | 14,778 |   |
| Capitalized                interest                                        |   |                                           | (32    | ) |   | - |   |
| Amortization                of transaction costs                           |   |                                           | 1,048  |   |   | 863 |   |
| Interest                expense (income) resulting from interest rate caps |   |                                           | (1,094 | ) |   | 845 |   |
| Total                AMERCO interest expense                               |   |                                           | 13,696 |   |   | 16,486 |   |
| SAC                Holding II interest expense                             |   |                                           | 3,014  |   |   | 3,968 |   |
| Less:                Intercompany transactions                             |   |                                           | 1,465  |   |   | 2,394 |   |
| Total                SAC Holding II interest expense                       |   |                                           | 1,549  |   |   | 1,574 |   |
| Total                                                                      |   | $                                              | 15,245 |   | $ | 18,060 |   |
|                                                                       |   |                                           |   |   |   |   |   |

|                                                                                                    |   | **Six                Months Ended September 30,** |   |
|---------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                                                    |   | **2005**                                          |   | **2004** |   |
|                                                                                                    |   | (Unaudited)                                       |   |
|                                                                                                    |   | (In                thousands)                     |   |
| Interest                expense                                                                         |   | $                                                 | 31,616 |   | $ | 31,342 |   |
| Capitalized                interest                                                                     |   |                                              | (76    | ) |   | - |   |
| Amortization                of transaction costs related to early extinguishment of                debt |   |                                              | 14,384 |   |   | - |   |
| Amortization                of transaction costs                                                        |   |                                              | 1,048  |   |   | 1,596 |   |
| Interest                expense (income) resulting from interest rate caps                              |   |                                              | (793   | ) |   | 992 |   |
| Fees                on early extinguishment of debt                                                     |   |                                              | 21,243 |   |   | - |   |
| Total                AMERCO interest expense                                                            |   |                                              | 67,422 |   |   | 33,930 |   |
| SAC                Holding II interest expense                                                          |   |                                              | 6,144  |   |   | 7,231 |   |
| Less:                Intercompany transactions                                                          |   |                                              | 3,058  |   |   | 4,097 |   |
| Total                SAC Holding II interest expense                                                    |   |                                              | 3,086  |   |   | 3,134 |   |
| Total                                                                                                   |   | $                                                 | 70,508 |   | $ | 37,064 |   |
|                                                                                                    |   |                                              |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                             |   | **Revolving                  Credit Activity**         |   |
|----------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|
|                                                                             |   | **Quarter                  ended September 30,**       |   |
|                                                                             |   | **2005**                                               |   | **2004** |   |
|                                                                             |   | (Unaudited)                                            |   |
|                                                                             |   | (In                  thousands, except interest rates) |   |
| Weighted                  average interest rate during the second fiscal quarter |   |                                                   | 5.30   | % |   | 5.60 | % |
| Interest                  rate at the end of the second fiscal quarter           |   |                                                   | 5.48   | % |   | 5.84 | % |
| Maximum                  amount outstanding during the second fiscal quarter     |   | $                                                      | 90,000 |   | $ | 33,039 |   |
| Average                  amount outstanding during the second fiscal quarter     |   | $                                                      | 90,000 |   | $ | 21,509 |   |
|                                                                             |   |                                                   |   |   |   |   |   |

|                                                                        |   |                                                   |    |     |   |
|-----------------------------------------------------------------------------|--------|--------------------------------------------------------|---------|----------|--------|
|                                                                        |   | **Revolving                  Credit Activity**         |    |
|                                                                        |   | **Six                  Months ended September 30,**    |    |
|                                                                        |   | **2005**                                               |    | **2004** |   |
|                                                                        |   | (Unaudited)                                            |    |
|                                                                        |   | (In                  thousands, except interest rates) |    |
| Weighted                  average interest rate during the first six months |   |                                                   | 5.84    | %        |   | 5.50 | % |
| Interest                  rate at the end of the first six months           |   |                                                   | 5.48    | %        |   | 5.84 | % |
| Maximum                  amount outstanding during the first six months     |   | $                                                      | 135,010 |     | $      | 33,039 |   |
| Average                  amount outstanding during the first six months     |   | $                                                      | 106,192 |     | $      | 14,340 |   |
|                                                                        |   |                                                   |    |     |   |   |   |

**5.      Comprehensive Income**

|                                                            |   | **September                30,** |    | **March                31,** |   |
|-----------------------------------------------------------------|--------|----------------------------------|---------|------------------------------|--------|
|                                                            |   | **2005**                         |    | **2005**                     |   |
|                                                            |   | (Unaudited)                      |    |                         |   |
|                                                            |   | (In                thousands)    |    |
| Accumulated                foreign currency translation         |   | $                                | (33,446 | )                            | $      | (33,344 | ) |
| Accumulated                unrealized gain on investments       |   |                             | 3,892   |                         |   | 2,636 |   |
| Accumulated                fair market value of cash flow hedge |   |                             | 3,294   |                         |   | 47 |   |
|                                                            |   | $                                | (26,260 | )                            | $      | (30,661 | ) |
|                                                            |   |                             |    |                         |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                   |   |                          |    | **Unrealized**  |   | **Fair                Market** |   | **Accumulated**   |   |
|--------------------------------------------------------|--------|-------------------------------|---------|-----------------|--------|--------------------------------|--------|-------------------|--------|
|                                                   |   | **Foreign**                   |    | **Gain**        |   | **Value                of**    |   | **Other**         |   |
|                                                   |   | **Currency**                  |    | **on**          |   | **Cash                Flow**   |   | **Comprehensive** |   |
|                                                   |   | **Translation**               |    | **Investments** |   | **Hedge**                      |   | **Income**        |   |
|                                                   |   | (Unaudited)                   |    |
|                                                   |   | (In                thousands) |    |
| **Balance                at March 31, 2005**           |   | $                             | (33,344 | )               | $      | 2,636                          |   | $                 | 47     |   | $ | (30,661 | ) |
| Foreign                currency translation - U-Haul   |   |                          | (102    | )               |   | -                              |   |              | -      |   |   | (102 | ) |
| Change                in fair value of cash flow hedge |   |                          | -       |            |   | -                              |   |              | 3,247  |   |   | 3,247 |   |
| Unrealized                gain on investments          |   |                          | -       |            |   | 1,256                          |   |              | -      |   |   | 1,256 |   |
| **Balance                at September 30, 2005**       |   | $                             | (33,446 | )               | $      | 3,892                          |   | $                 | 3,294  |   | $ | (26,260 | ) |
|                                                   |   |                          |    |            |   |                           |   |              |   |   |   |   |   |

**6.      Contingent Liabilities and Commitments**

|                                     |   | **Property****Plant                and****Equipment** |    | **Rental****Equipment**       |   | **Total** |   |
|------------------------------------------|--------|-------------------------------------------------------|---------|-------------------------------|--------|-----------|--------|
|                                     |   | (Unaudited)                                           |    |
|                                     |   |                                                  |    | (In                thousands) |   |      |   |
| Year-ended                September 30,: |   |                                                  |    |                          |   |      |   |
| 2006                                     |   | $                                                     | 11,956  |                          | $      | 110,790   |   | $ | 122,746 |   |
| 2007                                     |   |                                                  | 11,727  |                          |   | 87,228    |   |   | 98,955 |   |
| 2008                                     |   |                                                  | 11,569  |                          |   | 62,558    |   |   | 74,127 |   |
| 2009                                     |   |                                                  | 11,163  |                          |   | 50,013    |   |   | 61,176 |   |
| 2010                                     |   |                                                  | 10,814  |                          |   | 41,189    |   |   | 52,003 |   |
| Thereafter                               |   |                                                  | 46,493  |                          |   | 34,491    |   |   | 80,984 |   |
| Total                                    |   | $                                                     | 103,722 |                          | $      | 386,269   |   | $ | 489,991 |   |
|                                     |   |                                                  |    |                          |   |      |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**7.      Contingencies**

**Shoen**

**Securities      Litigation**

**Securities      and Exchange Commission**

**Environmental      **

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Other**
** **

**8.      Related Party Transactions**

** **

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

** **

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Related      Party Receivables**

|                                                                   |   | **September                30,** |    | **March                31,** |   |
|------------------------------------------------------------------------|--------|----------------------------------|---------|------------------------------|--------|
|                                                                   |   | **2005**                         |    | **2005**                     |   |
|                                                                   |   | (Unaudited)                      |    |                         |   |
|                                                                   |   | (In                thousands)    |    |
| Private                Mini receivables and interest                   |   | $                                | 71,619  |                         | $      | 70,887 |   |
| Oxford                note receivable from SAC Holding Corporation     |   |                             | 5,040   |                         |   | 5,040 |   |
| U-Haul                notes receivable from SAC Holding Coporation     |   |                             | 123,578 |                         |   | 123,578 |   |
| U-Haul                interest receivable from SAC Holding Corporation |   |                             | 37,691  |                         |   | 35,960 |   |
| U-Haul                receivable from SAC Holding Corporation          |   |                             | 4,590   |                         |   | 1,028 |   |
| SAC                Holding II receivable from parent                   |   |                             | 1,600   |                         |   | 2,202 |   |
| U-Haul                receivable from Mercury                          |   |                             | 3,399   |                         |   | 2,185 |   |
| Oxford                and RepWest investment in Securespace            |   |                             | 11,356  |                         |   | 11,225 |   |
| Other                                                                  |   |                             | (2,265  | )                            |   | 561 |   |
|                                                                   |   | $                                | 256,608 |                         | $      | 252,666 |   |
|                                                                   |   |                             |    |                         |   |   |   |

**Related      Party Liabilities**

|                                                           |   | **September                30,** |   | **March                31,** |   |
|----------------------------------------------------------------|--------|----------------------------------|--------|------------------------------|--------|
|                                                           |   | **2005**                         |   | **2005**                     |   |
|                                                           |   | (Unaudited)                      |   |                         |   |
|                                                           |   | (In                thousands)    |   |
| SAC                Holding II Corporation payable to affiliate |   | $                                | 10,164 |                         | $      | 11,070 |   |
|                                                           |   |                             |   |                         |   |   |   |

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

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

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

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

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                                                             |   | Moving                and Storage |      |   |   |                       |   | AMERCO                Legal Group |      |   |   | AMERCO                as Consolidated         |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|-----------|--------|--------|-----------------------------------------------|--------|
|                                                                             |   | AMERCO                            |      | U-Haul |   | Real                Estate |   | Eliminations                      |      |   |   | Moving                and StorageConsolidated |   | Property                and Casualty Insurance(a) |   | Life                Insurance(a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                             |   | (Unaudited)                       |      |
|                                                                             |   | (In                thousands)     |      |
| Assets:                                                                          |   |                              |      |
| Cash                and cash equivalents                                         |   |  $                           | 8         |   | $      | 232,832                    |   | $                                 | 116       |   | $      | -                                             |   |   |   |   | $ | 232,956 |   | $ | 11,428 |   | $ | 6,613 |   | $ | 36,761 |   |   | (f | ) | $ | 287,758 |   | $ | 1,375 |   | $ | - |   |   |   |   | $ | 289,133 |   |
| Trade                receivables, net                                            |   |                              | -         |   |   | 16,151                     |   |                              | 23        |   |   | -                                             |   |   |   |   |   | 16,174 |   |   | 204,178 |   |   | 13,264 |   |   | - |   |   |   |   |   | 233,616 |   |   | - |   |   | - |   |   |   |   |   | 233,616 |   |
| Notes                and mortgage receivables, net                               |   |                              | -         |   |   | 1,461                      |   |                              | 908       |   |   | -                                             |   |   |   |   |   | 2,369 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,369 |   |   | - |   |   | - |   |   |   |   |   | 2,369 |   |
| Inventories,                net                                                  |   |                              | -         |   |   | 68,498                     |   |                              | -         |   |   | -                                             |   |   |   |   |   | 68,498 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 68,498 |   |   | 1,283 |   |   | - |   |   |   |   |   | 69,781 |   |
| Prepaid                expenses                                                  |   |                              | 6,637     |   |   | 15,643                     |   |                              | -         |   |   | -                                             |   |   |   |   |   | 22,280 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 22,280 |   |   | 13 |   |   | - |   |   |   |   |   | 22,293 |   |
| Investments,                fixed maturities                                     |   |                              | -         |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | - |   |   | 101,588 |   |   | 582,041 |   |   | - |   |   |   |   |   | 683,629 |   |   | - |   |   | - |   |   |   |   |   | 683,629 |   |
| Investments,                other                                                |   |                              | -         |   |   | 64                         |   |                              | 8,056     |   |   | -                                             |   |   |   |   |   | 8,120 |   |   | 131,555 |   |   | 109,640 |   |   | (35,156 | ) |   | (f | ) |   | 214,159 |   |   | 705 |   |   | - |   |   |   |   |   | 214,864 |   |
| Deferred                policy acquisition costs, net                            |   |                              | -         |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | - |   |   | 1,274 |   |   | 47,325 |   |   | - |   |   |   |   |   | 48,599 |   |   | - |   |   | - |   |   |   |   |   | 48,599 |   |
| Other                assets                                                      |   |                              | 237       |   |   | 48,884                     |   |                              | 39,434    |   |   | -                                             |   |   |   |   |   | 88,555 |   |   | 3,748 |   |   | 1,130 |   |   | - |   |   |   |   |   | 93,433 |   |   | 5,023 |   |   | - |   |   |   |   |   | 98,456 |   |
| Related                party assets                                              |   |                              | 71,354    |   |   | 341,572                    |   |                              | 450,039   |   |   | (517,773                                      | )      |   | (d | ) |   | 345,192 |   |   | 54,439 |   |   | 32,050 |   |   | (94,197 | ) |   | (d,f | ) |   | 337,484 |   |   | 1,600 |   |   | (82,476 | ) |   | (d | ) |   | 256,608 |   |
|                                                                             |   |                              | 78,236    |   |   | 725,105                    |   |                              | 498,576   |   |   | (517,773                                      | )      |   |   |   |   | 784,144 |   |   | 508,210 |   |   | 792,063 |   |   | (92,592 | ) |   |   |   |   | 1,991,825 |   |   | 9,999 |   |   | (82,476 | ) |   |   |   |   | 1,919,348 |   |
|                                                                             |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment                in subsidiaries                                        |   |                              | 1,391,975 |   |   | -                          |   |                              | -         |   |   | (1,109,482                                    | )      |   | (c | ) |   | 282,493 |   |   | - |   |   | - |   |   | (282,493 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                in SAC Holding II                                      |   |                              | (14,082   | )      |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | (14,082 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (14,082 | ) |   | - |   |   | 14,082 |   |   | (c | ) |   | - |   |
| Total                investment in subsidiaries and SAC Holding II               |   |                              | 1,377,893 |   |   | -                          |   |                              | -         |   |   | (1,109,482                                    | )      |   |   |   |   | 268,411 |   |   | - |   |   | - |   |   | (282,493 | ) |   |   |   |   | (14,082 | ) |   | - |   |   | 14,082 |   |   |   |   |   | - |   |
|                                                                             |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, at cost:                           |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                             |   |                              | -         |   |   | 21,693                     |   |                              | 139,042   |   |   | -                                             |   |   |   |   |   | 160,735 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 160,735 |   |   | - |   |   | - |   |   |   |   |   | 160,735 |   |
| Buildings                and                improvements                         |   |                              | -         |   |   | 86,683                     |   |                              | 633,886   |   |   | -                                             |   |   |   |   |   | 720,569 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 720,569 |   |   | - |   |   | - |   |   |   |   |   | 720,569 |   |
| Furniture                and                equipment                            |   |                              | 293       |   |   | 255,388                    |   |                              | 17,726    |   |   | -                                             |   |   |   |   |   | 273,407 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 273,407 |   |   | - |   |   | - |   |   |   |   |   | 273,407 |   |
| Rental                trailers and other rental                equipment         |   |                              | -         |   |   | 201,885                    |   |                              | -         |   |   | -                                             |   |   |   |   |   | 201,885 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 201,885 |   |   | - |   |   | - |   |   |   |   |   | 201,885 |   |
| Rental                trucks                                                     |   |                              | -         |   |   | 1,229,664                  |   |                              | -         |   |   | -                                             |   |   |   |   |   | 1,229,664 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,229,664 |   |   | - |   |   | - |   |   |   |   |   | 1,229,664 |   |
| SAC                Holding II - property, plant                and equipment (b) |   |                              | -         |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 152,188 |   |   | (74,212 | ) |   | (e | ) |   | 77,976 |   |
|                                                                             |   |                              | 293       |   |   | 1,795,313                  |   |                              | 790,654   |   |   | -                                             |   |   |   |   |   | 2,586,260 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,586,260 |   |   | 152,188 |   |   | (74,212 | ) |   |   |   |   | 2,664,236 |   |
| Less:                Accumulated depreciation                                    |   |                              | (270      | )      |   | (1,003,740                 | )      |                              | (274,481  | )      |   | -                                             |   |   |   |   |   | (1,278,491 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,278,491 | ) |   | (8,757 | ) |   | 9,384 |   |   | (e | ) |   | (1,277,864 | ) |
| Total                property, plant and                equipment                |   |                              | 23        |   |   | 791,573                    |   |                              | 516,173   |   |   | -                                             |   |   |   |   |   | 1,307,769 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,307,769 |   |   | 143,431 |   |   | (64,828 | ) |   |   |   |   | 1,386,372 |   |
|                                                                             |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                assets                                                      |   | $                                 | 1,456,152 |   | $      | 1,516,678                  |   | $                                 | 1,014,749 |   | $      | (1,627,255                                    | )      |   |   |   | $ | 2,360,324 |   | $ | 508,210 |   | $ | 792,063 |   | $ | (375,085 | ) |   |   |   | $ | 3,285,512 |   | $ | 153,430 |   | $ | (133,222 | ) |   |   |   | $ | 3,305,720 |   |
|                                                                             |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                                                                                                                    |   | Moving                and Storage |      |   |   |                       |   | AMERCO                Legal Group |      |   |   | AMERCO                as Consolidated         |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|-----------|--------|--------|-----------------------------------------------|--------|
|                                                                                                                                    |   | AMERCO                            |      | U-Haul |   | Real                Estate |   | Eliminations                      |      |   |   | Moving                and StorageConsolidated |   | Property                and Casualty Insurance(a) |   | Life                Insurance(a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                    |   | (Unaudited)                       |      |
|                                                                                                                                    |   | (In                thousands)     |      |
| Liabilities:                                                                                                                            |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued                expenses                                                                     |   | $                                 | 6,655     |   | $      | 194,806                    |   | $                                 | 7,498     |   | $      | -                                             |   |   |   |   | $ | 208,959 |   | $ | - |   | $ | 2,184 |   | $ | - |   |   |   |   | $ | 211,143 |   | $ | 1,855 |   | $ | - |   |   |   |   | $ | 212,998 |   |
| AMERCO's                notes and loans                payable                                                                          |   |                              | -         |   |   | 121,576                    |   |                              | 743,587   |   |   | -                                             |   |   |   |   |   | 865,163 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 865,163 |   |   | - |   |   | - |   |   |   |   |   | 865,163 |   |
| SAC                Holding II Corporation notes                and loans, payable,                non-recourse to                AMERCO |   |                              | -         |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 76,890 |   |   | - |   |   |   |   |   | 76,890 |   |
| Policy                benefits and losses,                claims                and loss expenses                payable                |   |                              | -         |   |   | 278,401                    |   |                              | -         |   |   | -                                             |   |   |   |   |   | 278,401 |   |   | 367,596 |   |   | 156,183 |   |   | - |   |   |   |   |   | 802,180 |   |   | - |   |   | - |   |   |   |   |   | 802,180 |   |
| Liabilities                from investment                contracts                                                                     |   |                              | -         |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | - |   |   | - |   |   | 476,375 |   |   | - |   |   |   |   |   | 476,375 |   |   | - |   |   | - |   |   |   |   |   | 476,375 |   |
| Other                policyholders' funds and                liabilities                                                                |   |                              | -         |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | - |   |   | 8,996 |   |   | 10,861 |   |   | - |   |   |   |   |   | 19,857 |   |   | - |   |   | - |   |   |   |   |   | 19,857 |   |
| Deferred                income                                                                                                          |   |                              | -         |   |   | 15,169                     |   |                              | 2         |   |   | -                                             |   |   |   |   |   | 15,171 |   |   | 12,143 |   |   | 14,279 |   |   | (2,842 | ) |   | (e | ) |   | 38,751 |   |   | 730 |   |   | - |   |   |   |   |   | 39,481 |   |
| Deferred                income                taxes                                                                                     |   |                              | 203,408   |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | 203,408 |   |   | (45,909 | ) |   | (1,823 | ) |   | - |   |   |   |   |   | 155,676 |   |   | (4,603 | ) |   | (27,090 | ) |   | (d | ) |   | 123,983 |   |
| Related                party                liabilities                                                                                 |   |                              | 519,266   |   |   | 71,362                     |   |                              | -         |   |   | (517,773                                      | )      |   | (c | ) |   | 72,855 |   |   | 8,620 |   |   | 13,133 |   |   | (94,608 | ) |   | (c | ) |   | - |   |   | 92,640 |   |   | (82,476 | ) |   | (c | ) |   | 10,164 |   |
| Total                liabilities                                                                                                        |   |                              | 729,329   |   |   | 681,314                    |   |                              | 751,087   |   |   | (517,773                                      | )      |   |   |   |   | 1,643,957 |   |   | 351,446 |   |   | 671,192 |   |   | (97,450 | ) |   |   |   |   | 2,569,145 |   |   | 167,512 |   |   | (109,566 | ) |   |   |   |   | 2,627,091 |   |
| Stockholders'                equity:                                                                                                    |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                preferred                stock:                                                                                   |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                A preferred stock                                                                                                 |   |                              | -         |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                B preferred stock                                                                                                 |   |                              | -         |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                A common                stock                                                                                     |   |                              | 929       |   |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   |   |   |   | 929 |   |
| Common                stock                                                                                                             |   |                              | 9,568     |   |   | 540                        |   |                              | 1         |   |   | (541                                          | )      |   | (b | ) |   | 9,568 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 9,568 |   |   | - |   |   | - |   |   |   |   |   | 9,568 |   |
| Additional                paid-in capital                                                                                               |   |                              | 399,667   |   |   | 121,230                    |   |                              | 147,481   |   |   | (268,711                                      | )      |   | (b | ) |   | 399,667 |   |   | 69,922 |   |   | 16,435 |   |   | (86,357 | ) |   | (b | ) |   | 399,667 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 353,596 |   |
| Accumulated                other comprehensive income (loss)                                                                            |   |                              | (26,260   | )      |   | (33,446                    | )      |                              | -         |   |   | 33,446                                        |   |   | (b | ) |   | (26,260 | ) |   | 2,350 |   |   | 1,542 |   |   | (3,892 | ) |   | (b | ) |   | (26,260 | ) |   | - |   |   | - |   |   |   |   |   | (26,260 | ) |
| Retained                earnings                                                                                                        |   |                              | 761,011   |   |   | 757,496                    |   |                              | 116,180   |   |   | (873,676                                      | )      |   | (b | ) |   | 761,011 |   |   | 81,192 |   |   | 100,394 |   |   | (181,586 | ) |   | (b | ) |   | 761,011 |   |   | (14,082 | ) |   | 22,415 |   |   | (b,d | ) |   | 769,344 |   |
| Cost                of common shares in treasury, net                                                                                   |   |                              | (418,092  | )      |   | -                          |   |                              | -         |   |   | -                                             |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                employee stock ownership                plan                shares                                              |   |                              | -         |   |   | (10,456                    | )      |                              | -         |   |   | -                                             |   |   |   |   |   | (10,456 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (10,456 | ) |   | - |   |   | - |   |   |   |   |   | (10,456 | ) |
| Total                stockholders' equity                                                                                               |   |                              | 726,823   |   |   | 835,364                    |   |                              | 263,662   |   |   | (1,109,482                                    | )      |   |   |   |   | 716,367 |   |   | 156,764 |   |   | 120,871 |   |   | (277,635 | ) |   |   |   |   | 716,367 |   |   | (14,082 | ) |   | (23,656 | ) |   |   |   |   | 678,629 |   |
|                                                                                                                                    |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                liabilities and stockholders' equity                                                                               |   | $                                 | 1,456,152 |   | $      | 1,516,678                  |   | $                                 | 1,014,749 |   | $      | (1,627,255                                    | )      |   |   |   | $ | 2,360,324 |   | $ | 508,210 |   | $ | 792,063 |   | $ | (375,085 | ) |   |   |   | $ | 3,285,512 |   | $ | 153,430 |   | $ | (133,222 | ) |   |   |   | $ | 3,305,720 |   |
|                                                                                                                                    |   |                              |      |   |   |                       |   |                              |      |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                                                                     |   | Moving                and Storage |   |   |   |                       |   | AMERCO                Legal Group |   |   |   | AMERCO                as Consolidated         |   |
|------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|--------|--------|----------------------------|--------|-----------------------------------|--------|--------|--------|-----------------------------------------------|--------|
|                                                                                     |   | AMERCO                            |   | U-Haul |   | Real                Estate |   | Eliminations                      |   |   |   | Moving                and StorageConsolidated |   | Property                and Casualty Insurance(a) |   | Life                Insurance(a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                     |   | (Unaudited)                       |   |
|                                                                                     |   | (In                thousands)     |   |
| Revenues:                                                                                |   |                              |   |   |   |                       |   |                              |   |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment                rentals                              |   | $                                 | -      |   | $      | 446,705                    |   | $                                 | -      |   | $      | -                                             |   |   |   |   | $ | 446,705 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 446,705 |   | $ | 2,861 |   | $ | (2,861 | ) |   | (b | ) | $ | 446,705 |   |
| Self-storage                revenues                                                     |   |                              | -      |   |   | 28,379                     |   |                              | 441    |   |   | -                                             |   |   |   |   |   | 28,820 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 28,820 |   |   | 4,781 |   |   | - |   |   |   |   |   | 33,601 |   |
| Self-moving&                self-storage                products & service sales |   |                              | -      |   |   | 57,874                     |   |                              | -      |   |   | -                                             |   |   |   |   |   | 57,874 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 57,874 |   |   | 4,618 |   |   | - |   |   |   |   |   | 62,492 |   |
| Property                management                fees                                   |   |                              | -      |   |   | 4,578                      |   |                              | -      |   |   | -                                             |   |   |   |   |   | 4,578 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 4,578 |   |   | - |   |   | (749 | ) |   | (g | ) |   | 3,829 |   |
| Life                insurance                premiums                                    |   |                              | -      |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | - |   |   | - |   |   | 30,098 |   |   | (380 | ) |   | (c | ) |   | 29,718 |   |   | - |   |   | - |   |   |   |   |   | 29,718 |   |
| Property                and casualty insurance                premiums                   |   |                              | -      |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | - |   |   | 5,399 |   |   | - |   |   | - |   |   |   |   |   | 5,399 |   |   | - |   |   | - |   |   |   |   |   | 5,399 |   |
| Net                investment and interest                income                         |   |                              | 1,550  |   |   | 5,978                      |   |                              | 21     |   |   | -                                             |   |   |   |   |   | 7,549 |   |   | 2,658 |   |   | 4,609 |   |   | (999 | ) |   | (d | ) |   | 13,817 |   |   | - |   |   | (1,465 | ) |   | (d | ) |   | 12,352 |   |
| Other                revenue                                                             |   |                              | 166    |   |   | 11,045                     |   |                              | 14,251 |   |   | (15,605                                       | )      |   | (b | ) |   | 9,857 |   |   | - |   |   | 1,563 |   |   | (174 | ) |   | (b | ) |   | 11,246 |   |   | 352 |   |   | (178 | ) |   | (b | ) |   | 11,420 |   |
| Total                revenues                                                            |   |                              | 1,716  |   |   | 554,559                    |   |                              | 14,713 |   |   | (15,605                                       | )      |   |   |   |   | 555,383 |   |   | 8,057 |   |   | 36,270 |   |   | (1,553 | ) |   |   |   |   | 598,157 |   |   | 12,612 |   |   | (5,253 | ) |   |   |   |   | 605,516 |   |
| Costs                and expenses:                                                       |   |                              |   |   |   |                       |   |                              |   |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                        |   |                              | 1,633  |   |   | 291,334                    |   |                              | 1,550  |   |   | (15,605                                       | )      |   | (b | ) |   | 278,912 |   |   | 2,022 |   |   | 6,802 |   |   | (3,652 | ) |   | (b,c | ) |   | 284,084 |   |   | 6,366 |   |   | (749 | ) |   | (g | ) |   | 289,701 |   |
| Commission                expenses                                                       |   |                              | -      |   |   | 56,058                     |   |                              | -      |   |   | -                                             |   |   |   |   |   | 56,058 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 56,058 |   |   | - |   |   | (2,861 | ) |   | (b | ) |   | 53,197 |   |
| Cost                of sales                                                             |   |                              | -      |   |   | 28,423                     |   |                              | -      |   |   | -                                             |   |   |   |   |   | 28,423 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 28,423 |   |   | 2,494 |   |   | - |   |   |   |   |   | 30,917 |   |
| Benefits                and                losses                                        |   |                              | -      |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | - |   |   | 3,658 |   |   | 20,952 |   |   | 2,099 |   |   | (c | ) |   | 26,709 |   |   | - |   |   | - |   |   |   |   |   | 26,709 |   |
| Amortization                of deferred policy                acquisition costs          |   |                              | -      |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | - |   |   | 635 |   |   | 5,219 |   |   | - |   |   |   |   |   | 5,854 |   |   | - |   |   | - |   |   |   |   |   | 5,854 |   |
| Lease                expense                                                             |   |                              | 22     |   |   | 36,721                     |   |                              | 13     |   |   | -                                             |   |   |   |   |   | 36,756 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 36,756 |   |   | - |   |   | (178 | ) |   | (b | ) |   | 36,578 |   |
| Depreciation,                net                                                         |   |                              | 8      |   |   | 31,384                     |   |                              | 2,367  |   |   | -                                             |   |   |   |   |   | 33,759 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 33,759 |   |   | 703 |   |   | (140 | ) |   | (e | ) |   | 34,322 |   |
| Total                costs and                expenses                                   |   |                              | 1,663  |   |   | 443,920                    |   |                              | 3,930  |   |   | (15,605                                       | )      |   |   |   |   | 433,908 |   |   | 6,315 |   |   | 32,973 |   |   | (1,553 | ) |   |   |   |   | 471,643 |   |   | 9,563 |   |   | (3,928 | ) |   |   |   |   | 477,278 |   |
| Equity                in earnings of subsidiaries                                        |   |                              | 84,599 |   |   | -                          |   |                              | -      |   |   | (81,518                                       | )      |   | (f | ) |   | 3,081 |   |   | - |   |   | - |   |   | (3,081 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                      |   |                              | 17     |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | 17 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 17 |   |   | - |   |   | (17 | ) |   | (f | ) |   | - |   |
| Total                - equity earnings of subsidiaries and SAC Holding II                |   |                              | 84,616 |   |   | -                          |   |                              | -      |   |   | (81,518                                       | )      |   |   |   |   | 3,098 |   |   | - |   |   | - |   |   | (3,081 | ) |   |   |   |   | 17 |   |   | - |   |   | (17 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                  |   |                              | 84,669 |   |   | 110,639                    |   |                              | 10,783 |   |   | (81,518                                       | )      |   |   |   |   | 124,573 |   |   | 1,742 |   |   | 3,297 |   |   | (3,081 | ) |   |   |   |   | 126,531 |   |   | 3,049 |   |   | (1,342 | ) |   |   |   |   | 128,238 |   |
| Interest                expense                (income)                                  |   |                              | 24,676 |   |   | (10,796                    | )      |                              | (184   | )      |   | -                                             |   |   |   |   |   | 13,696 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 13,696 |   |   | 3,014 |   |   | (1,465 | ) |   | (d | ) |   | 15,245 |   |
| Pretax                earnings                                                           |   |                              | 59,993 |   |   | 121,435                    |   |                              | 10,967 |   |   | (81,518                                       | )      |   |   |   |   | 110,877 |   |   | 1,742 |   |   | 3,297 |   |   | (3,081 | ) |   |   |   |   | 112,835 |   |   | 35 |   |   | 123 |   |   |   |   |   | 112,993 |   |
| Income                tax benefit                (expense)                               |   |                              | 9,042  |   |   | (46,603                    | )      |                              | (4,281 | )      |   | -                                             |   |   |   |   |   | (41,842 | ) |   | (610 | ) |   | (1,348 | ) |   | - |   |   |   |   |   | (43,800 | ) |   | (18 | ) |   | (53 | ) |   | (e | ) |   | (43,871 | ) |
| Net                earnings                                                              |   |                              | 69,035 |   |   | 74,832                     |   |                              | 6,686  |   |   | (81,518                                       | )      |   |   |   |   | 69,035 |   |   | 1,132 |   |   | 1,949 |   |   | (3,081 | ) |   |   |   |   | 69,035 |   |   | 17 |   |   | 70 |   |   |   |   |   | 69,122 |   |
| Less:                Preferred stock dividends                                           |   |                              | (3,241 | )      |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                available to common shareholders                                 |   | $                                 | 65,794 |   | $      | 74,832                     |   | $                                 | 6,686  |   | $      | (81,518                                       | )      |   |   |   | $ | 65,794 |   | $ | 1,132 |   | $ | 1,949 |   | $ | (3,081 | ) |   |   |   | $ | 65,794 |   | $ | 17 |   | $ | 70 |   |   |   |   | $ | 65,881 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**9.      Consolidating statement of operations by industry segment for the quarter ended      September 30, 200**
**4      are as follows:**

|                                                                                     |   | Moving                & Storage |   |   |   |                       |   | AMERCO                Legal Group |   |   |   | AMERCO                as Consolidated           |   |
|------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|--------|----------------------------|--------|-----------------------------------|--------|--------|--------|-------------------------------------------------|--------|
|                                                                                     |   | AMERCO                              |   | U-Haul |   | Real                Estate |   | Eliminations                      |   |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance(a) |   | Life                Insurance(a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                     |   | (Unaudited)                         |   |
|                                                                                     |   | (In                thousands)       |   |
| Revenues:                                                                                |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment                rentals                              |   | $                                   | -      |   | $      | 429,156                    |   | $                                 | -      |   | $      | -                                               |   |   |   |   | $ | 429,156 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 429,156 |   | $ | 2,718 |   | $ | (2,718 | ) |   | (b | ) | $ | 429,156 |   |
| Self-storage                revenues                                                     |   |                                | -      |   |   | 23,905                     |   |                              | 453    |   |   | -                                               |   |   |   |   |   | 24,358 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 24,358 |   |   | 4,580 |   |   | - |   |   |   |   |   | 28,938 |   |
| Self-moving&                self-storage                products & service sales |   |                                | -      |   |   | 53,638                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 53,638 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 53,638 |   |   | 4,271 |   |   | - |   |   |   |   |   | 57,909 |   |
| Property                management                fees                                   |   |                                | -      |   |   | 3,834                      |   |                              | -      |   |   | -                                               |   |   |   |   |   | 3,834 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 3,834 |   |   | - |   |   | (725 | ) |   | (g | ) |   | 3,109 |   |
| Life                insurance                premiums                                    |   |                                | -      |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 32,405 |   |   | (370 | ) |   | (c | ) |   | 32,035 |   |   | - |   |   | - |   |   |   |   |   | 32,035 |   |
| Property                and casualty insurance                premiums                   |   |                                | -      |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 7,038 |   |   | - |   |   | - |   |   |   |   |   | 7,038 |   |   | - |   |   | - |   |   |   |   |   | 7,038 |   |
| Net                investment and interest                income                         |   |                                | 188    |   |   | 5,339                      |   |                              | 26     |   |   | -                                               |   |   |   |   |   | 5,553 |   |   | 3,699 |   |   | 5,480 |   |   | (863 | ) |   | (d | ) |   | 13,869 |   |   | - |   |   | (2,394 | ) |   | (d | ) |   | 11,475 |   |
| Other                revenue                                                             |   |                                | -      |   |   | 8,796                      |   |                              | 14,103 |   |   | (15,534                                         | )      |   | (b | ) |   | 7,365 |   |   | - |   |   | 2,526 |   |   | (232 | ) |   | (b | ) |   | 9,659 |   |   | 207 |   |   | (106 | ) |   | (b | ) |   | 9,760 |   |
| Total                revenues                                                            |   |                                | 188    |   |   | 524,668                    |   |                              | 14,582 |   |   | (15,534                                         | )      |   |   |   |   | 523,904 |   |   | 10,737 |   |   | 40,411 |   |   | (1,465 | ) |   |   |   |   | 573,587 |   |   | 11,776 |   |   | (5,943 | ) |   |   |   |   | 579,420 |   |
|                                                                                     |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                       |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                        |   |                                | 4,756  |   |   | 285,963                    |   |                              | 1,617  |   |   | (15,534                                         | )      |   | (b | ) |   | 276,802 |   |   | 982 |   |   | 8,334 |   |   | (3,392 | ) |   | (b,c | ) |   | 282,726 |   |   | 5,446 |   |   | (725 | ) |   | (g | ) |   | 287,447 |   |
| Commission                expenses                                                       |   |                                | -      |   |   | 54,572                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 54,572 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 54,572 |   |   | - |   |   | (2,718 | ) |   | (b | ) |   | 51,854 |   |
| Cost                of sales                                                             |   |                                | -      |   |   | 27,227                     |   |                              | -      |   |   | -                                               |   |   |   |   |   | 27,227 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 27,227 |   |   | 1,289 |   |   | - |   |   |   |   |   | 28,516 |   |
| Benefits                and                losses                                        |   |                                | -      |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 7,869 |   |   | 23,585 |   |   | 1,927 |   |   | (c | ) |   | 33,381 |   |   | - |   |   | - |   |   |   |   |   | 33,381 |   |
| Amortization                of deferred policy                acquisition costs          |   |                                | -      |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 1,783 |   |   | 5,995 |   |   | - |   |   |   |   |   | 7,778 |   |   | - |   |   | - |   |   |   |   |   | 7,778 |   |
| Lease                expense                                                             |   |                                | 22     |   |   | 36,428                     |   |                              | 4      |   |   | -                                               |   |   |   |   |   | 36,454 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 36,454 |   |   | - |   |   | (106 | ) |   | (b | ) |   | 36,348 |   |
| Depreciation,                net                                                         |   |                                | 10     |   |   | 27,386                     |   |                              | 2,005  |   |   | -                                               |   |   |   |   |   | 29,401 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 29,401 |   |   | 642 |   |   | (140 | ) |   | (e | ) |   | 29,903 |   |
| Total                costs and expenses                                                  |   |                                | 4,788  |   |   | 431,576                    |   |                              | 3,626  |   |   | (15,534                                         | )      |   |   |   |   | 424,456 |   |   | 10,634 |   |   | 37,914 |   |   | (1,465 | ) |   |   |   |   | 471,539 |   |   | 7,377 |   |   | (3,689 | ) |   |   |   |   | 475,227 |   |
|                                                                                     |   |                                |   |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                        |   |                                | 68,047 |   |   | -                          |   |                              | -      |   |   | (66,325                                         | )      |   | (f | ) |   | 1,722 |   |   | - |   |   | - |   |   | (1,722 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                      |   |                                | 200    |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | 200 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 200 |   |   | - |   |   | (200 | ) |   | (f | ) |   | - |   |
| Total                - equity earnings of subsidiaries and SAC Holding II                |   |                                | 68,247 |   |   | -                          |   |                              | -      |   |   | (66,325                                         | )      |   |   |   |   | 1,922 |   |   | - |   |   | - |   |   | (1,722 | ) |   |   |   |   | 200 |   |   | - |   |   | (200 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                  |   |                                | 63,647 |   |   | 93,092                     |   |                              | 10,956 |   |   | (66,325                                         | )      |   |   |   |   | 101,370 |   |   | 103 |   |   | 2,497 |   |   | (1,722 | ) |   |   |   |   | 102,248 |   |   | 4,399 |   |   | (2,454 | ) |   |   |   |   | 104,193 |   |
| Interest                expense                (income)                                  |   |                                | 19,539 |   |   | (8,030                     | )      |                              | 4,977  |   |   | -                                               |   |   |   |   |   | 16,486 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 16,486 |   |   | 3,968 |   |   | (2,394 | ) |   | (d | ) |   | 18,060 |   |
| Pretax                earnings                                                           |   |                                | 44,108 |   |   | 101,122                    |   |                              | 5,979  |   |   | (66,325                                         | )      |   |   |   |   | 84,884 |   |   | 103 |   |   | 2,497 |   |   | (1,722 | ) |   |   |   |   | 85,762 |   |   | 431 |   |   | (60 | ) |   |   |   |   | 86,133 |   |
| Income                tax benefit                (expense)                               |   |                                | 8,864  |   |   | (38,366                    | )      |                              | (2,410 | )      |   | -                                               |   |   |   |   |   | (31,912 | ) |   | (29 | ) |   | (849 | ) |   | - |   |   |   |   |   | (32,790 | ) |   | (231 | ) |   | (53 | ) |   | (e | ) |   | (33,074 | ) |
| Net                earnings                                                              |   |                                | 52,972 |   |   | 62,756                     |   |                              | 3,569  |   |   | (66,325                                         | )      |   |   |   |   | 52,972 |   |   | 74 |   |   | 1,648 |   |   | (1,722 | ) |   |   |   |   | 52,972 |   |   | 200 |   |   | (113 | ) |   |   |   |   | 53,059 |   |
| Less:                Preferred stock dividends                                           |   |                                | (3,241 | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |   | - |   |   | - |   |   |   |   |   | (3,241 | ) |
| Earnings                available to common shareholders                                 |   | $                                   | 49,731 |   | $      | 62,756                     |   | $                                 | 3,569  |   | $      | (66,325                                         | )      |   |   |   | $ | 49,731 |   | $ | 74 |   | $ | 1,648 |   | $ | (1,722 | ) |   |   |   | $ | 49,731 |   | $ | 200 |   | $ | (113 | ) |   |   |   | $ | 49,818 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**9.      Consolidating statements of operations by industry for the six months ended      September 30, 2005 are as follows:**

|                                                                                     |   | Moving                and Storage |    |   |   |                       |   | AMERCO                Legal Group |   |   |   | AMERCO                as Consolidated         |   |
|------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|--------|--------|----------------------------|--------|-----------------------------------|--------|--------|--------|-----------------------------------------------|--------|
|                                                                                     |   | AMERCO                            |    | U-Haul |   | Real                Estate |   | Eliminations                      |   |   |   | Moving                and StorageConsolidated |   | Property                and Casualty Insurance(a) |   | Life                Insurance(a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                     |   | (Unaudited)                       |    |
|                                                                                     |   | (In                thousands)     |    |
| Revenues:                                                                                |   |                              |    |   |   |                       |   |                              |   |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment                rentals                              |   | $                                 | -       |   | $      | 847,965                    |   | $                                 | -      |   | $      | -                                             |   |   |   |   | $ | 847,965 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 847,965 |   | $ | 5,349 |   | $ | (5,349 | ) |   | (b | ) | $ | 847,965 |   |
| Self-storage                revenues                                                     |   |                              | -       |   |   | 52,172                     |   |                              | 896    |   |   | -                                             |   |   |   |   |   | 53,068 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 53,068 |   |   | 9,301 |   |   | - |   |   |   |   |   | 62,369 |   |
| Self-moving&                self-storage                products & service sales |   |                              | -       |   |   | 119,672                    |   |                              | -      |   |   | -                                             |   |   |   |   |   | 119,672 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 119,672 |   |   | 9,383 |   |   | - |   |   |   |   |   | 129,055 |   |
| Property                management                fees                                   |   |                              | -       |   |   | 9,746                      |   |                              | -      |   |   | -                                             |   |   |   |   |   | 9,746 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 9,746 |   |   | - |   |   | (1,477 | ) |   | (g | ) |   | 8,269 |   |
| Life                insurance                premiums                                    |   |                              | -       |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | - |   |   | - |   |   | 60,064 |   |   | (757 | ) |   | (c | ) |   | 59,307 |   |   | - |   |   | - |   |   |   |   |   | 59,307 |   |
| Property                and casualty insurance                premiums                   |   |                              | -       |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | - |   |   | 10,223 |   |   | - |   |   | - |   |   |   |   |   | 10,223 |   |   | - |   |   | - |   |   |   |   |   | 10,223 |   |
| Net                investment and interest                income                         |   |                              | 2,962   |   |   | 10,716                     |   |                              | 25     |   |   | -                                             |   |   |   |   |   | 13,703 |   |   | 6,143 |   |   | 11,275 |   |   | (1,997 | ) |   | (d | ) |   | 29,124 |   |   | - |   |   | (3,058 | ) |   | (d | ) |   | 26,066 |   |
| Other                revenue                                                             |   |                              | 175     |   |   | 21,061                     |   |                              | 28,714 |   |   | (31,158                                       | )      |   | (b | ) |   | 18,792 |   |   | - |   |   | 3,004 |   |   | (359 | ) |   | (b | ) |   | 21,437 |   |   | 638 |   |   | (355 | ) |   | (b | ) |   | 21,720 |   |
| Total                revenues                                                            |   |                              | 3,137   |   |   | 1,061,332                  |   |                              | 29,635 |   |   | (31,158                                       | )      |   |   |   |   | 1,062,946 |   |   | 16,366 |   |   | 74,343 |   |   | (3,113 | ) |   |   |   |   | 1,150,542 |   |   | 24,671 |   |   | (10,239 | ) |   |   |   |   | 1,164,974 |   |
|                                                                                     |   |                              |    |   |   |                       |   |                              |   |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                       |   |                              |    |   |   |                       |   |                              |   |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                        |   |                              | 5,030   |   |   | 557,609                    |   |                              | 3,141  |   |   | (31,158                                       | )      |   | (b | ) |   | 534,622 |   |   | 4,422 |   |   | 14,190 |   |   | (7,152 | ) |   | (b,c | ) |   | 546,082 |   |   | 11,888 |   |   | (1,477 | ) |   | (g | ) |   | 556,493 |   |
| Commission                expenses                                                       |   |                              | -       |   |   | 106,564                    |   |                              | -      |   |   | -                                             |   |   |   |   |   | 106,564 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 106,564 |   |   | - |   |   | (5,349 | ) |   | (b | ) |   | 101,215 |   |
| Cost                of sales                                                             |   |                              | -       |   |   | 57,710                     |   |                              | -      |   |   | -                                             |   |   |   |   |   | 57,710 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 57,710 |   |   | 4,251 |   |   | - |   |   |   |   |   | 61,961 |   |
| Benefits                and                losses                                        |   |                              | -       |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | - |   |   | 7,131 |   |   | 42,853 |   |   | 4,039 |   |   | (c | ) |   | 54,023 |   |   | - |   |   | - |   |   |   |   |   | 54,023 |   |
| Amortization                of deferred policy                acquisition costs          |   |                              | -       |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | - |   |   | 1,489 |   |   | 10,563 |   |   | - |   |   |   |   |   | 12,052 |   |   | - |   |   | - |   |   |   |   |   | 12,052 |   |
| Lease                expense                                                             |   |                              | 41      |   |   | 70,157                     |   |                              | 30     |   |   | -                                             |   |   |   |   |   | 70,228 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 70,228 |   |   | - |   |   | (355 | ) |   | (b | ) |   | 69,873 |   |
| Depreciation,                net                                                         |   |                              | 15      |   |   | 62,901                     |   |                              | 4,491  |   |   | -                                             |   |   |   |   |   | 67,407 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 67,407 |   |   | 1,432 |   |   | (280 | ) |   | (e | ) |   | 68,559 |   |
| Total                costs and                expenses                                   |   |                              | 5,086   |   |   | 854,941                    |   |                              | 7,662  |   |   | (31,158                                       | )      |   |   |   |   | 836,531 |   |   | 13,042 |   |   | 67,606 |   |   | (3,113 | ) |   |   |   |   | 914,066 |   |   | 17,571 |   |   | (7,461 | ) |   |   |   |   | 924,176 |   |
| Equity                in earnings of subsidiaries                                        |   |                              | 149,881 |   |   | -                          |   |                              | -      |   |   | (143,335                                      | )      |   | (f | ) |   | 6,546 |   |   | - |   |   | - |   |   | (6,546 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                      |   |                              | 577     |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | 577 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 577 |   |   | - |   |   | (577 | ) |   | (f | ) |   | - |   |
| Total                - equity earnings of subsidiaries and SAC Holding II                |   |                              | 150,458 |   |   | -                          |   |                              | -      |   |   | (143,335                                      | )      |   |   |   |   | 7,123 |   |   | - |   |   | - |   |   | (6,546 | ) |   |   |   |   | 577 |   |   | - |   |   | (577 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                  |   |                              | 148,509 |   |   | 206,391                    |   |                              | 21,973 |   |   | (143,335                                      | )      |   |   |   |   | 233,538 |   |   | 3,324 |   |   | 6,737 |   |   | (6,546 | ) |   |   |   |   | 237,053 |   |   | 7,100 |   |   | (3,355 | ) |   |   |   |   | 240,798 |   |
| Interest                expense                (income)                                  |   |                              | 35,824  |   |   | (10,118                    | )      |                              | 6,089  |   |   | -                                             |   |   |   |   |   | 31,795 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 31,795 |   |   | 6,144 |   |   | (3,058 | ) |   | (d | ) |   | 34,881 |   |
| Fees                on early extinguishment of                debt                       |   |                              | 35,627  |   |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | 35,627 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 35,627 |   |   | - |   |   | - |   |   |   |   |   | 35,627 |   |
| Pretax                earnings                                                           |   |                              | 77,058  |   |   | 216,509                    |   |                              | 15,884 |   |   | (143,335                                      | )      |   |   |   |   | 166,116 |   |   | 3,324 |   |   | 6,737 |   |   | (6,546 | ) |   |   |   |   | 169,631 |   |   | 956 |   |   | (297 | ) |   |   |   |   | 170,290 |   |
| Income                tax benefit                (expense)                               |   |                              | 26,952  |   |   | (82,676                    | )      |                              | (6,382 | )      |   | -                                             |   |   |   |   |   | (62,106 | ) |   | (1,164 | ) |   | (2,351 | ) |   | - |   |   |   |   |   | (65,621 | ) |   | (379 | ) |   | (106 | ) |   | (e | ) |   | (66,106 | ) |
| Net                earnings                                                              |   |                              | 104,010 |   |   | 133,833                    |   |                              | 9,502  |   |   | (143,335                                      | )      |   |   |   |   | 104,010 |   |   | 2,160 |   |   | 4,386 |   |   | (6,546 | ) |   |   |   |   | 104,010 |   |   | 577 |   |   | (403 | ) |   |   |   |   | 104,184 |   |
| Less:                Preferred stock dividends                                           |   |                              | (6,482  | )      |   | -                          |   |                              | -      |   |   | -                                             |   |   |   |   |   | (6,482 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (6,482 | ) |   | - |   |   | - |   |   |   |   |   | (6,482 | ) |
| Earnings                available to common shareholders                                 |   | $                                 | 97,528  |   | $      | 133,833                    |   | $                                 | 9,502  |   | $      | (143,335                                      | )      |   |   |   | $ | 97,528 |   | $ | 2,160 |   | $ | 4,386 |   | $ | (6,546 | ) |   |   |   | $ | 97,528 |   | $ | 577 |   | $ | (403 | ) |   |   |   | $ | 97,702 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**9.      Consolidating statements of operations by industry for the six months ended      September 30, 2004 are as follows:**

|                                                                                     |   | Moving                & Storage |    |   |   |                       |   | AMERCO                Legal Group |   |   |   | AMERCO                as Consolidated           |   |
|------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|----------------------------|--------|-----------------------------------|--------|--------|--------|-------------------------------------------------|--------|
|                                                                                     |   | AMERCO                              |    | U-Haul |   | Real                Estate |   | Eliminations                      |   |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance(a) |   | Life                Insurance(a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                     |   | (Unaudited)                         |    |
|                                                                                     |   | (In                thousands)       |    |
| Revenues:                                                                                |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment                rentals                              |   | $                                   | -       |   | $      | 818,819                    |   | $                                 | 79     |   | $      | -                                               |   |   |   |   | $ | 818,898 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 818,898 |   | $ | 5,127 |   | $ | (5,127 | ) |   | (b | ) | $ | 818,898 |   |
| Self-storage                revenues                                                     |   |                                | -       |   |   | 49,547                     |   |                              | 1,121  |   |   | -                                               |   |   |   |   |   | 50,668 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 50,668 |   |   | 8,845 |   |   | - |   |   |   |   |   | 59,513 |   |
| Self-moving&                self-storage                products & service sales |   |                                | -       |   |   | 110,650                    |   |                              | 15     |   |   | -                                               |   |   |   |   |   | 110,665 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 110,665 |   |   | 8,608 |   |   | - |   |   |   |   |   | 119,273 |   |
| Property                management                fees                                   |   |                                | -       |   |   | 7,488                      |   |                              | -      |   |   | -                                               |   |   |   |   |   | 7,488 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 7,488 |   |   | - |   |   | (1,397 | ) |   | (g | ) |   | 6,091 |   |
| Life                insurance                premiums                                    |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 66,037 |   |   | (743 | ) |   | (c | ) |   | 65,294 |   |   | - |   |   | - |   |   |   |   |   | 65,294 |   |
| Property                and casualty insurance                premiums                   |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 16,840 |   |   | - |   |   | - |   |   |   |   |   | 16,840 |   |   | - |   |   | - |   |   |   |   |   | 16,840 |   |
| Net                investment and interest                income                         |   |                                | 4,954   |   |   | 11,299                     |   |                              | 54     |   |   | -                                               |   |   |   |   |   | 16,307 |   |   | 8,236 |   |   | 11,661 |   |   | (3,056 | ) |   | (d | ) |   | 33,148 |   |   | - |   |   | (4,097 | ) |   | (d | ) |   | 29,051 |   |
| Other                revenue                                                             |   |                                | 3       |   |   | 15,099                     |   |                              | 28,163 |   |   | (31,011                                         | )      |   | (b | ) |   | 12,254 |   |   | - |   |   | 5,354 |   |   | (390 | ) |   | (b | ) |   | 17,218 |   |   | 542 |   |   | (355 | ) |   | (b | ) |   | 17,405 |   |
| Total                revenues                                                            |   |                                | 4,957   |   |   | 1,012,902                  |   |                              | 29,432 |   |   | (31,011                                         | )      |   |   |   |   | 1,016,280 |   |   | 25,076 |   |   | 83,052 |   |   | (4,189 | ) |   |   |   |   | 1,120,219 |   |   | 23,122 |   |   | (10,976 | ) |   |   |   |   | 1,132,365 |   |
|                                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                       |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                        |   |                                | 11,527  |   |   | 555,691                    |   |                              | 3,647  |   |   | (31,011                                         | )      |   | (b | ) |   | 539,854 |   |   | 1,557 |   |   | 16,605 |   |   | (8,650 | ) |   | (b,c | ) |   | 549,366 |   |   | 11,389 |   |   | (1,397 | ) |   | (g | ) |   | 559,358 |   |
| Commission                expenses                                                       |   |                                | -       |   |   | 103,894                    |   |                              | -      |   |   | -                                               |   |   |   |   |   | 103,894 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 103,894 |   |   | - |   |   | (5,127 | ) |   | (b | ) |   | 98,767 |   |
| Cost                of sales                                                             |   |                                | -       |   |   | 53,235                     |   |                              | 8      |   |   | -                                               |   |   |   |   |   | 53,243 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 53,243 |   |   | 3,013 |   |   | - |   |   |   |   |   | 56,256 |   |
| Benefits                and                losses                                        |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 17,897 |   |   | 47,694 |   |   | 4,461 |   |   | (c | ) |   | 70,052 |   |   | - |   |   | - |   |   |   |   |   | 70,052 |   |
| Amortization                of deferred policy                acquisition costs          |   |                                | -       |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | - |   |   | 5,153 |   |   | 12,583 |   |   | - |   |   |   |   |   | 17,736 |   |   | - |   |   | - |   |   |   |   |   | 17,736 |   |
| Lease                expense                                                             |   |                                | 44      |   |   | 77,167                     |   |                              | 27     |   |   | -                                               |   |   |   |   |   | 77,238 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 77,238 |   |   | - |   |   | (355 | ) |   | (b | ) |   | 76,883 |   |
| Depreciation,                net                                                         |   |                                | 17      |   |   | 53,851                     |   |                              | 3,084  |   |   | -                                               |   |   |   |   |   | 56,952 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 56,952 |   |   | 1,260 |   |   | (280 | ) |   | (e | ) |   | 57,932 |   |
| Total                costs and expenses                                                  |   |                                | 11,588  |   |   | 843,838                    |   |                              | 6,766  |   |   | (31,011                                         | )      |   |   |   |   | 831,181 |   |   | 24,607 |   |   | 76,882 |   |   | (4,189 | ) |   |   |   |   | 928,481 |   |   | 15,662 |   |   | (7,159 | ) |   |   |   |   | 936,984 |   |
|                                                                                     |   |                                |    |   |   |                       |   |                              |   |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                        |   |                                | 123,071 |   |   | -                          |   |                              | -      |   |   | (118,741                                        | )      |   | (f | ) |   | 4,330 |   |   | - |   |   | - |   |   | (4,330 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                      |   |                                | 77      |   |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | 77 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 77 |   |   | - |   |   | (77 | ) |   | (f | ) |   | - |   |
| Total                - equity earnings of subsidiaries and SAC Holding II                |   |                                | 123,148 |   |   | -                          |   |                              | -      |   |   | (118,741                                        | )      |   |   |   |   | 4,407 |   |   | - |   |   | - |   |   | (4,330 | ) |   |   |   |   | 77 |   |   | - |   |   | (77 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                  |   |                                | 116,517 |   |   | 169,064                    |   |                              | 22,666 |   |   | (118,741                                        | )      |   |   |   |   | 189,506 |   |   | 469 |   |   | 6,170 |   |   | (4,330 | ) |   |   |   |   | 191,815 |   |   | 7,460 |   |   | (3,894 | ) |   |   |   |   | 195,381 |   |
| Interest                expense                (income)                                  |   |                                | 34,210  |   |   | (6,904                     | )      |                              | 6,624  |   |   | -                                               |   |   |   |   |   | 33,930 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 33,930 |   |   | 7,231 |   |   | (4,097 | ) |   | (d | ) |   | 37,064 |   |
| Pretax                earnings                                                           |   |                                | 82,307  |   |   | 175,968                    |   |                              | 16,042 |   |   | (118,741                                        | )      |   |   |   |   | 155,576 |   |   | 469 |   |   | 6,170 |   |   | (4,330 | ) |   |   |   |   | 157,885 |   |   | 229 |   |   | 203 |   |   |   |   |   | 158,317 |   |
| Income                tax benefit                (expense)                               |   |                                | 14,997  |   |   | (66,889                    | )      |                              | (6,380 | )      |   | -                                               |   |   |   |   |   | (58,272 | ) |   | (157 | ) |   | (2,152 | ) |   | - |   |   |   |   |   | (60,581 | ) |   | (152 | ) |   | (106 | ) |   | (e | ) |   | (60,839 | ) |
| Net                earnings                                                              |   |                                | 97,304  |   |   | 109,079                    |   |                              | 9,662  |   |   | (118,741                                        | )      |   |   |   |   | 97,304 |   |   | 312 |   |   | 4,018 |   |   | (4,330 | ) |   |   |   |   | 97,304 |   |   | 77 |   |   | 97 |   |   |   |   |   | 97,478 |   |
| Less:                Preferred stock dividends                                           |   |                                | (6,482  | )      |   | -                          |   |                              | -      |   |   | -                                               |   |   |   |   |   | (6,482 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (6,482 | ) |   | - |   |   | - |   |   |   |   |   | (6,482 | ) |
| Earnings                available to common shareholders                                 |   | $                                   | 90,822  |   | $      | 109,079                    |   | $                                 | 9,662  |   | $      | (118,741                                        | )      |   |   |   | $ | 90,822 |   | $ | 312 |   | $ | 4,018 |   | $ | (4,330 | ) |   |   |   | $ | 90,822 |   | $ | 77 |   | $ | 97 |   |   |   |   | $ | 90,996 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                                                        |   | Moving                and Storage |     |   |   | AMERCO                Legal Group |   |        |    |                                           |   | AMERCO                as Consolidated                                            |   |                             |     |
|-----------------------------------------------------------------------------|--------|-----------------------------------|----------|--------|--------|-----------------------------------|--------|-------------|---------|------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|----------------------------------|----------|
|                                                                        |   | AMERCO                            |     | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                and Storage Consolidated |   | Property                and Casualty                Insurance                (a) |   | Life                Insurance(a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                        |   | (Unaudited)                       |     |
| Cash                flows from operating activities:                        |   | (In                thousands)     |
| Net                earnings (loss)                                          |   | $                                 | 104,010  |   | $      | 133,833                           |   | $           | 9,502   |                                           | $      | (143,335                                                                         | )      | $                                | 104,010  |   | $ | 2,160 |   | $ | 4,386 |   | $ | (6,546 | ) | $ | 104,010 |   | $ | 577 |   | $ | (403 | ) | $ | 104,184 |   |
| Earnings                from consolidated entities                          |   |                              | (150,458 | )      |   | -                                 |   |        | -       |                                           |   | 143,335                                                                          |   |                             | (7,123   | ) |   | - |   |   | - |   |   | 6,546 |   |   | (577 | ) |   | - |   |   | 577 |   |   | - |   |
| Depreciation                                                                |   |                              | 15       |   |   | 56,960                            |   |        | 4,491   |                                           |   | -                                                                                |   |                             | 61,466   |   |   | - |   |   | - |   |   | - |   |   | 61,466 |   |   | 1,432 |   |   | (280 | ) |   | 62,618 |   |
| Amortization                of deferred policy acquistion costs             |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | 1,852 |   |   | 11,611 |   |   | - |   |   | 13,463 |   |   | - |   |   | - |   |   | 13,463 |   |
| Change                in provision for losses on trade receivables          |   |                              | -        |   |   | (620                              | )      |        | -       |                                           |   | -                                                                                |   |                             | (620     | ) |   | - |   |   | - |   |   | - |   |   | (620 | ) |   | - |   |   | - |   |   | (620 | ) |
| Reduction                of inventory reserves                              |   |                              | -        |   |   | (1,000                            | )      |        | -       |                                           |   | -                                                                                |   |                             | (1,000   | ) |   | - |   |   | - |   |   | - |   |   | (1,000 | ) |   | - |   |   | - |   |   | (1,000 | ) |
| Net                (gain) loss on sale of real and personal property        |   |                              | -        |   |   | 5,941                             |   |        | -       |                                           |   | -                                                                                |   |                             | 5,941    |   |   | (70 | ) |   | - |   |   | - |   |   | 5,871 |   |   | - |   |   | - |   |   | 5,871 |   |
| Net                (gain) loss on sale of investments                       |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | 794 |   |   | 689 |   |   | - |   |   | 1,483 |   |   | - |   |   | - |   |   | 1,483 |   |
| Deferred                income taxes                                        |   |                              | 44,993   |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | 44,993   |   |   | 1,039 |   |   | (702 | ) |   | - |   |   | 45,330 |   |   | 370 |   |   | 159 |   |   | 45,859 |   |
| Net                change in other operating assets and liabilities:        |   |                              |     |   |   |                              |   |        |    |                                           |   |                                                                             |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade                receivables                                            |   |                              | -        |   |   | (6,237                            | )      |        | 3       |                                           |   | -                                                                                |   |                             | (6,234   | ) |   | 7,643 |   |   | 2,412 |   |   | - |   |   | 3,821 |   |   | - |   |   | - |   |   | 3,821 |   |
| Inventories                                                                 |   |                              | -        |   |   | (5,009                            | )      |        | -       |                                           |   | -                                                                                |   |                             | (5,009   | ) |   | - |   |   | - |   |   | - |   |   | (5,009 | ) |   | (114 | ) |   | - |   |   | (5,123 | ) |
| Prepaid                expenses                                             |   |                              | (1,774   | )      |   | (778                              | )      |        | -       |                                           |   | -                                                                                |   |                             | (2,552   | ) |   | - |   |   | - |   |   | - |   |   | (2,552 | ) |   | 133 |   |   | - |   |   | (2,419 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | (1,490 | ) |   | - |   |   | - |   |   | (1,490 | ) |   | - |   |   | - |   |   | (1,490 | ) |
| Other                assets                                                 |   |                              | 13,970   |   |   | 11,396                            |   |        | (13,150 | )                                              |   | -                                                                                |   |                             | 12,216   |   |   | 167 |   |   | 481 |   |   | - |   |   | 12,864 |   |   | (784 | ) |   | - |   |   | 12,080 |   |
| Related                party assets                                         |   |                              | 380,996  |   |   | (461                              | )      |        | 1,227   |                                           |   | (389,978                                                                         | )      |                             | (8,216   | ) |   | 2,040 |   |   | 166 |   |   | 2,155 |   |   | (3,855 | ) |   | 602 |   |   | 546 |   |   | (2,707 | ) |
| Accounts                payable and accrued expenses                        |   |                              | (9,035   | )      |   | 2,429                             |   |        | 4,765   |                                           |   | -                                                                                |   |                             | (1,841   | ) |   | (231 | ) |   | (2,290 | ) |   | 4,858 |   |   | 496 |   |   | 652 |   |   | - |   |   | 1,148 |   |
| Policy                benefits and losses, claims and loss expenses payable |   |                              | -        |   |   | 29,348                            |   |        | -       |                                           |   | -                                                                                |   |                             | 29,348   |   |   | (23,787 | ) |   | (8,502 | ) |   | - |   |   | (2,941 | ) |   | - |   |   | - |   |   | (2,941 | ) |
| Other                policyholder's funds and liabilities                   |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | 327 |   |   | (10,112 | ) |   | - |   |   | (9,785 | ) |   | - |   |   | - |   |   | (9,785 | ) |
| Deferred                income                                              |   |                              | -        |   |   | 3,453                             |   |        | -       |                                           |   | -                                                                                |   |                             | 3,453    |   |   | - |   |   | - |   |   | (2,842 | ) |   | 611 |   |   | 127 |   |   | - |   |   | 738 |   |
| Related                party liabilities                                    |   |                              | (9,626   | )      |   | (284,635                          | )      |        | (94,914 | )                                              |   | 389,978                                                                          |   |                             | 803      |   |   | (290 | ) |   | 818 |   |   | (2,566 | ) |   | (1,235 | ) |   | (307 | ) |   | (599 | ) |   | (2,141 | ) |
| Net                cash provided (used) by operating activities             |   |                              | 373,091  |   |   | (55,380                           | )      |        | (88,076 | )                                              |   | -                                                                                |   |                             | 229,635  |   |   | (9,846 | ) |   | (1,043 | ) |   | 1,605 |   |   | 220,351 |   |   | 2,688 |   |   | - |   |   | 223,039 |   |
| Cash                flows from investing activities:                        |   |                              |     |   |   |                              |   |        |    |                                           |   |                                                                             |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                              |     |   |   |                              |   |        |    |                                           |   |                                                                             |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                              | -        |   |   | (80,601                           | )      |        | (41,773 | )                                              |   | -                                                                                |   |                             | (122,374 | ) |   | - |   |   | - |   |   | - |   |   | (122,374 | ) |   | (382 | ) |   | - |   |   | (122,756 | ) |
| Short                term investments                                       |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | (98,015 | ) |   | (121,760 | ) |   | - |   |   | (219,775 | ) |   | (705 | ) |   | - |   |   | (220,480 | ) |
| Fixed                maturities investments                                 |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | (31,432 | ) |   | (129,670 | ) |   | - |   |   | (161,102 | ) |   | - |   |   | - |   |   | (161,102 | ) |
| Equity                securities                                            |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Real                estate                                                  |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Mortgage                loans                                               |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | - |   |   | (1,250 | ) |   | - |   |   | (1,250 | ) |   | - |   |   | - |   |   | (1,250 | ) |
| Proceeds                from sales of:                                      |   |                              |     |   |   |                              |   |        |    |                                           |   |                                                                             |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                              | -        |   |   | 30,264                            |   |        | 5       |                                           |   | -                                                                                |   |                             | 30,269   |   |   | - |   |   | - |   |   | - |   |   | 30,269 |   |   | - |   |   | - |   |   | 30,269 |   |
| Short                term investments                                       |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | 110,674 |   |   | 197,473 |   |   | - |   |   | 308,147 |   |   | - |   |   | - |   |   | 308,147 |   |
| Fixed                maturities investments                                 |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | 21,235 |   |   | 72,897 |   |   | - |   |   | 94,132 |   |   | - |   |   | - |   |   | 94,132 |   |
| Equity                securities                                            |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | - |   |   | 9,250 |   |   | - |   |   | 9,250 |   |   | - |   |   | - |   |   | 9,250 |   |
| Preferred                stock                                              |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | 7,842 |   |   | - |   |   | - |   |   | 7,842 |   |   | - |   |   | - |   |   | 7,842 |   |
| Real                estate                                                  |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | 332 |   |   | 514 |   |   | 35,156 |   |   | 36,002 |   |   | - |   |   | - |   |   | 36,002 |   |
| Mortgage                loans                                               |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | - |   |   | 4,823 |   |   | - |   |   | 4,823 |   |   | - |   |   | - |   |   | 4,823 |   |
| Payments                from notes and mortgage receivables                 |   |                              | -        |   |   | (441                              | )      |        | 37      |                                           |   | -                                                                                |   |                             | (404     | ) |   | - |   |   | - |   |   | - |   |   | (404 | ) |   | - |   |   | - |   |   | (404 | ) |
| Net                cash provided (used) by investing activities             |   |                              | -        |   |   | (50,778                           | )      |        | (41,731 | )                                              |   | -                                                                                |   |                             | (92,509  | ) |   | 10,636 |   |   | 32,277 |   |   | 35,156 |   |   | (14,440 | ) |   | (1,087 | ) |   | - |   |   | (15,527 | ) |
|                                                                        |   |                              |     |   |   |                              |   |        |    |                                           |   |                                                                             |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                                   |   | Moving                and Storage |     |   |   | AMERCO                Legal Group |   |        |     |                                           |   | AMERCO                as Consolidated                                            |   |                             |       |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|----------|--------|--------|-----------------------------------|--------|-------------|----------|------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|----------------------------------|------------|
|                                                                                                                                   |   | AMERCO                            |     | U-Haul |   | Real                Estate        |   | Elimination |     | Moving                and Storage Consolidated |   | Property                and Casualty                Insurance                (a) |   | Life                Insurance(a) |       | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                                                                                   |   | (Unaudited)                       |     |
| Cash                flows from financing activities:                                                                                   |   | (In                thousands)     |
| Borrowings                from credit facilities                                                                                       |   |                              | 80,266   |   |   | 139,557                           |   |        | 948,495  |                                           |   | -                                                                                |   |                             | 1,168,318  |   |   | - |   |   | - |   |   | - |   |   | 1,168,318 |   |   | - |   |   | - |   |   | 1,168,318 |   |
| Principal                repayments on credit facilities                                                                               |   |                              | (860,274 | )      |   | (17,981                           | )      |        | (204,908 | )                                              |   | -                                                                                |   |                             | (1,083,163 | ) |   | - |   |   | - |   |   | - |   |   | (1,083,163 | ) |   | (584 | ) |   | - |   |   | (1,083,747 | ) |
| Debt                issuance costs                                                                                                     |   |                              |     |   |   | (698                              | )      |        | (24,547  | )                                              |   |                                                                             |   |                             | (25,245    | ) |   |   |   |   |   |   |   |   |   |   | (25,245 | ) |   |   |   |   |   |   |   | (25,245 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments                from        loan |   |                              | -        |   |   | 435                               |   |        | -        |                                           |   | -                                                                                |   |                             | 435        |   |   | - |   |   | - |   |   | - |   |   | 435 |   |   | - |   |   | - |   |   | 435 |   |
| Proceeds                from (repayment of) intercompany loans                                                                         |   |                              | 413,393  |   |   | 180,051                           |   |        | (593,444 | )                                              |   | -                                                                                |   |                             | -          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                                                                          |   |                              | (6,482   | )      |   | -                                 |   |        | -        |                                           |   | -                                                                                |   |                             | (6,482     | ) |   | - |   |   | - |   |   | - |   |   | (6,482 | ) |   | - |   |   | - |   |   | (6,482 | ) |
| Investment                contract deposits                                                                                            |   |                              | -        |   |   | -                                 |   |        | -        |                                           |   | -                                                                                |   |                             | -          |   |   | - |   |   | 10,405 |   |   | - |   |   | 10,405 |   |   | - |   |   | - |   |   | 10,405 |   |
| Investment                contract withdrawals                                                                                         |   |                              | -        |   |   | -                                 |   |        | -        |                                           |   | -                                                                                |   |                             | -          |   |   | - |   |   | (38,018 | ) |   | - |   |   | (38,018 | ) |   | - |   |   | - |   |   | (38,018 | ) |
| Net                cash provided by financing activities                                                                               |   |                              | (373,097 | )      |   | 301,364                           |   |        | 125,596  |                                           |   | -                                                                                |   |                             | 53,863     |   |   | - |   |   | (27,613 | ) |   | - |   |   | 26,250 |   |   | (584 | ) |   | - |   |   | 25,666 |   |
|                                                                                                                                   |   |                              |     |   |   |                              |   |        |     |                                           |   |                                                                             |   |                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents                                                                        |   |                              | (6       | )      |   | 195,206                           |   |        | (4,211   | )                                              |   | -                                                                                |   |                             | 190,989    |   |   | 790 |   |   | 3,621 |   |   | 36,761 |   |   | 232,161 |   |   | 1,017 |   |   | - |   |   | 233,178 |   |
| Cash                and cash equivalents at beginning of year                                                                          |   |                              | 14       |   |   | 37,626                            |   |        | 4,327    |                                           |   | -                                                                                |   |                             | 41,967     |   |   | 10,638 |   |   | 2,992 |   |   | - |   |   | 55,597 |   |   | 358 |   |   | - |   |   | 55,955 |   |
| Cash                and cash equivalents at end of year                                                                                |   | $                                 | 8        |   | $      | 232,832                           |   | $           | 116      |                                           | $      | -                                                                                |   | $                                | 232,956    |   | $ | 11,428 |   | $ | 6,613 |   | $ | 36,761 |   | $ | 287,758 |   | $ | 1,375 |   | $ | - |   | $ | 289,133 |   |
|                                                                                                                                   |   |                              |     |   |   |                                   |   |        |          |                                           |   |                                                                                  |   |                             |            |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                                                        |   | Moving                and Storage |     |   |   | AMERCO                Legal Group |   |        |   |                                           |   | AMERCO                as Consolidated                                            |   |                                            |     |
|-----------------------------------------------------------------------------|--------|-----------------------------------|----------|--------|--------|-----------------------------------|--------|-------------|--------|------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|-------------------------------------------------|----------|
|                                                                        |   | AMERCO                            |     | U-Haul |   | Real                Estate        |   | Elimination |   | Moving                and Storage Consolidated |   | Property                and Casualty                Insurance                (a) |   | Life                Insurance                a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                        |   | (Unaudited)                       |     |
| Cash                flows from operating activities:                        |   | (In                thousands)     |
| Net                earnings (loss)                                          |   | $                                 | 97,304   |   | $      | 109,079                           |   | $           | 9,662  |                                           | $      | (118,741                                                                         | )      | $                                               | 97,304   |   | $ | 312 |   | $ | 4,018 |   | $ | (4,330 | ) | $ | 97,304 |   | $ | 77 |   | $ | 97 |   | $ | 97,478 |   |
| Earnings                from consolidated entities                          |   |                              | (112,271 | )      |   | -                                 |   |        | -      |                                           |   | 118,523                                                                          |   |                                            | 6,252    |   |   | - |   |   | - |   |   | (6,329 | ) |   | (77 | ) |   | - |   |   | 77 |   |   | - |   |
| Depreciation                                                                |   |                              | 17       |   |   | 51,149                            |   |        | 4,309  |                                           |   | -                                                                                |   |                                            | 55,475   |   |   | - |   |   | - |   |   | - |   |   | 55,475 |   |   | 1,260 |   |   | (280 | ) |   | 56,455 |   |
| Amortization                of deferred policy acquisition costs            |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | 5,153 |   |   | 13,563 |   |   | - |   |   | 18,716 |   |   | - |   |   | - |   |   | 18,716 |   |
| Change                in provision for losses on trade receivables          |   |                              | -        |   |   | 102                               |   |        | -      |                                           |   | -                                                                                |   |                                            | 102      |   |   | - |   |   | - |   |   | - |   |   | 102 |   |   | - |   |   | - |   |   | 102 |   |
| Net                (gain) loss on sale of real and personal property        |   |                              | -        |   |   | 2,702                             |   |        | (1,225 | )                                              |   | -                                                                                |   |                                            | 1,477    |   |   | (242 | ) |   | - |   |   | - |   |   | 1,235 |   |   | - |   |   | - |   |   | 1,235 |   |
| Net                (gain) loss on sale of investments                       |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | (127 | ) |   | 171 |   |   | - |   |   | 44 |   |   | - |   |   | - |   |   | 44 |   |
| Deferred                income taxes                                        |   |                              | 55,443   |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | 55,443   |   |   | (1,504 | ) |   | (4,477 | ) |   | - |   |   | 49,462 |   |   | 144 |   |   | 106 |   |   | 49,712 |   |
| Net                change in other operating assets and liabilities:        |   |                              |     |   |   |                              |   |        |   |                                           |   |                                                                             |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade                receivables                                            |   |                              | -        |   |   | (3,308                            | )      |        | (1,483 | )                                              |   | -                                                                                |   |                                            | (4,791   | ) |   | 20,691 |   |   | 1,429 |   |   | - |   |   | 17,329 |   |   | - |   |   | - |   |   | 17,329 |   |
| Inventories                                                                 |   |                              | -        |   |   | (2,852                            | )      |        | -      |                                           |   | -                                                                                |   |                                            | (2,852   | ) |   | - |   |   | - |   |   | - |   |   | (2,852 | ) |   | (222 | ) |   | - |   |   | (3,074 | ) |
| Prepaid                expenses                                             |   |                              | (2,613   | )      |   | (827                              | )      |        | 2      |                                           |   | -                                                                                |   |                                            | (3,438   | ) |   | - |   |   | - |   |   | - |   |   | (3,438 | ) |   | (193 | ) |   | - |   |   | (3,631 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | (3,456 | ) |   | (3,276 | ) |   | - |   |   | (6,732 | ) |   | - |   |   | - |   |   | (6,732 | ) |
| Other                assets                                                 |   |                              | 4,527    |   |   | (24,798                           | )      |        | (1,765 | )                                              |   | -                                                                                |   |                                            | (22,036  | ) |   | 1,149 |   |   | 220 |   |   | - |   |   | (20,667 | ) |   | (303 | ) |   | - |   |   | (20,970 | ) |
| Related                party assets                                         |   |                              | (56,548  | )      |   | (6,498                            | )      |        | 674    |                                           |   | 55,845                                                                           |   |                                            | (6,527   | ) |   | 8,252 |   |   | - |   |   | (5,774 | ) |   | (4,049 | ) |   | (1,000 | ) |   | 809 |   |   | (4,240 | ) |
| Accounts                payable and accrued expenses                        |   |                              | (9,756   | )      |   | 5,085                             |   |        | 1,173  |                                           |   | 218                                                                              |   |                                            | (3,280   | ) |   | (734 | ) |   | - |   |   | 10,659 |   |   | 6,645 |   |   | 664 |   |   | - |   |   | 7,309 |   |
| Policy                benefits and losses, claims and loss expenses payable |   |                              | -        |   |   | 25,857                            |   |        | -      |                                           |   | -                                                                                |   |                                            | 25,857   |   |   | (50,670 | ) |   | (7,012 | ) |   | - |   |   | (31,825 | ) |   | - |   |   | - |   |   | (31,825 | ) |
| Other                policyholder's funds and liabilities                   |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | (2,597 | ) |   | (2,002 | ) |   | - |   |   | (4,599 | ) |   | - |   |   | - |   |   | (4,599 | ) |
| Deferred                income                                              |   |                              | -        |   |   | (2,019                            | )      |        | (34    | )                                              |   | -                                                                                |   |                                            | (2,053   | ) |   | - |   |   | - |   |   | - |   |   | (2,053 | ) |   | 22 |   |   | - |   |   | (2,031 | ) |
| Related                party liabilities                                    |   |                              | (61      | )      |   | 50,739                            |   |        | -      |                                           |   | (55,845                                                                          | )      |                                            | (5,167   | ) |   | 320 |   |   | 1,768 |   |   | 5,640 |   |   | 2,561 |   |   | 9 |   |   | (809 | ) |   | 1,761 |   |
| Net                cash provided (used) by operating activities             |   |                              | (23,958  | )      |   | 204,411                           |   |        | 11,313 |                                           |   | -                                                                                |   |                                            | 191,766  |   |   | (23,453 | ) |   | 4,402 |   |   | (134 | ) |   | 172,581 |   |   | 458 |   |   | - |   |   | 173,039 |   |
| Cash                flows from investing activities:                        |   |                              |     |   |   |                              |   |        |   |                                           |   |                                                                             |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                              |     |   |   |                              |   |        |   |                                           |   |                                                                             |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                              | (6       | )      |   | (160,334                          | )      |        | (1,114 | )                                              |   | -                                                                                |   |                                            | (161,454 | ) |   | - |   |   | - |   |   | - |   |   | (161,454 | ) |   | (239 | ) |   | - |   |   | (161,693 | ) |
| Short                term investments                                       |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | (97,627 | ) |   | - |   |   | - |   |   | (97,627 | ) |   | - |   |   | - |   |   | (97,627 | ) |
| Fixed                maturities investments                                 |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | (1,438 | ) |   | (57,978 | ) |   | - |   |   | (59,416 | ) |   | - |   |   | - |   |   | (59,416 | ) |
| Other                asset investments, net                                 |   |                              | -        |   |   | (1,387                            | )      |        | -      |                                           |   | -                                                                                |   |                                            | (1,387   | ) |   | - |   |   | - |   |   | - |   |   | (1,387 | ) |   | - |   |   | - |   |   | (1,387 | ) |
| Equity                securities                                            |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | - |   |   | (6,765 | ) |   | - |   |   | (6,765 | ) |   | - |   |   | - |   |   | (6,765 | ) |
| Proceeds                from sales of:                                      |   |                              |     |   |   |                              |   |        |   |                                           |   |                                                                             |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                              | -        |   |   | 216,192                           |   |        | 1,847  |                                           |   | -                                                                                |   |                                            | 218,039  |   |   | - |   |   | - |   |   | - |   |   | 218,039 |   |   | - |   |   | - |   |   | 218,039 |   |
| Short                term investments                                       |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | 98,188 |   |   | - |   |   | - |   |   | 98,188 |   |   | - |   |   | - |   |   | 98,188 |   |
| Fixed                maturities investments                                 |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | 15,483 |   |   | 47,919 |   |   | - |   |   | 63,402 |   |   | - |   |   | - |   |   | 63,402 |   |
| Preferred                stock                                              |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | 11,881 |   |   | 2,708 |   |   | - |   |   | 14,589 |   |   | - |   |   | - |   |   | 14,589 |   |
| Other                asset investments, net                                 |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | - |   |   | 44,989 |   |   | - |   |   | 44,989 |   |   | - |   |   | - |   |   | 44,989 |   |
| Real                estate                                                  |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | 1,964 |   |   | - |   |   | - |   |   | 1,964 |   |   | - |   |   | - |   |   | 1,964 |   |
| Mortgage                loans                                               |   |                              | -        |   |   | -                                 |   |        | -      |                                           |   | -                                                                                |   |                                            | -        |   |   | - |   |   | 1,913 |   |   | - |   |   | 1,913 |   |   | - |   |   | - |   |   | 1,913 |   |
| Notes                and mortgage receivables                               |   |                              | -        |   |   | (2,192                            | )      |        | 35     |                                           |   | -                                                                                |   |                                            | (2,157   | ) |   | - |   |   | - |   |   | - |   |   | (2,157 | ) |   | - |   |   | - |   |   | (2,157 | ) |
| Net                cash provided (used) by investing activities             |   |                              | (6       | )      |   | 52,279                            |   |        | 768    |                                           |   | -                                                                                |   |                                            | 53,041   |   |   | 28,451 |   |   | 32,786 |   |   | - |   |   | 114,278 |   |   | (239 | ) |   | - |   |   | 114,039 |   |
|                                                                        |   |                              |     |   |   |                              |   |        |   |                                           |   |                                                                             |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                 |   | Moving                and Storage |     |   |   | AMERCO                Legal Group |   |        |    |                                           |   | AMERCO                as Consolidated                                            |   |                             |     |
|----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|----------|--------|--------|-----------------------------------|--------|-------------|---------|------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|----------------------------------|----------|
|                                                                                                                 |   | AMERCO                            |     | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                and Storage Consolidated |   | Property                and Casualty                Insurance                (a) |   | Life                Insurance(a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                                                                 |   | (Unaudited)                       |     |
| Cash                flows from financing activities:                                                                 |   | (In                thousands)     |
| Borrowings                from credit facilities                                                                     |   |                              | 14,385   |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | 14,385   |   |   | - |   |   | - |   |   | - |   |   | 14,385 |   |   | - |   |   | - |   |   | 14,385 |   |
| Principal                repayments on credit facilities                                                             |   |                              | (180,057 | )      |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | (180,057 | ) |   | - |   |   | - |   |   | - |   |   | (180,057 | ) |   | (536 | ) |   | - |   |   | (180,593 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from                    loan |   |                              | -        |   |   | 428                               |   |        | -       |                                           |   | -                                                                                |   |                             | 428      |   |   | - |   |   | - |   |   | - |   |   | 428 |   |   | - |   |   | - |   |   | 428 |   |
| Payoff                of capital leases                                                                              |   |                              | -        |   |   | (99,607                           | )      |        | -       |                                           |   | -                                                                                |   |                             | (99,607  | ) |   | - |   |   | - |   |   | - |   |   | (99,607 | ) |   | - |   |   | - |   |   | (99,607 | ) |
| Proceeds                from (repayment of) intercompany notes payable                                               |   |                              | (134     | )      |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | (134     | ) |   | - |   |   | - |   |   | 134 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Proceeds                from (repayment of) intercompany loans                                                       |   |                              | 199,509  |   |   | (187,750                          | )      |        | (11,759 | )                                              |   | -                                                                                |   |                             | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                                                        |   |                              | (9,723   | )      |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | (9,723   | ) |   | - |   |   | - |   |   | - |   |   | (9,723 | ) |   | - |   |   | - |   |   | (9,723 | ) |
| Investment                contract deposits                                                                          |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | - |   |   | 13,427 |   |   | - |   |   | 13,427 |   |   | - |   |   | - |   |   | 13,427 |   |
| Investment                contract withdrawals                                                                       |   |                              | -        |   |   | -                                 |   |        | -       |                                           |   | -                                                                                |   |                             | -        |   |   | - |   |   | (61,193 | ) |   | - |   |   | (61,193 | ) |   | - |   |   | - |   |   | (61,193 | ) |
| Net                cash provided by financing activities                                                             |   |                              | 23,980   |   |   | (286,929                          | )      |        | (11,759 | )                                              |   | -                                                                                |   |                             | (274,708 | ) |   | - |   |   | (47,766 | ) |   | 134 |   |   | (322,340 | ) |   | (536 | ) |   | - |   |   | (322,876 | ) |
|                                                                                                                 |   |                              |     |   |   |                              |   |        |    |                                           |   |                                                                             |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents                                                      |   |                              | 16       |   |   | (30,239                           | )      |        | 322     |                                           |   | -                                                                                |   |                             | (29,901  | ) |   | 4,998 |   |   | (10,578 | ) |   | - |   |   | (35,481 | ) |   | (317 | ) |   | - |   |   | (35,798 | ) |
| Cash                and cash equivalents at beginning of year                                                        |   |                              | -        |   |   | 64,717                            |   |        | 661     |                                           |   | -                                                                                |   |                             | 65,378   |   |   | - |   |   | 15,168 |   |   | - |   |   | 80,546 |   |   | 1,011 |   |   | - |   |   | 81,557 |   |
| Cash                and cash equivalents at end of year                                                              |   | $                                 | 16       |   | $      | 34,478                            |   | $           | 983     |                                           | $      | -                                                                                |   | $                                | 35,477   |   | $ | 4,998 |   | $ | 4,590 |   | $ | - |   | $ | 45,065 |   | $ | 694 |   | $ | - |   | $ | 45,759 |   |
|                                                                                                                 |   |                              |     |   |   |                                   |   |        |         |                                           |   |                                                                                  |   |                             |          |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

|                                                |   | **United                States**                          |      | **Canada** |   | **Consolidated** |   |
|-----------------------------------------------------|--------|-----------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                |   | (Unaudited)                                               |      |
|                                                |   | (All                amounts are in thousands of U.S. $'s) |      |
| **Quarter                Ended September 30, 2005** |   |                                                      |      |       |   |             |   |
| Total                revenues                       |   | $                                                         | 587,108   |       | $      | 18,408           |   | $ | 605,516 |   |
| Depreciation                and amortization, net   |   |                                                      | 39,326    |       |   | 850              |   |   | 40,176 |   |
| Interest                expense (income)            |   |                                                      | 18,163    |       |   | (2,918           | )      |   | 15,245 |   |
| Pretax                earnings                      |   |                                                      | 109,260   |       |   | 3,733            |   |   | 112,993 |   |
| Income                tax expense                   |   |                                                      | 43,847    |       |   | 24               |   |   | 43,871 |   |
| Identifiable                assets                  |   |                                                      | 3,231,345 |       |   | 74,375           |   |   | 3,305,720 |   |
|                                                |   |                                                      |      |       |   |             |   |   |   |   |
| **Quarter                Ended September 30, 2004** |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                       |   | $                                                         | 563,361   |       | $      | 16,059           |   | $ | 579,420 |   |
| Depreciation                and amortization, net   |   |                                                      | 36,489    |       |   | 1,192            |   |   | 37,681 |   |
| Interest                expense (income)            |   |                                                      | 18,070    |       |   | (10              | )      |   | 18,060 |   |
| Pretax                earnings                      |   |                                                      | 83,190    |       |   | 2,943            |   |   | 86,133 |   |
| Income                tax expense                   |   |                                                      | 33,074    |       |   | -                |   |   | 33,074 |   |
| Identifiable                assets                  |   |                                                      | 3,104,125 |       |   | 70,099           |   |   | 3,174,224 |   |
|                                                |   |                                                      |      |       |   |             |   |   |   |   |

|                                                   |   | **United                States**                          |      | **Canada** |   | **Consolidated** |   |
|--------------------------------------------------------|--------|-----------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                   |   | (Unaudited)                                               |      |
|                                                   |   | (All                amounts are in thousands of U.S. $'s) |      |
| **Six                Months Ended September 30, 2005** |   |                                                      |      |       |   |             |   |
| Total                revenues                          |   | $                                                         | 1,132,185 |       | $      | 32,789           |   | $ | 1,164,974 |   |
| Depreciation                and amortization, net      |   |                                                      | 78,130    |       |   | 2,481            |   |   | 80,611 |   |
| Interest                expense (income)               |   |                                                      | 37,803    |       |   | (2,922           | )      |   | 34,881 |   |
| Pretax                earnings                         |   |                                                      | 163,688   |       |   | 6,602            |   |   | 170,290 |   |
| Income                tax expense                      |   |                                                      | 66,082    |       |   | 24               |   |   | 66,106 |   |
| Identifiable                assets                     |   |                                                      | 3,231,345 |       |   | 74,375           |   |   | 3,305,720 |   |
|                                                   |   |                                                      |      |       |   |             |   |   |   |   |
| **Six                Months Ended September 30, 2004** |   |                                                      |      |       |   |             |   |   |   |   |
| Total                revenues                          |   | $                                                         | 1,101,893 |       | $      | 30,472           |   | $ | 1,132,365 |   |
| Depreciation                and amortization, net      |   |                                                      | 73,275    |       |   | 2,393            |   |   | 75,668 |   |
| Interest                expense (income)               |   |                                                      | 37,076    |       |   | (12              | )      |   | 37,064 |   |
| Pretax                earnings                         |   |                                                      | 152,493   |       |   | 5,824            |   |   | 158,317 |   |
| Income                tax expense                      |   |                                                      | 60,839    |       |   | -                |   |   | 60,839 |   |
| Identifiable                assets                     |   |                                                      | 3,104,125 |       |   | 70,099           |   |   | 3,174,224 |   |
|                                                   |   |                                                      |      |       |   |             |   |   |   |   |

----

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

**General**

**Overall      **
**Strategy**

*,*
* *

**Description      of Operating Segments**

**Moving      and Storage Operating Segment**

----

**Property      and Casualty Insurance Operating Segment**

* *

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

**SAC      Holdings Operating Segment**

**Critical      Accounting Policies and Estimates**

----

**Principles      of Consolidation**

----

**Recoverability      of Property, Plant and Equipment **

**Insurance      Reserves**
** **

**Investments**

**Key      Accounting Policies**

----

**Results      of Operations**

**AMERCO      and Consolidated Entities**

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

|                                                                   |   | **Quarter                Ended September 30,** |    |
|------------------------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                                   |   | **2005**                                       |    | **2004** |   |
|                                                                   |   | (Unaudited)                                    |    |
|                                                                   |   | (In                thousands)                  |    |
| Self-moving                equipment rentals                           |   | $                                              | 446,705 |   | $ | 429,156 |   |
| Self-storage                revenues                                   |   |                                           | 33,601  |   |   | 28,938 |   |
| Self-moving                and self-storage products and service sales |   |                                           | 62,492  |   |   | 57,909 |   |
| Property                management fees                                |   |                                           | 3,829   |   |   | 3,109 |   |
| Life                insurance premiums                                 |   |                                           | 29,718  |   |   | 32,035 |   |
| Property                and casualty insurance premiums                |   |                                           | 5,399   |   |   | 7,038 |   |
| Net                investment and interest income                      |   |                                           | 12,352  |   |   | 11,475 |   |
| Other                revenue                                           |   |                                           | 11,420  |   |   | 9,760 |   |
| Consolidated                revenue                                    |   | $                                              | 605,516 |   | $ | 579,420 |   |
|                                                                   |   |                                           |    |   |   |   |   |

----

|                                           |   | **Quarter                Ended September 30,** |    |
|------------------------------------------------|--------|------------------------------------------------|---------|
|                                           |   | **2005**                                       |    | **2004** |   |
|                                           |   | (Unaudited)                                    |    |
|                                           |   | (In                thousands)                  |    |
| Moving                and storage              |   |                                           |    |   |   |   |   |
| Revenues                                       |   | $                                              | 555,383 |   | $ | 523,904 |   |
| Earnings                from operations        |   |                                           | 124,573 |   |   | 101,370 |   |
| Property                and casualty insurance |   |                                           |    |   |   |   |   |
| Revenues                                       |   |                                           | 8,057   |   |   | 10,737 |   |
| Earnings                from operations        |   |                                           | 1,742   |   |   | 103 |   |
| Life                insurance                  |   |                                           |    |   |   |   |   |
| Revenues                                       |   |                                           | 36,270  |   |   | 40,411 |   |
| Earnings                from operations        |   |                                           | 3,297   |   |   | 2,497 |   |
| SAC                Holding II                  |   |                                           |    |   |   |   |   |
| Revenues                                       |   |                                           | 12,612  |   |   | 11,776 |   |
| Earnings                from operations        |   |                                           | 3,049   |   |   | 4,399 |   |
| Eliminations                                   |   |                                           |    |   |   |   |   |
| Revenues                                       |   |                                           | (6,806  | ) |   | (7,408 | ) |
| Earnings                from operations        |   |                                           | (4,423  | ) |   | (4,176 | ) |
| Consolidated                Results            |   |                                           |    |   |   |   |   |
| Revenues                                       |   |                                           | 605,516 |   |   | 579,420 |   |
| Earnings                from operations        |   |                                           | 128,238 |   |   | 104,193 |   |
|                                           |   |                                           |    |   |   |   |   |

----

**Moving      and Storage**

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

|                                                                   |   | **Quarter                Ended September 30,** |    |
|------------------------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                                   |   | **2005**                                       |    | **2004** |   |
|                                                                   |   | (Unaudited)                                    |    |
|                                                                   |   | (In                thousands)                  |    |
| Self-moving                equipment rentals                           |   | $                                              | 446,705 |   | $ | 429,156 |   |
| Self-storage                revenues                                   |   |                                           | 28,820  |   |   | 24,358 |   |
| Self-moving                and self-storage products and service sales |   |                                           | 57,874  |   |   | 53,638 |   |
| Property                management fees                                |   |                                           | 4,578   |   |   | 3,834 |   |
| Net                investment and interest income                      |   |                                           | 7,549   |   |   | 5,553 |   |
| Other                revenue                                           |   |                                           | 9,857   |   |   | 7,365 |   |
| Segment                revenue                                         |   | $                                              | 555,383 |   | $ | 523,904 |   |
|                                                                   |   |                                           |    |   |   |   |   |

|                                                       |   |                                                 |   |     |   |
|------------------------------------------------------------|--------|------------------------------------------------------|--------|----------|--------|
|                                                       |   | **Quarter                Ended September 30,**       |   |
|                                                       |   | **2005**                                             |   | **2004** |   |
|                                                       |   | (Unaudited)                                          |   |
|                                                       |   | (In                thousands, except occupancy rate) |   |
| Rooms                available as of September 30          |   |                                                 | 125    |     |   | 125 |   |
| Square                footage available as of September 30 |   |                                                 | 9,708  |     |   | 9,745 |   |
| Average                # of rooms occupied                 |   |                                                 | 112    |     |   | 106 |   |
| Average                occupancy rate based on room count  |   |                                                 | 90.0   | %        |   | 84.5 | % |
| Average                square footage occupied             |   |                                                 | 8,893  |     |   | 8,456 |   |
|                                                       |   |                                                 |   |     |   |   |   |

----

|                                             |   |                                           |   |     |   |
|--------------------------------------------------|--------|------------------------------------------------|--------|----------|--------|
|                                             |   | **Quarter                Ended September 30,** |   |
|                                             |   | **2005**                                       |   | **2004** |   |
|                                             |   | (Unaudited)                                    |   |
|                                             |   | (In                thousands)                  |   |
| Support                sales items               |   | $                                              | 27,540 |     | $      | 25,191 |   |
| Hitches                (Material / Installation) |   |                                           | 21,010 |     |   | 19,641 |   |
| Propane                and accessories           |   |                                           | 9,104  |     |   | 8,609 |   |
| Other                sales                       |   |                                           | 220    |     |   | 197 |   |
|                                             |   | $                                              | 57,874 |     | $      | 53,638 |   |

**U-Haul      International, Inc.**

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

|                                                                   |   | **Quarter                Ended September 30,** |    |
|------------------------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                                   |   | **2005**                                       |    | **2004** |   |
|                                                                   |   | (Unaudited)                                    |    |
|                                                                   |   | (In                thousands)                  |    |
| Self-moving                equipment rentals                           |   | $                                              | 446,705 |   | $ | 429,156 |   |
| Self-storage                revenues                                   |   |                                           | 28,379  |   |   | 23,905 |   |
| Self-moving                and self-storage products and service sales |   |                                           | 57,874  |   |   | 53,638 |   |
| Property                management fees                                |   |                                           | 4,578   |   |   | 3,834 |   |
| Net                investment and interest income                      |   |                                           | 5,978   |   |   | 5,339 |   |
| Other                revenue                                           |   |                                           | 11,045  |   |   | 8,796 |   |
| U-Haul                International, Inc. revenue                      |   | $                                              | 554,559 |   | $ | 524,668 |   |
|                                                                   |   |                                           |    |   |   |   |   |

----

**Republic      Western Insurance Company**

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

**Oxford      Life Insurance Company**

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

----

**SAC      Holding II**

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

|                                                                   |   | **Quarter                Ended September 30,** |   |
|------------------------------------------------------------------------|--------|------------------------------------------------|--------|
|                                                                   |   | **2005**                                       |   | **2004** |   |
|                                                                   |   | (Unaudited)                                    |   |
|                                                                   |   | (In                thousands)                  |   |
| Self-moving                equipment rentals                           |   | $                                              | 2,861  |   | $ | 2,718 |   |
| Self-storage                revenues                                   |   |                                           | 4,781  |   |   | 4,580 |   |
| Self-moving                and self-storage products and service sales |   |                                           | 4,618  |   |   | 4,271 |   |
| Other                revenue                                           |   |                                           | 352    |   |   | 207 |   |
| Segment                revenue                                         |   | $                                              | 12,612 |   | $ | 11,776 |   |
|                                                                   |   |                                           |   |   |   |   |   |

**AMERCO      and Consolidated Entities**

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

|                                                                   |   | **Six                Months Ended September 30,** |      |
|------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                   |   | **2005**                                          |      | **2004** |   |
|                                                                   |   | (Unaudited)                                       |      |
|                                                                   |   | (In                thousands)                     |      |
| Self-moving                equipment rentals                           |   | $                                                 | 847,965   |   | $ | 818,898 |   |
| Self-storage                revenues                                   |   |                                              | 62,369    |   |   | 59,513 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 129,055   |   |   | 119,273 |   |
| Property                management fees                                |   |                                              | 8,269     |   |   | 6,091 |   |
| Life                insurance premiums                                 |   |                                              | 59,307    |   |   | 65,294 |   |
| Property                and casualty insurance premiums                |   |                                              | 10,223    |   |   | 16,840 |   |
| Net                investment and interest income                      |   |                                              | 26,066    |   |   | 29,051 |   |
| Other                revenue                                           |   |                                              | 21,720    |   |   | 17,405 |   |
| Consolidated                revenue                                    |   | $                                                 | 1,164,974 |   | $ | 1,132,365 |   |
|                                                                   |   |                                              |      |   |   |   |   |

----

|                                           |   | **Six                Months Ended September 30,** |      |
|------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                           |   | **2005**                                          |      | **2004** |   |
|                                           |   | (Unaudited)                                       |      |
|                                           |   | (In                thousands)                     |      |
| Moving                and storage              |   |                                              |      |   |   |   |   |
| Revenues                                       |   | $                                                 | 1,062,946 |   | $ | 1,016,280 |   |
| Earnings                from operations        |   |                                              | 233,538   |   |   | 189,506 |   |
| Property                and casualty insurance |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 16,366    |   |   | 25,076 |   |
| Earnings                from operations        |   |                                              | 3,324     |   |   | 469 |   |
| Life                insurance                  |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 74,343    |   |   | 83,052 |   |
| Earnings                from operations        |   |                                              | 6,737     |   |   | 6,170 |   |
| SAC                Holding II                  |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 24,671    |   |   | 23,122 |   |
| Earnings                from operations        |   |                                              | 7,100     |   |   | 7,460 |   |
| Eliminations                                   |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | (13,352   | ) |   | (15,165 | ) |
| Earnings                from operations        |   |                                              | (9,901    | ) |   | (8,224 | ) |
| Consolidated                Results            |   |                                              |      |   |   |   |   |
| Revenues                                       |   |                                              | 1,164,974 |   |   | 1,132,365 |   |
| Earnings                from operations        |   |                                              | 240,798   |   |   | 195,381 |   |
|                                           |   |                                              |      |   |   |   |   |

----

**Moving      and Storage**

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

|                                                                   |   | **Six                Months Ended September 30,** |      |
|------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                   |   | **2005**                                          |      | **2004** |   |
|                                                                   |   | (Unaudited)                                       |      |
|                                                                   |   | (In                thousands)                     |      |
| Self-moving                equipment rentals                           |   | $                                                 | 847,965   |   | $ | 818,898 |   |
| Self-storage                revenues                                   |   |                                              | 53,068    |   |   | 50,668 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 119,672   |   |   | 110,665 |   |
| Property                management fees                                |   |                                              | 9,746     |   |   | 7,488 |   |
| Net                investment and interest income                      |   |                                              | 13,703    |   |   | 16,307 |   |
| Other                revenue                                           |   |                                              | 18,792    |   |   | 12,254 |   |
| Segment                revenue                                         |   | $                                                 | 1,062,946 |   | $ | 1,016,280 |   |
|                                                                   |   |                                              |      |   |   |   |   |

|                                                       |   | **Six                Months Ended September 30,**    |   |
|------------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                       |   | **2005**                                             |   | **2004** |   |
|                                                       |   | (Unaudited)                                          |   |
|                                                       |   | (In                thousands, except occupancy rate) |   |
| Rooms                available as of September 30          |   |                                                 | 125    |   |   | 125 |   |
| Square                footage available as of September 30 |   |                                                 | 9,708  |   |   | 9,745 |   |
| Average                # of rooms occupied                 |   |                                                 | 112    |   |   | 105 |   |
| Average                occupancy rate based on room count  |   |                                                 | 89.7   | % |   | 83.3 | % |
| Average                square footage occupied             |   |                                                 | 8,871  |   |   | 8,323 |   |
|                                                       |   |                                                 |   |   |   |   |   |

----

|                                             |   | **Six                Months Ended September 30,** |    |
|--------------------------------------------------|--------|---------------------------------------------------|---------|
|                                             |   | **2005**                                          |    | **2004** |   |
|                                             |   | (Unaudited)                                       |    |
|                                             |   | (In                thousands)                     |    |
| Support                sales items               |   | $                                                 | 55,794  |   | $ | 51,364 |   |
| Hitches                (Material / Installation) |   |                                              | 44,231  |   |   | 41,112 |   |
| Propane                and accessories           |   |                                              | 19,196  |   |   | 17,793 |   |
| Other                sales                       |   |                                              | 451     |   |   | 396 |   |
|                                             |   | $                                                 | 119,672 |   | $ | 110,665 |   |
|                                             |   |                                              |    |   |   |   |   |

**U-Haul      International, Inc.**

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

|                                                                   |   | **Six                Months Ended September 30,** |      |
|------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                   |   | **2005**                                          |      | **2004** |   |
|                                                                   |   | (Unaudited)                                       |      |
|                                                                   |   | (In                thousands)                     |      |
| Self-moving                equipment rentals                           |   | $                                                 | 847,965   |   | $ | 818,819 |   |
| Self-storage                revenues                                   |   |                                              | 52,172    |   |   | 49,547 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 119,672   |   |   | 110,650 |   |
| Property                management fees                                |   |                                              | 9,746     |   |   | 7,488 |   |
| Net                investment and interest income                      |   |                                              | 10,716    |   |   | 11,299 |   |
| Other                revenue                                           |   |                                              | 21,061    |   |   | 15,099 |   |
| U-Haul                International, Inc. revenue                      |   | $                                                 | 1,061,332 |   | $ | 1,012,902 |   |
|                                                                   |   |                                              |      |   |   |   |   |

----

**Republic      Western Insurance Company**

***Six      Months Ended June 30***
**,      2005 compared with the Six Months Ended June 30, 2004**

**Oxford      Life Insurance Company**

***Six      Months***
**      Ended June 30, 2005 compared with the Six Months Ended June 30,      2004**

----

**SAC      Holding II**

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

|                                                                   |   | **Six                Months Ended September 30,** |   |
|------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                   |   | **2005**                                          |   | **2004** |   |
|                                                                   |   | (Unaudited)                                       |   |
|                                                                   |   | (In                thousands)                     |   |
| Self-moving                equipment rentals                           |   | $                                                 | 5,349  |   | $ | 5,127 |   |
| Self-storage                revenues                                   |   |                                              | 9,301  |   |   | 8,845 |   |
| Self-moving                and self-storage products and service sales |   |                                              | 9,383  |   |   | 8,608 |   |
| Other                revenue                                           |   |                                              | 638    |   |   | 542 |   |
| Segment                revenue                                         |   | $                                                 | 24,671 |   | $ | 23,122 |   |
|                                                                   |   |                                              |   |   |   |   |   |

**Liquidity      and Capital Resources**

----

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

***Moving      and Self-Storage***

***Property      and Casualty Insurance***

***Oxford      Life Insurance Company***

***SAC      Holding II***

----

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

***Moving      and Self-Storage***

***Property      and Casualty Insurance***

***Life      Insurance***

***SAC      Holding II***

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

**Off-Balance      Sheet Arrangements**

----

**Fiscal      2006**
**      Outlook**

**Cautionary      Statements Regarding Forward-Looking Statements**

----

**Risk      Factors**

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

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

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

***Our      business is seasonal.***

----

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

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

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

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

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

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

----

***Interest      rate risk***

***Foreign      Currency Exchange Rate Risk***

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

----

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

**Changes      in Internal Control over Financial Reporting**

----

**PART      II. OTHER INFORMATION**

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

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

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

Not      applicable.

**Item      3. Defaults upon Senior Securities**

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

The      2005      Annual Meeting of Stockholders was held on August 26, 2005. At the 2005 Annual      Meeting of Stockholders, John M. Dodds, and James P. Shoen were elected to      serve      until the 2009 Annual Meeting of Stockholders and Daniel R. Mullen was elected      to serve until the 2007 Annual Meeting of Stockholders. William E. Carty and      Charles J. Bayer continue as directors with terms that expire at the 2006 Annual      Meeting of Stockholders; John P. Brogan continues as director with a term that      expires at the 2007 Annual Meeting of Stockholders; and Edward J. Shoen and      M.      Frank Lyons continue as directors with terms that expire at the 2008 Annual      Meeting of Stockholders. The following table sets forth the votes cast for,      against or withheld, as well as the number of abstentions and broker non-votes      with respect to each matter voted on at the 2005 Annual Meeting of      Stockholders.

|                                     | **Votes                Cast For** | **Votes                Cast Against** | **Withheld** | **Abstentions** | **Non-Votes** |
|------------------------------------------|-----------------------------------|---------------------------------------|--------------|-----------------|---------------|
|                                     |                              |                                  |         |            |          |
| **Election                of Directors** |                              |                                  |         |            |          |
| John                M. Dodds             | 19,005,012                        | 16,660                                | 594,563      | -               | -             |
|                                     |                              |                                  |         |            |          |
| Daniel                R. Mullen          | 19,130,041                        | 26,539                                | 459,655      | -               | -             |
|                                     |                              |                                  |         |            |          |
| James                P. Shoen            | 18,286,999                        | 20,777                                | 1,308,459    | -               | -             |
|                                     |                              |                                  |         |            |          |

**Item      5. Other Information**

----

----

**Item      6. Exhibits**

| **Exhibit                Number** |  **Description**                                                                                                                                                                                                                   |  **Page                or Method of Filing**                                                                                                                        |
|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1                               | Joint                Plan of Reorganization of AMERCO and Amerco Real Estate                Company                                                                                                                                     | Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                       |
| 2.2                               | Disclosure                Statement Concerning the Debtors’ Joint Plan of                Reorganization                                                                                                                           | Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                       |
| 2.3                               | First                Amended Joint Plan of Reorganization of AMERCO and Amerco Real Estate                Company                                                                                                                       | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2003, file No. 1-11255   |
| 2.4                               | Disclosure                Statement Concerning the Debtor’s First Amended Joint Plan of                Reorganization                                                                                                             | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2003, file No. 1-11255   |
| 3.1                               | Restated                Articles of Incorporation of AMERCO                                                                                                                                                                             | Incorporated                by reference to AMERCO’s Registration Statement on form S-4 filed March                30, 2004, file number 1-11255              |
| 3.2                               | Restated                By-Laws of AMERCO                                                                                                                                                                                               | Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 1996, file No. 1-11255  |
| 3.3                               | Restated                Articles of Incorporation of U-Haul International, Inc.                                                                                                                                                         | Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255            |
| 3.4                               | Bylaws                of U-Haul International, Inc.                                                                                                                                                                                     | Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255            |
| 10.1                              | Property                Management Agreement between Subsidiaries of U-Haul and Five SAC RW                MS, LLC. dated August 17, 2005                                                                                          | Filed                herewith                                                                                                                                            |
| 31.1                              | Rule                13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and                Chairman of the Board of AMERCO and U-Haul International,                Inc.                                                 | Filed                herewith                                                                                                                                            |
| 31.2                              | Rule                13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting                Officer of AMERCO                                                                                                            | Filed                herewith                                                                                                                                            |
| 31.3                              | Rule                13a-14(a)/15d-14(a) Certification of Robert T. Peterson, Chief                Financial Officer of U-Haul International, Inc.                                                                                  | Filed                herewith                                                                                                                                            |
| 32.1                              | Certificate                of Edward J. Shoen, President and Chairman of the Board of AMERCO                and                U-Haul International, Inc. pursuant to Section 906 of the Sabanes-Oxley                Act of 2002  | Furnished                herewith                                                                                                                                        |
| 32.2                              | Certificate                of Jason A. Berg, Chief Accounting Officer of AMERCO pursuant to                Section                906 of the Sabanes-Oxley Act of 2002                                                             | Furnished                herewith                                                                                                                                        |
| 32.3                              | Certificate                of Robert T. Peterson, Chief Financial Officer of U-Haul                International, Inc. pursuant to Section 906 of the Sarbanes-Oxley                Act of                2002                          | Furnished                herewith                                                                                                                                        |